Lloyds Bank Research Articles

Corporate Transformation

Three passions have ruled the life of Brian Pitman since he became chief executive of Lloyds Bank in 1983: a hunger for shareholder value, a conviction that it is only won through customer service, and a belief in the power of performance‐related rewards to mobilize human energy.

The HSBC holdings/Midland bank takeover part two: Financial offer, valuation and stock market reaction

In Part Two of this Case Study, Paul Stonham focuses on HSBC Holdings' acquisition offer for Midland Bank. It involves the valuation of HSBC's and Lloyds Bank's offers and theoretical questions of the valuation of target companies' shares under a paper exchange. Valuation is made of the successfully-achieved HSBC/Midland enlarged group and estimates made of shareholder value before and after the takeover as well as for Lloyds Bank pre- and post-theoretical takeover. Dilution of earnings and transfer of shareholder value as a result of the takeover are interesting aspects and an evaluation is made. Finally, the reaction of the stock market to the takeover terms is interesting and provides the basis of comparison with similar large-scale acquisitions and their effect on stock market behaviour.

The HSBC Holdings/Midland Bank takeover: Part one: Strategy, tactics and logic

In 1992, the Hong Kong and Shanghai Banking Corporation successfully took over Midland Bank PLC following a non-hostile bid. It also represented the culmination of a long-term strategy on the part of HSBC Holdings. The result was the creation of the second largest non-Japanese bank in the world and the largest in the UK, measured by 1992 market capitalisation. However, the bid was strongly contested by Lloyds Bank in a counter-bid in the Spring of 1992.

LLOYDS BANK NZA LTD v NATIONAL SAFETY COUNCIL OF AUSTRALIA VICTORIAN DIVISION (IN LIQUIDATION)

LLOYDS BANK NZA LTD v NATIONAL SAFETY COUNCIL OF AUSTRALIA VICTORIAN DIVISION (IN LIQUIDATION)

Knowing assistance—a plea for help

The recent refusal by the Appeal Committee of the House of Lords to grant leave to appeal to their Lordships' House in the case of Agip (Africa) Ltd v Jackson means that an opportunity has been lost to clarify the law with regard to the liability of a third party who helps a fiduciary commit a breach of trust. The difficulty is further compounded when one bears in mind that the ultimate appeal in Lipkin Goman v Karpnale did not involve one of the original defendants, Lloyds Bank, whose liability for enabling the gambling-addicted solicitor to sustain his predilection by cashing cheques for him was considered only by Alliott J and the Court of Appeal.

