107-616: The Queensland National Bank is a former bank in Queensland , Australia. In 1872, the bank was established in Brisbane . In December 1914, the bank had its head office in Brisbane with branches throughout Queensland at Allora , Aramac , Ayr , Barcaldine , Beaudesert , Biggenden , Blackall , Boonah , Bundaberg , Burketown , Cairns (with a receiving office at Gordonvale ), Charleville , Charters Towers , Childers (with
214-412: 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
321-425: 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
428-542: A larger area, similar in size to Greater London, although some outer districts are excluded and some just outside included. The Greater London boundary has been aligned to the M25 motorway in places. Further urban expansion is now prevented by the Metropolitan Green Belt , although the built-up area extends beyond the boundary in places, producing a separately defined Greater London Urban Area . Beyond this
535-403: A population density of 802 per acre (325 per hectare). In addition to the growing number of stores selling goods, such as Harding, Howell & Co. —one of the first department stores —located on Pall Mall , the streets had scores of street sellers . London's overcrowded conditions led to cholera epidemics, claiming 14,000 lives in 1848, and 6,000 in 1866. Rising traffic congestion led to
642-573: A population of 7,172,036 in 2001 and a population density of 11,760 inhabitants per square mile (4,542/km ). The extended area known as the London Metropolitan Region or the London Metropolitan Agglomeration, comprises a total area of 3,236 square miles (8,382 km ) has a population of 13,709,000 and a population density of 3,900 inhabitants per square mile (1,510/km ). Modern London stands on
749-752: A receiving office at Brigalow ), Warwick , Winton , Wondai , Wooroolin (with a receiving office at Memerambi ), Yangan and Yarraman . It also had branches in London , Melbourne and Sydney and a network of agents in other countries. The first general manager was Edward Robert Drury 1872–1896, succeeded by Walter Vardon Ralston 1898–1920. In 1948, the bank was taken over by the National Bank of Australasia . The bank constructed many substantial and ornate buildings as branches throughout Queensland. A number of extant buildings are heritage-listed, including: The locality of Qunaba takes its name from
856-975: A receiving office at Cordalba ), Clifton , Cloncurry , Cooktown , Crows Nest , Cunnamulla , Dalby (with receiving offices at Bell and Tara ), Esk , Forest Hill , Fortitude Valley , Gatton (with receiving office at Grantham ), Gladstone , Goombungee , Goondiwindi , Greenmount , Gympie , Halifax , Herberton , Hughenden , Ingham , Innsifail , Ipswich , Invinebank , Jandowae , Kandanga , Killarney , Kingaroy , Laidley , Longreach , Mackay , Marburg , Mareeba , Maryborough , Millmerran , Mitchell (with receiving office at Mungallala ), Mount Morgan , Murgon , Muttaburra , Nobby , Normanton , Oakey (with receiving offices at Jondaryan and Kingsthorpe ), Pittsworth , Port Douglas , Ravenswood , Richmond , Rockhampton , Roma , Rosewood , Sarina , South Brisbane , Southbrook , St George , Tambo , Tannymorel , Thursday Island , Tingoora , Toogoolawah , Toowoomba , Townsville , Wahoon , Warra (with
963-416: 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 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
1070-551: A temperate oceanic climate ( Köppen : Cfb ). Rainfall records have been kept in the city since at least 1697, when records began at Kew . At Kew, the most rainfall in one month is 7.4 inches (189 mm) in November 1755 and the least is 0 inches (0 mm) in both December 1788 and July 1800. Mile End also had 0 inches (0 mm) in April 1893. The wettest year on record is 1903, with a total fall of 38.1 inches (969 mm) and
1177-399: 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
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#17327807739891284-699: Is 1,049.8 millibars (31.00 inHg) on 20 January 2020. Summers are generally warm, sometimes hot. London's average July high is 23.5 °C (74.3 °F). On average each year, London experiences 31 days above 25 °C (77.0 °F) and 4.2 days above 30.0 °C (86.0 °F). During the 2003 European heat wave , prolonged heat led to hundreds of heat-related deaths. A previous spell of 15 consecutive days above 32.2 °C (90.0 °F) in England in 1976 also caused many heat related deaths. A previous temperature of 37.8 °C (100.0 °F) in August 1911 at
1391-446: 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
1498-400: Is a Bills of Exchange Act that codifies 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
1605-403: 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
1712-545: Is formed of two tiers: a citywide, strategic tier and a local tier. Citywide administration is coordinated by the Greater London Authority (GLA), while local administration is carried out by 33 smaller authorities. The GLA consists of two elected components: the mayor of London , who has executive powers , and the London Assembly , which scrutinises the mayor's decisions and can accept or reject
