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- Title
The demise of Overend Gurney.
- Authors
Sowerbutts, Rhiannon; Schneebalg, Marco; Hubert, Florence
- Abstract
The article offers information on the failure of the large discount bank Overend Gurney in London, England in 1866. Topics mentioned include the suspension of payment that led to financial panic which was named "Black Friday," the refusal of Bank of England to give assistance but refinanced the banks and brokers from its own reserve, and the inspiration of the lender of last resort principle by businessman Walter Bagehot.
- Subjects
OVEREND Gurney (Company); BUSINESS failures; BLACK Friday (Retail trade); BANK of England; FINANCIAL institutions; BAGEHOT, Walter, 1826-1877
- Publication
Bank of England Quarterly Bulletin, 2016, Vol 56, Issue 2, p87
- ISSN
0005-5166
- Publication type
Article