BOOK REVIEWS

The Manchester SchoolVolume 59, Issue 4 p. 424-458 BOOK REVIEWS First published: December 1991 https://doi.org/10.1111/j.1467-9957.1991.tb00460.xAboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL Share a linkShare onFacebookTwitterLinked InRedditWechat Abstract Book Reviews in This Article Labour's Economic Policies 1974-79. Edited by Michael Artis and David Cobham. (Manchester, Manchester University Press, 1991, pp Applied UK Macroeconomics. By Roger Backhouse. (Oxford, Basil Black well, 1991, pp Perspectives on the History of Economic Thought. Volume VI: Themes in Keynesian Criticism and Supplementary Modern Topics. Edited by William J. Barber. (Aldershot, Edward Elgar Publishing Limited, 1991, pp The World Trading System at Risk. By Jagdish Bhagwati. (Hemel Hempstead, Harvester Wheatsheaf, 1991, pp Contemporary Issues in Applied Economics. Edited by Graham Bird and Heather Bird. (Aldershot, Edward Elgar Publishing Limited, 1991, pp A History of Macroeconometric Model-Building. By Ronald G. Bodkin, Lawrence R. Klein and Kanta Marwah. (Aldershot, Edward Elgar Publishing Limited, 1990, pp Debt, Stabilization and Development. Edited by Guillermo Calvo, Ronald Findlay, Pentti Kouri and Jorge Braga De Macedo. (Oxford, Basil Black well, 1989, pp Unregulated Banking: Chaos or Order? Edited by Forrest Capie and Geoffrey E. Wood. (Basingstoke, Macmillan Academic and Professional Ltd., 1991, pp Between History and Economics: An Introduction to Economic History. By Carlo M. Cipolla. (Oxford, Basil Blackwell, 1991, pp Cheating the Government: The Economics of Evasion. By Frank A. Cowell. (Cambridge, Mass, and London, The MIT Press, 1990, pp Economic Problems of the 1990s: Europe, the Developing Countries and the United States. Edited by Paul Davidson and J. A. Kregel. (Aldershot, Edward Elgar Publishing Limited, 1991, pp Male Bias in the Development Process. Edited by Diane Elson. (Manchester, Manchester University Press, 1991, pp European Financial Integration. Edited by Alberto Giovannini and Colin Mayer. (Cambridge, Cambridge University Press, 1991, pp The Theory of Technological Change and Economic Growth. By Stanislaw Gomulka. (London, Routledge, 1990, pp Surveys in Monetary Economics. Volume 2: Financial Markets and Institutions. Edited by C. J. Green and D. T. Llewellyn. (Oxford, Blackwell Publishers, 1991, pp Power and Economic Institutions: Reinterpretations in Economic History. Edited by Bo Gustafsson. (Aldershot, Edward Elgar Publishing Limited, 1991, pp The Management of Science. Edited by Douglas Hague. Proceedings of Section F (Economics) of the British Association for the Advancement of Science, Sheffield, 1989. (Basingstoke, Macmillan Academic and Professional Ltd., 1991, pp Monetarism and the Keynesians. Lloyds Bank Annual Review, Volume 4. Edited by Christopher Johnson. (London, Pinter Publishers Limited, 1991, pp Firm Search, Sectoral Shifts, and Unemployment: Studies on Labor Market Adjustment in Sweden. By Eugenia Kazamaki. (Stockholm, Almqvist and Wiksell International, 1991, pp Autonomy and Change: The Sources of Economic Growth. By Judith Marquand. (Hemel Hempstead, Harvester Wheatsheaf, 1989, pp Perspectives on the History of Economic Thought. Volume Three: Classicals, Marxians and Neo-Classicals. Edited by Donald E. Moggridge. (Aldershot, Edward Elgar Publishing Limited, 1990, pp The Nature of the Transnational Firm. Edited by Christos N. Pitelis and Roger Sugden. (London, Routledge, 1991, pp Industrial Districts and Inter-Firm Co-Operation in Italy. Edited by F. Pyke, G. Becattini and W. Sengenberger. (Geneva, International Institute for Labour Studies, 1990, pp Industrial Change and Regional Economic Transformation: The Experience of Western Europe. Edited by Lloyd Rodwin and Hidehiko Sazanami. (London, Harper Collins Academic, 1991, pp The Limits of Government: An Essay on the Public Goods Argument. By David Schmidtz. (Oxford, Westview Press, 1991, pp The Political Economy of Public Sector Reform and Privatization. Edited by Ezra N. Suleiman and John Waterbury. (Oxford, Westview Press, 1991, pp Public Finance in Developing Countries. By Vito Tanzi. (Aldershot, Edward Elgar Publishing Limited, 1991, pp Inequality, Poverty, and History. The Kuznets Memorial Lectures of the Economic Growth Center, Yale University. By Jeffrey G. Williamson. (Oxford, Basil Blackwell, 1991, pp European Integration: Trade and Industry. Edited by L. Alan Winters and Anthony Venables. (Cambridge, Cambridge University Press, 1991, pp Unemployment: A Problem of Policy. Analysis of British Experience and Prospects. By G. D. N. Worswick. (Cambridge, Cambridge University Press, 1991, pp Volume59, Issue4December 1991Pages 424-458 RelatedInformation