1819-760: Is headquartered in Thames House on the north bank of the River Thames and the foreign intelligence service ( MI6 ) is headquartered in the SIS Building on the south bank. Crime rates vary widely across different areas of London. Crime figures are made available nationally at Local Authority and Ward level. In 2015, there were 118 homicides, a 25.5% increase over 2014. Recorded crime has been rising in London, notably violent crime and murder by stabbing and other means have risen. There were 50 murders from
1926-642: Is held by an independent . The ministerial post of minister for London was created in 1994, however as of 2024, the post has been vacant. Policing in Greater London, with the exception of the City of London , is provided by the Metropolitan Police ("The Met"), overseen by the mayor through the Mayor's Office for Policing and Crime (MOPAC). The Met is also referred to as Scotland Yard after
2033-564: Is known as London . It is the capital of the United Kingdom and of England by convention rather than statute. The capital of England was moved to London from Winchester as the Palace of Westminster developed in the 12th and 13th centuries to become the permanent location of the royal court , and thus the political capital of the nation. Greater London encompasses a total area of 611 square miles (1,583 km ) an area which had
2140-431: 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
2247-610: Is the fourth-most populous in Europe, with about 9.8 million inhabitants as of 2011. The London metropolitan area is the third-most populous in Europe, with about 14 million inhabitants as of 2016, making London a megacity . Four World Heritage Sites are located in London: Kew Gardens ; the Tower of London ; the site featuring the Palace of Westminster , Church of St. Margaret , and Westminster Abbey ; and
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#17327807739892354-523: Is the vast London commuter belt . Greater London is split for some purposes into Inner London and Outer London , and by the River Thames into North and South , with an informal central London area. The coordinates of the nominal centre of London, traditionally the original Eleanor Cross at Charing Cross near the junction of Trafalgar Square and Whitehall , are about 51°30′26″N 00°07′39″W / 51.50722°N 0.12750°W / 51.50722; -0.12750 . Within London, both
2461-626: The Basel Accords . Banking in its modern sense evolved in 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 ,
2568-540: The Black Death in the mid-14th century, London lost nearly a third of its population. London was the focus of the Peasants' Revolt in 1381. London was a centre of England's Jewish population before their expulsion by Edward I in 1290. Violence against Jews occurred in 1190, when it was rumoured that the new king had ordered their massacre after they had presented themselves at his coronation. In 1264 during
2675-589: The Canary Wharf development. This was born out of London's increasing role as an international financial centre in the 1980s. Located about 2 miles (3 km) east of central London, the Thames Barrier was completed in the 1980s to protect London against tidal surges from the North Sea . The Greater London Council was abolished in 1986, leaving London with no central administration until 2000 and
2782-575: The City of London , but since then it has also referred to the County of London and to Greater London . In 1993, remains of a Bronze Age bridge were found on the south River Thames foreshore, upstream from Vauxhall Bridge . Two of the timbers were radiocarbon dated to 1750–1285 BC. In 2010, foundations of a large timber structure, dated to 4800–4500 BC, were found on the Thames' south foreshore downstream from Vauxhall Bridge. Both structures are on
2889-672: The Corn Laws in 1846 was specifically aimed at weakening Dutch economic power. London then overtook Amsterdam as the leading international financial centre. With the onset of the Industrial Revolution in Britain, an unprecedented growth in urbanisation took place, and the number of High Streets (the primary street for retail in Britain) rapidly grew. London was the world's largest city from about 1831 to 1925 , with
2996-809: The FA Cup Final , the Wimbledon Tennis Championships , and the London Marathon . It became the first city to host three Summer Olympic Games upon hosting the 2012 Summer Olympics . London is an ancient name, attested in the first century AD, usually in the Latinised form Londinium . Modern scientific analyses of the name must account for the origins of the different forms found in early sources: Latin (usually Londinium ), Old English (usually Lunden ), and Welsh (usually Llundein ), with reference to
3103-742: 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
