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By Gary Burn (auth.)

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This is a far more important factor, suggesting even, that in the process of switching from sterling to dollar credits, the merchant banks were tapping into a much larger pool of capital with which to fund their business, which in itself was a stimulant to an expansion of international trade. 20 A loss of both prestige and confidence in sterling could then be expected to follow any ban. This is important, for given, as the Banker pointed out in 1958, merchant banks were extremely vulnerable ‘at times of a general ebbing of foreign confidence in sterling’, then the 1957 restrictions could be expected to have had a detrimental effect on all trade financed in sterling, not just that of 28 The Re-Emergence of Global Finance the non-Sterling Area.

G. 5 per cent bearer bonds due in 15 years on behalf of the Italian motorway operator Autostrade (Concessioni e Costruzioni Autostrade), and guaranteed by the Instituto per la Rivostruzione Industriale (IRI), an Italian state-owned industrial and financial holding company, although, the actual recipient of the money was FINSIDER, another of IRI’s subsidiaries. The subscription agreement had been originally made on 14 January, signed on 1 July, in Holland, and the bonds were delivered to the purchasers at the Banque Internationale in Luxembourg after payment, on 17 July.

Yet, while it goes into great detail of how the market operated, once again, it omits to identify the banks or the bankers operating in it, as does Gordon Richardson (1966: 7), a future Governor of the Bank, who explained that the ‘London merchant banks have played a major part in this development’. Grady and Weale (1986: 132) also claim that the accepting houses played ‘a leading role’ in the creation of the new markets, as does Geddes (1987: 133). Kellett (1967: 68) goes further. He maintains that Eurodollars ‘were thought up by the London merchant bankers’, and Steinberg (1976: 150) and Channon (1988: 6–7) assert much the same.

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