112-513: First Active was an Irish bank , and former building society which was merged into Ulster Bank in late 2009, ceasing trading in February 2010. It traditionally offered a range of mortgages (including subprime mortgages), savings , investment , pension and life assurance products, but from 2007 onwards, also offered credit cards, ATM accounts and current accounts as well as online banking and Laser/Maestro debit cards. The organisation
224-535: A "long Renaissance" may put its beginning in the 14th century and its end in the 17th century. The traditional view focuses more on the Renaissance's early modern aspects and argues that it was a break from the past, but many historians today focus more on its medieval aspects and argue that it was an extension of the Middle Ages. The beginnings of the period—the early Renaissance of the 15th century and
336-464: A German bishop visiting north Italy during the 12th century, noticed a widespread new form of political and social organization, observing that Italy appeared to have exited from feudalism so that its society was based on merchants and commerce. Linked to this was anti-monarchical thinking, represented in the famous early Renaissance fresco cycle The Allegory of Good and Bad Government by Ambrogio Lorenzetti (painted 1338–1340), whose strong message
448-412: A bank account is considered indispensable by most businesses and individuals. Non-banks that provide payment services such as remittance companies are normally not considered as an adequate substitute for a bank account. Banks issue new money when they make loans. In contemporary banking systems, regulators set a minimum level of reserve funds that banks must hold against the deposit liabilities created by
560-409: A bank varies from country to country. See the relevant country pages for more information. Under English common law , a banker is defined as a person who carries on the business of banking by conducting current accounts for their customers, paying cheques drawn on them and also collecting cheques for their customers. In most common law jurisdictions there is a Bills of Exchange Act that codifies
672-452: A central role over many centuries. The oldest existing retail bank is Banca Monte dei Paschi di Siena (founded in 1472), while the oldest existing merchant bank is Berenberg Bank (founded in 1590). Banking as an archaic activity (or quasi-banking ) is thought to have begun as early as the end of the 4th millennium BCE, to the 3rd millennia BCE. The present era of banking can be traced to medieval and early Renaissance Italy, to
784-465: A citizen and official, as well as a theorist and philosopher and also Quintilian . Perhaps the most succinct expression of his perspective on humanism is in a 1465 poetic work La città di vita , but an earlier work, Della vita civile , is more wide-ranging. Composed as a series of dialogues set in a country house in the Mugello countryside outside Florence during the plague of 1430, Palmieri expounds on
896-404: A combination of reasoning and empirical evidence . Humanist education was based on the programme of Studia Humanitatis , the study of five humanities: poetry , grammar , history , moral philosophy , and rhetoric . Although historians have sometimes struggled to define humanism precisely, most have settled on "a middle of the road definition... the movement to recover, interpret, and assimilate
1008-518: A cultural rebirth at the close of the Middle Ages and rise of the Modern world. One of the distinguishing features of Renaissance art was its development of highly realistic linear perspective. Giotto di Bondone (1267–1337) is credited with first treating a painting as a window into space, but it was not until the demonstrations of architect Filippo Brunelleschi (1377–1446) and the subsequent writings of Leon Battista Alberti (1404–1472) that perspective
1120-553: A faster propagation of more widely distributed ideas. In the first period of the Italian Renaissance , humanists favored the study of humanities over natural philosophy or applied mathematics , and their reverence for classical sources further enshrined the Aristotelian and Ptolemaic views of the universe. Writing around 1450, Nicholas of Cusa anticipated the heliocentric worldview of Copernicus , but in
1232-425: A large number of small to medium-sized institutions in its banking system. As of November 2009, China's top four banks have in excess of 67,000 branches ( ICBC :18000+, BOC :12000+, CCB :13000+, ABC :24000+) with an additional 140 smaller banks with an undetermined number of branches. Japan had 129 banks and 12,000 branches. In 2004, Germany, France, and Italy each had more than 30,000 branches – more than double
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#17327879489461344-658: A large scale, financing the purchase of shares in the Suez canal for the British government in 1875. The word bank was taken into Middle English from Middle French banque , from Old Italian banco , meaning "table", from Old High German banc, bank "bench, counter". Benches were used as makeshift desks or exchange counters during the Renaissance by Florentine bankers, who used to make their transactions atop desks covered by green tablecloths. The definition of
1456-493: A love of books. In some cases, cultivated library builders were also committed to offering others the opportunity to use their collections. Prominent aristocrats and princes of the Church created great libraries for the use of their courts, called "court libraries", and were housed in lavishly designed monumental buildings decorated with ornate woodwork, and the walls adorned with frescoes (Murray, Stuart A.P.). Renaissance art marks
1568-432: A perfect mind and body, which could be attained with education. The purpose of humanism was to create a universal man whose person combined intellectual and physical excellence and who was capable of functioning honorably in virtually any situation. This ideology was referred to as the uomo universale , an ancient Greco-Roman ideal. Education during the Renaissance was mainly composed of ancient literature and history as it