3210-568: The Georgian era , new districts such as Mayfair were formed in the west; new bridges over the Thames encouraged development in South London . In the east, the Port of London expanded downstream. London's development as an international financial centre matured for much of the 18th century. In 1762, George III acquired Buckingham House , which was enlarged over the next 75 years. During
3317-651: 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
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3424-497: The Greater London Authority . As one of the world's major global cities , London exerts a strong influence on world art , entertainment, fashion , commerce, finance, education , healthcare , media , science, technology, tourism , transport , and communications. Despite a post- Brexit exodus of stock listings from the London Stock Exchange , London remains a European economic powerhouse, and one of
3531-634: The King's Road , Chelsea and Carnaby Street . The role of trendsetter revived in the punk era. In 1965 London's political boundaries were expanded in response to the growth of the urban area and a new Greater London Council was created. During The Troubles in Northern Ireland, London was hit from 1973 by bomb attacks by the Provisional Irish Republican Army . These attacks lasted for two decades, starting with
3638-687: The London Ambulance Service (LAS) NHS Trust , the largest free-at-the-point-of-use emergency ambulance service in the world. The London Air Ambulance charity operates in conjunction with the LAS where required. Her Majesty's Coastguard and the Royal National Lifeboat Institution operate on the River Thames , which is under the jurisdiction of the Port of London Authority from Teddington Lock to
3745-528: 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 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,
3852-782: The Mediterranean was normally through Antwerp and over the Alps ; any ships passing through the Strait of Gibraltar to or from England were likely to be Italian or Ragusan . The reopening of the Netherlands to English shipping in January 1565 spurred a burst of commercial activity. The Royal Exchange was founded. Mercantilism grew and monopoly traders such as the East India Company were founded as trade expanded to
3959-613: The New Model Army entered London in 1647, and they were levelled by Parliament the same year. London was plagued by disease in the early 17th century, culminating in the Great Plague of 1665–1666, which killed up to 100,000 people, or a fifth of the population. The Great Fire of London broke out in 1666 in Pudding Lane in the city and quickly swept through the wooden buildings. Rebuilding took over ten years and
4066-564: The New World . London became the main North Sea port, with migrants arriving from England and abroad. The population rose from about 50,000 in 1530 to about 225,000 in 1605. In the 16th century, William Shakespeare and his contemporaries lived in London during English Renaissance theatre . Shakespeare's Globe Theatre was constructed in 1599 in Southwark . Stage performances came to a halt in London when Puritan authorities shut down
4173-612: The Old Bailey bombing . Racial inequality was highlighted by the 1981 Brixton riot . Greater London's population declined in the decades after the Second World War, from an estimated peak of 8.6 million in 1939 to around 6.8 million in the 1980s. The principal ports for London moved downstream to Felixstowe and Tilbury , with the London Docklands area becoming a focus for regeneration, including
4280-569: The Renaissance by Florentine bankers, who used to make their transactions atop desks covered by green tablecloths. The definition of 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
4387-521: The River Thames in southeast England, at the head of a 50-mile (80 km) estuary down to the North Sea , and has been a major settlement for nearly 2,000 years. Its ancient core and financial centre , the City of London , was founded by the Romans as Londinium and has retained its medieval boundaries. The City of Westminster , to the west of the City of London, has been the centuries-long host of
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4494-662: The Second Barons' War , Simon de Montfort 's rebels killed 500 Jews while attempting to seize records of debts. During the Tudor period , the Reformation produced a gradual shift to Protestantism . Much of London property passed from church to private ownership, which accelerated trade and business in the city. In 1475, the Hanseatic League set up a main trading base ( kontor ) of England in London, called
4601-585: The Stalhof or Steelyard . It remained until 1853, when the Hanseatic cities of Lübeck , Bremen and Hamburg sold the property to South Eastern Railway . Woollen cloth was shipped undyed and undressed from 14th/15th century London to the nearby shores of the Low Countries . Yet English maritime enterprise hardly reached beyond the seas of north-west Europe . The commercial route to Italy and