BOOK REVIEWS

Book Reviews in This Article Theory and Policy in Political Economy: Essays in Pricing, Distribution and Growth. Edited by Philip Arestis and Yiannis Kitromilides. (Aldershot, Edward Elgar Publishing Limited, 1990, pp Export‐Oriented Industrialisation: The Asean Experience. By Mohamed Ariff and Hal Hill. (London, Unwin Hyman Limited, 1988, pp The Market and the State: Government Policy Towards Business In Europe, Japan and the USA. By David B. Audretsch. (Hemel Hempstead, Harvester Wheatsheaf, 1989, pp Modern Business Cycle Theory. Edited by Robert J. Barro. (Oxford, Basil Blackwell, 1989, pp The Economic Theory of Central Planning. By John Bennett. (Oxford, Basil Blackwell, 1989, pp Themes in Value and Distribution: Classical Theory Reappraised. By Krishna Bharadwaj. (London, Unwin Hyman Ltd, 1989, pp Macroeconomics Under Debate. By Alan S. Blinder. (Hemel Hempstead, Harvester Wheatsheaf, 1989, pp British Economic Policy, 1931‐49: Was There a Keynesian Revolution? By Alan Booth. (Hemel Hempstead, Harvester Wheatsheaf, 1989, pp Macroeconomic Theory and Stabilization Policy. By Willem H. Buiter. (Manchester, Manchester University Press, 1989, pp Wrestling with Time: Problems in Economic Theory. By Martin Currie and Ian Steedman. (Manchester, Manchester University Press, 1990, pp Macroeconomic Problems and Policies of Income Distribution. Edited by Paul Davidson and Jan A. Kregel. (Aldershot, Edward Elgar Publishing Limited, 1989, pp Current Issues in Macroeconomics. Edited by David Greenaway. (Basingstoke, Macmillan Education Ltd., 1989, pp Economic Aspects of Regional Trading Arrangements. Edited by David Greenaway, Thomas Hyclak and Robert J. Thornton. (Hemel Hemp‐stead, Harvester Wheatsheaf, 1989, pp The Political Power of Economic Ideas: Keynesianism Across Nations. Edited by Peter A. Hall. (Princeton, N.J., Princeton University Press, 1989, pp The Making of Neoclassical Economics. By John F. Henry. (London, Unwin Hyman Limited, 1990, pp Current Issues in Microeconomics. Edited by John D. Hey. (Basingstoke, Macmillan Education Ltd., 1989, pp Trade Unions, Employment, and Unemployment Duration. By Bertil Holmlund, Karl‐Gustav Loufgren and Lars Engstroum. (Oxford, Oxford University Press, 1989, pp Interactions in the World Economy: Perspectives from International Economic History. Edited by Carl‐Ludwig Holtfrerich. (Hemel Hempstead, Harvester Wheatsheaf, 1989, pp Changing Exchange Rate Systems. Lloyds Bank Annual Review, Volume 3. Edited by Christopher Johnson. (London, Pinter Publishers Limited, 1990, pp The Political Economy of International Trade. Edited by Ronald W. Jones and Anne O. Krueger. (Oxford, Basil Blackwell, 1989, pp The Economics of the Short Period. By Richard Kahn. (Basingstoke, Macmillan Press Ltd., 1989, pp New Seeds and Poor People. By Michael Lipton with Richard Longhurst. (London, Unwin Hyman Limited, 1989, pp Reflections on Money. Edited by David T. Llewellyn. (Basingstoke, Macmillan Press Ltd. in association with the Economic Research Council, 1990, pp Current Issues in Labour Economics. Edited by David Sapsford and Zafiris Tzannatos. (Basingstoke, Macmillan Education Ltd., 1989, pp Mr. Srqffa on Joint Production and Other Essays. By Bertram Schefold. (London, Unwin Hyman Limited, 1989, pp Conflict and Effective Demand in Economic Growth. By Peter Skott. (Cambridge, Cambridge University Press, 1989, pp The Balance of Payments: New Perspectives on Open‐Economy Macroeconomics. By Mark P. Taylor. (Aldershot, Edward Elgar Publishing Limited, 1990, pp Investment Banking in Europe: Restructuring for the 1990s. By Ingo Walter and Roy C. Smith. (Oxford, Basil Blackwell, 1990, pp

Branch Records of Lloyds Bank: the Analysis of a Life‐Cycle

It is a measure of the problem of records control that branches of Lloyds Bank produce 30.5 million vouchers a month. On top of this is an array of wider documentation as defeating in bulk as it is complex in analysis. This paper follows the problem through the development of central control and assesses the place for the archivist in the management of documentary waste, and the benefit of his work for the historian.

