History of banking

The history of banking began with the first prototype banks which were the merchants of the world, who made grain loans to
farmers and traders who carried goods between cities. This was around 2000 BC in Assyria, India and Sumeria. Later, in ancient
Greece and during the Roman Empire, lenders based in temples made loans, while accepting deposits and performing the change of
money. Archaeology from this period inancient China and India also shows evidence ofmoney lending .

Many histories position the crucial historical development of abanking system to medieval and Renaissance Italy and particularly the
affluent cities of Florence, Venice and Genoa. The Bardi and Peruzzi Families dominated banking in 14th century Florence,
establishing branches in many other parts of Europe.[1] The most famous Italian bank was the Medici bank, established by Giovanni
Medici in 1397.[2] The oldest bank still in existence is Banca Monte dei Paschi di Siena, headquartered in Siena, Italy, which has
been operating continuously since 1472.[3]

The development of banking spread from northern Italy throughout the Holy Roman Empire, and in the 15th and 16th century to
northern Europe. This was followed by a number of important innovations that took place in Amsterdam during the Dutch Republic
in the 17th century, and in London since the 18th century. During the 20th century, developments in telecommunications and
computing caused major changes to banks' operations and let banks dramatically increase in size and geographic spread. The
financial crisis of 2007–2008 caused many bank failures, including some of the world's largest banks, and provoked much debate
about bank regulation.

Contents
Ancient authority
Monetary
Record-keeping
Structural
Earliest forms of banking
Asia
Mesopotamia and Persia
Asia Minor
India
China
Egypt
Greece
Specific locus of funds
Geographical locus of banking activities
Loans
Rome
Religious restrictions on interest
Judaism
Christianity
Islam
Medieval Europe
Emergence of merchant banks
Crusades
Discounting of interest
Foreign exchange contracts
Italian bankers
 15th–17th centuries – Expansion
Italy
Spain and the Ottoman Empire
Court Jew
Germany
Holland
England
17th–19th centuries – The emergence of modern banking
Goldsmiths of London
The modern bank
Chinese banking
Japanese banking
Development of central banking
Rothschilds
Napoleonic wars and Paris
Building societies
Mutual savings bank
Postal savings system
20th century
Great Depression
World Bank and the development of payment technology
Deregulation and globalization
21st century
2007–2008 financial crisis
Major events in the history of banking
See also
References
Footnotes
Citations
Further reading
External links

Ancient authority
More stable economic relations were brought about with a change in socio-economic conditions from a reliance on hunting and
gathering of foods to agricultural practice, during periods beginning sometime after 12,000 BC, at approximately 10,000 years ago in
the Fertile Crescent, in northern China about 9,500 years ago, about 5,500 years ago in Mexico and approximately 4,500 years ago in
the eastern parts of theUnited States.[4][5][6]

Monetary
The history of banking is intertwined with the history of money. Ancient types of money known as grain-money and food cattle-
money were used from a time of around at least 9000 BC, as two of the earliest things that could be used for the purposes of barter
(Davies).[7][8]

Anatolian obsidian as a raw material for Stone Age tools was being distributed from as early as about 12,500 B.C., the occurrence of
an organized trade was current during the 9th millennium (Cauvin;Chataigner 1989). Within Sardinia, which was the location of one
of the four main sites for sourcing the material deposits of obsidian within the Mediterranean, trade using obsidian was replaced
during the 3rd millennia by trade instead of copper and silver.[9][10][11][12][13][14]
Record-keeping
Objects used for record keeping, "bulla" and tokens, have been recovered from
within Near East excavations, dated to a period beginning 8000 B.C.E and ending
1500 B.C.E., as records of the counting of agricultural produce. Commencing in the
late fourth millennia mnemonic symbols were in use by members of temples and
palaces to serve to record stocks of produce. Types of records accounting for trade
exchanges of payments were being made firstly about 3200. A very early writing on
clay tablet called the Code of Hammurabi, refers to the regulation of a banking
activity of sorts within the civilization (Armstrong)of an era which dates to ca. 1700
BCE, banking was well enough developed to justify laws governing banking
operations.[nb 1] Later during the Achaemenid Empire (after 646 BC.[15] ), further
evidence is found of banking practices in the Mesopotamia
Detailed account of raw materials
region.[16][17][18][19][20][21][22][23][24][25] and workdays for a basketry
workshop. Clay, ca. 2040 BC (Ur III)

Structural
By the 5th millennium B.C. the settlements of Sumer, such as Eridu, were formed around a central temple. In the fifth millennium,
people began to build and live in the civilization of cities, providing a structure for the construction of institutions and establishments.
Tell Brak and Uruk were two early urban settlements.[19][26][27][28][29]

Earliest forms of banking

Asia

Mesopotamia and Persia

Further information: Mesopotamia: Economy and agriculture

Banking as an archaic activity (or quasi-banking[30][31] ) is thought to have begun at various times, during a period as early as the
latter part of the 4th millennia B.C.,[32] to within the 4th to 3rd millennia B.C.[33][34]

Prior to the reign of Sargon I of Akkad (2335–2280 B.C.[35] ) the occurrence of trade
was limited to the internal boundaries of each city-state of Babylon and the temple
located at the centre of economic activity there-in; trade at the time for citizens external
to the city was forbidden.[26][36][37]

In Babylonia of 2000 B.C., people depositing gold were required to pay amounts as
much as one sixtieth of the total deposited. Both the palaces and temple are known to
have provided lending and issuing from the wealth they held—the palaces to a lesser
extent. Such loans typically involved issuing seed-grain, with re-payment from the
harvest. These basic social agreements were documented in clay tablets, with an
agreement on interest accrual. The habit of depositing and storing of wealth in temples
continued at least until 209 B.C., as evidenced by Antioch having ransacked or pillaged
the temple of Aine in Ecbatana (Media) of gold and silver.[38][39][40][41][42][43][44][45]

Cuneiform records of the house of Egibi of Babylonia describe the family's financial Among many other things, the
activities dated as having occurred sometime after 1000 BC and ending sometime during Code of Hammurabi recorded
the reign of Darius I, show according to one source a "lending house" (Silver 2002), a interest-bearing loans.
family engaging in "professional banking..." (Dandamaev et al 2004) and economic
activities similar to a degree to modern deposit banking, although another states the family's activities better described as
entrepreneurship rather than banking (Wunsch 2007). The provision of credit is apparently also something the Murashu family
participated in (Moshenskyi 2008).[46][47][48][49][50][51][52][53][54][55]

Asia Minor
[56][57][58][59]
From the fourth millennia previously agricultural settlements began administrative activities.

The temple of Artemis at Ephesus was the largest depository of Asia. A pot-hoard dated to 600 B.C. was found in excavations by the
British Museum during the year after 1904. During the time at the cessation of the first Mithridatic war the entire debt record at the
time being held, was annulled by the council. Mark Anthony is recorded to have stolen from the deposits on an occasion. The temple
phon.[60][61][62][63][64][65][66]
served as a depository for Aristotle, Caesar, Dio Chrysostomus, Plautus, Plutarch, Strabo and Xeno

The temple to Apollo in Didyma was constructed sometime in the 6th century. A large sum of gold was deposited within the treasury
at the time by king Croesus.[67][68]

India
In ancient India there are evidences of loans from the Vedic period (beginning 1750 BC). Later during the Maurya dynasty (321 to
185 BC), an instrument called adesha was in use, which was an order on a banker desiring him to pay the money of the note to a third
person, which corresponds to the definition of a bill of exchange as we understand it today. During the Buddhist period, there was
considerable use of these instruments. Merchants in lar .[69][70][71]
ge towns gave letters of credit to one another

China
Main : History of banking in China

In ancient China, starting in the Qin Dynasty (221 to 206 BC), Chinese currency developed with the introduction of standardized
coins that allowed easier trade across China, and led to development of letters of credit. These letters were issued by merchants who
[72]
acted in ways that today we would understand as banks.

