73-445: Intermediation refers to a process matching two sides of a market, such as buyers and sellers by an third party such as a broker, agent, or wholesaler. The most common example of intermediation is in the finance industry where it involves the matching of lenders with borrowers by a bank . If this matching is successful, the lender obtains a positive rate of return, the borrower receives a return for risk taking and entrepreneurship and
146-412: A bank account is considered indispensable by most businesses and individuals. Non-banks that provide payment services such as remittance companies are normally not considered as an adequate substitute for a bank account. Banks issue new money when they make loans. In contemporary banking systems, regulators set a minimum level of reserve funds that banks must hold against the deposit liabilities created by
219-549: A fake funeral during his official visit to Saena Iulia, a small military colony in Tuscia. The Roman Senate decided to punish the main culprits and to severely call the Sienese to greater respect for Roman authority. At the end of the third century the city was Christianized by Sant'Ansano , known as the "Baptizer of the Sienese", who was punished by the Roman authorities governing Siena with
292-425: A large number of small to medium-sized institutions in its banking system. As of November 2009, China's top four banks have in excess of 67,000 branches ( ICBC :18000+, BOC :12000+, CCB :13000+, ABC :24000+) with an additional 140 smaller banks with an undetermined number of branches. Japan had 129 banks and 12,000 branches. In 2004, Germany, France, and Italy each had more than 30,000 branches – more than double
365-627: A piazza of the same name, was the original headquarters and remains in possession of the Monte dei Paschi di Siena , one of the oldest banks in continuous existence in Europe. Housed in the notable Gothic Palazzo Chigi-Saracini on Via di Città is the Accademia Musicale Chigiana , Siena's conservatory of music . Other churches in the city include: The historic Siena synagogue is also preserved and open to visitors. The city's gardens include
438-416: A safe and convenient form of money backed by the goldsmith's promise to pay, allowing goldsmiths to advance loans with little risk of default . Thus the goldsmiths of London became the forerunners of banking by creating new money based on credit. The Bank of England originated the permanent issue of banknotes in 1695. The Royal Bank of Scotland established the first overdraft facility in 1728. By
511-522: A total area of 10.755 square kilometres (4.153 sq mi) for a usable agricultural area of 6.954 square kilometres (2.685 sq mi) or about 1 ⁄ 30 of the total municipal area (data ISTAT for the 2000 Agriculture Census V ). There is little manufacturing in the city. One exception is the seasonal confectionery industry, which produces local specialities including panforte , ricciarelli and cavallucci at Christmas, and pane co' santi for I Santi on 1 November and I Morti on
584-503: A typical inland Mediterranean climate. Average rainfall is 750 mm (29.5 in), with the maximum in November and the minimum in July. July is the hottest month, with an average temperature of 22.2 °C (72.0 °F), and January the coldest. The main activities are tourism, services, agriculture, handicrafts and light industry. In 2009 agricultural activity comprised 919 companies with
657-399: A variety of different ways including interest, transaction fees and financial advice. Traditionally, the most significant method is via charging interest on the capital it lends out to customers. The bank profits from the difference between the level of interest it pays for deposits and other sources of funds, and the level of interest it charges in its lending activities. This difference
730-494: A ward-centric culture from medieval times. Each ward ( contrada ) is represented by an animal or mascot and has its own boundary and distinct identity. Ward rivalries are most rampant during the annual horse race (Palio) in the Piazza del Campo. There are 17 wards (contrada): Aquila, Bruco, Chiocciola, Civetta, Drago, Giraffa, Istrice, Leocorno, Lupa, Nicchio, Oca, Onda, Pantera, Selva, Tartuca, Torre, Valdimontone. The Palio di Siena
803-587: A white band atop a dark band. Some claim the name Siena derives from Senius. Other etymologies derive the name from the Etruscan family name Saina , the Roman family name Saenii , or the Latin word senex "old" or its derived form seneo "to be old". The first known document of the Sienese community dates back to 70 AD: the Roman Senator Manlio Patruito reported to Rome that he had been ridiculed with
SECTION 10
#1732851575768876-446: Is a bank regulation , which sets a framework within which a bank or depository institution must manage its balance sheet . The categorisation of assets and capital is highly standardised so that it can be risk weighted . After the financial crisis of 2007–2008 , regulators force banks to issue Contingent convertible bonds (CoCos). These are hybrid capital securities that absorb losses in accordance with their contractual terms when
