Bank of Scotland Logo – The Bank of Scotland plc is a commercial bank and clearing, based in Edinburgh, Scotland. With a history dating from the seventeenth century, is the oldest bank still survives in what is now the United Kingdom and is the only commercial institution created by the Scottish Parliament there yet. He was also the first bank in Europe which printed its own paper money. While the Bank of Scotland has no functions and central bank, continues to print its own sterling, together with two other Scottish commercial banks, under legal agreements that allow some UK banks to issue currency.
Since September 10th of 2001, Bank of Scotland became part of HBOS following the merger with Halifax (former Halifax Building Society). The Bank of Scotland has a 50% of Sainsbury’s Bank, with Sainsbury’s the owner of the other half. On September 17th of 2007, the Regulator and the Company of Bank of Scotland became Bank of Scotland in a corporation as part of the Reorganization Act of the HBOS Group, approved by the UK Parliament.
The Bank of Scotland was founded by Act of Parliament of Scotland from July 17 of 1695, while the law to build and launch functions are given in February 1696. Although it was established shortly after the Bank of England (1694), Bank of Scotland was a very different institution. If the Bank of England was established specifically to finance the government’s defense spending English, Bank of Scotland was created by the Scottish Government to support the economy of Scotland and was forbidden to lend to the government without parliamentary approval. Foundational law granted the bank a monopoly in the banking Scottish public for 21 years, allowed the banks directors will collect a nominal capital of £ 1,200,000 pounds Scots (£ 100.000 pounds), gave shareholders limited liability and the final clause (repealed in 1920) commanding that all the owners (shareholders) were foreign-born naturalized Scots “for all intents and purposes they want.” John Holland, an English, was one of the founders of the bank. Its first chief accountant was George Watson.