4708-547: The Thames , its primary geographical feature, a navigable river which crosses the city from the south-west to the east. The Thames Valley is a flood plain surrounded by gently rolling hills including Parliament Hill , Addington Hills , and Primrose Hill . Historically London grew up at the lowest bridging point on the Thames. The Thames was once a much broader, shallower river with extensive marshlands ; at high tide, its shores reached five times their present width. Since
4815-533: The Victorian era the Thames has been extensively embanked , and many of its London tributaries now flow underground . The Thames is a tidal river, and London is vulnerable to flooding. The threat has increased over time because of a slow but continuous rise in high water level caused by climate change and by the slow 'tilting' of the British Isles as a result of post-glacial rebound . London has
4922-594: The Welsers , the Berenbergs , and the Rothschilds – have played 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
5029-516: The 11th century, London was clearly the largest town in England. Westminster Abbey , rebuilt in Romanesque style by King Edward the Confessor , was one of the grandest churches in Europe. Winchester had been the capital of Anglo-Saxon England , but from this time London became the main forum for foreign traders and the base for defence in time of war. In the view of Frank Stenton : "It had
5136-417: 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
5243-502: The 18th century, London was said to be dogged by crime, and the Bow Street Runners were established in 1750 as a professional police force. Epidemics during the 1720s and 30s saw most children born in the city die before reaching their fifth birthday. Coffee-houses became a popular place to debate ideas, as growing literacy and development of the printing press made news widely available, with Fleet Street becoming
5350-404: 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 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
5457-419: The 3rd millennia BCE. The present era of banking can be traced to medieval and early Renaissance Italy, to 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,
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#17327807739895564-420: The City of London and the City of Westminster have city status . The City of London and the remainder of Greater London are both counties for the purposes of lieutenancies . The area of Greater London includes areas that are part of the historic counties of Middlesex , Kent , Surrey , Essex and Hertfordshire . More recently, Greater London has been defined as a region of England and in this context
5671-429: 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
5778-410: The FFIEC has resulted in a greater degree of regulatory consistency between the agencies, the rules and regulations are constantly changing. London London is the capital and largest city of both England and the United Kingdom , with a population of 8,866,180 in 2022. The wider metropolitan area is the largest in Western Europe , with a population of 14.9 million. London stands on
5885-435: The London area. This called for the Corporation of the city to extend its jurisdiction and administration over expanding areas around the city. Fearing an attempt by the Crown to diminish the Liberties of London , coupled with a lack of interest in administering these additional areas or concern by city guilds of having to share power, caused the Corporation's "The Great Refusal", a decision which largely continues to account for
5992-482: The Qunaba sugar mill, being in turn coined from the bank's name (QUeensland NAtional BAnk). Queensland National Bank was inducted into the Queensland Business Leaders Hall of Fame in 2011, for their significant contribution to Queensland's early economic development. 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
6099-406: 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
6206-405: The Viking incursions formally agreed by the Danish warlord , Guthrum and the West Saxon king Alfred the Great in 886. The Anglo-Saxon Chronicle records that Alfred "refounded" London in 886. Archaeological research shows this involved abandonment of Lundenwic and a revival of life and trade within the old Roman walls . London then grew slowly until a dramatic increase in about 950. By
6313-639: 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
6420-571: 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 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,
6527-411: 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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#17327807739896634-667: 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
6741-456: 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 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
6848-559: 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 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
