{"id":26142,"date":"2015-03-02T04:23:05","date_gmt":"2015-03-02T04:23:05","guid":{"rendered":"http:\/\/vskills.in\/certification\/blog\/?p=26142"},"modified":"2024-04-03T13:15:48","modified_gmt":"2024-04-03T07:45:48","slug":"the-1979-uk-banking-act-amended-1987","status":"publish","type":"post","link":"https:\/\/www.vskills.in\/certification\/blog\/the-1979-uk-banking-act-amended-1987\/","title":{"rendered":"The 1979 UK Banking Act (Amended, 1987)"},"content":{"rendered":"<p style=\"text-align: center\"><a ref=\"magnificPopup\" href=\"http:\/\/vskills.in\/certification\/blog\/wp-content\/uploads\/2015\/03\/The-1979-UK-Banking-Act-Amended-1987.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-26185\" alt=\"The 1979 UK Banking Act (Amended, 1987)\" src=\"http:\/\/vskills.in\/certification\/blog\/wp-content\/uploads\/2015\/03\/The-1979-UK-Banking-Act-Amended-1987.png\" width=\"277\" height=\"182\" \/><\/a><\/p>\n<p>Prior to this Act there was no specific banking law in the UK. Prompted by the secondary\u00a0banking crisis in 1972, the Bank of England, for the first time in its history, was assigned\u00a0<i>formal\u00a0<\/i>responsibility for the prudential regulation of UK banks. The Bank of England was\u00a0nationalized in 1946, and had been responsible for price and general financial stability,\u00a0answering to Her Majesty\u2019s (HM) Treasury.<\/p>\n<p>The 1979 Act covered clearing and merchant\u00a0banks, finance and discount houses, and foreign banks. The Bank of England decided on\u00a0whether a firm was given bank status.11 To qualify for bank status, the firm had to offer\u00a0facilities for current and deposit accounts, overdraft and loan facilities to corporate\/retail\u00a0customers, and at least one of: foreign exchange facilities, foreign trade documentation\u00a0and finance (through the issue of bills of exchange and promissory notes), investment\u00a0management services, or a specialized banking product.<\/p>\n<p>Also, the Bank of England had to be\u00a0satisfied that the \u2018\u2018bank\u2019\u2019 had an excellent reputation in the financial community, the affairs\u00a0of the bank were conducted with integrity and prudence, the bank could manage its\u00a0financial\u00a0affairs, and \u2018\u2018fit and proper\u2019\u2019 criteria were applied to all directors\/controllers\/managers. These\u00a0conditions ensured an ongoing supervisory function for the Bank, because it could revoke\u00a0bank status at any time.<\/p>\n<p><a href=\"http:\/\/www.vskills.in\/certification\/accounting-banking-and-finance\">Click here for government certification in Accounting, Banking &amp; Finance<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Prior to this Act there was no specific banking law in the UK. Prompted by the secondary\u00a0banking crisis in 1972, the Bank of England, for the first time in its history, was assigned\u00a0formal\u00a0responsibility for the prudential regulation of UK banks. The Bank of England was\u00a0nationalized in 1946, and had been responsible for price and general&#8230;<\/p>\n","protected":false},"author":625,"featured_media":26185,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_joinchat":[],"footnotes":""},"categories":[1519],"tags":[2252,2439,2438,2437],"class_list":["post-26142","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accounting-banking-and-finance","tag-act","tag-amendments","tag-bank-of-england","tag-uk"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The 1979 UK Banking Act (Amended, 1987) - Vskills Blog<\/title>\n<meta name=\"description\" content=\"What does the 1979 UK Banking Act say?\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.vskills.in\/certification\/blog\/the-1979-uk-banking-act-amended-1987\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The 1979 UK Banking Act (Amended, 1987) - 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