The Nearly Complete and Utter History and Future of Banking (2ww-39064)

Ancient Greece provides evidence of banking with Greek temples and some private and civic entities, conducting financial transactions such as loans, deposits and currency exchange. Credit also existed whereby a moneylender in one Greek port would write a credit note for the client who could "cash" the note in another place. There are records of loans from the 18th century BC in Babylon that were made by temple priests to merchants. Effectively the world's first ever banks were the religious temples which were the absolute centres of the respective communities.

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Charging interest on loans and paying interest on deposits became more highly-developed and competitive in secular Ancient Rome - 'secular' is important to note as the major religions of the day considered the charging of interest to be immoral. The expansion of trade and commerce, especially into Europe, facilitated the need for the increasing provision of financial services.

In Britain, the modern age of banking began in 1640 when King Charles I, needed cash to pay the English army that was being raised to fight against Scotland, seized the gold bullion that many merchants and nobles had placed in the Tower of London for safe-keeping. The 2nd Bishop's War soon ended the British Parliament returned the bullion back to its owners.

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Following the Bishops war in 1642, further warfare broke out with the Great Civil War between the King and Parliament. London was considered the stronghold of Parliament and was the safest city in the Kingdom. This meant led to mistrust of the government and people who did not wish to have their bullion seized by one side or the other placed their gold in the hands of goldsmiths in the city, who naturally had their own methods of safe-keeping.

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In Britain Goldsmiths were considered the first private bankers. When depositors banked their gold they received 'goldsmith's notes'. These notes essentially were the first bank notes. People were willing to accept payment by these notes as they knew they backed 100% by a deposit of gold.

Current and future developments in banking are linked to the world-wide-web and a vast expansion of trade and commerce which have given rise to an emerging form of banking. Internet communities, functioning similarly to ancient communities, have been established to connect lenders and borrowers. Their aim is to cut out the banks. However looking at the size of lends in these communities and the lack of more complex lending ability or products we are confident that banks and banking staff will remain as important as ever far into the future.

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