1680-403: A philosophical fashion. Science and art were intermingled in the early Renaissance, with polymath artists such as Leonardo da Vinci making observational drawings of anatomy and nature. Leonardo set up controlled experiments in water flow, medical dissection, and systematic study of movement and aerodynamics, and he devised principles of research method that led Fritjof Capra to classify him as
1792-477: A representative telling "most people" that there's no need to keep switching mortgage companies, finding "whoever said that you need to keep switching mortgages in order to get the best deal", and finding where it is written that it takes ages to get a decision on your mortgage. The society demutualised in 1998 and was listed on the Irish and London Stock Exchanges as a under the new name of First Active plc . It
1904-469: A system known as fractional-reserve banking , under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity , banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords . Banking in its modern sense evolved in the fourteenth century in
2016-399: A variety of different ways including interest, transaction fees and financial advice. Traditionally, the most significant method is via charging interest on the capital it lends out to customers. The bank profits from the difference between the level of interest it pays for deposits and other sources of funds, and the level of interest it charges in its lending activities. This difference
2128-531: A wall in the form of pilasters. One of the first buildings to use pilasters as an integrated system was in the Old Sacristy (1421–1440) by Brunelleschi. Arches, semi-circular or (in the Mannerist style) segmental, are often used in arcades, supported on piers or columns with capitals. There may be a section of entablature between the capital and the springing of the arch. Alberti was one of the first to use
2240-459: A wide range of writers. Classical texts could be found alongside humanist writings. These informal associations of intellectuals profoundly influenced Renaissance culture. An essential tool of Renaissance librarianship was the catalog that listed, described, and classified a library's books. Some of the richest "bibliophiles" built libraries as temples to books and knowledge. A number of libraries appeared as manifestations of immense wealth joined with
2352-446: Is a bank regulation , which sets a framework within which a bank or depository institution must manage its balance sheet . The categorisation of assets and capital is highly standardised so that it can be risk weighted . After the financial crisis of 2007–2008 , regulators force banks to issue Contingent convertible bonds (CoCos). These are hybrid capital securities that absorb losses in accordance with their contractual terms when
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#17327879489462464-403: Is a list of the largest deals in history in terms of value with participation from at least one bank: Currently, commercial banks are regulated in most jurisdictions by government entities and require a special bank license to operate. Usually, the definition of the business of banking for the purposes of regulation is extended to include acceptance of deposits, even if they are not repayable to
2576-581: Is about the virtues of fairness, justice, republicanism and good administration. Holding both Church and Empire at bay, these city republics were devoted to notions of liberty. Skinner reports that there were many defences of liberty such as the Matteo Palmieri (1406–1475) celebration of Florentine genius not only in art, sculpture and architecture, but "the remarkable efflorescence of moral, social and political philosophy that occurred in Florence at
2688-431: Is referred to as the spread between the cost of funds and the loan interest rate. Historically, profitability from lending activities has been cyclical and dependent on the needs and strengths of loan customers and the stage of the economic cycle . Fees and financial advice constitute a more stable revenue stream and banks have therefore placed more emphasis on these revenue lines to smooth their financial performance. In
2800-546: Is that the devastation in Florence caused by the Black Death , which hit Europe between 1348 and 1350, resulted in a shift in the world view of people in 14th century Italy. Italy was particularly badly hit by the plague, and it has been speculated that the resulting familiarity with death caused thinkers to dwell more on their lives on Earth, rather than on spirituality and the afterlife . It has also been argued that
2912-509: Is to understand it rationally. A critical contribution to Italian Renaissance humanism, Giovanni Pico della Mirandola wrote De hominis dignitate ( Oration on the Dignity of Man , 1486), a series of theses on philosophy, natural thought, faith, and magic defended against any opponent on the grounds of reason. In addition to studying classical Latin and Greek, Renaissance authors also began increasingly to use vernacular languages; combined with
3024-477: The longue durée , have instead focused on the continuity between the two eras, which are linked, as Panofsky observed, "by a thousand ties". The word has also been extended to other historical and cultural movements, such as the Carolingian Renaissance (8th and 9th centuries), Ottonian Renaissance (10th and 11th century), and the Renaissance of the 12th century . The Renaissance
3136-742: The Federal Deposit Insurance Corporation (FDIC) as a regulator. However, for soundness examinations (i.e., whether a bank is operating in a sound manner), the Federal Reserve is the primary federal regulator for Fed-member state banks; the Office of the Comptroller of the Currency (OCC) is the primary federal regulator for national banks. State non-member banks are examined by the state agencies as well as
3248-651: The Great Depression , the U.S. Savings and Loan crisis in the 1980s and early 1990s, the Japanese banking crisis during the 1990s, and the sub-prime mortgage crisis in the 2000s. The 2023 global banking crisis is the latest of these crises: In March 2023, liquidity shortages and bank insolvencies led to three bank failures in the United States , and within two weeks, several of the world's largest banks failed or were shut down by regulators Assets of
