By Charles R. Geisst (auth.)
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Additional info for A Guide to Financial Institutions
The Scottish banking system is dominated by three clearers at present. 7 The major difference between the Scottish and the English systems is that the Scottish clearers retain the right of note issue. Although the amount of notes they can actually create and circulate is limited, this function nevertheless makes them distinct, although in fact for every note created within their system they must effectively hold a Bank of England note In reserve. The other feature peculiar to the Scottish system is that it uses the London clearing banks as its own depository for working cash balances and keeps little on deposit at the Bank of England.
Generally speaking, primary reserves are those cash assets held by a bank to meet its official requirements. Whether or not these assets are able to earn a rate of interest depends upon the monetary authority setting the rules for the banking system. For instance, reserves required by the Federal Reserve of its member banks are held as interest-free cash deposits at the Federal Reserve Bank for the region in which the particular commercial bank is located. In times of high interest rates especially, these idle reserves represent opportunity losses, given that otherwise they might be held in Treasury bills yielding a market rate.
The closest type of rate would be that on call money; the rate charged on funds by banks to the discount houses. When the banks find themselves short they may call the money in, so effectively the rate at which reserves trade, and are called, is ultimately controlled by the Bank of England. This call money is more similar to federal funds trading in the United States than it is to the discount rate. 6 The fourth general tool of monetary policy is known as 'jawboning' or moral suasion. This is an unofficial method whereby a central bank makes its feelings known to commercial banks without resorting to official monetary policy.
A Guide to Financial Institutions by Charles R. Geisst (auth.)