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129-476: The state treasurer is the chief banker , financier , and investment officer for the state of Washington. In this capacity, the state treasurer receives payments made to the state, accounts for and manages the state's cash flows , and disburses public monies in redemption of warrants drawn by state agencies. The state treasurer is also responsible for issuing , registering , and servicing Washington State's $ 22.4 billion in outstanding debt . Likewise,

258-754: A council in Florence in an attempt to unify the Eastern and Western Churches. This brought books and, especially after the fall of the Byzantine Empire in 1453, an influx of scholars to the city. Ancient Greece began to be studied with renewed interest, especially the Neoplatonic school of thought, which was the subject of an academy established by the Medici. Florence remained a republic until 1532 (see Duchy of Florence ), traditionally marking

387-412: 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

516-409: 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

645-452: 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

774-643: A despotic monarchy, between the ideals of the Greek and Roman Republics and those of the Roman Empire and Medieval kingdoms. For Baron, the most important figure in crafting this ideology was Leonardo Bruni . This time of crisis in Florence was the period when the most influential figures of the early Renaissance were coming of age, such as Ghiberti , Donatello , Masolino , and Brunelleschi . Inculcated with this republican ideology they later went on to advocate republican ideas that were to have an enormous impact on

903-425: 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

1032-658: 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

1161-760: A major change in Italian poetry as the Dolce Stil Novo ( Sweet New Style , which emphasized Platonic rather than courtly love ) came into its own, pioneered by poets like Guittone d'Arezzo and Guido Guinizelli . Especially in poetry , major changes in Italian literature had been taking place decades before the Renaissance truly began. With the printing of books initiated in Venice by Aldus Manutius , an increasing number of works began to be published in

1290-435: A major influence for artists and authors, with the classics coming into their own as a second primary influence. In the early Italian Renaissance, much of the focus was on translating and studying classic works from Latin and Greek. Renaissance authors were not content to rest on the laurels of ancient authors, however. Many authors attempted to integrate the methods and styles of the ancient Greeks into their own works. Among

1419-471: A major source of inspiration and plots for many English authors in the Renaissance, including Geoffrey Chaucer and William Shakespeare . Aside from Christianity, classical antiquity , and scholarship, a fourth influence on Renaissance literature was politics. The political philosopher Niccolò Machiavelli 's most famous works are Discourses on Livy , Florentine Histories and finally The Prince , which has become so well known in modern societies that

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1548-550: A more powerful adversary, and with the decline of Genoese power during the 15th century Venice became pre-eminent on the seas. In response to threats from the landward side, from the early 15th century Venice developed an increased interest in controlling the terrafirma as the Venetian Renaissance opened. On land, decades of fighting saw Florence, Milan, and Venice emerge as the dominant players, and these three powers finally set aside their differences and agreed to

1677-417: A provision similar to the earlier enacted constitution of the neighboring state of Oregon . The constitution originally directed that the treasurer would be paid a salary of $ 2,000, though constitutional limits on officeholder salaries have since been repealed by amendment and are now set by statute. The treasurer is elected every four years on a partisan ballot; any registered voter in the state of Washington

1806-788: A similar Europe-wide impact, as practised by Brunelleschi , Leon Battista Alberti , Andrea Palladio , and Bramante . Their works include the Florence Cathedral , St. Peter's Basilica in Rome, and the Tempio Malatestiano in Rimini , as well as several private residences. The musical era of the Italian Renaissance featured composers such as Giovanni Pierluigi da Palestrina , the Roman School and later

1935-469: 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

2064-469: A systematized foreign exchange market , insurance , and government debt . Florence became the centre of this financial industry and the gold florin became the main currency of international trade. The new mercantile governing class, who gained their position through financial skill, adapted to their purposes the feudal aristocratic model that had dominated Europe in the Middle Ages. A feature of

2193-462: A trend towards refeudalization in the later Renaissance as the urban elites turned themselves into landed aristocrats. The situation differed in the cities. These were dominated by a commercial elite; as exclusive as the aristocracy of any Medieval kingdom. This group became the main patrons of and audience for Renaissance culture. Below them, there was a large class of artisans and guild members who lived comfortable lives and had significant power in

2322-399: 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

2451-599: A wide array of Renaissance works of literature, which marks the end of the illuminated manuscript together with Giulio Clovio , who is considered the greatest illuminator of the Italian High Renaissance, and arguably the last very notable artist in the long tradition of the illuminated manuscript, before some modern revivals. Under the suppression of the Catholic Church and the ravages of war, humanism became "akin to heresy". Equally important

