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Origins of the Euromarkets

In: Take Your Partners

Author

Listed:
  • Richard Roberts
  • Christopher Arnander

Abstract

Consortium banks were creatures of the Euromarkets, and it is with the rise of the Eurodollar that their story begins. Eurodollars are deposits of US dollars with commercial banks or their branches situated outside the United States of America. At the outset, the Eurodollar market was made up of banks situated in European financial centres, mainly London, but also Paris, Brussels, Luxembourg and Switzerland. These banks, which included overseas branches of US banks, bid for US dollar deposits and offered loans in US dollars. These operations were conducted at the wholesale interbank level, in large amounts.

Suggested Citation

  • Richard Roberts & Christopher Arnander, 2001. "Origins of the Euromarkets," Palgrave Macmillan Books, in: Take Your Partners, chapter 0, pages 3-15, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-59651-1_2
    DOI: 10.1057/9780230596511_2
    as

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