One of the mysteries of the English language finally explained.
A bank which is a member of a clearing house.
financial institutionView synonyms
- ‘The banking network in the UK is the result of years of evolution by the four main clearing banks.’
- ‘It is one of the smaller clearing banks.’
- ‘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.’
- ‘The clearing banks make tens of millions of pounds every year from these delays.’
- ‘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.’
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