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now stands. In 1827 the bank was converted into the Isle of Man Joint Stock
Banking Company which had a capital of £50,000 in £5 shares. A bonus of £2,500 was given for the transfer with Edward Forbes appointed as manager. Whether Forbes Bank was solvent at the time of its conversion into the Joint
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and carried on trading until 1818. A feature of Manx life at that time was a profusion of bank notes in circulation issued by tradesmen for small amounts and an Act to control note issues was passed in 1817. Five bank licences were issued under this law. The archives deposited in the Rolls Office
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by a manager, whose method was the circulation of fraudulent bills. A bitter controversy on the management and the method of liquidation is reflected in the newspapers of the time. At the failure, the Bank was liable on notes £14,000; unpaid drafts, £6000; and deposits, £45,000. Its advances were
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reveal the fact that in 1817 five banks were authorised to transact banking business and issue notes in the Island, among them being John and
Alexander Spittall, Gawne and McWhannell, Forbes Bank, and the better known
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Forbes Bank was established from the banking firm of Wulff and Forbes and opened in 1826. The bank's premises were situated on the site of where
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Presently there is a new bank on Isle of Man named Forbes Bank with a chartered capital of 1.7 Billion dollars. />
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were an integral part in trading as far back as the 12th
Century, banking was unknown on the
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Its greatest indebtedness seems to have been to its London agents, some £70,000 to £80,000.
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The failure of Forbes Bank caused acute misery and suffering on the Isle of Man.
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is rife with incompetence and mismanagement. Whilst the earliest banks in
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The undertaking ended disastrously in 1843. The cause was an extensive
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and destitution for many of the inhabitants of the Island.
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185:£62,000, and securities lodged against notes £15,000.
961:19th-century disestablishments in the Isle of Man
328:Commercial and retail banks in the United Kingdom
172:Stock Banking Company is a matter of conjecture.
146:The earliest Manx bank began business in 1802 at
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261:"pp1-16 The Manx Sun History of Dumbell's Bank"
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143:until the beginning of the 19th Century.
951:British companies disestablished in 1843
936:Economic history of the United Kingdom
906:1826 establishments in the Isle of Man
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901:British companies established in 1826
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131:The early history of banking on the
235:Friday, February 12, 1937; Page: 10
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882:Manx Banking. By Pilcher G. Ralfe.
290:Tuesday, January 17, 1961; Page: 3
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956:1843 disestablishments in England
916:Defunct banks of the Isle of Man
534:National Savings and Investments
911:1826 establishments in England
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793:Cambridge & Counties Bank
337:Banking in the United Kingdom
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7:
10:
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871:
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896:Banks established in 1826
860:UK Government Investments
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767:Arbuthnot Latham & Co
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539:UK Government Investments
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288:Isle of Man Daily Times.
926:Former investment banks
478:Holt's Military Banking
169:Douglas Railway Station
163:Formation and operation
613:Allied Irish Bank (GB)
466:Royal Bank of Scotland
150:. It was known as the
635:The Co-operative Bank
233:Isle of Man Examiner.
798:Close Brothers Group
424:Birmingham Midshires
410:Lloyds Banking Group
946:Accounting scandals
858:Partially owned by
823:Rothschild & Co
544:UK Asset Resolution
20:
931:History of banking
921:Corporate scandals
707:Standard Chartered
527:Wholly state-owned
28:Financial services
18:
868:
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816:Kleinwort Hambros
787:C. Hoare & Co
758:Other commercial
692:Secure Trust Bank
393:HSBC Private Bank
97:
96:
968:
780:Butterfield Bank
773:Bank and Clients
727:Unity Trust Bank
697:Sainsbury's Bank
554:Challenger banks
488:Isle of Man Bank
472:Messrs. Drummond
460:Coutts & Co.
419:Bank of Scotland
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152:Isle of Man Bank
108:Crown dependency
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737:Clydesdale Bank
625:Bank of Ireland
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498:Santander Group
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366:
361:Barclays Wealth
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265:isle-of-man.com
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106:in the British
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842:Big Four banks
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742:Yorkshire Bank
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702:Shawbrook Bank
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608:AIB Group (UK)
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941:Bank failures
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852:are shown in
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850:private banks
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804:Duncan Lawrie
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749:Wesleyan Bank
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687:Reliance Bank
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667:Kent Reliance
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657:Handelsbanken
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598:Al Rayan Bank
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572:Starling Bank
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445:NatWest Group
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373:HSBC Holdings
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355:Barclays Bank
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83:Edward Forbes
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877:Bibliography
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732:Virgin Money
717:Triodos Bank
672:Kingdom Bank
591:Other retail
518:Santander UK
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399:M&S Bank
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387:HSBC UK Bank
382:First Direct
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268:. Retrieved
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157:Holmes' Bank
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99:
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64:Headquarters
15:
810:J.P. Morgan
760:and private
647:Danske Bank
577:Tandem Bank
512:Cater Allen
483:Ulster Bank
434:Lloyds Bank
270:4 September
182:defalcation
141:Isle of Man
133:Isle of Man
112:Isle of Man
100:Forbes Bank
72:Isle of Man
19:Forbes Bank
890:Categories
846:underlined
829:Weatherbys
712:Tesco Bank
677:Metro Bank
662:Hodge Bank
203:References
148:Castletown
116:bankruptcy
79:Key people
652:easyMoney
603:Aldermore
562:Atom Bank
192:Aftermath
722:TSB Bank
618:AIB (NI)
346:Barclays
88:Products
24:Industry
872:Sources
854:italics
682:Paragon
454:NatWest
429:Halifax
176:Failure
137:England
127:Origins
122:History
110:of the
92:Banking
68:Douglas
54: (
49:Defunct
39: (
34:Founded
506:Cahoot
102:was a
640:Smile
630:Chase
567:Monzo
848:and
844:are
582:Zopa
272:2017
104:bank
56:1843
52:1843
41:1826
37:1826
892::
280:^
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240:^
211:^
159:.
70:,
320:e
313:t
306:v
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58:)
43:)
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