2580-694: A widespread backlash over the secularism and indulgence of the Renaissance. His brief rule saw many works of art destroyed in the " Bonfire of the Vanities " in the centre of Florence. With the Medici returned to power, now as Grand Dukes of Tuscany , the counter-movement in the church continued. In 1542 the Sacred Congregation of the Inquisition was formed and a few years later the Index Librorum Prohibitorum banned

2709-446: 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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2838-436: 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

2967-403: 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

3096-828: Is eligible to stand for election. The Washington State Constitution requires that, upon assuming office, the treasurer establish residence in the state's capital city of Olympia . State law further requires he post a surety bond of $ 500,000, approved by both the Washington Secretary of State and the Chief Justice of the Washington Supreme Court . The State of Washington has had a total of 22 individual treasurers, two of whom (Otto A. Case and Tom Martin) served non-consecutive terms. Otto A. Case also served as Commissioner of Public Lands from 1945 to 1949 and 1953–1957. Bank A bank

3225-431: 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

3354-408: The commedia dell'arte . Italian Renaissance art exercised a dominant influence on subsequent European painting and sculpture for centuries afterwards, with artists such as Leonardo da Vinci , Michelangelo , Raphael , Donatello , Giotto , Masaccio , Fra Angelico , Piero della Francesca , Domenico Ghirlandaio , Perugino , Botticelli , and Titian . Italian Renaissance architecture had

3483-511: The Bardi and Peruzzi banks would open the way for the Medici to rise to prominence in Florence. Roberto Sabatino Lopez argues that the economic collapse was a crucial cause of the Renaissance. According to this view, in a more prosperous era, businessmen would have quickly reinvested their earnings in order to make more money in a climate favourable to investment. However, in the leaner years of

3612-742: 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

3741-551: The Gonzaga , and Urbino under Federico da Montefeltro . In Naples , the Renaissance was ushered in under the patronage of Alfonso I , who conquered Naples in 1443 and encouraged artists like Francesco Laurana and Antonello da Messina and writers like the poet Jacopo Sannazaro and the humanist scholar Angelo Poliziano . In 1417 the Papacy returned to Rome, but that once-imperial city remained poor and largely in ruins through

3870-651: 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

3999-749: 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 Muslim worlds ; in the Middle Ages these sorts of texts were only studied by Byzantine scholars. Some argue that the Timurid Renaissance in Samarkand was linked with the Ottoman Empire , whose conquests led to

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4128-826: The Levant , and the Fourth Crusade had done much to destroy the Byzantine Empire as a commercial rival to the Venetians and the Genoese . The main trade routes from the east passed through the Byzantine Empire or the Arab lands and onward to the ports of Genoa , Pisa , and Venice . Luxury goods bought in the Levant, such as spices, dyes, and silks were imported to Italy and then resold throughout Europe. Moreover,

4257-523: The Ottoman conquest of the Byzantine Empire in the 15th century were important in sparking the new linguistic studies of the Renaissance, in newly created academies in Florence and Venice. Humanist scholars searched monastic libraries for ancient manuscripts and recovered Tacitus and other Latin authors. The rediscovery of Vitruvius meant that the architectural principles of Antiquity could be observed once more, and Renaissance artists were encouraged, in

4386-504: The Peace of Lodi in 1454, which saw relative calm brought to the region for the first time in centuries. This peace would hold for the next forty years, and Venice's unquestioned hegemony over the sea also led to unprecedented peace for much of the rest of the 15th century. At the beginning of the 15th century, adventurers and traders such as Niccolò Da Conti (1395–1469) travelled as far as Southeast Asia and back, bringing fresh knowledge on

4515-531: The Protestant Reformation , which started c.  1517 . The Italian Renaissance has a reputation for its achievements in painting , architecture , sculpture , literature , music , philosophy , science , technology , and exploration . Italy became the recognized European leader in all these areas by the late 15th century, during the era of the Peace of Lodi (1454–1494) agreed between Italian states. The Italian Renaissance peaked in

4644-668: The School of Fontainebleau that infused the style of the Italian Renaissance in France. From Fontainebleau, the new styles, transformed by Mannerism, brought the Renaissance to the Low Countries and thence throughout Northern Europe. This spread north was also representative of a larger trend. No longer was the Mediterranean Europe's most important trade route. In 1498, Vasco da Gama reached India, and from that date

