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The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the English Government 's banker and debt manager, and still one of the bankers for the government of the United Kingdom , it is the world's second oldest central bank.
Government-linked corporations play a substantial role in Singapore's domestic economy. These GLCs are partially or fully owned by a state-owned investment company, Temasek Holdings. As of November 2011, the top six Singapore-listed GLCs accounted for about 17% of total capitalization of the Singapore Exchange (SGX).
[6] [7] This marked the inception of what became a permanent or perpetual national public debt, with the Stock Exchange dealing in UK government securities. [2]: 10 The Bank of England's debt securities were issued as certificates with gilded edges. [8] The next major public debt incurred by the government was the South Sea Bubble of 1720. [8]
This triggered the first run on a UK bank in 150 years, that was ended only when HM Treasury announced, on 20 September, that the UK government would guarantee all existing Northern Rock retail deposits. The following month, the guarantee was extended to all new deposits. In February 2008, Northern Rock was taken into full public ownership.
In 2017, Business Insider came out with a list of the 18 most profitable banks in the United Kingdom while stating that the banks were now becoming profitable after facing challenges for the past few years. The top spot was grabbed by HSBC with an income of £5.49 billion followed by Lloyds with a profit of £4.04 billion. [13]
The government sold 6% of its shares on 17 September 2013 at 75p, raising £3.2 billion and reducing its stake to 32.7%. [53] The UK government then sold a further 7.8% on 26 March 2014 at 75.5p raising a further £4.2bn and reducing its stake to 24.9%. [54]
Specifically, the Act gave the Bank of England responsibility for financial stability, bringing together macro and micro prudential regulation, and created a new regulatory structure consisting of the Bank of England's Financial Policy Committee, the Prudential Regulation Authority and the Financial Conduct Authority. [4] [5]