3360-911: The High Middle Ages in Western Europe and in the Islamic Golden Age (normally in translation), but Greek literary, oratorical and historical works (such as Homer , the Greek dramatists, Demosthenes and Thucydides ) were not studied in either the Latin or medieval Islamic worlds ; in the Middle Ages these sorts of texts were only studied by Byzantine scholars. Some argue that the Timurid Renaissance in Samarkand and Herat , whose magnificence toned with Florence as
3472-747: The Late Middle Ages have led some to theorize that its unusual social climate allowed the emergence of a rare cultural efflorescence. Italy did not exist as a political entity in the early modern period. Instead, it was divided into smaller city-states and territories: the Neapolitans controlled the south, the Florentines and the Romans at the center, the Milanese and the Genoese to
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3584-765: The Levant . Their translations and commentaries on these ideas worked their way through the Arab West into Iberia and Sicily , which became important centers for this transmission of ideas. Between the 11th and 13th centuries, many schools dedicated to the translation of philosophical and scientific works from Classical Arabic to Medieval Latin were established in Iberia, most notably the Toledo School of Translators . This work of translation from Islamic culture, though largely unplanned and disorganized, constituted one of
3696-499: The Pisa Baptistry , demonstrates that classical models influenced Italian art before the Renaissance took root as a literary movement. Applied innovation extended to commerce. At the end of the 15th century, Luca Pacioli published the first work on bookkeeping , making him the founder of accounting . The rediscovery of ancient texts and the invention of the printing press in about 1440 democratized learning and allowed
3808-542: The Renaissance Papacy , and Naples . From Italy, the Renaissance spread throughout Europe and also to American, African and Asian territories ruled by the European colonial powers of the time or where Christian missionaries were active. The Renaissance has a long and complex historiography , and in line with general skepticism of discrete periodizations, there has been much debate among historians reacting to
3920-813: The crisis of the Late Middle Ages and conventionally ends by the 1600s with the waning of humanism , and the advents of the Reformation and Counter-Reformation , and in art the Baroque period. It had a different period and characteristics in different regions, such as the Italian Renaissance, the Northern Renaissance , the Spanish Renaissance , etc. In addition to the standard periodization, proponents of
4032-534: The rest of Italy and later throughout Europe. The term rinascita ("rebirth") first appeared in Lives of the Artists ( c. 1550 ) by Giorgio Vasari , while the corresponding French word renaissance was adopted into English as the term for this period during the 1830s. The Renaissance's intellectual basis was founded in its version of humanism , derived from the concept of Roman humanitas and
4144-592: The "father of modern science". Other examples of Da Vinci's contribution during this period include machines designed to saw marbles and lift monoliths, and new discoveries in acoustics, botany, geology, anatomy, and mechanics. A suitable environment had developed to question classical scientific doctrine. The discovery in 1492 of the New World by Christopher Columbus challenged the classical worldview. The works of Ptolemy (in geography) and Galen (in medicine) were found to not always match everyday observations. As
4256-418: The 12th century , who had focused on studying Greek and Arabic works of natural sciences, philosophy, and mathematics, rather than on such cultural texts. In the revival of neoplatonism , Renaissance humanists did not reject Christianity ; on the contrary, many of the Renaissance's greatest works were devoted to it, and the Church patronized many works of Renaissance art. But a subtle shift took place in
4368-404: The 14th century with a Latin phase, when Renaissance scholars such as Petrarch , Coluccio Salutati (1331–1406), Niccolò de' Niccoli (1364–1437), and Poggio Bracciolini (1380–1459) scoured the libraries of Europe in search of works by such Latin authors as Cicero , Lucretius , Livy , and Seneca . By the early 15th century, the bulk of the surviving such Latin literature had been recovered;
4480-481: The 15,000 branches in the United Kingdom. Between 1985 and 2018 banks engaged in around 28,798 mergers or acquisitions, either as the acquirer or the target company. The overall known value of these deals cumulates to around 5,169 bil. USD. In terms of value, there have been two major waves (1999 and 2007) which both peaked at around 460 bil. USD followed by a steep decline (−82% from 2007 until 2018). Here
4592-552: The 15th and 16th centuries. It marked the transition from the Middle Ages to modernity and was characterized by an effort to revive and surpass the ideas and achievements of classical antiquity . Associated with great social change in most fields and disciplines, including art , architecture , politics, literature , exploration and science , the Renaissance was first centered in the Republic of Florence , then spread to
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4704-435: The 19th-century glorification of the "Renaissance" and individual cultural heroes as "Renaissance men", questioning the usefulness of Renaissance as a term and as a historical delineation. Some observers have questioned whether the Renaissance was a cultural "advance" from the Middle Ages, instead seeing it as a period of pessimism and nostalgia for classical antiquity , while social and economic historians, especially of
4816-535: The 1st-century writer Vitruvius and the flourishing discipline of mathematics, Brunelleschi formulated the Renaissance style that emulated and improved on classical forms. His major feat of engineering was building the dome of Florence Cathedral . Another building demonstrating this style is the Basilica of Sant'Andrea, Mantua , built by Alberti. The outstanding architectural work of the High Renaissance