Egypt

Further information: Egypt: Government and economy

About the time of the 18th century BC, amounts of gold were deposited within the boundaries of the temple buildings of Egypt for
reasons of security.[73]

In Egypt from early times, grain having an intrinsic value as food functioned, in addition to precious metals, as money. The regional
granaries were used to store and loan the grain of communities, functions similar to banking services although not the same. Under
the dynastic rule of the Ptolemies, the numerous scattered government granaries were transformed into a network of grain banks,
centralized in Alexandria where the main accounts from all the state granary banks were recorded. This centralized administration
was the first known governmental bank (according to de Soto),[74][75] functioning as a trade credit system that transferred payments
between accounts without passing money.

According to Muir (2008) there were two types of banks operating within Egypt, royal and private.[76] During the Ptolemaic period,
basilikḕ trápeza was the term used when referring toroyal bank.[77]

More generally during the whole Graeco-Roman period (332 B.C. – 642 A.D.[78] ), banks were of three types, either privately run,
leased, or owned by government, of which included within this last group were some organisations having dual roles including being
additionally treasury departments.[79]

[80]
Documents made to show the banking of taxes were known as peptoken-records.
The recording of the gathering of money to buy grain in a pharaoh's kingdom as ordered by the Biblical Joseph, is written within the
book Genesis of the Bible, and this money was placed within the house of the pharaoh.[81] Joseph bought with the money of the
pharaoh a large amount of corn, having this then laid in the public granaries.[82]

Greece
Trapezitica is the first source documenting banking (de Soto – p. 41). The speeches of Demosthenes contain numerous references to
the issuing of credit (Millett p. 5). Xenophon is credited to have made the first suggestion of the creation of an organisation known in
the modern definition as a joint-stock bank inOn Revenues written circa 353 B.C.[8][83][84][85]

The city-states of Greece after the Persian Wars produced a government and culture sufficiently organized for the birth of a private
citizenship and therefore an embryonic capitalist society, allowing for the separation of wealth from exclusive state ownership to the
possibility of ownership by the individual.[86][87]

According to one source (Dandamaev et al), trapezites were the first to trade using money, during the 5th century B.C, as opposed to
.[88]
earlier trade which occurred using forms of pre-money

Specific locus of funds

The earliest forms of storage utilized were the rudimentary money-boxes (θΗΣΑΥΡΌΣ[89] ) which were made similar in form to the
[90][91][92][93][94][95][96]
construction of a bee-hive, and were found for example in the Mycenae tombs of 1550–1500 BC.

Private and civic entities within ancient Grecian society, especially Greek temples, performed financial transactions. (Gilbart p. 3)
The temples were the places where treasure was deposited for safe-keeping. The three temples thought the most important were the
temple to Artemis in Ephesus, and temple of Hera within Samos, and within Delphi, the temple to Apollo. These consisted of
[8][8][84][97][98]
deposits, currency exchange, validation of coinage, and loans.

The first treasury to the Apollonian temple was built before the end of the 7th century BC, a treasury of the temple was constructed
by the city of Siphnos during the 6th century.[99][100][101]

Before the destruction by Persians during the 480 invasion, the Athenian Acropolis temple dedicated to Athena stored money;
Pericles rebuilt a depository afterward contained within theParthenon.[102]

During the reign of the Ptolemies, state depositories replaced temples as the location of security-deposits, records exist to show this
having occurred by the end of the reign ofPtolemy I (305–284).[103][104][105][106]

As the need for new buildings to house operations increased, construction of these places within the cities began around the
courtyards of the agora (markets).[107]

Geographical locus of banking activities

Athens received the Delian leagues' treasury during 454.[108]

During the late 3rd and 2nd century BC, the Aegean island of Delos, became a prominent banking center.[109] During the 2nd
.[110]
century, there were for certain three banks and one temple depository within the city

[110]
Thirty five Hellenistic cities included private banks during the 2nd century (Roberts – p. 130).

Of the settlements of the Greco-Roman world of the 1st century AD, three were of pronounced wealth and centres of banking,
Athens, Corinth and Patras.[111][112][113][114][115]

Loans
Many loans are recorded in writings from the classical age, although a very small proportion were provided by banks. Provision of
these were likely an occurrence of Athens,with loans known to have been provided at some time at an annual interest of 12%. Within
the boundaries of Athens, bankers loans are recorded as having been issued on eleven occasions altogether (Bogaert
1968).[83][116][117]

Banks sometimes made loans available confidentially, which is, they provided funds without being publicly and openly known to
have done so, in addition also, to act as intermediaries for persons to loan their own monies without this being known to others. This
intermediation per se was known as dia tes trapazēs.[97]

[118]
A loan was made by a Temple of Athens to the state during 433–427 BCE.

Rome
Roman banking activities were an economic situation which had a crucial presence within
temples, for instance the minting of coins occurred within temples, most importantly the Juno
Moneta temple, though during the time of the Empire, public deposits gradually ceased to be held
in temples, and instead were held in private depositories. Still, the Roman Empire inherited the
spirit of capitalism from Greece (Parker).[86][103][119]

During 352 B.C. a rudimentary public bank (known asdēmosía trápeza [77] ) was formed, with the
passing of consul directive to form a commission of mensarii to deal with debt in the
impoverished lower classes. Another source shows banking practices during 325 BC when, on Gold coin produced by
account of being in debt, the Plebeians were required to borrow money, so newly appointed the Roman Imperial Mint

quinqueviri mensarii were commissioned to provide services to those who had security to
provide, in exchange for money from the public treasury. Another source (J.Andreau) has the
[120][121][122]
shops of banking of Ancient Rome firstly opening in the public forums during the period 318 to 310 BC.

In early Ancient Rome deposit bankers were known as argentarius and at a later time (from the 2nd century anno domini onward) as
nummularius (Andreau 1999 p. 2) or mensarii. The banking-houses were known as Taberae Argentarioe and Mensoe Numularioe.
Money-lenders would set up their stalls in the middle of enclosed courtyards called macella on a long bench called a bancu, from
which the words banco and bank are derived. As a moneychanger, the merchant at the bancu did not so much invest money as merely
[122][121][84][123]
convert the foreign currency into the only legal tender in Rome – that of the Imperial Mint.

Operations of banking within Roman society were known as officium argentarii. Statutes (AD 125/126) of the Empire described
"letter from Caesar to Quietus" show rental monies to be collected from persons using land belonging to a temple and given to the
temple treasurer, as decreed by Mettius Modestus governor of Lycia and Pamphylia. A law, receptum argentarii, obliged a bank to
pay its clients debts under guarantee.[124][125][126][127]

[128]
Cassius Dio advocated the establishment of a state bank, funded by the sale of all the properties owned at the time by the state.

In the 4th century monopolies existed inByzantium and in the city of Olbia in Sardinia.[129][130]

The Roman empire at some time formalized the administrative aspect of banking and instituted greater regulation of financial
institutions and financial practices. Charging interest on loans and paying interest on deposits became more highly developed and
competitive. The development of Roman banks was limited, however, by the Roman preference for cash transactions. During the
reign of the Roman emperor Gallienus (AD 260–268), there was a temporary breakdown of the Roman banking system after the
banks rejected the flakes of copper produced by his mints. With the ascent of Christianity, banking became subject to additional
restrictions, as the charging of interest was seen as immoral. After the fall of Rome, banking temporarily ended in Europe and was
not revived until the time of the crusades.

Religious restrictions on interest

Most early religious systems in the ancient Near East, and the secular codes arising from them, did not forbid usury. These societies
regarded inanimate matter as alive, like plants, animals and people, and capable of reproducing itself. Hence if you lent 'food money',
or monetary tokens of any kind, it was legitimate to charge interest.[131] Food money in the shape of olives, dates, seeds or animals
was lent out as early as c. 5000 BCE, if not earlier. Among the Mesopotamians, Hittites, Phoenicians and Egyptians, interest was
legal and often fixed by the state.[132]

Judaism
The Torah and later sections of the Hebrew Bible criticize interest-taking, but interpretations of the Biblical prohibition vary. One
common understanding is that Jews are forbidden to charge interest upon loans made to other Jews, but obliged to charge interest on
transactions with non-Jews, or Gentiles. However, the Hebrew Bible itself gives numerous examples where this provision was
evaded.