BOOK REVIEWS

Book reviewed in this article: Efficiency Wage Models of the Labor Market. Edited by George A. Akerlof and Janet L. Yellen. Mergers and Acquisitions. Edited by Alan J. Auerbach. Dynamic Fiscal Policy. By Alan J. Auerbach and Laurence J. Kotlikoff. Public Intervention and Industrial Restructuring in China, India and Republic of Korea. By Amiya Kumar Bagchi. The Economics of Education and the Education of an Economist. By Mark Blaug. Monetary Chaos in Europe: The End of an Era. By Brendan Brown. The Political Economy of Central America since 1920. By Victor Bulmer‐Thomas. Exchange Rates and the Open Economy. Edited by K. Alec Chrystal and Robert Sedgwick. Unemployment, Hysteresis and the Natural Rate Hypothesis. Edited by Rod Cross. Managing Industrial Change in Western Europe. Edited by Francois Duchêne and Geoffrey Shepherd. The Slump in Europe: Reconstructing Open Economy Theory. By Jean‐Paul Fitoussi and Edmund S. Phelps. Economic Choice under Uncertainty: A Perspective Theory Approach. By J. L. Ford. The Dynamics of a Capitalist Economy: A Multi‐Sectoral Approach. By Richard M. Goodwin and Lionello F. Pmzo. Financial Deregulation: A Comparative Study of Australia and the United Kingdom. By Maximilian Hall. Surveys in the Economics of Uncertainty. Edited by John D. Hey and Peter J. Lambert. Privatization and Ownership. Lloyds Bank Annual Review. Volume 1. Edited by Christopher Johnson. The Individual in the Economy: A Survey of Economic Psychology. By Stephen E. G. Lea, Roger M. Tarpy and Paul Webley. The London and New York Stock Exchanges 1850–1914. By R. C. Michie. Economic Methodology and the Freedom to Choose. By Patrick J. O'Sullivan. Political Economy: A Synthesis of Kaleckian and Post Keynesian Economics. By Peter J. Reynolds. The Economics of François Quesnay. By Gianni Vaggi. Socialism in England. By Sidney Webb. Policy Options for the Singapore Economy. By Lim Chong Yah and Associates.

On the value of free foreign‐exchange forecasts

AbstractThe objective of this paper is to assess the value of free foreign‐exchange forecasts. Taking the exchange‐rate projections published by Lloyds Bank as an example, it is shown that there is no reason to assume that these projections consistently outperform the most easily available benchmark, the current spot exchange rate. Moreover, the returns to speculative investment based on these projections seem to be, at best, insignificant. The value of such forecasts must, therefore, be regarded as negligible.

Review: Play: ‘Exploring Hamlet'’

Review: Play: ‘Exploring <i>Hamlet'</i>’

Trends in international banking education

Whether or not we regard it as fortunate those of us in banking are working for an industry which is grappling with the challenge of change, as the banks question what business they are in or seek to be in. To quote Lloyds Bank's Annual Report for 1984: Change means opportunity as well as challenge.

Arthur MacGregor, Anglo-Scandinavian Finds from Lloyds Bank, Pavement, and Other Sites. (The Archaeology of York, 17: The Small Finds, 3.) London: Council for British Archaeology, 1982. Paper. Pp. 67–174; 47 figures, 6 tables, 2 black-and-white plates. £6.50.