6955-515: The business of banking for 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 ,
7062-533: 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
7169-437: The centre of the British press. The invasion of Amsterdam by Napoleonic armies led many financiers to relocate to London and the first London international issue was arranged in 1817. Around the same time, the Royal Navy became the world's leading war fleet, acting as a major deterrent to potential economic adversaries. Following a fire in 1838, the Royal Exchange was redesigned by William Tite and rebuilt in 1844. The repeal of
7276-483: 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
7383-425: The city's metropolis. The City of London at its core once comprised the whole settlement, but as its urban area grew, the Corporation of London resisted attempts to amalgamate the city with its suburbs , causing "London" to be defined several ways. Forty per cent of Greater London is covered by the London post town , in which 'London' forms part of postal addresses. The London telephone area code (020) covers
7490-412: The city, to intimidate the inhabitants. In 1097, William II began building Westminster Hall , near the abbey. It became the basis of a new Palace of Westminster . In the 12th century, the institutions of central government, which had hitherto followed the royal English court around the country, grew in size and sophistication and became increasingly fixed, for most purposes at Westminster , although
7597-443: The combined revenue expenditure by London councils and the GLA amounted to just over £22 billion (£14.7 billion for the boroughs and £7.4 billion for the GLA). The London Fire Brigade is the statutory fire and rescue service for Greater London, run by the London Fire and Emergency Planning Authority . It is the third largest fire service in the world. National Health Service ambulance services are provided by
7704-626: The creation of the Greater London Authority . To mark the 21st century, the Millennium Dome , London Eye and Millennium Bridge were constructed. On 6 July 2005 London was awarded the 2012 Summer Olympics , as the first city to stage the Olympic Games three times. On 7 July 2005, three London Underground trains and a double-decker bus were bombed in a series of terrorist attacks . In 2008, Time named London alongside New York City and Hong Kong as Nylonkong , hailing them as
7811-559: The creation of the London Underground , the world's first urban rail network . The Metropolitan Board of Works oversaw infrastructure expansion in the capital and some surrounding counties; it was abolished in 1889 when the London County Council was created out of county areas surrounding the capital. From the early years of the 20th century onwards, teashops were found on High Streets across London and
7918-423: 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
8025-408: 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
8132-713: The driest is 1921, with a total fall of 12.1 inches (308 mm). The average annual precipitation amounts to about 600mm, which is half the annual rainfall of New York City . Despite relatively low annual precipitation, London receives 109.6 rainy days on the 1.0mm threshold annually. London is vulnerable to climate change , and there is concern among hydrological experts that households may run out of water before 2050. Temperature extremes in London range from 40.2 °C (104.4 °F) at Heathrow on 19 July 2022 down to −17.4 °C (0.7 °F) at Northolt on 13 December 1981. Records for atmospheric pressure have been kept at London since 1692. The highest pressure ever reported
8239-609: The first Muslim mayor of a major Western capital. The mayor's statutory planning strategy is published as the London Plan , which was most recently revised in 2011. The local authorities are the councils of the 32 London boroughs and the City of London Corporation . They are responsible for most local services, such as local planning, schools, libraries, leisure and recreation, social services , local roads and refuse collection. Certain functions, such as waste management , are provided through joint arrangements. In 2009–2010
8346-589: 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
8453-407: The goldsmiths issued receipts certifying the quantity and purity of the metal they held as a bailee ; these receipts could not be assigned, only 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
8560-869: The historic settlement in Greenwich where the Royal Observatory defines the prime meridian (0° longitude ) and Greenwich Mean Time . Other landmarks include Buckingham Palace , the London Eye , Piccadilly Circus , St Paul's Cathedral , Tower Bridge , and Trafalgar Square . The city has the most museums , art galleries, libraries, and cultural venues in the UK, including the British Museum , National Gallery , Natural History Museum , Tate Modern , British Library , and numerous West End theatres. Important sporting events held in London include