Deuteronomy 23:19 Thou shalt not lend upon interest to thy brother: interest of money, interest of victuals, interest of
any thing that is lent upon interest.

Deuteronomy 23:20 Unto a foreigner thou mayest lend upon interest; but unto thy brother thou shalt not lend upon
interest; that the LORD thy God may bless thee in all that thou puttest thy hand unto, in the land whither thou goest in
to possess it.[133]

Israelites were forbidden to charge interest on loans made to other Israelites, but
allowed to charge interest on transactions with non-Israelites, as the latter were often
amongst the Israelites for the purpose of business anyway, but in general, it was seen
as advantageous to avoid debt at all, to avoid being bound to someone else. Debt
was to be avoided and not used to finance consumption, but only when in need.
However, laws against usury were among many the prophets condemn the people for
breaking.[135]

It was the interpretation that interest could be charged to non-Israelites that would be
used in the 14th century for Jews living within Christian societies in Europe to
justify lending money for profit. As this conveniently side stepped the rules against
usury in both Judaism and Christianity as the Jews could lend to the Christians as
they are not Israelites and the Christians were not involved in the lending but were
still free to take the loans.
Christ drives the Usurers out of the
Temple, a woodcut by Lucas
Christianity Cranach the Elder in Passionary of
Christ and Antichrist.[134]
Originally, the charging of interest, known as usury, was banned by Christian
churches. This included charging a fee for the use of money, such as at a bureau de
change. However over time the charging of interest became acceptable due to the changing nature of money
, the term came to be used
for interest above the rate allowed by law.

The rise of Protestantism in the 16th century weakened Rome's influence, and its dictates against usury became irrelevant in some
areas. That would free up the development of banking in Northern Europe.

Islam
In Islam it is strictly prohibited to take interest; the Quran strictly prohibits lending money on Interest. "O you who have believed, do
not consume usury, doubled and multiplied, but fear Allah that you may be successful" (3:130) "and Allah has permitted trade and
has forbidden interest" (2:275).
Quran states that taking of interest and making money through unethical means is not prohibited for Muslims only but were
prohibited for earlier communities as well. Two verses (Al Quran – 4:160–161) clearly states that “Because of the wrongdoing of the
Jews We forbade them good things which were (before) made lawful unto them, and because of their much hindering from Allah's
way, And of their taking usury when they were forbidden it, and of their devouring people's wealth by false pretences, We have
prepared for those of them who disbelieve a painful doom.”

Riba is forbidden in Islamic economic jurisprudence (fiqh). Islamic jurists discuss two types of riba: an increase in capital with no
services provided, which theQur'an prohibits—and commodity exchanges in unequal quantities, which the Sunnah prohibits; trade in
promissory notes (e.g. fiat money and derivatives) is forbidden.

Despite the prohibition of charging interest, during the 20th century a number of developments took place that would lead to an
Islamic banking model where no interest is charged but banks would still operate for profit. This would be done through charging for
loans in different ways such as through fees and using method of risk sharing and different ownership models such asleasing.

Medieval Europe
Banking, in the modern sense of the word, is traceable to medieval and early Renaissance Italy, to rich cities in the north such as
Florence, Venice, and Genoa.

Emergence of merchant banks

The original banks were "merchant banks" that Italian grain merchants invented in
the Middle Ages. As Lombardy merchants and bankers grew in stature based on the
strength of the Lombard plains cereal crops, many displaced Jews fleeing Spanish
persecution were attracted to the trade. They brought with them ancient practices
from the Middle and Far East silk routes. Originally intended to finance long trading
journeys, they applied these methods to finance grain production and trading.

Jews could not hold land in Italy, so they entered the great trading piazzas and halls
of Lombardy, alongside local traders, and set up their benches to trade in crops.
They had one great advantage over the locals. Christians were strictly forbidden the
sin of usury, defined as lending at interest (Islam makes similar condemnations of Map showing silk routes
usury). The Jewish newcomers, on the other hand, could lend to farmers against
crops in the field, a high-risk loan at what would have been considered usurious
rates by the Church; but the Jews were not subject to the Church's dictates. In this way they could secure the grain-sale rights against
the eventual harvest. They then began to advance payment against the future delivery of grain shipped to distant ports. In both cases
they made their profit from the present discount against the future price. This two-handed trade was time-consuming and soon there
arose a class of merchants who were trading graindebt instead of grain.

The Jewish trader performed both financing (credit) andunderwriting (insurance) functions. Financing took the form of a crop loan at
the beginning of the growing season, which allowed a farmer to cultivate (through seeding, growing, weeding, and harvesting) his
annual crop. Underwriting in the form of a crop, or commodity, insurance guaranteed the delivery of the crop to its buyer, typically a
merchant wholesaler. In addition, traders performed the merchant function by making arrangements to supply the buyer of the crop
through alternative sources—grain stores or alternate markets, for instance—in the event of crop failure. He could also keep the
farmer (or other commodity producer) in business during a drought or other crop failure, through the issuance of a crop (or
commodity) insurance against the hazard of failure of his crop.

Merchant banking progressed from financing trade on one's own behalf to settling trades for others and then to holding deposits for
settlement of "billette" or notes written by the people who were still brokering the actual grain. And so the merchant's "benches"
(bank is derived from the Italian for bench, banca, as in a counter) in the great grain markets became centres for holding money
against a bill (billette, a note, a letter of formal exchange, later abill of exchange and later still a cheque).
These deposited funds were intended to be held for the settlement of grain trades, but often were used for the bench's own trades in
the meantime. The term bankrupt is a corruption of the Italian banca rotta, or broken bench, which is what happened when someone
lost his traders' deposits. Being "broke" has the same connotation.

Crusades
In the 12th century, the need to transfer large sums of money to finance the Crusades
stimulated the re-emergence of banking in western Europe. In 1162, Henry II of
England levied a tax to support the crusades—the first of a series of taxes levied by
Henry over the years with the same objective. The Templars and Hospitallers acted
as Henry's bankers in the Holy Land. The Templars' wide flung, large land holdings
across Europe also emerged in the 1100–1300 time frame as the beginning of
Europe-wide banking, as their practice was to take in local currency, for which a
demand note would be given that would be good at any of their castles across
Europe, allowing movement of money without the usual risk of robbery while
traveling.

Discounting of interest
A sensible manner of discounting interest to the depositors against what could be Adhemar de Monteil in chain mail
earned by employing their money in the trade of the bench soon developed; in short, carrying the Holy Lance in one of the
selling an "interest" to them in a specific trade, thus overcoming the usury objection. battles of the First Crusade
Once again this merely developed what was an ancient method of financing long-
distance transport of goods. Medieval trade fairs, such as the one in Hamburg,
contributed to the growth of banking in a curious way: moneychangers issued documents redeemable at other fairs, in exchange for
hard currency. These documents could be cashed at another fair in a different country or at a future fair in the same location. If
redeemable at a future date, they would often be discounted by an amount comparable to a rate of interest. Eventually, these
documents evolved into bills of exchange, which could be redeemed at any office of the issuing banker. These bills made it possible
to transfer large sums of money without the complications of hauling large chests of gold and hiring armed guards to protect the gold
from thieves.

Foreign exchange contracts

In 1156, in Genoa, occurred the earliest knownforeign exchange contract. Two brothers borrowed 115 Genoese pounds and agreed to
reimburse the bank's agents in Constantinople the sum of 460 bezants one month after their arrival in that city. In the following
century the use of such contracts grew rapidly, particularly since profits from time differences were seen as not infringing canon laws
against usury.

