The UK Banking System - Essay Example

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The UK Banking System

Many of these do not have a physical presence in the UK but can accept deposits on a cross-border basis. Assets and liabilities of the UK banking sector reached 4,165bn at the end of 2003, nearly three times the 1993 total. Although their share decreased somewhat during the past decade, foreign banks still held over half of UK banking sector assets in 2003. European banks accounted for nearly a half of this, followed by US and Japanese banks (Delta Quest Network, 2005).
Bank of England is responsible for maintaining overall stability of the financial system as a whole. Since its responsibilities for supervising individual banks were transferred to the FSA, the financial stability role of the Bank has been to focus on identifying and limiting systemic financial risk. This involves close monitoring of the financial system infrastructure, particularly payments systems. The Bank also monitors economic and financial market developments, as part of an overview of the system as a whole.
Now-a-days, the main focus of most of the banks is on risk management primarily on reputational, regulatory, operational and strategic risk, as well as the more traditional credit and market dimensions of risk. ...Show more

Summary

The UK banking sector is the third largest in the world after the US and Japan. In addition to having one of the largest commercial banking industries, the UK is also a major international centre for investment and private banking. The UK banking sector's strong international orientation is reflected in the substantial foreign presence and sizeable assets of foreign banks in London.
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