8667-442: 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
8774-404: The known developments over time of sounds in those different languages. It is agreed that the name came into these languages from Common Brythonic ; recent work tends to reconstruct the lost Celtic form of the name as * Londonjon or something similar. This was then adapted into Latin as Londinium and borrowed into Old English. Until 1889, the name "London" applied officially only to
8881-409: 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
8988-450: The legal basis for bank transactions such as cheques does not depend on how 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
9095-640: The location of its original headquarters in a road called Great Scotland Yard in Whitehall. The City of London has its own police force – the City of London Police . First worn by Met police officers in 1863, the custodian helmet has been called a "cultural icon" and a "symbol of British law enforcement". Introduced by the Met in 1929, the blue police telephone box (basis for the TARDIS in Doctor Who )
9202-458: The mayor's budget proposals each year. The GLA has responsibility for the majority of London's transport system through its functional arm Transport for London (TfL), it is responsible for overseeing the city's police and fire services, and also for setting a strategic vision for London on a range of issues. The headquarters of the GLA is City Hall , Newham. The mayor since 2016 has been Sadiq Khan ,
9309-675: The most diverse cities in the world. In 1951, the Festival of Britain was held on the South Bank . The Great Smog of 1952 led to the Clean Air Act 1956 , which ended the " pea soup fogs " for which London had been notorious, and had earned it the nickname the "Big Smoke". Starting mainly in the mid-1960s, London became a centre for worldwide youth culture , exemplified by the Swinging London sub-culture associated with
9416-468: The national government and parliament . London grew rapidly in the 19th century , becoming the world's largest city at the time . Since the 19th century, the name "London" has referred to the metropolis around the City of London, historically split between the counties of Middlesex , Essex , Surrey , Kent , and Hertfordshire , which since 1965 has largely comprised the administrative area of Greater London , governed by 33 local authorities and
9523-467: The old Roman city. By about 680 the city had become a major port again, but there is little evidence of large-scale production. From the 820s repeated Viking assaults brought decline. Three are recorded; those in 851 and 886 succeeded, while the last, in 994, was rebuffed. The Vikings applied Danelaw over much of eastern and northern England, its boundary running roughly from London to Chester as an area of political and geographical control imposed by
9630-455: 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
9737-490: The principal city of the Roman province of Britannia in 100. At its height in the 2nd century, Roman London had a population of about 60,000. With the early 5th-century collapse of Roman rule, the walled city of Londinium was effectively abandoned, although Roman civilisation continued around St Martin-in-the-Fields until about 450. From about 500, an Anglo-Saxon settlement known as Lundenwic developed slightly west of
9844-466: The resources, and it was rapidly developing the dignity and the political self-consciousness appropriate to a national capital ." After winning the Battle of Hastings , William, Duke of Normandy was crowned King of England in newly completed Westminster Abbey on Christmas Day 1066. William built the Tower of London , the first of many such in England rebuilt in stone in the south-eastern corner of
9951-641: The rest of Britain, with Lyons , who opened the first of their chain of teashops in Piccadilly in 1894, leading the way. The tearooms, such as the Criterion in Piccadilly, became a popular meeting place for women from the suffrage movement. The city was the target of many attacks during the suffragette bombing and arson campaign , between 1912 and 1914, which saw historic landmarks such as Westminster Abbey and St Paul's Cathedral bombed. London
10058-460: The royal treasury came to rest in the Tower . While the City of Westminster developed into a true governmental capital, its distinct neighbour, the City of London , remained England's largest city and principal commercial centre and flourished under its own unique administration, the Corporation of London . In 1100, its population was some 18,000; by 1300 it had grown to nearly 100,000. With
10165-546: The sea. London is the seat of the Government of the United Kingdom . Many government departments, as well as the prime minister's residence at 10 Downing Street , are based close to the Palace of Westminster , particularly along Whitehall . There are 75 members of Parliament (MPs) from London; As of June 2024 , 59 are from the Labour Party , 9 are Conservatives , 6 are Liberal Democrats and one constituency
