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clearing bank

   Also found in: Wikipedia 0.01 sec.
clearing bank
n
(Economics, Accounting & Finance / Banking & Finance) (in Britain) any bank that makes use of the central clearing house in London for the transfer of credits and cheques between banks


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Byline: By Paul Sinclair SCOTLAND'S clearing banks last night warned that hundreds of cash machines and branches face closure.
The Working Group, formed by the Board after the September 11, 2001, terrorist attacks in New York City, recommended nine steps to mitigate risks to the financial system from the interruption or termination of the services of a clearing bank as the result of either operational or non-operational problems.
A decision is thought to be only days away, although the Sunday Telegraph said HBOS would look to position itself as a powerful rival to the big four clearing banks ( HSBC, Royal Bank of Scotland, Barclays and Lloyds TSB ( if it did bid.
 
 
 
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