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Attitudes of THE UK population towards the banks and the banking crisis : Client: FSA ( Financial Services Authority) - Essay Example

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Attitudes of THE UK population towards the banks and the banking crisis : Client: FSA ( Financial Services Authority)

The present financial meltdown offered an opportunity for the central banks to act as protectors on the monetary system. However, the policymakers together with journalists do not take the role of bank seriously in stabilizing the economy and offering a platform for growth in future. Some economists cite the money supply’s nationalistion as a cause of the cycles of business. There are two major schools of thought opposing the present practice of the central banking. A hundred percent reserve banking authorizes that full amount of every funds of depositors is available in the reserve; that is as cash or even other assets that are highly liquid, each time the depositor had the authority of withdrawing them on demand, such as a current account (McGivern, 2009). This would actually do away with or at least reduce to some great extent, the finial risks that are associated with the bank, as all the money that is required to pay the depositors all the times would be in the banks’ reserves. In addition, this kind of banking would do away with the need for a lender of last option; for instance a central bank, which is usually required to support the system of banking during periods of systemic danger or even economic contagion. According to the free banking, it is the politicization and monopolization of the supply of money that being about economic instability and nothing erratic or immoral is per se if the banks produce their own currencies following competition and the danger of insolvency. The public perceptions as regards banking and the financial crisis is important as much of the discussions between the two viewpoints is on an empirical contention regarding the level at which the general public acknowledge that the demand deposits are lent out by the commercial banks as loans. When we take a look at the hundred percent reserve position, we find that the development towards the fractional reserve loaning took place via legal plunder and scam. In the viewpoint of the free banking, it is due to the fact that the banks have given response to the clients’ desires or wishes for instant access funds that have a positive rate of interest. Until presently, this has been on the basis of assertions. The aim of this study is mainly to obtain some preliminary empirical evidence as regards the attitude of the general public towards the banks in the United Kingdom and the financial crisis. Research objectives The thesis of this research has some specific objectives which are mentioned below: To examine the potential of banks in the United Kingdom. To examine the present or available financial practices of the United Kingdom population such as: Current accounts; they are in need of the current accounts for the purposes of their daily operations in which they receive funds such as benefits, wages, pensions and they make payments of utility bills via direct debits and many more (Proctor, 2008). Personal financial accounts; the people of the United Kingdom need to borrow the funds for their individual financial needs. They require the money for purchasing vehicles, personal and consumer loans, mortgages and home finance, and household appliances. Business finance; it is true that the business community require funds for the purposes of investment. The British people needs the development of properties, setting up of new businesses, expanding the available ones, purchasing of the stock for the warehouses as well as shops, purchasing the very costly medical equipment in the hospitals. To examine the way ...Show more


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Attitudes of THE UK population towards the banks and the banking crisis : Client: FSA ( Financial Services Authority) essay example
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