4928-520: The Black Death prompted a new wave of piety, manifested in the sponsorship of religious works of art. However, this does not fully explain why the Renaissance occurred specifically in Italy in the 14th century. The Black Death was a pandemic that affected all of Europe in the ways described, not only Italy. The Renaissance's emergence in Italy was most likely the result of the complex interaction of
5040-730: The Convent of San Donato in Scopeto in Florence. The Renaissance was certainly underway before Lorenzo de' Medici came to power – indeed, before the Medici family itself achieved hegemony in Florentine society. In some ways, Renaissance humanism was not a philosophy but a method of learning. In contrast to the medieval scholastic mode, which focused on resolving contradictions between authors, Renaissance humanists would study ancient texts in their original languages and appraise them through
5152-529: The FDIC. National banks have one primary regulator – the OCC. Each regulatory agency has its own set of rules and regulations to which banks and thrifts must adhere. The Federal Financial Institutions Examination Council (FFIEC) was established in 1979 as a formal inter-agency body empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions. Although
5264-453: The FFIEC has resulted in a greater degree of regulatory consistency between the agencies, the rules and regulations are constantly changing. Renaissance The Renaissance ( UK : / r ɪ ˈ n eɪ s ən s / rin- AY -sənss , US : / ˈ r ɛ n ə s ɑː n s / REN -ə-sahnss ) is a period of history and a European cultural movement covering
5376-440: The Greek phase of Renaissance humanism was under way, as Western European scholars turned to recovering ancient Greek literary, historical, oratorical and theological texts. Unlike with Latin texts, which had been preserved and studied in Western Europe since late antiquity, the study of ancient Greek texts was very limited in medieval Western Europe. Ancient Greek works on science, mathematics, and philosophy had been studied since
5488-705: The Islamic steps of Ibn Khaldun . Pico della Mirandola wrote the "manifesto" of the Renaissance, the Oration on the Dignity of Man , a vibrant defence of thinking. Matteo Palmieri (1406–1475), another humanist, is most known for his work Della vita civile ("On Civic Life"; printed 1528), which advocated civic humanism , and for his influence in refining the Tuscan vernacular to the same level as Latin. Palmieri drew on Roman philosophers and theorists, especially Cicero , who, like Palmieri, lived an active public life as
5600-521: The Italian Proto-Renaissance from around 1250 or 1300—overlap considerably with the Late Middle Ages , conventionally dated to c. 1350–1500 , and the Middle Ages themselves were a long period filled with gradual changes, like the modern age; as a transitional period between both, the Renaissance has close similarities to both, especially the late and early sub-periods of either. The Renaissance began in Florence , one of
5712-466: The Latin literary, historical, and oratorical texts of antiquity , while the fall of Constantinople (1453) generated a wave of émigré Greek scholars bringing precious manuscripts in ancient Greek , many of which had fallen into obscurity in the West. It was in their new focus on literary and historical texts that Renaissance scholars differed so markedly from the medieval scholars of the Renaissance of
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#17327879489465824-568: The New Testament promoted by humanists Lorenzo Valla and Erasmus , helped pave the way for the Reformation . Well after the first artistic return to classicism had been exemplified in the sculpture of Nicola Pisano , Florentine painters led by Masaccio strove to portray the human form realistically, developing techniques to render perspective and light more naturally. Political philosophers , most famously Niccolò Machiavelli , sought to describe political life as it really was, that
5936-474: The Reformation and Counter-Reformation clashed, the Northern Renaissance showed a decisive shift in focus from Aristotelean natural philosophy to chemistry and the biological sciences (botany, anatomy, and medicine). The willingness to question previously held truths and search for new answers resulted in a period of major scientific advancements. Some view this as a " scientific revolution ", heralding
6048-546: The Renaissance quite precisely; one proposed starting point is 1401, when the rival geniuses Lorenzo Ghiberti and Filippo Brunelleschi competed for the contract to build the bronze doors for the Baptistery of the Florence Cathedral (Ghiberti won). Others see more general competition between artists and polymaths such as Brunelleschi, Ghiberti, Donatello , and Masaccio for artistic commissions as sparking
6160-586: The UK, for example, the Financial Services Authority licenses banks, and some commercial banks (such as the Bank of Scotland ) issue their own banknotes in addition to those issued by the Bank of England , the UK government's central bank. Banking law is based on a contractual analysis of the relationship between the bank (defined above) and the customer – defined as any entity for which
6272-458: The above factors. The plague was carried by fleas on sailing vessels returning from the ports of Asia, spreading quickly due to lack of proper sanitation: the population of England , then about 4.2 million, lost 1.4 million people to the bubonic plague . Florence's population was nearly halved in the year 1347. As a result of the decimation in the populace the value of the working class increased, and commoners came to enjoy more freedom. To answer
6384-532: The arch on a monumental. Renaissance vaults do not have ribs; they are semi-circular or segmental and on a square plan, unlike the Gothic vault, which is frequently rectangular. Renaissance artists were not pagans, although they admired antiquity and kept some ideas and symbols of the medieval past. Nicola Pisano (c. 1220 – c. 1278) imitated classical forms by portraying scenes from the Bible. His Annunciation , from
6496-639: The bank agrees to conduct an account. The law implies rights and obligations into this relationship as follows: These implied contractual terms may be modified by express agreement between the customer and the bank. The statutes and regulations in force within a particular jurisdiction may also modify the above terms or create new rights, obligations, or limitations relevant to the bank-customer relationship. Some types of financial institutions, such as building societies and credit unions , may be partly or wholly exempt from bank license requirements, and therefore regulated under separate rules. The requirements for
