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The City of London and its role as a financial centre

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prices. It is the aim of IMF to relieve third world debt to avoid large-scale financial crises.

Among the recent developments it is important to mention the choice of London as the location of NASDAQ-Europe. In his speech on the 5th of November 1999, the Chancellor of the Exchequer Gordon Brown it was excellent news for the City of London to launch a joint venture to create a pan-European security market.

Gordon Brown said: ”NASDAQ’s decision to locate its European exchange here represents a massive vote of confidence in the City. NASDAQ - Europe will strengthen the UK financial services industry and reinforce London’s position as one of the worlds’ top international financial centers”. Mr. Brown added, “NASDAQ’s presence here will be good for the wider economy too, not just in the UK but Europe as a whole. Job creation and economic growth depend on efficient capital markets sending funds to businesses to finance their expansion”.

An important move in the European monetary life was the introduction of a single European currency, the Euro, on the 1st of January 1999. A separate protocol recognizes that Britain is not obliged to join the currency without a separate decision by British Government and Parliament.

So far the Bank of England has not voted to adopt the single currency. On the 6th of September 1999 Mr. Cook , the Foreign Secretary, stated that if the Euro proves to be a success, it would be in Britain’s interest to join it. Britain will first have to test whether there is enough flexibility in British economy and if the Euro will promote strong international investment and boost British financial services industry.

According to the decision of European Union (EU) Heads of Government single currency notes and coins will be introduced at the beginning of 2002 at latest.

The London Club set up in the 1980s under an agreement in London, comprises over 600 big commercial banks whose credits are not covered by government guarantees or insurance. There is a steering committee of the Club which operates between the Club’s sessions. The Sessions are held at the request of the 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.

Conclusions.

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. Áàíêîâñêîå äåëî, âûïóñê ¹12, 1998ã.

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

National

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.

Definitions.

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

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