Bank facts & stats

Question 1

What is the money a bank pays you for keeping savings with it usually called?

Accepted Answer

Interest. Interest is a payment for the use of money, calculated as a percentage of the balance.

Question 2

What is a country's main bank, which issues currency and sets key interest rates, called?

Accepted Answer

A central bank. Central banks such as the Bank of England issue currency and manage a nation's monetary policy.

Question 3

In what year was the Bank of England founded?

Accepted Answer

1694. The Bank of England was founded in 1694, originally to raise money for the government.

Question 4

What does IBAN stand for?

Accepted Answer

International Bank Account Number. An IBAN is a standard format for identifying bank accounts, used for payments across borders.

Question 5

In what year was the US Federal Reserve System created?

Accepted Answer

1913. The Federal Reserve Act of 1913 created the Federal Reserve as the central bank of the United States.

Question 6

Which bank, founded in Siena in 1472, is widely cited as the oldest bank still in operation?

Accepted Answer

Monte dei Paschi di Siena. Banca Monte dei Paschi di Siena was founded in 1472; the famous Medici Bank closed in the 1490s.

Question 7

In which ancient civilization did temples and palaces make some of the earliest known loans of grain and silver?

Accepted Answer

Mesopotamia. In ancient Mesopotamia temples lent grain and silver, and the Code of Hammurabi set rules for such loans.

The basics