Arthur MacGregor, Anglo-Scandinavian Finds from Lloyds Bank, Pavement, and Other Sites. (The Archaeology of York, 17: The Small Finds, 3.) London: Council for British Archaeology, 1982. Paper. Pp. 67–174; 47 figures, 6 tables, 2 black-and-white plates. £6.50.

Shakespeare Tragedies, especially Othello (2 March 1983), by the New Shakespeare Company, Lloyds Bank Schools Theatre Workshops, at the Round House

Shakespeare Tragedies, especially <i>Othello</i> (2 March 1983), by the New Shakespeare Company, Lloyds Bank Schools Theatre Workshops, at the Round House

The benefits of part‐time jobs

This article is an extract from a longer article published under the same title in LLOYDS BANK ECONOMIC BULLETIN, Number 45, September 1982. A copy of the bulletin can be obtained free of charge from the Group Economics Department, Lloyds Bank, 71 Lombard Street, London EC3P 3BS. In the September issue of ICT we suggested that developing a system of permanent or semi‐permanent part‐time jobs is one of the secrets of adapting to the needs of tomorrow's world. We indicated that this concept was much to be preferred to job‐splitting, with which it is closely allied, since job‐splitting is only one part of the part‐time pattern. As this Lloyds Bank article asserts, another and more important part is the special creation of part‐time jobs in their own right. We can expect many fundamental changes in the field of employment in the coming years as we adapt to the requirements of new technology and tomorrow's world. The creation of part‐time jobs is the first of these new concepts to emerge. This makes the subject one of continuing and deep concern to practitioners in the Human Resources business and this article is presented as an introduction to the topic.

Careers:

School‐leavers often find themselves ill‐equipped to deal with the new financial responsibilities which follow. Money — The Facts of Life has therefore been written by W. Reay Tolfree to provide an easy source of reference on the economics of daily life. It is published by Martin Books of Cambridge in association with Lloyds Bank. The book has already become well established as a useful basic money guide covering such topics as payslips and how to understand them, taxation, insurance, savings, supplementary benefits, opening a bank account, getting a mortgage, running a car, and budgeting for holidays. There is also a practical section on qualifying for work, including details of the Youth Opportunities Programme, the Job Search Scheme, and the Community Enterprise Programme. For this seventh edition, the book has again been updated to include all the latest available figures and the changes suggested in the 1982 Budget proposals.

INTERFERENCE WITH CONTRACTUAL RELATIONS AND EQUITABLE DOCTRINES*

The Modern Law ReviewVolume 45, Issue 3 p. 241-267 Free Access INTERFERENCE WITH CONTRACTUAL RELATIONS AND EQUITABLE DOCTRINES* Dr. Nili Cohen-Grabelsky, Dr. Nili Cohen-Grabelsky Lecturer in Law, Faculty of Law, Tel Aviv University.Search for more papers by this author Dr. Nili Cohen-Grabelsky, Dr. Nili Cohen-Grabelsky Lecturer in Law, Faculty of Law, Tel Aviv University.Search for more papers by this author First published: May 1982 https://doi.org/10.1111/j.1468-2230.1982.tb02479.xCitations: 1 ‡ Some remarks following Swiss Bank Corporation v. Lloyds Bank Ltd. [1979] 3 W.L.R. 201; [1980] 3 W.L.R. 457; [1981] 2 W.L.R. 893. AboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL Share a linkShare onFacebookTwitterLinked InRedditWechat Citing Literature Volume45, Issue3May 1982Pages 241-267 RelatedInformation

