Table 1. Changing UK banking sector

UK banking sector	Institutions forming the monetary sector	Institutions included within UK banks
London clearing banks		Retail banks		Retail banks
Scottish clearing banks
Northern Ireland banks
Accepting houses		Accepting houses		British merchant banks
Other British banks		Other British banks		Other British banks
Overseas banks		American banks		American banks
		Japanese banks		Japanese banks
		Other overseas banks		Other overseas banks
Consortium banks		Consortium banks
Bank of England Banking Department
Discount houses		Discount houses		Discount houses

After the enactment of the Banking Act 1979, all recognized banks and licensed deposit-takers were brought under the control of the Bank of England so that the reported number of banks increased substantially. In addition, some banks established by special legislation, known as Schedule 1 banks, were also brought under the new retail banks group largely on the basis of their retail banking functions. Since the liabilities of these banks constituted a bulk of certain monetary aggregates, the name "banking sector" was replaced by the term "monetary sector."

However, in 1989 the conversion of a large building society into bank status brought about a major break in monetary aggregate data series, making the use of the term monetary sector inappropriate. The liabilities of banks in these remaining monetary aggregates are no longer so predominant as to call the group of banks the monetary sector. The institutions in the monetary sector were renamed "banks in the United Kingdom."

As shown in Tables 1 and 2, as of the end of 2000 there were 557 banks with total assets of £1,258.5 billion. The market share of the foreign banks as a whole in terms of asset size was 56.4 percent, while that of the retail banks was 33.1 percent. Therefore the combined share of all other banks was only 10.5 percent. Now let us take a brief look at individual groups of banks.

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