Bank of England are different from other banks' customers

Bank of England are different from other banks' customers "class =" alignleft "/> There are three most important groups of customers: 1. Commercial clearing banks. All the clearing banks have accounts at the Bank of England. In the operations of the clearing account used by clearing banks at the Bank of England. These banks are obliged to keep a certain amount in the account, and have no right to exceed it. (All banks operating in the UK, containing 0.35% of the amounts of their deposits in the account (deposit) in the Bank of England) This regulation reserves and provides the main source of income of the Bank of England. 2. Other central banks have an account and keep the gold in the Bank of England and can conduct business in London through the Bank of England. 3. UK Government keeps the accounts in the Bank of England, therefore, charges and taxes in the budget and payments from the budget for social services are conducted through the accounts of the Bank of England. Bank of England has formal independence from the government, while working under the guidance of the Ministry of Finance. Topic: Banking systems | Tags: Banking System