UK Acts of Parliament defining a bank as a taker of deposits and investing supervision of banks in the Bank of England. The Acts created safeguards to ensure that only proper persons should be managers, directors, or controllers of banks. The Acts also stipulate that the paid-up capital reserves of such an institution should be not less than £1 million. The only exceptions to this limit are authorized building societies, municipal and school banks, and some central or international development banks. The UK legislation was made necessary by the European Community's First Banking Directive.
Subjects: Financial Institutions and Services.