6608-401: The bank is structured or regulated. The business of banking is in many common law countries not defined by statute but by common law, the definition above. In other English common law jurisdictions there are statutory definitions of the business of banking or banking business . When looking at these definitions it is important to keep in mind that they are defining the business of banking for
6720-416: The bank is to restore, not the same money, but an equivalent sum, whenever it is demanded and money, when paid into a bank, ceases altogether to be the money of the principal (see Parker v. Marchant, 1 Phillips 360); it is then the money of the banker, who is bound to return an equivalent, by paying a similar sum to that deposited with him, when he is asked for it. The goldsmith paid interest on deposits. Since
6832-411: The bank will not repay it), and interest rate risk (the possibility that the bank will become unprofitable, if rising interest rates force it to pay relatively more on its deposits than it receives on its loans). Banking crises have developed many times throughout history when one or more risks have emerged for the banking sector as a whole. Prominent examples include the bank run that occurred during
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#17327879489466944-667: The bank, and collecting cheques deposited to customers' current accounts. Banks also enable customer payments via other payment methods such as Automated Clearing House (ACH), Wire transfers or telegraphic transfer , EFTPOS , and automated teller machines (ATMs). Banks borrow money by accepting funds deposited on current accounts, by accepting term deposits , and by issuing debt securities such as banknotes and bonds . Banks lend money by making advances to customers on current accounts, by making installment loans , and by investing in marketable debt securities and other forms of money lending. Banks provide different payment services, and
7056-716: The beginning of the modern age, others as an acceleration of a continuous process stretching from the ancient world to the present day. Significant scientific advances were made during this time by Galileo Galilei , Tycho Brahe , and Johannes Kepler . Copernicus, in De revolutionibus orbium coelestium ( On the Revolutions of the Heavenly Spheres ), posited that the Earth moved around the Sun. De humani corporis fabrica ( On
7168-533: The capital of the issuing bank falls below a certain level. Then debt is reduced and bank capitalisation gets a boost. Owing to their capacity to absorb losses, CoCos have the potential to satisfy regulatory capital requirement. The economic functions of banks include: Banks are susceptible to many forms of risk which have triggered occasional systemic crises. These include liquidity risk (where many depositors may request withdrawals in excess of available funds), credit risk (the chance that those who owe money to
7280-532: The center of a cultural rebirth, were linked to the Ottoman Empire , whose conquests led to the migration of Greek scholars to Italian cities. One of the greatest achievements of Renaissance scholars was to bring this entire class of Greek cultural works back into Western Europe for the first time since late antiquity. Muslim logicians, most notably Avicenna and Averroes , had inherited Greek ideas after they had invaded and conquered Egypt and
7392-483: The cheque has lost its primacy in most banking systems as a payment instrument. This has led legal theorists to suggest that the cheque based definition should be broadened to include financial institutions that conduct current accounts for customers and enable customers to pay and be paid by third parties, even if they do not pay and collect cheques . Banks act as payment agents by conducting checking or current accounts for customers, paying cheques drawn by customers in
7504-687: The creativity of the Renaissance. Yet it remains much debated why the Renaissance began in Italy, and why it began when it did. Accordingly, several theories have been put forward to explain its origins. Peter Rietbergen posits that various influential Proto-Renaissance movements started from roughly 1300 onwards across many regions of Europe . In stark contrast to the High Middle Ages , when Latin scholars focused almost entirely on studying Greek and Arabic works of natural science, philosophy and mathematics, Renaissance scholars were most interested in recovering and studying Latin and Greek literary, historical, and oratorical texts. Broadly speaking, this began in
7616-423: The cross-selling of complementary products. Banks face a number of risks in order to conduct their business, and how well these risks are managed and understood is a key driver behind profitability, and how much capital a bank is required to hold. Bank capital consists principally of equity , retained earnings and subordinated debt . Some of the main risks faced by banks include: The capital requirement
7728-408: The customer's order – although money lending, by itself, is generally not included in the definition. Unlike most other regulated industries, the regulator is typically also a participant in the market, being either publicly or privately governed central bank . Central banks also typically have a monopoly on the business of issuing banknotes . However, in some countries, this is not the case. In
7840-589: The funding of these loans, in order to ensure that the banks can meet demands for payment of such deposits. These reserves can be acquired through the acceptance of new deposits, sale of other assets, or borrowing from other banks including the central bank. Activities undertaken by banks include personal banking , corporate banking , investment banking , private banking , transaction banking , insurance , consumer finance , trade finance and other related. Banks offer many different channels to access their banking and other services: A bank can generate revenue in
