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51-547: The name Strijp-S comes from the naming pattern that Philips used in its industrial parks. Strijp-S was the first park, and Strijp-T and Strijp-R followed. In 1916 Anton Philips built the first factory in Strijp-S a glass factory for incandescent light bulbs . The Philips Natuurkundig Laboratorium was opened in 1914. Strijp-S was where first radios, then televisions were produced, as well as many other devices. The credo Van zand tot klant ("from sand to customer") stood behind

102-523: A high degree of regulation over banks. Most countries have institutionalized 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

153-539: A Dutch family of Jewish heritage, Anton was the second son to Maria Heyligers (1836 – 1921) and Benjamin Frederik David Philips (1 December 1830 – 12 June 1900). His father was active in the tobacco business and a banker at Zaltbommel in the Netherlands (he was also a first cousin to Karl Marx ). Anton had an elder brother named Gerard Philips. In May 1891 the father Frederik

204-412: 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

255-409: 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

306-452: 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

357-425: 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

408-658: 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

459-399: 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

510-446: 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

561-403: 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

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612-549: Is a regular location for the light festival GLOW . Anton Philips Anton Frederik Philips (14 March 1874 – 7 October 1951) co-founded Royal Philips Electronics N.V. in 1912 with his older brother Gerard Philips in Eindhoven , the Netherlands . His father and Gerard had founded the Philips Company in 1891 as a family business. Anton Philips served as CEO of the company from 1922 to 1939. Born to

663-758: Is all about art in the broadest sense of the word. Together with mainly young makers and a broad, international audience, MU defines the liminal space between ‘what art is and what art can be’. Furthermore, the De Ontdekfabriek is located at Strijp-S: a children's science discovery space. Strijp-S is a major event space, in the halls of the Klokgebouw building, but also larger events on the Ketelhuisplein plaza. For example, dance festival Flying Dutch in 2015 attracted 25,000 visitors. Dutch Design Week takes place each October. Every third Sunday of

714-431: 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

765-742: 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

816-651: 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

867-657: The football department of the Philips Sports Association, which is the best known. From it the professional football department developed into the independent Philips Sport Vereniging N.V. (PSV Eindhoven). Anton Philips brought his son Frits Philips and son-in-law Frans Otten into the company in their times. Anton, Otten and other family members escaped the Netherlands just before the Nazi Occupation during World War II . They went to

918-481: 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

969-529: 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

1020-586: 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

1071-412: The United States and returned after the war. Frits Philips chose to stay and manage the company during the occupation. He was imprisoned for several months at the concentration camp of Vught after his workers went on strike, and he survived. He saved the lives of 382 Jews by claiming them as indispensable to his factory, and enabled them to evade Nazi roundups and deportation to concentration camps. He

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1122-639: 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

1173-401: 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

1224-416: 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

1275-411: 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

1326-667: 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

1377-533: 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

1428-483: 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

1479-559: The city of Eindhoven and VolkerWessels. Philips was able to lease some of the buildings back temporarily until its full withdrawal in 2006, although there are still two small Philips departments present in the buildings SFH en SEY. With the departure of Philips the plans was implemented to make the area a broad destination for the creative sector, including technology and design, under the English headline Old Buildings, New Ideas . The old factory buildings would be perfect for studios. In 2016

1530-610: The creative school St. Lucas opened at Strijp-S. In 2012 Strijp-S got its first permanent residents, when the SAS-3 project was completed (new construction). A year later the repurposed industrial SAN en SBP buildings were ready for residential use. Lofts replaced former television factories. The buildings were renamed GERARD and ANTON , in honor of two prominenta members of the Philips family. Many other residential complexes are planned such as Space-S and Blok 61, 63 and 59. A year later

1581-423: 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

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1632-408: 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

1683-411: The following children: Banker 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

1734-757: The fourteenth century in 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

1785-589: 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

1836-520: 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

1887-405: The idea that Philips controlled every phase of production from research to storage, from glass blowing to cardboard factory: everything on one enormous piece of land. In the 1990s Philips gradually left Eindhoven and in 2000 the first discussions took place about the repurposing of Strijp-S. In 2002 the land was sold for €140 million to Park Strijp Beheer B.V. , a public private partnership between

1938-620: The industrial buildings SAN and SBP were also ready for residential use. The profile of the residents skews very young, with 78.2% of the residents are between 20 and 34 versus 24.6% in Eindhoven as a whole. The Dillen family (of former Philips CEO Cor Dillen) lived in the Blazerstraat In the Veemgebouw in 2015 the food hall Vershal Het Veem opened. At Strijp-S you can visit MU Hybrid Art House (Torenallee 40-06). MU

1989-406: 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

2040-442: 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

2091-409: 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

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2142-436: 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

2193-516: The month Strijp-S hosts the FeelGood Markt market. Strijp-S is a magnet for urban sports . Skateboarding, BMX and bouldering as well as bootcamp classes. Strijp-S is a place for experimentation with LED lighting, which keeps the historic connection with Philips' past. Some light art includes the project Fakkel by Har Hollands. In the underground passage to NatLab artist Daan Roosegaarde installed his project Crystal . Strijp-S

2244-420: 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

2295-455: 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

2346-438: 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

2397-487: 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 ,

2448-576: 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

2499-462: 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

2550-685: Was honoured with the title Righteous Among the Nations by the State of Israel in 1996. Anton Philips died in Eindhoven in 1951. He was awarded Order of Saint Sava and other decorations. A lovely museum dedicated to his life can be found in the city of Eindhoven, located in The Netherlands. The museum meticulously recreates their initial factory and incredible journey. Philips married Anne Henriëtte Elisabeth Maria de Jongh ( Amersfoort , 30 May 1878 – Eindhoven , 7 March 1970). They had

2601-566: Was the financier and, with his son Gerard Philips , co-founder of the Philips Company as a family business. In 1912 Anton joined the firm, which they renamed Philips Gloeilampenfabriek N.V. (Philips Lightbulbfactory NV) During World War I , Anton Philips managed to increase sales by taking advantage of a boycott of German goods in several countries. He provided the markets with alternative products. Anton (and his brother Gerard) are remembered as being civic-minded. In Eindhoven they supported education and social programmes and facilities, such as

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