4773-634: The Venetian School , and the birth of opera through figures like Claudio Monteverdi in Florence. In philosophy , thinkers such as Galileo, Machiavelli, Giordano Bruno and Pico della Mirandola emphasized naturalism and humanism , thus rejecting dogma and scholasticism . By the Late Middle Ages ( c.  1300 onward ), Latium , the former heartland of the Roman Empire , and southern Italy were generally poorer than

4902-522: The plague began to decline in the early 15th century, Europe's devastated population once again began to grow. The new demand for products and services also helped create a growing class of bankers , merchants, and skilled artisans . The horrors of the Black Death and the seeming inability of the Church to provide relief would contribute to a decline of church influence. Additionally, the collapse of

5031-507: The 14th century, the city of Venice had become an emporium for lands as far as Cyprus ; it boasted a naval fleet of over 5000 ships thanks to its arsenal, a vast complex of shipyards that was the first European facility to mass-produce commercial and military vessels. Genoa also had become a maritime power. Thus, while northern Italy was not richer in resources than many other parts of Europe, the level of development, stimulated by trade, allowed it to prosper. In particular, Florence became one of

5160-567: The 14th century, the wealthy found few promising investment opportunities for their earnings and instead chose to spend more on culture and art. Unlike Roman texts, which had been preserved and studied in Western Europe since late antiquity, the study of ancient Greek texts was very limited in medieval Italy. Ancient Greek works on science, maths and philosophy had been studied since the High Middle Ages in Western Europe and in

5289-481: 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

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5418-665: The 17th century, such as the conclusion of the European wars of religion in 1648, as marking the end of the Renaissance. Accounts of proto- Renaissance literature usually begin with the three great Italian writers of the 14th century: Dante Alighieri ( Divine Comedy ), Petrarch ( Canzoniere ), and Boccaccio ( Decameron ). Famous vernacular poets of the Renaissance include the epic authors Luigi Pulci ( Morgante ), Matteo Maria Boiardo ( Orlando Innamorato ), Ludovico Ariosto ( Orlando Furioso ), and Torquato Tasso ( Jerusalem Delivered ). 15th-century writers such as

5547-626: The Albizzi managed to have Cosimo exiled. The next year, however, saw a pro-Medici Signoria elected and Cosimo returned. The Medici became the town's leading family, a position they would hold for the next three centuries. Florence organized the trade routes for commodities between England and the Netherlands, France, and Italy. By the middle of the century, the city had become the banking capital of Europe and thereby obtained vast riches. In 1439, Byzantine Emperor John VIII Palaiologos attended

5676-836: The Arabs and then the Normans . Sicily had prospered for 150 years during the Emirate of Sicily and later for two centuries during the Norman Kingdom and the Hohenstaufen Kingdom , but had declined by the Late Middle Ages. In contrast, Northern and Central Italy had become far more prosperous, and it has been calculated that the region was among the richest in Europe. The Crusades had built trade links to

5805-529: 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

5934-452: The FFIEC has resulted in a greater degree of regulatory consistency between the agencies, the rules and regulations are constantly changing. Renaissance Italy Timeline The Italian Renaissance ( Italian : Rinascimento [rinaʃʃiˈmento] ) was a period in Italian history between the 14th and 16th centuries . The period is known for the initial development of

6063-629: The High Middle Ages in Northern Italy was the rise of the urban communes which had broken from the control by bishops and local counts. In much of the region, the landed nobility was poorer than the urban patriarchs in the High Medieval money economy whose inflationary rise left land-holding aristocrats impoverished. The increase in trade during the early Renaissance enhanced these characteristics. The decline of feudalism and

6192-419: The Italian Renaissance affected only a small part of the population. Italy was the most urbanized region of Europe, but three-quarters of the people were still rural peasants. For this section of the population, life remained essentially unchanged from the Middle Ages. Classic feudalism had never been prominent in Northern Italy, and most peasants worked on private farms or as sharecroppers . Some scholars see

6321-399: The Italian Renaissance. Examples of individuals who rose from humble beginnings can be instanced, but Burke notes two major studies in this area that have found that the data do not clearly demonstrate an increase in social mobility . Most historians feel that early in the Renaissance social mobility was quite high, but that it faded over the course of the 15th century. Inequality in society

