Entry from British & World English dictionary
Definition of clearing bank in English:
A bank which is a member of a clearing house.
- 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.
- 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.
- It is one of the smaller clearing banks.
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