The Sessions are held at the request of the debtors in different cities of the world.
After the collapse of the USSR, the Soviet Union bank for Foreign Economic Affairs owed the London Club a total of over 32 Bln Dollars. Under the latest decision on restructuring the Russian debt it was agreed in February 2000 that the debt would be restructured. Nearly one third of the total amount will be written of and Russia will be allowed to have a grace period of seven years, during which it will pay only reduced interest rates on the remaining sum. In return, the Russian Government undertakes the responsibility for the debt and would be considered defaulting if it fails to meet the stated conditions.
Although the London Club is not entirely a British entity the title speaks for the significance of the city of London.
The world-wide network of British banks is not directly represented on Russian market. Operations available are carried out only through the branches of British banks based in other cities of the world.
Although historically the heart of the financial services sector in Britain was located in the “Square Mile” of the City of London, and this is broadly the case now, financial institutions have moved outside the area all over the country.
The City of London is concentration of British financial power which makes London an angle of the New York-Tokyo-London triangular.
Though Great Britain is still a leading industrialized nation and a member of G7 group it real power and international influence centers around its financial activities.
1.David McDowall, Britain in close-up/Longman Singapore Publishers Pte Ltd.
2.Britain’s Banking and Financial Institutions/Reference Services, Central Office of Information, London.
Angela Fiddles, The City of London (the historic square mile).
Talking Points on Britain’s Economy/October 1999, December 1999.
Банковское дело, выпуск №12, 1998г.
Table 1 .
Net Overseas Earnings of Britain’s Financial Institutions |
Banks | 6,188
Securities Dealers | 1,658
Commodity traders. Bullion dealers and export houses. | 556
Money Market Brokers | 112
Insurance Institutions | 5,952
Pension Funds | 2,044
Unit trusts | 724
Investment Trusts | 383
Fund Managers | 425
Baltic Exchange | 292
Lloyd’s Register of Shipping | 57
Finance Leasing | 40
Non-specified institutions | 1,962
Total | 20,393
Notes in circulation. |
Value of notes in circulation end February 1996 (million) | No of notes issued by denomination in year to end February1996 (million)
1 pound | 56 | -
5 pounds | 1,067 | 336
10 pounds | 5,688 | 575
20 pounds | 8,579 | 326
50 pounds | 3,104 | 43
Other notes | 1,154 | -
Total | 19,648 | 1,280
Source : Bank of England.
Major British Banks 1995. |
Assets Liabilities (Mln pounds) | Market Capital
(Mln pounds) | Staff | Branches | Cash dispensers and ATMs
Abbey National | 97,614 | 10,765 | 16,300 | 678 | 1,267
Bank of Scotland | 34,104 | 4,095 | 11,300 | 411 | 463
Barclays | 164,184 | 18,407 | 61,200 | 2,050 | 3,020
Lloyds TSB | 131,750 | 25,496 | 66,400 | 2,858 | 4,346
Midland | 92,093 | 39,658 | 43,400 | 1,701 | 2,282
Westminster | 166,347 | 13,548 | 61,000 | 2,215 | 2,998
Royal Bank of Scotland | 50,497 | 4,750 | 19,500 | 687 | 1,009
Standard Chartered | 38,934 | 7,757 | 1,100 | 1 | -
Major Banks lending to British Residents December 1995.
Largest Building Societies.
Rank by Group Assets | Rank After Flotations and Mergers in 1977 | Group Assets (million pounds)
1. Halifax. | - | 98,655
2. Nationwide. | 1 | 35,742
3.Woolwich | - | 28,005
4. Alliance & Leicester | - | 22,846
5. Bradford & Bingley | 2 | 15,658
6. Britannia | 3 | 14,916
7.National & Provincial | - | 14,133
8.Northern Rock | - | 11,559
9.Bristrol & West | - | 8,589
10. Birmingham Mdshires | 4 | 6,725