Audio Visual Reviews

SlidesBiological systems Seven packs each containing 12 colour slides and teachers' notes. Compiled by T. Forder. Price £4.10 per pack. Available from The Slide Centre Ltd, 143 Chatham Road. London SW11SBR; Clare A. Duggan, Phil Lea Judith M. Troke David Veale Tape/SlidePhotosynthesis: Energy from light A tape-slide presentation in two parts with teachers' guide. Compiled by Gray Williams Jr. Each part has 80 plastic-mounted slides and a tape cassette for 25 minutes with audible signal on one side, 1000 Hz automatic signal on the other. Price £59.00. Available in the UK from Edward Patterson Associates Ltd, 68 Copers Cope Road, Beckenham, Kent BR3 1RJ. Available in the USA with slides prepacked in two carousel magazines with an LP record in addition to the cassettes. Price $139.50. Ref. 1039–1750. From Science and Mankind Inc., White Plains, N. Y. 10603, USA; Reshid Auladin Rosy Dixon Julie Stamford Tape/SlideThe work of the World Wildlife Fund Set of 60 plastic-mounted 35 mm colour slides and a prerecorded cassette tape, with notes. Prices: slides £8.30; tape £3.00 (double-frame film-strip available at £4.15). Ref. AVP 054/60. Available from WWF/IUCN International Education Project, Greenfield House, Guiting Power, Glos GL54 5TZ. (Many of the WWF tapes can be made available in foreign language versions. Write for further information to the address above.); John A. Barker VideotapesThe blood business A videotape in colour. Running time 30 minutes. Video hire £8.20. Video sale £140. Available from Concord Films Council Ltd, 201 Felixstowe Road. Ipswich, Suffolk IP3 9BJ; P. Saunders VideotapesGenetic chance. A videotape in colour. Running time 60 minutes. Originally produced by BBC TV in 1979. Video hire £13.50. Video sale £150. Available from Concord Films Council Ltd, 201 Felixstowe Road, Ipswich, Suffolk IP3 9BJ; P. Saunders ChartsCommon British Mammals A set of six posters, one on each of Rabbit, Grey Squirrel, Hedgehog, Deer, Badger, Fox. By D. Walton and D. Barbour. Obtainable from World Wildlife Fund, Education Department, Panda House, 11–13 Ockford Road, Godalming, Surrey GU7 1QU. Distributed to schools with the aid of Lloyds Bank; K. E. J. Wiseman ChartsThe development and care of teeth T50 A colour chart with teaching notes, size approximately 100 cm by 76 cm. Price £2.85. Available from Pictorial Charts Educational Trust, 27 Kirchen Road, London W13 0UD; Julie Stamford; John A. Barker ChartsThe blood system T51 A chart, in colour, with teaching notes, size approximately 100 cm by 74 cm. Price £2.85. Available from Pictorial Charts Educational Trust, 27Kirchen Road, London Wli OUD; John A. Barker ChartsJoints T52 A chart, in colour, with teaching notes, size approximately 100 cm by 76 cm. Price £2.85. Available from Pictorial Charts Educational trust, 27Kirchen Road, London W13 OUD; John A. Barker Multi-mediaSmoking F702 Pack of materials, price £2.85. Available from Pictorial Charts Educational Trust, 27 Kirchen Road, London Wli OUD; John A. Barker

The evolution of banking technology and training

Quill pens were before my time. Technology had replaced them with steel nibs well ahead of the start of my working life in the Bank in the late 1940s. Only three months later, however, technology made a much greater impact on the work in my branch, with the installation of electric accounting machines. These came to relieve us of the laborious system of writing ledgers and statements by hand. In fact they represented simply an improved method of carrying out the same duties with some saving of manpower. Mechanised accounting had begun to be used before the war, of course; but it was not until 1957 that we could claim its use in every branch of Lloyds Bank. Only three years later we were preparing the installation of a computer to service our largest branch, and to utilise a technological development of much greater importance.

Equal Pay for Men and Women: Two Recent Decisions of the European Court

In two recent decisions the Court of Justice of the Communities (or European Court) was asked to resolve some fundamental questions on the construction and application of the principles of Community law applicable to the equal pay of men and women. In the first, Case 69/80, Worringham and Humphreys v. Lloyds Bank,l the Court was concerned with the application of those principles to an occupational pensions scheme established by a bank for its staff. In the second, Case 96/80, Jenkins v. Kingsgate (Clothing Productions) Ltd. ,2 it confronted the problem of determining whether discrimination between full-time and part-time workers was tantamount to discrimination between men and women. In