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The Accepting Houses

In: British Banking, 1960–85

Author

Listed:
  • John Grady
  • Martin Weale

    (Department of Applied Economics and Clare College)

Abstract

The membership of the Accepting Houses Committee has undergone several changes in recent years. Members must be at least 50 per cent British owned and be based in the City of London. The committee is not a formal body in the sense that there are no rules which a bank has to accept if it wishes to apply to become a member. Its members are expected to have a substantial business in acceptances which command the finest discount rates and are eligible for re-discounting at the Bank of England. Under the informal system which is so prevalent in the City of London, the Bank of England would be expected to be consulted before new members were admitted to membership of the committee. Since the end of the Second World War, six banks have been invited to join the Committee: Antony Gibbs (later forced to resign when the bank was taken over by the Hong Kong and Shanghai Banking Group); S. Japhet; S. G. Warburg; Arbuthnot, Latham (which was taken over by a consortium of foreign banks in 1982 and resigned then); Rea Brothers and Robert Fleming. It seems unlikely that many new members will join the Committee although Robert Fleming was not admitted until 1980. All the members are also members of the Issuing Houses Association and, were, during the period of exchange control, authorised foreign exchange dealers.

Suggested Citation

  • John Grady & Martin Weale, 1986. "The Accepting Houses," Palgrave Macmillan Books, in: British Banking, 1960–85, chapter 5, pages 94-113, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-07535-5_6
    DOI: 10.1007/978-1-349-07535-5_6
    as

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