10272-541: The south bank of the Thames, where the now-underground River Effra flows into the Thames. Despite the evidence of scattered Brythonic settlements in the area, the first major settlement was founded by the Romans around 47 AD, about four years after their invasion of 43 AD. This only lasted until about 61 AD, when the Iceni tribe led by Queen Boudica stormed it and burnt it to the ground. The next planned incarnation of Londinium prospered, superseding Colchester as
10379-424: The start of 2018 to mid April 2018. Funding cuts to police in London are likely to have contributed to this, though other factors are involved. However, homicide figures fell in 2022 with 109 recorded for the year, and the murder rate in London is much lower than other major cities around the world. London, also known as Greater London , is one of nine regions of England and the top subdivision covering most of
10486-753: The theatres in the 1640s. The ban on theatre was lifted during the Restoration in 1660, and London's oldest operating theatre, Drury Lane , opened in 1663 in what is now the West End theatre district. By the end of the Tudor period in 1603, London was still compact. There was an assassination attempt on James I in Westminster, in the Gunpowder Plot of 5 November 1605. In 1637, the government of Charles I attempted to reform administration in
10593-715: The unique governmental status of the City . In the English Civil War , the majority of Londoners supported the Parliamentary cause. After an initial advance by the Royalists in 1642, culminating in the battles of Brentford and Turnham Green , London was surrounded by a defensive perimeter wall known as the Lines of Communication . The lines were built by up to 20,000 people, and were completed in under two months. The fortifications failed their only test when
10700-413: The world's busiest city airport system . The London Underground is the world's oldest rapid transit system. London's diverse cultures encompass over 300 languages. The 2023 population of Greater London of just under 10 million made it Europe's third-most populous city , accounting for 13.4% of the United Kingdom's population and over 16% of England's population. The Greater London Built-up Area
10807-468: The world's major financial centres . It hosts Europe's largest concentration of higher education institutions , some of which are the highest-ranked academic institutions in the world: Imperial College London in natural and applied sciences , the London School of Economics in social sciences , and the comprehensive University College London . It is the most visited city in Europe and has
10914-639: The world's three most influential global cities . In January 2015, Greater London's population was estimated to be 8.63 million, its highest since 1939. During the Brexit referendum in 2016, the UK as a whole decided to leave the European Union , but most London constituencies voted for remaining. However, Britain's exit from the EU in early 2020 only marginally weakened London's position as an international financial centre. The administration of London
11021-462: 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
11128-1078: Was bombed by the Germans in the First World War , and during the Second World War , the Blitz and other bombings by the German Luftwaffe killed over 30,000 Londoners, destroying large tracts of housing and other buildings across the city. The tomb of the Unknown Warrior , an unidentified member of the British armed forces killed during the First World War, was buried in Westminster Abbey on 11 November 1920. The Cenotaph , located in Whitehall ,
11235-437: Was once a common sight throughout London and regional cities in the UK. The British Transport Police are responsible for police services on National Rail , London Underground , Docklands Light Railway and Tramlink services. The Ministry of Defence Police is a special police force in London, which does not generally become involved with policing the general public. The UK's domestic counter-intelligence service ( MI5 )
11342-465: Was supervised by polymath Robert Hooke . In 1710, Christopher Wren 's masterpiece, St Paul's Cathedral , was completed, replacing its medieval predecessor that burned in the Great Fire of 1666. The dome of St Paul's dominated the London skyline for centuries, inspiring the artworks and writing of William Blake , with his 1789 poem " Holy Thursday " referring to 'the high dome of Pauls'. During
11449-524: Was unveiled on the same day, and is the focal point for the National Service of Remembrance held annually on Remembrance Sunday , the closest Sunday to 11 November. The 1948 Summer Olympics were held at the original Wembley Stadium , while London was still recovering from the war. From the 1940s, London became home to many immigrants, primarily from Commonwealth countries such as Jamaica, India, Bangladesh and Pakistan, making London one of
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