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British BankingContinuity and Change from 1694 to the Present$
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Ranald C. Michie

Print publication date: 2016

Print ISBN-13: 9780198727361

Published to Oxford Scholarship Online: December 2016

DOI: 10.1093/acprof:oso/9780198727361.001.0001

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(p.1) Introduction
British Banking

Ranald C. Michie

Oxford University Press

The introduction explains the aim of the book and how it is structured. There are many ways to approach the study of banking but none can be successful unless they define what is meant by the term ‘bank’. Other books either avoid a definition and assume that the reader knows what a bank is or select a particular type of bank and study that to the exclusion of all others. In this book, a bank is defined in terms of the functions it performs and the risks involved and it is explained how a bank differs from other financial institutions and businesses. The reader is introduced to the importance of liquidity in ensuring the survival of a bank regardless of whatever else it does. Having read this chapter the reader is fully prepared for what is in the rest of the book without the need for specialist knowledge.

Keywords:   credit, capital, payments, partnerships, companies, profits, structure, money market, inter-bank, lender of last resort

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