Definition of clearing bank in English:

clearing bank

noun

British
  • A bank which is a member of a clearing house.

    • ‘Much of the recommendations have been acted upon, and in the UK, the Financial Services Authority, Bank of England and clearing banks have all co-operated to raise standards of internal controls and compliance.’
    • ‘It is one of the smaller clearing banks.’
    • ‘That has always been the situation with the universal banks of jurisdictions like Germany, but in England the clearing banks and merchant banks were for over a century institutionally separate.’
    • ‘The clearing banks make tens of millions of pounds every year from these delays.’
    • ‘The banking network in the UK is the result of years of evolution by the four main clearing banks.’
    financial institution
    View synonyms

Pronunciation:

clearing bank

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