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National Girobank was a British public sector financial institution run by the General Post Office that opened for business in October 1968. [1] It was initially called National Giro [ 2 ] [ 3 ] then National Girobank and finally Girobank plc , before being absorbed into Alliance & Leicester in 2003.
A giro transfer, often shortened to giro (/ ˈ dʒ aɪ r oʊ, ˈ ʒ ɪər oʊ /), [1] is a payment transfer between current bank accounts and initiated by the payer, not the payee. [2] ...
He became General Manager of Liverpool-based Girobank, a national-owned bank run through the Post Office network, in 1987. [5] Girobank was taken over by Alliance & Leicester in 1990 [6] and Banks stayed on as Girobank's Director of Corporate Banking until 1996 and then managing director until 2000. [5]
Alastair Kydd Hanton OBE (10 October 1926 – 26 May 2021) was a British banker, civil servant, transport campaigner, and social entrepreneur who invented the direct debit system in 1964.
Girobank, a state owned and later privatised financial institution in the UK; GiroBank, a Danish bank (1991–1995) which through several mergers is now part of Danske Bank; name of a bank account with the Dutch Postgiro, later Postbank, now ING
Girobank was a long-term success, surviving until 2003. [47] Wilson's government presided over a rate of unemployment which was low by historic (and later) standards but did rise during his period in office. Between 1964 and 1966 the average rate of unemployment was 1.6%, while between 1966 and 1970 the average stood at 2.5%. [40]
While continuing to offer National Savings services, the (then) General Post Office, created the National Giro in 1968 (privatized as Girobank and acquired by Alliance & Leicester in 1989). Many other countries adopted such systems soon afterwards.
At the same time the government launched a new banking service, the National Girobank. The Banking Act 1976 increased the supervisory role of the Bank of England. Introduction of computing, credit cards and many new services continued to drive the expansion of banks and as deregulation was introduced competitiveness increased.