TAILIEUCHUNG - Australia’s Banking Industry

But the grandest experiment upon the system of Mr. Law, was tried in France. During the minority of Louis XV. while France was governed by the regent duke of Orleans, Mr Law went to Paris. He established a bank there in 1717, under a patent from the king. This bank, upon its first establishment, assumed the modest title of the Bank of Law and company. It issued bank- notes, the first ever seen in France; and as the bank was careful to sustain its credit, and to meet all its engagements with promptitude and alacrity, those notes soon obtained an extensive circulation. In December 1718, an act of council. | Australian Government Australian Trade Commission Australia UNLIMITED Date May 2011 Disclaimer This publication has been prepared as a general overview of the Banking Industry in Australia and does not constitute and is not intended to constitute financial product advice as defined under the Corporations Act 2001 Cwth . Nothing in this document should be construed as a recommendation or statement of opinion intended to influence a person in making an investment decision. The information is made available on the strict understanding that the Australian Trade Commission Austrade is not providing professional advice. While all care has been taken in the preparation of this publication Austrade expressly denies liability for any loss or damage of any nature including but not limited to any errors or omissions arising out of or connected with reliance on the contents of this publication. Any person relying on this publication does so entirely at their own risk. Austrade strongly recommends that the reader obtain independent professional advice prior to making any investment decision. Austrade s role in the promotion of Australian trade includes facilitating engagement by Australian financial services exporters in markets outside Australia. Austrade is not a promoter of any financial services products or investments and does not provide investment advice. Austrade assumes no responsibility however so arising for any company product or service mentioned in this document nor for any materials provided in relation to such products nor for any act or omission of any business connected with such products. Investors should always make their own enquiries as to whether an investment is appropriate for their needs and should consult an independent and licensed advisor. Contents Executive Summary 5 Other regulatory agencies 45 Australia s Banking Industry 6 Summary of available operating models 46 Market Participants 9 Overview 46 Banks 9 Australian Credit Licence 46 Credit .

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