7952-520: The goldsmiths of London became the forerunners of banking by creating new money based on credit. The Bank of England originated the permanent issue of banknotes in 1695. The Royal Bank of Scotland established the first overdraft facility in 1728. By the beginning of the 19th century Lubbock's Bank had established a bankers' clearing house in London to allow multiple banks to clear transactions. The Rothschilds pioneered international finance on
8064-470: The great European states (France and Spain) were absolute monarchies , and others were under direct Church control, the independent city-republics of Italy took over the principles of capitalism invented on monastic estates and set off a vast unprecedented Commercial Revolution that preceded and financed the Renaissance. Historian Leon Poliakov offers a critical view in his seminal study of European racist thought: The Aryan Myth . According to Poliakov,
8176-658: The greatest transmissions of ideas in history. The movement to reintegrate the regular study of Greek literary, historical, oratorical, and theological texts back into the Western European curriculum is usually dated to the 1396 invitation from Coluccio Salutati to the Byzantine diplomat and scholar Manuel Chrysoloras (c. 1355–1415) to teach Greek in Florence. This legacy was continued by a number of expatriate Greek scholars, from Basilios Bessarion to Leo Allatius . The unique political structures of Italy during
8288-438: The height of the epidemic due to the chaotic conditions in the city, but a small group of officials was appointed to conduct the affairs of the city, which ensured continuity of government. It has long been a matter of debate why the Renaissance began in Florence , and not elsewhere in Italy. Scholars have noted several features unique to Florentine cultural life that may have caused such a cultural movement. Many have emphasized
8400-493: The immune system, leaving young children without a fighting chance. Children in city dwellings were more affected by the spread of disease than the children of the wealthy. The Black Death caused greater upheaval to Florence's social and political structure than later epidemics. Despite a significant number of deaths among members of the ruling classes, the government of Florence continued to function during this period. Formal meetings of elected representatives were suspended during
8512-413: The increased need for labor, workers traveled in search of the most favorable position economically. The demographic decline due to the plague had economic consequences: the prices of food dropped and land values declined by 30–40% in most parts of Europe between 1350 and 1400. Landholders faced a great loss, but for ordinary men and women it was a windfall. The survivors of the plague found not only that
8624-511: The introduction of the printing press , this allowed many more people access to books, especially the Bible. In all, the Renaissance can be viewed as an attempt by intellectuals to study and improve the secular and worldly, both through the revival of ideas from antiquity and through novel approaches to thought. Political philosopher Hans Kohn describes it as an age where "Men looked for new foundations"; some like Erasmus and Thomas More envisioned new reformed spiritual foundations, others. in
8736-406: The issue of banknotes emerged in the 17th and 18th centuries. Merchants started to store their gold with the goldsmiths of London , who possessed private vaults , and who charged a fee for that service. In exchange for each deposit of precious metal, the goldsmiths issued receipts certifying the quantity and purity of the metal they held as a bailee ; these receipts could not be assigned, only
8848-442: The issue of a bank license vary between jurisdictions but typically include: Banks' activities can be divided into: Most banks are profit-making, private enterprises. However, some are owned by the government, or are non-profit organisations . The United States banking industry is one of the most heavily regulated and guarded in the world, with multiple specialised and focused regulators. All banks with FDIC-insured deposits have
8960-464: The language, literature, learning and values of ancient Greece and Rome". Above all, humanists asserted "the genius of man ... the unique and extraordinary ability of the human mind". Humanist scholars shaped the intellectual landscape throughout the early modern period. Political philosophers such as Niccolò Machiavelli and Thomas More revived the ideas of Greek and Roman thinkers and applied them in critiques of contemporary government, following
9072-409: The largest 1,000 banks in the world grew by 6.8% in the 2008–2009 financial year to a record US$ 96.4 trillion while profits declined by 85% to US$ 115 billion. Growth in assets in adverse market conditions was largely a result of recapitalisation. EU banks held the largest share of the total, 56% in 2008–2009, down from 61% in the previous year. Asian banks' share increased from 12% to 14% during
9184-436: The law in relation to negotiable instruments , including cheques, and this Act contains a statutory definition of the term banker : banker includes a body of persons, whether incorporated or not, who carry on the business of banking' (Section 2, Interpretation). Although this definition seems circular, it is actually functional, because it ensures that the legal basis for bank transactions such as cheques does not depend on how
9296-538: The many states of Italy . Various theories have been proposed to account for its origins and characteristics, focusing on a variety of factors, including Florence's social and civic peculiarities at the time: its political structure, the patronage of its dominant family, the Medici , and the migration of Greek scholars and their texts to Italy following the fall of Constantinople to the Ottoman Empire . Other major centers were Venice , Genoa , Milan , Rome during
9408-474: The merger. Bank A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans . Lending activities can be directly performed by the bank or indirectly through capital markets . Whereas banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized
