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The City of London and its role as a financial center - Курсова робота

debtors in different cities of the world.
After the collapse of the USSR, the Soviet Union bank for Foreign Economic Affairs owed the London Club a total of over 32 Bln Dollars. Under the latest decision on restructuring the Russian debt it was agreed in February 2000 that the debt would be restructured. Nearly one third of the total amount will be written of and Russia will be allowed to have a grace period of seven years, during which it will pay only reduced interest rates on the remaining sum. In return, the Russian Government undertakes the responsibility for the debt and would be considered defaulting if it fails to meet the stated conditions.
Although the London Club is not entirely a British entity the title speaks for the significance of the city of London.
The world-wide network of British banks is not directly represented on Russian market. Operations available are carried out only through the branches of British banks based in other cities of the world.
1. Although historically the heart of the financial services sector in Britain was located in the "Square Mile" of the City of London, and this is broadly the case now, financial institutions have moved outside the area all over the country.
2. The City of London is concentration of British financial power which makes London an angle of the New York-Tokyo-London triangular.
3. Though Great Britain is still a leading industrialized nation and a member of G7 group it real power and international influence centers around its financial activities.
Reference list.
1.David McDowall, Britain in close-up/Longman Singapore Publishers Pte Ltd.
2.Britain's Banking and Financial Institutions/Reference Services, Central Office of Information, London.
3. Angela Fiddles, The City of London (the historic square mile).
4. Talking Points on Britain's Economy/October 1999, December 1999.
5. Банковское дело, выпуск №12, 1998г.
Appendix :
Table 1 .
Net Overseas Earnings of Britain's Financial Institutions
Million Pounds
Banks 6,188
Securities Dealers 1,658
Commodity traders. Bullion dealers and export houses. 556
Money Market Brokers 112
Insurance Institutions 5,952
Pension Funds 2,044
Unit trusts 724
Investment Trusts 383
Fund Managers 425
Baltic Exchange 292
Lloyd's Register of Shipping 57
Finance Leasing 40
Non-specified institutions 1,962
Total 20,393
Table 2.
Notes in circulation.
Value of notes in circulation end February 1996 (million) No of notes issued by denomination in year to end February1996 (million)
1 pound 56 -
5 pounds 1,067 336
10 pounds 5,688 575
20 pounds 8,579 326
50 pounds 3,104 43
Other notes 1,154 -
Total 19,648 1,280
Source : Bank of England.
Table 3.
Major British Banks 1995.
Assets Liabilities (Mln pounds) Market Capital
(Mln pounds) Staff Branches Cash dispensers and ATMs
Abbey National 97,614 10,765 16,300 678 1,267
Bank of Scotland 34,104 4,095 11,300 411 463
Barclays 164,184 18,407 61,200 2,050 3,020
Lloyds TSB 131,750 25,496 66,400 2,858 4,346
Midland 92,093 39,658 43,400 1,701 2,282
Westminster 166,347 13,548 61,000 2,215 2,998
Royal Bank of Scotland 50,497 4,750 19,500 687 1,009
Standard Chartered 38,934 7,757 1,100 1 -
Figure 1.
Major Banks lending to British Residents December 1995.
Table 4.
Largest Building Societies.
Rank by Group Assets Rank After Flotations and Mergers in 1977 Group Assets (million pounds)
1. Halifax. - 98,655
2. Nationwide. 1 35,742
3.Woolwich - 28,005
4. Alliance & Leicester - 22,846
5. Bradford & Bingley 2 15,658
6. Britannia 3 14,916
7.National & Provincial - 14,133
8.Northern Rock - 11,559
9.Bristrol & West - 8,589
10. Birmingham Mdshires 4 6,725
11. Yorkshire 5 6,412
12.Portman 6 3,513
13.Coventry 7 3,379
14.Skipton 8 3,037
Table 5.
Overseas Banks in Britain
(Main Countries Represented).
Country of origin Branches of an Overseas Bank British Incorporated Subsidiary of an Overseas Bank Representative offices Other Total
France 16 8 23 - 47
Germany 19 5 4 - 28
Italy 15 1 28 - 44
Japan 28 6 15 4 53
Switzerland 9 2 17 - 28
United States 23 9 11 6 49
Other countries 153 41 111 7 312
Total 263 72 209 17 561
Source: Bank of England.
Table 6.
General and Long-term Insurance Business 1985 - 1995.
General Insurance net premiums.
Table 7.
Growth in Unit Trusts and Investment Trusts.
Assets - anything owned by an individual, company, legal body or government which has a cash value.
Big Bang - a system of major changes which brought deregulation to the London Stock Exchange in 1986.
Bill of Exchange - an officially signed promise to pay to the receiver of the bill, the stated at the fixed time.
Bond - a certificate issued by the borrower as a receipt for a loan usually longer than 12 months; it indicates the interest rate and the date of repayment.
Eurobond- an international certificate issued by the borrower for a long-term loan (from 5 to 15 years) in any European currency but not in the currency of the issuing bank.
Securities- general term for stocks and shares of all types.
Exchange- a market for the toll purchase of goods or securities.
Stock Exchange- a market for short or long term transactions in securities .
Commodity Exchange- a stable market for wholesale transactions in preferably commodities and raw materials
Money Market- a market for money instruments with a period of validity of less than one year.
Factoring- a business activity in which a company takes over the responsibility for collecting the debts of another company.
Fund Management- managing investors' funds on their behalf or advising investors on how to invest their funds.
Financial Futures- legal contracts for the sale or purchase of financial products on a specified future date, at the price agreed in the present.
Option- A contract giving the right to buy or sell financial instruments or goods for a stated period at a stated price.
The London Bullion Market - The international gold and silver market in London where trade is done by a telephone or electronic links.
Hedge The purchase or sale futures contract as a temporary substitute for a transaction to be made at a later date
Open-Ended Fund- A fund without a fixed number of shares
Quite-edged loans - Loans issued on behalf of the Government to fund its spending.