6450-451: The Italian language in addition to the flood of Latin and Greek texts that constituted the mainstream of the Italian Renaissance. The source for these works expanded beyond works of theology and towards the pre-Christian eras of Imperial Rome and Ancient Greece. This is not to say that no religious works were published in this period: Dante Alighieri 's The Divine Comedy reflects a distinctly medieval world view. Christianity remained

6579-602: The Middle Ages, such as through the sale of indulgences. It also did not pay taxes, making the Church's wealth even more than some kings. In the 13th century, much of Europe experienced strong economic growth. The trade routes of the Italian states linked with those of established Mediterranean ports and eventually the Hanseatic League of the Baltic and northern regions of Europe to create a network economy in Europe for

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6708-631: The North. Rome was a city of ancient ruins, and the Papal States were loosely administered, and vulnerable to external interference, particularly by France, and later Spain. The Papacy was affronted when the Avignon Papacy was created in southern France as a consequence of pressure from King Philip the Fair of France. In the south, Sicily had for some time been under foreign domination, by

6837-490: The Renaissance. Northern Italy and upper Central Italy were divided into a number of warring city-states , the most powerful being Milan , Florence, Pisa , Siena , Genoa , Ferrara , Mantua , Verona and Venice . High Medieval Northern Italy was further divided by the long-running battle for supremacy between the forces of the Papacy and of the Holy Roman Empire : each city aligned itself with one faction or

6966-586: 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

7095-536: The Vatican. Pope Sixtus IV continued Nicholas' work, most famously ordering the construction of the Sistine Chapel . The popes also became increasingly secular rulers as the Papal States were forged into a centralized power by a series of "warrior popes". The nature of the Renaissance also changed in the late 15th century. The Renaissance ideal was fully adopted by the ruling classes and the aristocracy. In

7224-424: The atmosphere of humanist optimism, to excel in the achievements of the Ancients, like Apelles , of whom they read. After the fall of the Western Roman Empire in the fifth century AD, the Catholic Church filled the subsequent vacuum. In the Middle Ages, the Church was considered to be conveying the will of God, and it regulated the standard of behaviour in life. A lack of literacy required most people to rely on

7353-639: 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

7482-401: 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

7611-416: 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

7740-411: 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

7869-667: 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

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7998-431: The broader Renaissance culture that spread across Western Europe and marked the transition from the Middle Ages to modernity . Proponents of a "long Renaissance" argue that it started around the year 1300 and lasted until about 1600. In some fields, a Proto-Renaissance , beginning around 1250, is typically accepted. The French word renaissance (corresponding to rinascimento in Italian) means "rebirth", and defines

8127-533: 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

8256-483: 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

8385-408: The city's cathedral. The failed assassination led to a war with the Papacy and was used as justification to further centralize power in Lorenzo's hands. Renaissance ideals first spread from Florence to the neighbouring states of Tuscany such as Siena and Lucca . The Tuscan culture soon became the model for all the states of Northern Italy, and the Tuscan dialect came to predominate throughout

8514-400: The city-states of Italy, these laws were repealed or rewritten. The 14th century saw a series of catastrophes that caused the European economy to go into recession. The Medieval Warm Period was ending as the transition to the Little Ice Age began. This climate change saw agricultural output decline significantly, leading to repeated famines , exacerbated by the rapid population growth of

8643-486: The city. In 1469 the reins of power passed to Cosimo's 21-year-old grandson Lorenzo , who would become known as "Lorenzo the Magnificent." Lorenzo was the first of the family to be educated from an early age in the humanist tradition and is best known as one of the Renaissance's most important patrons of the arts. Lorenzo reformed Florence's ruling council from 100 members to 70, formalizing the Medici rule. The republican institutions continued, but they lost all power. Lorenzo

8772-420: The classic humanist education being propounded by scholars like Pico della Mirandola was the hunting down of lost or forgotten manuscripts that were known only by reputation. These endeavours were greatly aided by the wealth of Italian patricians, merchant-princes and despots, who would spend substantial sums building libraries . Discovering the past had become fashionable and it was a passionate affair pervading

8901-445: The close of the 2023 calendar year. Aside from being third (behind the lieutenant governor and secretary of state , respectively) in the constitutional line of succession to the office of Governor , most of the state treasurer's specific responsibilities are set forth in the Revised Code of Washington . In fact, the Washington Constitution only provides that "the treasurer shall perform such duties as shall be prescribed by law,"