9520-661: The north and west respectively, and the Venetians to the north east. 15th-century Italy was one of the most urbanized areas in Europe. Many of its cities stood among the ruins of ancient Roman buildings; it seems likely that the classical nature of the Renaissance was linked to its origin in the Roman Empire's heartland. Historian and political philosopher Quentin Skinner points out that Otto of Freising (c. 1114–1158),
9632-420: The original depositor could collect the stored goods. Gradually the goldsmiths began to lend money out on behalf of the depositor , and promissory notes , which evolved into banknotes, were issued for money deposited as a loan to the goldsmith. Thus, by the 19th century, we find in ordinary cases of deposits, of money with banking corporations, or bankers, the transaction amounts to a mere loan, or mutuum , and
9744-584: The paintings of Giotto . As a cultural movement, the Renaissance encompassed innovative flowering of literary Latin and an explosion of vernacular literatures , beginning with the 14th-century resurgence of learning based on classical sources, which contemporaries credited to Petrarch ; the development of linear perspective and other techniques of rendering a more natural reality in painting; and gradual but widespread educational reform . It saw myriad artistic developments and contributions from such polymaths as Leonardo da Vinci and Michelangelo , who inspired
9856-455: The past 20 years, American banks have taken many measures to ensure that they remain profitable while responding to increasingly changing market conditions. This helps in making a profit and facilitates economic development as a whole. Recently, as banks have been faced with pressure from fintechs, new and additional business models have been suggested such as freemium, monetisation of data, white-labeling of banking and payment applications, or
9968-419: The prevailing cultural conditions at the time. Lorenzo de' Medici (1449–1492) was the catalyst for an enormous amount of arts patronage, encouraging his countrymen to commission works from the leading artists of Florence, including Leonardo da Vinci , Sandro Botticelli , and Michelangelo Buonarroti . Works by Neri di Bicci , Botticelli, Leonardo, and Filippino Lippi had been commissioned additionally by
10080-459: The prices of food were cheaper but also that lands were more abundant, and many of them inherited property from their dead relatives. The spread of disease was significantly more rampant in areas of poverty. Epidemics ravaged cities, particularly children. Plagues were easily spread by lice, unsanitary drinking water, armies, or by poor sanitation. Children were hit the hardest because many diseases, such as typhus and congenital syphilis , target
10192-438: The promissory notes were payable on demand, and the advances (loans) to the goldsmith's customers were repayable over a longer time-period, this was an early form of fractional reserve banking . The promissory notes developed into an assignable instrument which could circulate as a safe and convenient form of money backed by the goldsmith's promise to pay, allowing goldsmiths to advance loans with little risk of default . Thus
10304-731: The prosperous cities of Renaissance Italy but, in many ways, functioned as a continuation of ideas and concepts of credit and lending that had their roots in the ancient world . In the history of banking , a number of banking dynasties – notably, the Medicis , the Pazzi , the Fuggers , the Welsers , the Berenbergs , and the Rothschilds – have played
10416-487: The purposes of the legislation, and not necessarily in general. In particular, most of the definitions are from legislation that has the purpose of regulating and supervising banks rather than regulating the actual business of banking. However, in many cases, the statutory definition closely mirrors the common law one. Examples of statutory definitions: Since the advent of EFTPOS (Electronic Funds Transfer at Point Of Sale), direct credit, direct debit and internet banking ,
10528-412: The qualities of the ideal citizen. The dialogues include ideas about how children develop mentally and physically, how citizens can conduct themselves morally, how citizens and states can ensure probity in public life, and an important debate on the difference between that which is pragmatically useful and that which is honest. The humanists believed that it is important to transcend to the afterlife with
10640-414: The rediscovery of classical Greek philosophy , such as that of Protagoras , who said that "man is the measure of all things". Although the invention of metal movable type sped the dissemination of ideas from the later 15th century, the changes of the Renaissance were not uniform across Europe: the first traces appear in Italy as early as the late 13th century, in particular with the writings of Dante and
10752-576: The rich cities in the centre and north like Florence , Lucca , Siena , Venice and Genoa . The Bardi and Peruzzi families dominated banking in 14th-century Florence, establishing branches in many other parts of Europe. Giovanni di Bicci de' Medici set up one of the most famous Italian banks, the Medici Bank , in 1397. The Republic of Genoa founded the earliest-known state deposit bank, and Banco di San Giorgio (Bank of St. George), in 1407 at Genoa , Italy. Fractional reserve banking and
10864-549: The role played by the Medici , a banking family and later ducal ruling house , in patronizing and stimulating the arts. Some historians have postulated that Florence was the birthplace of the Renaissance as a result of luck, i.e., because " Great Men " were born there by chance: Leonardo, Botticelli and Michelangelo were all born in Tuscany . Arguing that such chance seems improbable, other historians have contended that these "Great Men" were only able to rise to prominence because of
10976-527: The same time". Even cities and states beyond central Italy, such as the Republic of Florence at this time, were also notable for their merchant republics , especially the Republic of Venice. Although in practice these were oligarchical , and bore little resemblance to a modern democracy , they did have democratic features and were responsive states, with forms of participation in governance and belief in liberty. The relative political freedom they afforded
