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09 21st, 2009 |
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As early as the 17th century, Britain has been recognized as a key player in international banking. Even today, the country’s capital London has almost all the world’s leading financial institutions represented there. The Bank of England is known to be the longest competent bank then, and like other early English banks, it used to be privately owned rather than stock-issuing.
Through stock-issuing firms in the early 1800’s, the English banking industry has been stabilized. Stock-issuing banks, with larger capital base, battled the failures caused by other...