9030-407: The connection between physical beauty and inner virtues. In Renaissance Italy, virtue and beauty were often linked together to praise men. One role of Petrarch is as the founder of a new method of scholarship, Renaissance humanism . Petrarch encouraged the study of the Latin classics and carried his copy of Homer about, at a loss to find someone to teach him to read Greek. An essential step in

9159-735: The course of the 15th century, the most powerful city-states annexed their smaller neighbours. Florence took Pisa in 1406, Venice captured Padua and Verona , while the Duchy of Milan annexed a number of nearby areas including Pavia and Parma . The first part of the Renaissance saw almost constant warfare on land and sea as the city-states vied for preeminence. On land, these wars were primarily fought by armies of mercenaries known as condottieri , bands of soldiers drawn from around Europe, but especially Germany and Switzerland, led largely by Italian captains. The mercenaries were not willing to risk their lives unduly, and war became one largely of sieges and manoeuvring, occasioning few pitched battles. It

9288-423: 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

9417-408: 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

9546-434: The earlier era. The Hundred Years' War between England and France disrupted trade throughout northwest Europe, most notably when, in 1345, King Edward III of England repudiated his debts, contributing to the collapse of the two largest Florentine banks, those of the Bardi and Peruzzi . In the east, war was also disrupting trade routes, as the Ottoman Empire began to expand throughout the region. Most devastating, though,

9675-400: The early Renaissance artists were seen as craftsmen with little prestige or recognition. By the later Renaissance, the top figures wielded great influence and could charge great fees. A flourishing trade in Renaissance art developed. While in the early Renaissance many of the leading artists were of lower- or middle-class origins, increasingly they became aristocrats. As a cultural movement,

9804-465: The end of the High Renaissance in Florence, but the instruments of republican government were firmly under the control of the Medici and their allies, save during the intervals after 1494 and 1527. Cosimo and Lorenzo de' Medici rarely held official posts but were the unquestioned leaders. Cosimo was highly popular among the citizenry, mainly for bringing an era of stability and prosperity to

9933-664: The ever prospering merchant class. In 1298, one of the leading banking families of Europe, the Bonsignoris , were bankrupted and so the city of Siena lost her status as the banking centre of Europe to Florence. The main challengers of the Albizzi family were the Medicis, first under Giovanni de' Medici , and later under his son Cosimo de' Medici . The Medici controlled the Medici bank —then Europe's largest bank—and an array of other enterprises in Florence and elsewhere. In 1433,

10062-429: The first stirrings of Renaissance art were to be seen, notably in the realism of Giotto . Paradoxically, some of these disasters would help establish the Renaissance. The Black Death wiped out a third of Europe's population. The resulting labour shortage increased wages and the reduced population was therefore much wealthier, better fed, and, significantly, had more surplus money to spend on luxury goods. As incidences of

10191-482: The first time since the 4th century. The city-states of Italy expanded greatly during this period and grew in power to become de facto fully independent of the Holy Roman Empire ; apart from the Kingdom of Naples , outside powers kept their armies out of Italy. During this period, the modern commercial infrastructure developed, with double-entry book-keeping , joint stock companies , an international banking system,

10320-504: The first years of the Renaissance. The great transformation began under Pope Nicholas V , who became pontiff in 1447. He launched a dramatic rebuilding effort that would eventually see much of the city renewed. The humanist scholar Aeneas Silvius Piccolomini became Pope Pius II in 1458. As the papacy fell under the control of wealthy families, such as the Medici and the Borgias , the spirit of Renaissance art and philosophy came to dominate

10449-589: 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

10578-520: 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

10707-675: The heart of a Mediterranean empire and in control of the trade routes with the east since its participation in the Crusades and following the journeys of Marco Polo between 1271 and 1295. Thus Italy renewed contact with the remains of ancient Greek culture , which provided humanist scholars with new texts. Finally the Renaissance had a significant effect on the Papal States and on Rome , largely rebuilt by humanist and Renaissance popes , such as Julius II and Leo X , who frequently became involved in Italian politics , in arbitrating disputes between competing colonial powers and in opposing

10836-420: The importance of the Renaissance in human history. These historians tend to think in terms of " Early Modern Europe " instead. Roger Osborne argues that "The Renaissance is a difficult concept for historians because the history of Europe quite suddenly turns into a history of Italian painting, sculpture and architecture." The end of the Italian Renaissance is as imprecisely marked as its starting point. For many,

