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The Banking Act 1979

In: Money and the Economy: Central Bankers’ Views

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  • Lord O’Brien

Abstract

The UK is, so far as I know, the only country in the world which has for centuries had a highly developed banking system not comprehensively regulated under a Banking Act. Naturally this does not mean that regulation has been entirely absent. On the contrary, the Bank of England has for many years exercised a very effective control by informal means with the potential backing since 1946 of the provisions of the Bank of England Act. In addition, banks and related financial institutions have been subject to the provisions of various statutory requirements, notably those of the Moneylenders Acts, the Protection of Depositors Act, the Exchange Control Act and, more recently, the Consumer Credit Act. The passing of our first Banking Act in 1979 was therefore a highly noteworthy landmark in our banking history.

Suggested Citation

  • Lord O’Brien, 1987. "The Banking Act 1979," Palgrave Macmillan Books, in: Pierluigi Ciocca (ed.), Money and the Economy: Central Bankers’ Views, chapter 10, pages 197-213, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-07927-8_11
    DOI: 10.1007/978-1-349-07927-8_11
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