Italian bankers
The first bank was established in Venice with guarantee from the State in 1157.[84][136][137] According to Macardy this was due to
the commercial agency of the Venetians, acting in the interest of the Crusaders of Pope Urban the Second.[138] [139] The reason is
given elsewhere as due to costs of the expansion of the empire under Doge Vitale II Michiel, and to relieve the subsequent financial
burden on the republic[84] "a forced loan" was made necessary. To this end the Chamber of Loans, was created to manage the affairs
of the forced loan, as to the loans repayment at four percent interest. [81] Changes in the enterprises of the Chamber, firstly by the
commencing of use of discounting[140] exchanges and later by the receipt of deposits,[141] there developed the functioning of the
organisation into The Bank of Venice, with an initial capital of 5,000,000 ducats.[142] In any case, banking practice proper began in
the mid-parts of the 12th century,[143] and continued until the bank was caused to cease to operate during the French invasion of
[81]
1797. The bank was the first national bank to have been established within the boundaries of Europe.
There were banking failures from 1255 to 1262.[144]

In the middle of the 13th century, groups of Italian Christians, particularly the
Cahorsins and Lombards, invented legal fictions to get around the ban on Christian
usury;[145] for example, one method of effecting a loan with interest was to offer
money without interest, but also require that the loan is insured against possible loss
or injury, and/or delays in repayment (see contractum trinius).[145] The Christians
effecting these legal fictions became known as the pope's usurers, and reduced the
importance of the Jews to European monarchs;[145] later, in the Middle Ages, a
distinction evolved between things that were consumable (such as food and fuel) and
.[145]
those that were not, with usury permitted on loans that involved the latter A 14th century manuscript depicting
bankers in an Italian counting house.
The most powerful banking families came from Florence, including the Acciaiuoli,
Mozzi,[146] Bardi and Peruzzi families, which established branches in many other
parts of Europe.[1] Probably the most famous Italian bank was the Medici bank, set
up by Giovanni di Bicci de' Medici in 1397 [2] and continuing until 1494.[147]
(Banca Monte dei Paschi di Siena S.p.A. (BMPS) Italy, is in fact the oldest banking
organisation to have surviving banking-operations, or services).

It was the Italian bankers that would take their place and by 1327, Avignon had 43
branches of Italian banking houses. In 1347, Edward III of England defaulted on
loans. Later there was the bankruptcy of the Bardi (1343 [146] ) and Peruzzi (1346
[146] ). The accompanying growth of Italian banking in France was the start of the
Lombard moneychangers in Europe, who moved from city to city along the busy
pilgrim routes important for trade. Key cities in this period were Cahors, the
birthplace of Pope John XXII, andFigeac.

By the later Middle Ages, Christian Merchants who lent money with interest were
without opposition, and the Jews lost their privileged position as money- Coat of arms for the Medici family
lenders;[145]

After 1400, political forces did, in fact, somewhat turn against the methods of the Italian
free enterprise bankers, In 1401 King Martin I of Aragon had some of these bankers
expelled. In 1403, Henry IV of England prohibited them from taking profits in any way
in his kingdom. In 1409, Flanders imprisoned and then expelled Genoese bankers. In
1410, all Italian merchants were expelled from Paris. In 1407, the Bank of Saint
George,[148] the first state-bank of deposit,[109][149] was founded in Genoa and was to
dominate business in the Mediterranean.[109]

15th–17th centuries – Expansion

Italy
In the times between 1527 and 1572 the people produced a number of important banking
family groups, the Grimaldi, Spinola and Pallavicino families were especially influential Of Usury, from Brant's Stultifera
and wealthy, also the Doria, although perhaps less influential, and the Pinelli and the Navis (the Ship of Fools);
Lomellini.[150][151] woodcut attributed to Albrecht
Dürer

Spain and the Ottoman Empire

In 1401 the magistrates ofBarcelona, then the capital of thePrincipality of Catalonia, established in the city the first replication of the
Venetian model of exchange and deposit, Taula de Canvi – the Table of Exchange, considered to be the first public bank of
Europe.[142][152][153]

Halil Inalcik suggests that, in the 16th century, Marrano Jews (Doña Gracia from House of Mendes) fleeing from Iberia introduced
the techniques of European capitalism, banking and even the mercantilist concept of state economy to the Ottoman Empire.[154] In
the 16th century, the leading financiers in Istanbul were Greeks and Jews. Many of the Jewish financiers were Marranos who had fled
from Iberia during the period leading up to the expulsion of Jews from Spain. Some of these families brought great fortunes with
them.[155] The most notable of the Jewish banking families in the 16th-century Ottoman Empire was the Marrano banking house of
Mendes, which moved to Istanbul in 1552, under the protection of Sultan Suleyman the Magnificent. When Alvaro Mendes arrived in
Istanbul in 1588, he is reported to have brought with him 85,000 gold ducats.[156] The Mendès family soon acquired a dominating
[157]
position in the state finances of the Ottoman Empire and in commerce with Europe.

They thrived in Baghdad during the 18th and 19th centuries under Ottoman rule,
performing critical commercial functions such as moneylending and banking.[158]
Like the Armenians, the Jews could engage in necessary commercial activities, such
as moneylending and banking, that were proscribed for Muslims under Islamic law
.

Court Jew
Court Jews were Jewish bankers or businessmen who lent money and handled the
finances of some of the Christian European noble houses, primarily in the 17th and
18th centuries.[159] Court Jews were precursors to the modern financier or Secretary
of the Treasury.[159] Their jobs included raising revenues by tax farming,
negotiating loans, master of the mint, creating new sources for revenue, floating
debentures, devising new taxes. and supplying the military.[159][160] In addition, the
Court Jew acted as personal bankers for nobility: he raised money to cover the Pompeius Occo (1483–1537) came
[160]
noble's personal diplomacy and his extravagances. from a north German family and grew
up in Augsburg. In 1511 he settled in
Court Jews were skilled administrators and businessmen who received privileges in Amsterdam as a representative of
return for their services. They were most commonly found in Germany
, Holland, and the Fugger banking house and
Austria, but also in Denmark, England, Hungary, Italy, Poland, Lithuania, Portugal, business firm of Augsburg.
and Spain.[161][162] According to Dimont, virtually every duchy, principality, and
palatinate in the Holy Roman Empire had a Court Jew.[159]

Germany
In the southern German realm, two great banking families emerged in the 15th
century, the Fuggers and the Welsers. They came to control much of the European
economy and to dominate international high finance in the 16th
century.[163][164][165] The Fuggers built the first German social housing area for the
poor in Augsburg, the Fuggerei. It still exists, but not the original Fugger Bank
which lasted from 1486 to 1647.

Dutch bankers played a central role in establishing banking in the Northern German
city states. Berenberg Bank is the oldest bank in Germany and the world's second
oldest, established in 1590 by Dutch brothers Hans and Paul Berenberg in Hamburg.
The bank is still owned by theBerenberg dynasty.[166]
Cornelius Berenberg of the
Berenberg banking dynasty

Holland
Throughout the 17th century, precious metals from the New World, Japan and other locales were being channeled into Europe, with
corresponding price increases. Thanks to the free coinage, the Bank of Amsterdam, and the heightened trade and commerce, the
Netherlands attracted even more coin and bullion to be deposited in their banks. These concepts of Fractional-reserve banking and
[167]
payment systems were further developed and spread to England and elsewhere.

England
In the City of London there were not any banking houses operating in a manner recognized as so today until the 17th
century,[168][169] although the London Royal Exchange was established in 1565.

17th–19th centuries – The emergence of modern banking

By the end of the 16th century and during the 17th, the traditional banking functions
of accepting deposits, moneylending, money changing, and transferring funds were
combined with the issuance of bank debt that served as a substitute for gold and
silver coins.

New banking practices promoted commercial and industrial growth by providing a

safe and convenient means of payment and a money supply more responsive to
commercial needs, as well as by "discounting" business debt. By the end of the 17th
century, banking was also becoming important for the funding requirements of the
combative European states. This would lead on to government regulations and the The old town hall in Amsterdam
first central banks. The success of the new banking techniques and practices in where the Bank of Amsterdam was
Amsterdam and London helped spread the concepts and ideas elsewhere in Europe. founded in 1609, painting byPieter
Saenredam.

Goldsmiths of London
Modern banking practice, including fractional reserve banking and the issue of banknotes, emerged in the 17th century. At the time,
wealthy merchants began to store their gold with the goldsmiths of London, who possessed private vaults and charged a fee for their
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 the original depositor could collect the stored goods.

Gradually the goldsmiths began to lend the money out on behalf of the depositor, which led to the development of modern banking
[170]
practices; promissory notes (which evolved into banknotes) were issued for money deposited as a loan to the goldsmith.