10965-662: The inland city-states profited from the rich agricultural land of the Po Valley. From France, Germany, and the Low Countries, through the medium of the Champagne fairs , land and river trade routes brought goods such as wool, wheat, and precious metals into the region. The extensive trade that stretched from Egypt to the Baltic generated substantial surpluses that allowed significant investment in mining and agriculture. By

11094-406: 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

11223-442: 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

11352-409: 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

11481-436: 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

11610-538: The merchants almost complete control of the governments of the Italian city-states, again enhancing trade. One of the most important effects of this political control was security. Those who grew extremely wealthy in a feudal state ran the constant risk of running afoul of the monarchy and having their lands confiscated, as famously occurred to Jacques Cœur in France. The northern states also kept many medieval laws that severely hampered commerce, such as those against usury , and prohibitions on trading with non-Christians. In

11739-624: The mid-16th century as domestic disputes and foreign invasions plunged the region into the turmoil of the Italian Wars (1494–1559). However, the ideas and ideals of the Italian Renaissance spread into the rest of Europe, setting off the Northern Renaissance from the late 15th century. Italian explorers from the maritime republics served under the auspices of European monarchs, ushering in the Age of Discovery . The most famous voyage

11868-411: The migration of Greek scholars to Italy. One of the greatest achievements of Italian Renaissance scholars was to bring this entire class of Greek cultural works back into Western Europe for the first time since late antiquity. Another popular explanation for the Italian Renaissance is the thesis, first advanced by historian Hans Baron , that states that the primary impetus of the early Renaissance

11997-456: The most emulated Romans are Cicero , Horace , Sallust , and Virgil . Among the Greeks, Aristotle , Homer , and Plato were now being read in the original for the first time since the 4th century, though Greek compositions were few. The literature and poetry of the Renaissance were largely influenced by the developing science and philosophy. The humanist Francesco Petrarch , a key figure in

12126-420: 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

12255-453: The other, yet was divided internally between the two warring parties, Guelfs and Ghibellines . Warfare between the states was common, and invasion from outside Italy was confined to intermittent sorties of Holy Roman Emperors . Renaissance politics developed from this background. Since the 13th century, as armies became primarily composed of mercenaries , prosperous city-states could field considerable forces, despite their low populations. In

12384-455: 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

12513-485: The period as one of cultural revival and renewed interest in classical antiquity after the centuries during what Renaissance humanists labelled as the "Dark Ages" . The Italian Renaissance historian Giorgio Vasari used the term rinascita ("rebirth") in his Lives of the Most Excellent Painters, Sculptors, and Architects in 1550, but the concept became widespread only in the 19th century, after

12642-479: The period include Machiavelli himself, his friend and critic Francesco Guicciardini and Giovanni Botero ( The Reason of State ). The Aldine Press , founded in 1494 by the printer Aldo Manuzio , active in Venice, developed Italic type and pocket editions that one could carry in one's pocket; it became the first to publish printed editions of books in Ancient Greek. Venice also became the birthplace of

12771-738: The poet Poliziano and the Platonist philosopher Marsilio Ficino made extensive translations from both Latin and Greek. In the early 16th century, Baldassare Castiglione laid out his vision of the ideal gentleman and lady in The Book of the Courtier , while Niccolò Machiavelli rejected the ideal with an eye on la verità effettuale della cosa ('the effectual truth of things') in The Prince , composed, in humanistic style, chiefly of parallel ancient and modern examples of virtù . Historians of

12900-576: The priest's explanation of the Bible and laws. In the eleventh century, the Church persecuted many groups including pagans, Jews, and lepers in order to eliminate irregularities in society and strengthen its power. In response to the laity's challenge to Church authority, bishops played an important role, as they gradually lost control of secular authority, and to regain the power of discourse, they adopted extreme control methods, such as persecuting infidels. The Church also collected wealth from believers in

13029-620: The primary route of goods from the Orient was through the Atlantic ports of Lisbon, Seville, Nantes, Bristol, and London. The thirteenth-century Italian literary revolution helped set the stage for the Renaissance. Before the Renaissance, the Italian language was not the literary language in Italy. It was only in the 13th century that Italian authors began writing in their native language rather than Latin , French , or Provençal . The 1250s saw

