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Week 7 - The Bank of Canada: Financial Institutions, Laws and Policies in Canada [p1]

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Administrative Studies
ADMS 1010
Yong Troy

Week 7The Bank of Canada Financial Institutions Laws and Policies in Canada ADMS 1010TroyPart IHistory of BankingBanks have been around for thousands of years Such activities such as providing loans taking deposits and changing money have been done at banks since ancient Greece The modern system of banking can be traced to Italy in the middle ages International trade could not have occurred without the banksKnights Orders like the Templars and the Hospitallers acted as bankers to finance the Crusades Money could be deposited at one of their castles and a note was given to be redeemed to another eliminating the need to carry money with youFurther developed in the Netherlands when goldsmiths would take in gold coins and issue notes based on the value of the coins People could also issue notes to other allowing them to be paid from their reserves This was the birth of the cheque Because these notes were not all redeemed at the same time and returned to the goldsmiths to receive the coins deposited with them they would then in turn loan out
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