These practices created a new kind of "money" that was actually debt, that is, goldsmiths' debt rather than silver or gold coin, a
commodity that had been regulated and controlled by the monarchy. This development required the acceptance in trade of the
goldsmiths' promissory notes, payable on demand. Acceptance in turn required a general belief that coin would be available; and a
fractional reserve normally served this purpose. Acceptance also required that the holders of debt be able legally to enforce an
unconditional right to payment; it required that the notes (as well as drafts) be negotiable instruments. The concept of negotiability
had emerged in fits and starts in European money markets, but it was well developed by the 17th century. Nevertheless, an act of
Parliament was required in the early 18th century (1704) to overrule court decisions holding that the goldsmiths' notes, despite the
"customs of merchants", were not negotiable.[171][171]

The modern bank

The first bank to begin the permanent issue of banknotes was the Bank of England in 1695.[172] Initially hand-written and issued on
deposit or as a loan, they promised to pay the bearer the value of the note on demand. By 1745, standardized printed notes ranging
from £20 to £1,000 were being printed. Fully printed notes that didn't require the name of the payee and the cashier's signature first
appeared in 1855.[173]
In the 18th century, services offered by banks increased. Clearing facilities, security
investments, cheques and overdraft protections were introduced. Cheques were
invented in the 1600s in England and banks settled payments by direct courier to the
issuing bank. Around 1770, they began meeting in a central location, and by the
1800s a dedicated space was established, known as a bankers' clearing house. The
London clearing house used a method where each bank paid cash to and then was
paid cash by an inspector at the end of each day. The first overdraft facility was set
up in 1728 by the Royal Bank of Scotland.[174] The Louisiana Purchase of 1803 was
handled by Francis Baring and
The Industrial Revolution and growing international trade increased the number of Company of London.
banks, especially in London. At the same time, new types of financial activities
broadened the scope of banking far beyond its origins. The merchant-banking
families dealt in everything from underwriting bonds to originating foreign loans. These new "merchant banks" facilitated trade
growth, profiting from England's emerging dominance in seaborne shipping. Two immigrant families, Rothschild and Baring,
established merchant banking firms in London in the late 18th century and came to dominate world banking in the next century
.

A great impetus to country banking came in 1797 when, with England threatened by war, the Bank of England suspended cash
payments. A handful of Frenchmen landed in Pembrokeshire, causing a panic. Shortly after this incident, Parliament authorised the
Bank of England and country bankers to issue notes of low denomination.

Chinese banking
During the Qing dynasty, the private nationwide financial system in China was first developed by the Shanxi merchants, with the
creation of so-called "draft banks". The first draft bank Rishengchang was created around 1823 in Pingyao. Some large draft banks
had branches in Russia, Mongolia and Japan to facilitate the international trade. Throughout the nineteenth century
, the central Shanxi
region became the de facto financial centres of Qing China.

With the fall of Qing Dynasty, the financial centers gradually shifted to Shanghai, with western-style modern banks flourishing.
Today, the financial centres in China today are Hong Kong, Beijing, Shanghai and Shenzhen.

Japanese banking
1868 marked the year of the beginning of the Meiji government's attempts at formulating a functioning banking system, which
continued until some time during 1881. They emulated French models. The Imperial mint was begun using imported machines from
Britain during the early years of the Meiji period.[175][176]

Masayoshi Matsukata was formative figure of a later banking initiative.[175]

Development of central banking

The Bank of Amsterdam became a model for the functioning of a bank in the capacity of monetary exchange and started the
development of central banks.[177] An early central bank was the Sveriges Riksbank, established in 1668, although this was short-
lived.[178]

In England in the 1690s, public funds were in short supply and were needed to finance the ongoing conflict with France. The credit of
William III's government was so low in London that it was impossible for it to borrow the £1,200,000 (at 8 per cent) that the
government wanted. In order to induce subscription to the loan, the subscribers were to be incorporated by the name of the Governor
and Company of the Bank of England. The bank was given exclusive possession of the government's balances, and was the only
limited-liability corporation allowed to issue banknotes.[179] The lenders would give the government cash (bullion) and also issue
notes against the government bonds, which can be lent again. The £1.2M was raised in 12 days; half of this was used to rebuild the
Navy. The establishment of the Bank of England, the model on which most modern central banks have been based on, was devised by
Charles Montagu, 1st Earl of Halifax, in 1694, to the plan which had been proposed by William Paterson three years before, but had
[180]
not been acted upon.[180] He proposed a loan of £1.2M to the government; in return
the subscribers would be incorporated as The Governor and Company of the Bank of
England with long-term banking privileges including the issue of notes. The Royal
Charter was granted on 27 July through the passage of theTonnage Act 1694.[181]

Although the Bank was originally a

private institution, by the end of the
18th century it was increasingly
being regarded as a public authority
with civic responsibility toward the
The sealing of the Bank of England
upkeep of a healthy financial Charter (1694).
system. The currency crisis of
1797, caused by panicked
depositors withdrawing from the Bank led to the government suspending
The Bank of England, established in convertibility of notes into specie payment. The bank was soon accused by the
1694. bullionists of causing the exchange rate to fall from over issuing banknotes, a charge
which the Bank denied. Nevertheless, it was clear that the Bank was being treated as
an organ of the state.

Henry Thornton, a merchant banker and monetary theorist has been described as the father of the modern central bank. An opponent
of the real bills doctrine, he was a defender of the bullionist position and a significant figure in monetary theory, his process of
monetary expansion anticipating the theories of Knut Wicksell regarding the "cumulative process which restates the Quantity Theory
in a theoretically coherent form". As a response 1797 currency crisis, Thornton wrote in 1802 An Enquiry into the Nature and Effects
of the Paper Credit of Great Britain, in which he argued that the increase in paper credit did not cause the crisis. The book also gives
a detailed account of the British monetary system as well as a detailed examination of the ways in which the Bank of England should
[182]
act to counteract fluctuations in the value of the pound.

Until the mid-nineteenth century, commercial banks were able to issue their own
banknotes, and notes issued by provincial banking companies were commonly in
circulation.[183] Many consider the origins of the central bank to lie with the passage
of the Bank Charter Act of 1844.[184] Under this law, authorisation to issue new
banknotes was restricted to the Bank of England. The Act served to restrict the
supply of new notes reaching circulation, and gave the Bank of England an effective
monopoly on the printing of new notes.[185] The Bank accepted the role of 'lender of
last resort' in the 1870s after criticism of its lacklustre response to the Overend-
Gurney crisis. The journalist Walter Bagehot wrote an influential work on the
subject Lombard Street: A Description of the Money Market, in which he advocated
for the Bank to officially become a lender of last resort during a credit crunch
(sometimes referred to as "Bagehot's dictum").

Central banks were established in many European countries during the 19th century.
The War of the Second Coalition led to the creation of the Banque de France in Walter Bagehot, an influential theorist
1800, in an effort to improve the public financing of the war. The US Federal on the economic role of the central
Reserve was created by the U.S. Congress through the passing of The Federal bank.
Reserve Act in 1913. Australia established its first central bank in 1920,Colombia in
1923, Mexico and Chile in 1925 and Canada and New Zealand in the aftermath of
the Great Depression in 1934. By 1935, the only significant independent nation that did not possess a central bank was Brazil, which
subsequently developed a precursor thereto in 1945 and the present central bank twenty years later. Having gained independence,
African and Asian countries also established central banks or monetary union.
Rothschilds
The Rothschild family pioneered international finance in the early 19th century. The
family provided loans to the Bank of England and purchased government bonds in
the stock markets.[186] Their wealth has been estimated to possibly be the most in
modern history.[187] In 1804, Nathan Mayer Rothschildbegan to deal on the London
stock exchange in financial instruments such as foreign bills and government
securities. From 1809 Rothschild began to deal in gold bullion, and developed this
as a cornerstone of his business. From 1811 on, in negotiation with Commissary-
General John Charles Herries, he undertook to transfer money to pay Wellington's
The Frankfurt terminus of the Taunus
troops, on campaign in Portugal and Spain against Napoleon, and later to make railroad, financed by the Rothschilds.
subsidy payments to British allies when these organized new troops after Napoleon's Opened in 1840, it was one of
disastrous Russian campaign. His four brothers helped co-ordinate activities across Germany's first railroads.
the continent, and the family developed a network of agents, shippers and couriers to
transport gold—and information—across Europe. This private intelligence service
enabled Nathan to receive in London the news of Wellington's victory at the Battle of Waterloo a full day ahead of the government's
official messengers.[188]

