Banks of England, Ireland, and Scotland

Founded in 1694, the Bank of England was a private company, the first to offer services in England. By the 19th cent. it had become the central bank and currency manager for the state. In 1946 it was taken into public ownership.

The Bank of Ireland was created by legislative charter of the Irish Parliament in 1783. Although it dominated banking in Ireland during its first half-century, its position was never that of a central bank. It continues to function as a commercial bank.

The Scottish Parliament in 1695 licensed a partnership to establish the Bank of Scotland with the intention of providing coherence for the finances in Scotland. After the Act of Union in 1707 the Scottish financial system was linked to that of England although the Bank of Scotland together with other Scottish banks retains the right to issue its own banknotes.