11088-420: The term "Renaissance man". In politics, the Renaissance contributed to the development of the customs and conventions of diplomacy, and in science to an increased reliance on observation and inductive reasoning . The period also saw revolutions in other intellectual and social scientific pursuits, as well as the introduction of modern banking and the field of accounting. The Renaissance period started during
11200-421: The use of ethnic origin myths are first used by Renaissance humanists "in the service of a new born chauvinism". Many argue that the ideas characterizing the Renaissance had their origin in Florence at the turn of the 13th and 14th centuries, in particular with the writings of Dante Alighieri (1265–1321) and Petrarch (1304–1374), as well as the paintings of Giotto di Bondone (1267–1337). Some writers date
11312-476: The way that intellectuals approached religion that was reflected in many other areas of cultural life. In addition, many Greek Christian works, including the Greek New Testament, were brought back from Byzantium to Western Europe and engaged Western scholars for the first time since late antiquity. This new engagement with Greek Christian works, and particularly the return to the original Greek of
11424-506: The words of Machiavelli , una lunga sperienza delle cose moderne ed una continua lezione delle antiche (a long experience with modern life and a continuous learning from antiquity). Sociologist Rodney Stark , plays down the Renaissance in favor of the earlier innovations of the Italian city-states in the High Middle Ages , which married responsive government, Christianity and the birth of capitalism . This analysis argues that, whereas
11536-526: The works of Leonardo, Michelangelo and Raphael representing artistic pinnacles that were much imitated by other artists. Other notable artists include Sandro Botticelli , working for the Medici in Florence, Donatello , another Florentine, and Titian in Venice, among others. In the Low Countries , a particularly vibrant artistic culture developed. The work of Hugo van der Goes and Jan van Eyck
11648-462: The year, while the share of US banks increased from 11% to 13%. Fee revenue generated by global investment in banking totalled US$ 66.3 billion in 2009, up 12% on the previous year. The United States has the most banks in the world in terms of institutions (5,330 as of 2015) and possibly branches (81,607 as of 2015). This is an indicator of the geography and regulatory structure of the US, resulting in
11760-565: Was a cultural movement that profoundly affected European intellectual life in the early modern period . Beginning in Italy, and spreading to the rest of Europe by the 16th century, its influence was felt in art , architecture , philosophy , literature , music , science , technology , politics, religion, and other aspects of intellectual inquiry. Renaissance scholars employed the humanist method in study, and searched for realism and human emotion in art. Renaissance humanists such as Poggio Bracciolini sought out in Europe's monastic libraries
11872-540: Was acquired by Royal Bank of Scotland Group in 2004. In 2004, Tesco Bank also began offering products provided by First Active. On 26 January 2009, it was announced that First Active would cease to operate as a separate entity and its operations would be merged with those of Ulster Bank, with the loss of 750 jobs (550 in the Republic of Ireland and 200 in Northern Ireland). From September 2009, it ceased offering any new products to customers in preparation for
11984-638: Was conducive to academic and artistic advancement. Likewise, the position of Italian cities such as Venice as great trading centres made them intellectual crossroads. Merchants brought with them ideas from far corners of the globe, particularly the Levant . Venice was Europe's gateway to trade with the East, and a producer of fine glass , while Florence was a capital of textiles. The wealth such business brought to Italy meant large public and private artistic projects could be commissioned and individuals had more leisure time for study. One theory that has been advanced
12096-405: Was formalized as an artistic technique. The development of perspective was part of a wider trend toward realism in the arts. Painters developed other techniques, studying light, shadow, and, famously in the case of Leonardo da Vinci , human anatomy . Underlying these changes in artistic method was a renewed desire to depict the beauty of nature and to unravel the axioms of aesthetics , with
12208-598: Was founded as the Workingman's Benefit Building Society in 1861, and it was legally incorporated in 1875. Renamed First National Building Society in 1960, it became the first building society in Ireland to open a branch network, and during the 1970s and 1980s several other smaller building societies merged their business into that of First National. From the 1990s, it used an advertising campaign which involved contradicting received wisdom about finance. Examples included
12320-494: Was particularly influential on the development of painting in Italy, both technically with the introduction of oil paint and canvas, and stylistically in terms of naturalism in representation. Later, the work of Pieter Brueghel the Elder would inspire artists to depict themes of everyday life. In architecture, Filippo Brunelleschi was foremost in studying the remains of ancient classical buildings. With rediscovered knowledge from
12432-418: Was the rebuilding of St. Peter's Basilica , combining the skills of Bramante , Michelangelo, Raphael, Sangallo and Maderno . During the Renaissance, architects aimed to use columns, pilasters , and entablatures as an integrated system. The Roman orders types of columns are used: Tuscan and Composite . These can either be structural, supporting an arcade or architrave, or purely decorative, set against
12544-427: Was thought that the classics provided moral instruction and an intensive understanding of human behavior. A unique characteristic of some Renaissance libraries is that they were open to the public. These libraries were places where ideas were exchanged and where scholarship and reading were considered both pleasurable and beneficial to the mind and soul. As freethinking was a hallmark of the age, many libraries contained
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