The Rothschild family were instrumental in supporting railway systems across the world and in complex government financing for
projects such as the Suez Canal. The family bought up a large proportion of the property in Mayfair, London. Major businesses
directly founded by Rothschild family capital include Alliance Assurance (1824) (now Royal & SunAlliance); Chemin de Fer du
Nord (1845); Rio Tinto Group (1873); Société Le Nickel (1880) (now Eramet); and Imétal (1962) (now Imerys). The Rothschilds
financed the founding of De Beers, as well as Cecil Rhodes on his expeditions in Africa and the creation of the colony of
Rhodesia.[189]

The Japanese government approached the London and Paris families for funding during the Russo-Japanese War. The London
consortium's issue of Japanesewar bonds would total £11.5 million (at 1907 currency rates).[190]

From 1919 to 2004 the Rothschilds' Bank in London played a role as place of the
gold fixing.

Napoleonic wars and Paris

Napoleon III had the goal of overtaking London to make Paris the premier financial center of the world, but the war in 1870 reduced
the range of Parisian financial influence.[191] Paris had emerged as an international center of finance in the mid-19th century second
only to London.[192] It had a strong national bank and numerous aggressive private banks that financed projects all across Europe
and the expanding French Empire.

One key development was setting up one of the main branches of the Rothschild family. In 1812, James Mayer Rothschild arrived in
Paris from Frankfurt, and set up the bank "De Rothschild Frères".[193] This bank funded Napoleon's return from Elba and became
one of the leading banks in European finance. The Rothschild banking family of France funded France's major wars and colonial
expansion.[194] The Banque de France, founded in 1796 helped resolve the financial crisis of 1848 and emerged as a powerful central
bank. The Comptoir National d'Escompte de Paris(CNEP) was established during the financial crisis and the republican revolution of
1848. Its innovations included both private and public sources in funding large projects, and the creation of a network of local offices
to reach a much larger pool of depositors.

Building societies
Building societies were established as financial institutions owned by its members as a mutual organization. The origins of the
building society as an institution lie in late-18th century Birmingham – a town which was undergoing rapid economic and physical
expansion driven by a multiplicity of small metalworking firms, whose many highly skilled and prosperous owners readily invested
in property.[195]
Many of the early building societies were based in taverns or coffeehouses, which had become the focus for a network of clubs and
societies for co-operation and the exchange of ideas among Birmingham's highly active citizenry as part of the movement known as
the Midlands Enlightenment.[196] The first building society to be established was Ketley's Building Society, founded by Richard
Ketley, the landlord of the Golden Cross inn, in 1775.[197]

Members of Ketley's society paid a monthly subscription to a central pool of funds which was used to finance the building of houses
for members, which in turn acted as collateral to attract further funding to the society, enabling further construction.[198][199] The
first outside the English Midlands was established in Leeds in 1785.[200]

Mutual savings bank

Mutual savings banks also emerged at that time, as financial institutionschartered by
government, without capital stock, and owned by its members who subscribe to a
common fund. The institution most frequently identified as the first modern savings
bank was the “Savings and Friendly Society” organized by the Reverend Henry
Duncan in 1810, in Ruthwell, Scotland. Rev. Duncan established the small bank in
order to encourage his working class congregation to develop thrift.

Another precursor to the modern savings bank originated in Germany, with Franz
Hermann Schulze-Delitzsch and Friedrich Wilhelm Raiffeisen who developed
cooperative banking models that led on to the credit union movement. The
traditional banks had viewed poor and rural communities as unbankable because of
very small, seasonal flows of cash and very limited human resources. In the history
of credit unions the concepts of cooperative banking spread through northern Europe
and onto the US at the turn of the 20th century under a wide range of different
names.

A customer's deposit book, for aPost

Office Savings Account.
Postal savings system
To provide depositors who did not have access to banks a safe, convenient method to
save money and to promote saving among the poor, the postal savings system was introduced in Great Britain in 1861. It was
vigorously supported by William Ewart Gladstone, then Chancellor of the Exchequer, who saw it as a cheap way to finance the
public debt. At the time, banks were mainly in the cities and largely catered to wealthy customers. Rural citizens and the poor had no
choice but to keep their funds at home or on their persons. The original Post Office Savings Bank was limited to deposits of £30 a
year with a maximum balance of £150. Interest was paid at the rate of two and one-half percent per year on whole pounds in the
account.

Similar institutions were created in a number of different countries in Europe and North America. One example was in 1881 the
Dutch government created the Rijkspostspaarbank (State post savings bank), a postal savings system to encourage workers to start
saving. Four decades later they added the Postcheque and Girodienst services allowing working families to make payments via post
offices in the Netherlands.

20th century
The first decade of the 20th century saw the Panic of 1907 in the US, which led to numerous runs on banks and became known as the
bankers panic.

Great Depression
During the Crash of 1929 preceding the Great Depression, margin requirements
were only 10%.[201] Brokerage firms, in other words, would lend $9 for every $1 an
investor had deposited. When the market fell, brokers called in these loans, which
could not be paid back. Banks began to fail as debtors defaulted on debt and
depositors attempted to withdraw their deposits en masse, triggering multiple bank
runs. Government guarantees and Federal Reserve banking regulations to prevent
such panics were ineffective or not used. Bank failures led to the loss of billions of
dollars in assets.[202] Outstanding debts became heavier, because prices and incomes
fell by 20–50% but the debts remained at the same dollar amount. After the panic of
1929, and during the first 10 months of 1930, 744 US banks failed. By April 1933, Crowd at New York's American Union
around $7 billion in deposits had been frozen in failed banks or those left unlicensed Bank during a bank run early in the
Great Depression.
after the March Bank Holiday.[203]

Bank failures snowballed as desperate bankers called in loans that borrowers did not
have time or money to repay. With future profits looking poor, capital investment
and construction slowed or completely ceased. In the face of bad loans and
worsening future prospects, the surviving banks became even more conservative in
their lending.[202] Banks built up their capital reserves and made fewer loans, which
intensified deflationary pressures. A vicious cycle developed and the downward
spiral accelerated. In all, over 9,000 banks failed during the 1930s.
Senator Carter Glass and Henry B.
In response, many countries significantly increased financial regulation. The U.S.
Steagall (1933)
established the Securities and Exchange Commissionin 1933, and passed the Glass–
Steagall Act, which separated investment banking and commercial banking. This
was to avoid more risky investment banking activities from ever again causing commercial bank failures.

World Bank and the development of payment technology

During the post second world war period and with the introduction of the Bretton
Woods system in 1944, two organizations were created: the International Monetary
Fund (IMF) and the World Bank.[204] Encouraged by these institutions, commercial
banks started to lend to sovereign states in the third world. This was at the same time
as inflation started to rise in the west. The Gold standard was eventually abandoned
in 1971 and a number of the banks were caught out and became bankrupt due to
third world country debt defaults.