13158-438: 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

13287-731: 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

13416-487: 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 ,

13545-631: The region, especially in literature. In 1447 Francesco Sforza came to power in Milan and rapidly transformed that still medieval city into a major centre of art and learning that drew Leone Battista Alberti . Venice , one of the wealthiest cities due to its control of the Adriatic Sea, also became a centre for Renaissance culture, especially Venetian Renaissance architecture . Smaller courts brought Renaissance patronage to lesser cities, which developed their characteristic arts: Ferrara , Mantua under

13674-636: The renewed sense of scholarship, was also an accomplished poet, publishing several important works of poetry. He wrote poetry in Latin , notably the Punic War epic Africa , but is today remembered for his works in the Italian vernacular , especially the Canzoniere , a collection of love sonnets dedicated to his unrequited love Laura. He was the foremost writer of Petrarchan sonnets , and translations of his work into English by Thomas Wyatt established

13803-438: The republican governments. This was in sharp contrast to the rest of Europe where artisans were firmly in the lower class. Literate and educated, this group participated in the Renaissance culture. The largest section of the urban population was the urban poor of semi-skilled workers and the unemployed. Like the peasants, the Renaissance had little effect on them. Historians debate how easy it was to move between these groups during

13932-576: 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

14061-401: The rise of cities influenced each other; for example, the demand for luxury goods led to an increase in trade, which led to greater numbers of tradesmen becoming wealthy, who, in turn, demanded more luxury goods. This atmosphere of assumed luxury of the time created a need for the creation of visual symbols of wealth, an important way to show a family's affluence and taste. This change also gave

14190-563: The rise to power in Florence of the austere monk Girolamo Savonarola in 1494–1498 marks the end of the city's flourishing; for others, the triumphant return of the Medici family to power in 1512 marks the beginning of the late phase in the Renaissance arts called Mannerism . Other accounts trace the end of the Italian Renaissance to the French invasions of the early 16th century and the subsequent conflict between France and Spanish rulers for control of Italian territory. Savonarola rode to power on

14319-485: The role of the Papacy as the largest patron of Renaissance art and architecture. While the Italian Renaissance was fading, the Northern Renaissance adopted many of its ideals and transformed its styles. A number of Italy's greatest artists chose to emigrate. The most notable example was Leonardo da Vinci , who left for France in 1516, but teams of lesser artists invited to transform the Château de Fontainebleau created

14448-495: The sonnet form in that country, where it was employed by William Shakespeare and countless other poets. Petrarch's disciple, Giovanni Boccaccio , became a major author in his own right. His major work was the Decameron , a collection of 100 stories told by ten storytellers who have fled to the outskirts of Florence to escape the black plague over ten nights. The Decameron in particular and Boccaccio's work, in general, were

14577-613: The state of the world, presaging further European voyages of exploration in the years to come. Until the late 14th century, prior to the Medici, Florence's leading family were the House of Albizzi . In 1293 the Ordinances of Justice were enacted which effectively became the constitution of the Republic of Florence throughout the Italian Renaissance. The city's numerous luxurious palazzi were becoming surrounded by townhouses , built by

14706-597: The state treasurer directs and administers the investment of the state's operating funds and local government investment pool which, as of 2024, totaled approximately $ 41.816 billion in average daily balances. In addition to these routine functions, the state treasurer is concurrently an ex officio member of the State Investment Board (WSIB), an independent state agency that oversees the investment of Washington's pension , permanent , and trust funds . WSIB's assets under management totaled $ 197.3 billion at

14835-407: The town. One of his most important accomplishments was negotiating the Peace of Lodi with Francesco Sforza ending the decades of war with Milan and bringing stability to much of Northern Italy. Cosimo was also an important patron of the arts, directly and indirectly, by the influential example he set. Cosimo was succeeded by his sickly son Piero de' Medici , who died after five years in charge of

14964-526: The upper reaches of society. I go , said Cyriac of Ancona , I go to awake the dead . As the Greek works were acquired, manuscripts found, libraries and museums formed, the age of the printing press was dawning. The works of Antiquity were translated from Greek and Latin into the contemporary modern languages throughout Europe, finding a receptive middle-class audience, which might be, like Shakespeare, "with little Latin and less Greek". While concern for philosophy , art, and literature all increased greatly in

15093-406: The various coalitions led by Florence that sought in vain to halt the advance. This culminated in the 1402 siege of Florence when it looked as though the city was doomed to fall, before Giangaleazzo suddenly died and his empire collapsed. Baron's thesis suggests that during these long wars, the leading figures of Florence rallied the people by presenting the war as one between the free republic and