This was also a time of increasing use of technology in retail banking. In 1959,
banks agreed on a standard for machine readable characters (MICR) that was
patented in the United States for use with cheques, which led to the first automated
reader-sorter machines. In the 1960s, the first Automated Teller Machines (ATM) or
Cash machines were developed and first machines started to appear by the end of the
decade.[205] Banks started to become heavy investors in computer technology to
automate much of the manual processing, which began a shift by banks from large
clerical staffs to new automated systems. By the 1970s the first payment systems
started to develop that would lead to electronic payment systems for both
international and domestic payments. The international SWIFT payment network 1967 letter by the Midland Bank to a
customer, informing on the
was established in 1973 and domestic payment systems were developed around the
introduction of electronic data
[206]
world by banks working together with governments. processing

Deregulation and globalization

Global banking and capital market services proliferated during the 1980s after
deregulation of financial markets in a number of countries. The 1986 'Big Bang' in
London allowing banks to access capital markets in new ways, which led to
significant changes to the way banks operated and accessed capital. It also started a
trend where retail banks started to acquire investment banks and stock brokers
creating universal banks that offered a wide range of banking services.[207] The
trend also spread to the US after much of the Glass–Steagall Act was repealed in
Play media
1999 (during the Clinton Administration), this saw US retail banks embark on big 1969 ABC news report on the
rounds of mergers and acquisitions and also engage in investment banking introduction of ATMs in Sydney.
activities.[208] People could only receive $25 at a
time and the bank card was sent
Financial services continued to grow through the 1980s and 1990s as a result of a back to the user at a later date.
great increase in demand from companies, governments, and financial institutions,
but also because financial market conditions were buoyant and, on the whole,
bullish. Interest rates in the United States declined from about 15% for two-year
U.S. Treasury notes to about 5% during the 20-year period, and financial assets grew
then at a rate approximately twice the rate of the world economy
.

This period saw a significant internationalization of financial markets. The increase

of U.S. Foreign investments from Japan not only provided the funds to corporations
in the U.S., but also helped finance the federal government.

The dominance of U.S. financial markets was disappearing and there was an
increasing interest in foreign stocks. The extraordinary growth of foreign financial
markets results from both large increases in the pool of savings in foreign countries,
such as Japan, and, especially, the deregulation of foreign financial markets, which
enabled them to expand their activities. Thus, American corporations and banks
started seeking investment opportunities abroad, prompting the development in the
U.S. of mutual funds specializing in trading in foreign stock markets.

Such growing internationalization and opportunity in financial services changed the

competitive landscape, as now many banks would demonstrate a preference for the
“universal banking” model prevalent in Europe. Universal banks are free to engage
in all forms of financial services, make investments in client companies, and
Bishopsgate in the City of London
function as much as possible as a “one-stop” supplier of both retail and wholesale
financial services.[209]

21st century
The early 2000s were marked by consolidation of existing banks and entrance into the market of other financial intermediaries: non-
bank financial institution. Large corporate players were beginning to find their way into the financial service community, offering
competition to established banks. The main services offered included insurance, pension, mutual, money market and hedge funds,
loans and credits and securities. Indeed, by the end of 2001 the market capitalisation of the world’s 15 largest financial services
providers included four non-banks.

The process of financial innovation advanced enormously in the first decade of the 21st century increasing the importance and
profitability of nonbank finance. Such profitability priorly restricted to the non-banking industry, has prompted the Office of the
Comptroller of the Currency(OCC) to encourage banks to explore other financial instruments, diversifying banks' business as well as
improving banking economic health. Hence, as the distinct financial instruments are being explored and adopted by both the banking
and non-banking industries, the distinction between dif
ferent financial institutions is gradually vanishing.
The first decade of the 21st century also saw the culmination of the technical innovation in banking over the previous 30 years and
saw a major shift away from traditional banking tointernet banking.

2007–2008 financial crisis

The financial crisis of 2007–2008 caused significant stress on banks around the
world. The failure of a large number of major banks resulted in government bail-
outs. The collapse and fire sale of Bear Stearns to JPMorgan Chase in March 2008
and the collapse of Lehman Brothers in September that same year led to a credit
crunch and global banking crises. In response governments around the world bailed-
out, nationalised or arranged fire sales for a large number of major banks. Starting
with the Irish government on 29 September 2008,[210] governments around the
world provided wholesale guarantees to underwriting banks to avoid panic of
systemic failure to the whole banking system. These events spawned the term 'too 2007 bank run on Northern Rock, a
big to fail' and resulted in a lot of discussion about the moral hazard of these actions. UK bank

Major events in the history of banking

1100 – Knights Templar run earliest European wide/Mideast banking until the 14th century .
1397 – The Medici Bank of Florence is established in Italy and operates until 1494.
1542 – The Great Debasement, the English Crown’s policy of coin debasement during the reigns ofHenry VIII and
Edward VI.
1553 – The first joint-stock company, the Company of Merchant Adventurers to New Lands , was chartered in
London.
1602 – The Amsterdam Stock Exchangewas established by theDutch East India Companyfor dealings in its printed
stocks and bonds.
1609 – The Amsterdamsche Wisselbank(Amsterdam Exchange Bank) was founded.
1656 – The first European bank to use banknotes opened in Sweden for private clients, in 1668 the institution
converted to a public bank.[211][212][213]
1690s – The Massachusetts Bay Colonywas the first of the Thirteen Colonies to issue permanently circulating
banknotes.
1694 – The Bank of England was founded to supply money to the English King.
1695 – The Parliament of Scotland created theBank of Scotland.
1716 – John Law opened Banque Générale in France.
1717 – Master of the Royal Mint Sir Isaac Newton established a new mint ratio between silver and gold that had the
effect of driving silver out of circulation b( imetalism) and putting Britain on agold standard.
1720 – The South Sea Bubble and John Law's Mississippi Scheme failure caused a European financial crisis and
forced many bankers out of business.
1775 – The first building society, Ketley's Building Society, was established in Birmingham, England.
1782 – The Bank of North Americaopened.[214]
1791 – The First Bank of the United Stateswas chartered by the United States Congress for 20 years.
1800 – The Rothschild family establishes European wide banking.
1800 – Napoleon Bonaparte founds theBank of France on January 18.[215][216]
1811 – The Senate tied on a vote to renew the charter of theFirst Bank of the United Statescharter. Vice President
George Clinton broke the tie and voted against renewal, and the bank was dissolved.
1816 – The Second Bank of the United Stateswas chartered for five years after the First Bank of the United States
lost its charter. This charter was also for 20 years. The bank was created to finance the country in the after theWar
of 1812.
1817 – The New York Stock Exchange Boardwas established.[214]
1818 – The first savings bank of Paris was established.[216]

1825 – Panic of 1825 in which 70 UK banks fail

1862 – To finance the American Civil War, the federal government under U.S. PresidentAbraham Lincoln issued
legal tender paper money, called "greenbacks".
1874 – The Specie Payment Resumption Actwas passed provided for the redemption of United States paper
currency, in gold, beginning in 1879.
 1913 – The Federal Reserve Act created the Federal Reserve System, the central banking system of the United
States, and granted it the legal authority to issue legal tender.
1930–33 – In the wake of theWall Street Crash of 1929, 9,000 banks close, wiping out one third of the money
supply in the United States.[217]
1933 – Executive Order 6102 signed by U.S. PresidentFranklin D. Roosevelt forbade ownership of gold coin, gold
bullion, and gold certificates by US citizens beyond a certain amount, ef fectively ending the convertibility of US
dollars into gold.
1971 – The Nixon Shock was a series of economic measures taken by U.S. PresidentRichard Nixon which canceled
the direct convertibility of the United States dollar to gold by foreign nations. This essentially ended the existing
Bretton Woods system of international financial exchange.
1986 – The "Big Bang" (deregulation of London financial markets) served as a catalyst to reaf firm London's position
as a global centre of world banking.
2007 – Start of the Late-2000s financial crisisthat saw the credit crunch that led to the failure and bail-out of a large
number of the worlds biggest banks.
2008 – Washington Mutual collapses, the largest bank failure in history up to that point.

See also
Money creation
Monetary reform
History of money
Banker (ancient)
Branchless banking
History of the cheque
Early Canadian banking system
History of banking in the United States
Global financial system
History of Virtual Cryptobanking with BitCoin
List of recessions
Online banking

References

Footnotes
1. The word "bank" reflects the origins of banking in temples. According to the famous passage from the
New
Testament, when Christ drove the money changers out of the temple in Jerusalem, he overturned their tables.
Matthew 21.12. In Greece, bankers were known astrapezitai, a name derived from the tables where they sat.
Similarly, the English word bank comes from the Italianbanca, for bench or counter.

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GLMqM8gOv3_GNBA&sqi=2&redir_esc=y#v=onepage&q=Corinth%20ancient%20greece%20banking&f=false)
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&q=The%20Eastern%20Church&f=false)+ [15] (https://books.google.com/books?id=gYXWAAAAMAAJ&q=Plutarch
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135. Examples of debt:1 Samuel 22:2 (https://www.biblica.com/bible/?osis=niv:1_Samuel.22:2–22:2), 2 Kings 4:1 (https://
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154. Inalcik, Halil (1997). An economic and social history of the Ottoman Empire(https://books.google.com/books?id=1j-A
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156. Inalcik, Halil; Quataert, Donald (1994).An economic and social history of the Ottoman Empire, 1300–1914(https://bo
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g6&sig=6sSusKxzjnVmDGgqtDgo1ak5i7A&hl=en&ei=qemeTZTIMIrmiAKIu8yRA w&sa=X&oi=book_result&ct=result&
resnum=3&ved=0CCIQ6AEwAg#v=onepage&q=Marrano%20banking&f=false) . Cambridge University Press. p. 212.
157. Bosworth, Clifford Edmund (2007). Historic cities of the Islamic world(https://books.google.com/books?id=UB4uSVt3
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v=onepage&q=Marrano%20banking&f=false). BRILL. p. 207.
158. Black, Edwin (2004). Banking on Baghdad: inside Iraq's 7,000-year history of war , profit and conflict (https://books.go
ogle.com/books?id=LVScQYzhx5oC&pg=PA335&dq=Jews+Banking&hl=en&ei=7CegTZW kKcfniALv8v3_Ag&sa=X&
oi=book_result&ct=result&resnum=7&ved=0CEkQ6AEwBjiCAQ#v=onepage&q=Jews%20Banking&f=false) . John
Wiley and Sons. p. 335."Under Ottoman rule, during the eighteenth and nineteenth centuries, Jews continued to
thrive, becoming part of the commercial and political ruling class. Like Christians, the Jews could engage in
necessary commercial activities, such as moneylending and banking, that were proscribed for Moslems under
Islamic law."
159. Dimont, Max (1962). "Jews, God, and History",. pp. 273–4. ISBN 978-0-451-52940-4.
160. Kreftz, Gerald (1984). Jews and Money: The Myths and the Reality. p. 46. ISBN 978-0-89919-129-4.
161. Perry, p 131
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163. M Häberlein – The Fuggers of Augsburg: Pursuing Wealth and Honor in Renaissance Germany(https://books.googl
e.com/books?id=hv_Lxx3Gxs8C&printsec=frontcover&dq=Fuggers&hl=en&sa=X&ei=d74BUJSjLIap0A Wv3f2jBA&ve
d=0CDcQ6AEwAA#v=onepage&q=Fuggers&f=false)University of Virginia Press, 12 Mar 2012 Retrieved 2012-07-
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168. James Walvin 2011-02-17 Slavery and the Building of Britain(http://www.bbc.co.uk/history/british/abolition/building_
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170. Thus by the 19th century we find “[i]n 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.” Joseph Story , Commentaries on the Law of Bailments (1832, p. 66) and “Money ,
when paid into a bank, ceases altogether to be the money of the principal (see Parker. vMarchant, 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.” Lord Chancellor Cottenham, Foley v Hill (1848) 2 HLC 28.
171. "Banking Origin and Development"(http://www.investmentsandincome.com/banks-banking/banking_origin.html).
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a-short-history-of-overdrafts/#.UneWvFMqvp0) . eccount money. Archived from the original (http://www.eccount.com/f
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175. Norio Tamaki (2005). Japanese Banking: A History, 1859-1959 (https://books.google.com/books?id=jJZVJz1YMzMC
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ese%20Banking&f=false). published by Taylor & Francis 1999, 255 pages, ISBN 0415170125, Routledge library of
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177. Charles P. Kindleberger, Robert Z. Aliber, Robert Solow Manias, Panics and Crashes: A History of Financial Crises
(https://books.google.com/books?id=nBb-xY i9O-sC&pg=PA66) Palgrave Macmillan, 27 September 2011 Retrieved
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179. Bagehot, Walter (1873). Lombard Street : a description of the money market(http://www.gutenberg.org/ebooks/435
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180. Committee of Finance and Industry 1931 (Macmillan Report) description of the founding of Bank of England (https://
books.google.com/books?hl=en&id=EkUT aZofJYEC&dq=British+Parliamentary+reports+on+international+finance&p
rintsec=frontcover&source=web&ots=kHxssmPNow&sig=UyopnsiJSHwk152davCIyQAMVdw&sa=X&oi=book_result
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difficulties of the Government of the day in securing subscriptions to State loans. Its primary purpose was to raise
and lend money to the State and in consideration of this service it received under its Charter and various Act of
Parliament, certain privileges of issuing bank notes. The corporation commenced, with an assured life of twelve
years after which the Government had the right to annul its Charter on giving one year's notice. '''Subsequent
extensions of this period coincided generally with the grant of additional loans to the State'''"
181. H. Roseveare, /The Financial Revolution 1660–1760/ (1991, Longman), pp. 34
182. Philippe Beaugrand, Henry Thornton, un précurseur de J.M. Keynes
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183. "£2 note issued by Evans, Jones, Davies & Co"(https://www.britishmuseum.org/explore/highlights/highlight_objects/
cm/others/%c2%a32_note_issued_by_evans,_jones.aspx) . British Museum. Retrieved 31 October 2011.
184. "The development of central banking"(http://eprints.lse.ac.uk/39606/). Retrieved 2012-12-17.
185. "Yesterday was a Historic Day — Mises Economics Blog" (http://blog.mises.org/13920/yesterday-was-a-historic-
day/). Blog.mises.org. Archived (https://web.archive.org/web/20100918034732/http://blog.mises.org/13920/yesterday
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Further reading
Andreades, Andreas Michael.History of the Bank of England(Routledge, 2013)
Cameron, Rondo. Banking in the Early Stages of Industrialization: A Study in Comparative Economic History (1967)
Cameron, Rondo et al.International Banking 1870–1914(1992)
Feis, Herbert. Europe the World's Banker, 1870–1914 (1930) online
Niall Ferguson. The Ascent of Money: A Financial History of the World(2008).
Ferguson, Niall. The House of Rothschild: Volume 2: The World's Banker: 1849-1999(2000)
Grossman, Richard S.Unsettled Account: The Evolution of Banking in the Industrialized World Since 1800
(Princeton University Press; 2010) 384 pages. Considers how crises, bailouts, mergers, and regulations have
shaped the history of banking in Western Europe, the United States, Canada, Japan, and Australia.
Hammond, Bray, Banks and Politics in America, from the Revolution to the Civil W ar (Princeton University Press,
1957)
Hudson, Peter James. "On the History and Historiography of Banking in the Caribbean." Small Axe 18.1 43 (2014):
22–37.
Jaffe, Steven H., and Jessica Lautin.Capital of Capital: Money, Banking, and Power in New York City (Columbia
University Press, 2014)
Charles P. Kindleberger – A Financial History of Western Europe ISBN 0415378672
Klebaner, Benjamin J. American commercial banking: A history(Twayne, 1990). online
Kobrak, Christopher, and Mira Wilkins, eds.History and Financial Crisis: Lessons from the 20th Century(Routledge,
2014)
Komai, Alejandro, and Gary Richardson. "A history of financial regulation in the USA from the beginning until today:
1789 to 2011." in Handbook of Financial Data and Risk Information I(2014): 385+.
Meltzer, Allan H. A History of the Federal Reserve(2 vol. U of Chicago Press, 2010).
Michie, Ranald C. British Banking: Continuity and Change from 1694 to the Present(Oxford UP, 2016) 334 pp.
online review
Murphy, Sharon Ann. Other People’s Money: How Banking Workedin the Early American Republic(2017) online
review
Neal, Larry. "How it all began: the monetary and financial architecture of Europe during the first global capital
markets, 1648–1815."Financial History Review(2000) 7#2 pp: 117–140.
Rothbard, Murray N., History of Money and Banking in the United States . Full text (510 pages) in pdf format
Soyeda, Juichi. A history of banking in Japan

External links
eabh (The European Association for Banking and Financial History)

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