15222-689: The wealthiest of the cities of Northern Italy, mainly due to its woollen textile production, developed under the supervision of its dominant trade guild , the Arte della Lana . Wool was imported from Northern Europe (and in the 16th century from Spain) and together with dyes from the east were used to make high-quality textiles. The Italian trade routes that covered the Mediterranean and beyond were also major conduits of culture and knowledge. The recovery of lost Greek classics brought to Italy by refugee Byzantine scholars who migrated during and following

15351-500: The word Machiavellian has come to refer to the cunning and ruthless actions advocated by the book. Along with many other Renaissance works, The Prince remains a relevant and influential work of literature today. Many Italian Renaissance humanists also praised and affirmed the beauty of the body in poetry and literature. In Baldassare Rasinus's panegyric for Francesco Sforza, Rasinus considered that beautiful people usually have virtue. In northern Italy, humanists had discussions about

15480-579: The work of scholars such as Jules Michelet and Jacob Burckhardt . The Renaissance began in Tuscany in Central Italy and centred in the city of Florence . The Florentine Republic , one of the several city-states of the peninsula , rose to economic and political prominence by providing credit for European monarchs and by laying down the groundwork for developments in capitalism and in banking . Renaissance culture later spread to Venice ,

15609-462: 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

15738-428: Was also in the interest of mercenaries on both sides to prolong any conflict, to continue their employment. Mercenaries were also a constant threat to their employers; if not paid, they often turned on their patron. If it became obvious that a state was entirely dependent on mercenaries, the temptation was great for the mercenaries to take over the running of it themselves—this occurred on a number of occasions. Neutrality

15867-404: Was less successful than his illustrious forebears in business, and the Medici commercial empire was slowly eroded. Lorenzo continued the alliance with Milan, but relations with the papacy soured, and in 1478, Papal agents allied with the Pazzi family in an attempt to assassinate Lorenzo. Although the Pazzi conspiracy failed, Lorenzo's young brother, Giuliano , was killed at Easter Sunday mass in

15996-469: Was maintained with France, which found itself surrounded by enemies when Spain disputed Charles VIII 's claim to the Kingdom of Naples . Peace with France ended when Charles VIII invaded Italy to take Naples. At sea, Italian city-states sent many fleets out to do battle. The main contenders were Pisa, Genoa, and Venice, but after a long conflict, the Genoese succeeded in reducing Pisa. Venice proved to be

16125-647: Was that of Christopher Columbus (who sailed for Spain) and laid the foundation for European dominance of the Americas. Other explorers include Giovanni da Verrazzano (for France), Amerigo Vespucci (for Spain), and John Cabot (for England). Italian scientists such as Falloppio , Tartaglia , Galileo and Torricelli played key roles in the Scientific Revolution , and foreigners such as Copernicus and Vesalius worked in Italian universities. Historiographers have proposed various events and dates of

16254-515: Was the Black Death that decimated the populations of the densely populated cities of Northern Italy and returned at intervals thereafter. Florence, for instance, which had a pre-plague population of 45,000 decreased over the next 47 years by 25–50%. Widespread disorder followed, including a revolt of Florentine textile workers, the ciompi , in 1378. It was during this period of instability that authors such as Dante and Petrarch lived, and

16383-402: Was the end of stability with a series of foreign invasions of Italy known as the Italian Wars that would continue for several decades. These began with the 1494 invasion by France that wreaked widespread devastation on Northern Italy and ended the independence of many of the city-states. Most damaging was the 6 May 1527, Spanish and German troops' sacking Rome that for two decades all but ended

16512-502: Was the long-running series of wars between Florence and Milan. By the late 14th century, Milan had become a centralized monarchy under the control of the Visconti family. Giangaleazzo Visconti , who ruled the city from 1378 to 1402, was renowned both for his cruelty and for his abilities, and set about building an empire in Northern Italy. He launched a long series of wars, with Milan steadily conquering neighbouring states and defeating

16641-522: Was very high. An upper-class figure would control hundreds of times more income than a servant or labourer. Some historians see this unequal distribution of wealth as important to the Renaissance, as art patronage relies on the very wealthy. The Renaissance was not a period of great social or economic change, only of cultural and ideological development. It only touched a small fraction of the population, and in modern times this has led many historians, such as any that follow historical materialism , to reduce

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