949-400: Is a Bills of Exchange Act that codifies the law in relation to negotiable instruments , including cheques, and this Act contains a statutory definition of the term banker : banker includes a body of persons, whether incorporated or not, who carry on the business of banking' (Section 2, Interpretation). Although this definition seems circular, it is actually functional, because it ensures that
1022-403: Is a list of the largest deals in history in terms of value with participation from at least one bank: Currently, commercial banks are regulated in most jurisdictions by government entities and require a special bank license to operate. Usually, the definition of the business of banking for the purposes of regulation is extended to include acceptance of deposits, even if they are not repayable to
1095-472: Is a traditional medieval horse race run around the Piazza del Campo twice each year, on 2 July and 16 August. The event is attended by large crowds, and is widely televised. Ten randomly selected from 17 Contrade (which are city neighbourhoods originally formed as battalions for the city's defence) vie for the trophy: a painted banner, or Palio bearing an image of the Blessed Virgin Mary . Over
1168-688: Is famous for its cuisine , art , museums , medieval cityscape and the Palio , a horse race held twice a year in Piazza del Campo . Siena, like other Tuscan hill towns, was first settled in the time of the Etruscans (c. 900–400 BC) when it was inhabited by a tribe called the Saina. A Roman town called Saena Julia was founded at the site in the time of the Emperor Augustus . According to local legend, Siena
1241-507: Is one of the most vital (and intangible) skills any banking system can possess. An unexpected form of entrepreneurship, and unintended consequence of microfinance initiatives, can be informal intermediation. That is, some entrepreneurial borrowers become informal intermediaries between microfinance initiatives and poorer micro-entrepreneurs. Those who more easily qualify for microfinance split loans into smaller credit to poorer borrowers. Informal intermediation ranges from casual intermediaries at
1314-431: Is referred to as the spread between the cost of funds and the loan interest rate. Historically, profitability from lending activities has been cyclical and dependent on the needs and strengths of loan customers and the stage of the economic cycle . Fees and financial advice constitute a more stable revenue stream and banks have therefore placed more emphasis on these revenue lines to smooth their financial performance. In
1387-605: The Basel Accords . Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but, in many ways, functioned as a continuation of ideas and concepts of credit and lending that had their roots in the ancient world . In the history of banking , a number of banking dynasties – notably, the Medicis , the Pazzi , the Fuggers ,
1460-705: The Federal Deposit Insurance Corporation (FDIC) as a regulator. However, for soundness examinations (i.e., whether a bank is operating in a sound manner), the Federal Reserve is the primary federal regulator for Fed-member state banks; the Office of the Comptroller of the Currency (OCC) is the primary federal regulator for national banks. State non-member banks are examined by the state agencies as well as
1533-631: The Great Depression , the U.S. Savings and Loan crisis in the 1980s and early 1990s, the Japanese banking crisis during the 1990s, and the sub-prime mortgage crisis in the 2000s. The 2023 global banking crisis is the latest of these crises: In March 2023, liquidity shortages and bank insolvencies led to three bank failures in the United States , and within two weeks, several of the world's largest banks failed or were shut down by regulators Assets of
SECTION 20
#17328515757681606-522: The Medici Bank , in 1397. The Republic of Genoa founded the earliest-known state deposit bank, and Banco di San Giorgio (Bank of St. George), in 1407 at Genoa , Italy. Fractional reserve banking and the issue of banknotes emerged in the 17th and 18th centuries. Merchants started to store their gold with the goldsmiths of London , who possessed private vaults , and who charged a fee for that service. In exchange for each deposit of precious metal,
1679-647: The Orto Botanico dell'Università di Siena , a botanical garden maintained by the University of Siena . The Medicean Fortress houses the Siena Jazz School, with courses and concerts throughout the year, and a festival during the International Siena Jazz Masterclasses. In the neighbourhood are numerous patrician villas, some of which are attributed to Baldassarre Peruzzi : Siena hosts
1752-566: The Palazzo Pubblico with its tall Torre del Mangia . This is part of the site for the Palio horse race. The Palazzo Pubblico, itself a great work of architecture, houses yet another important art museum. Included within the museum is Ambrogio Lorenzetti 's frescoes depicting the Allegory and Effects of Good and Bad Government and also some of the finest frescoes of Simone Martini and Pietro Lorenzetti . The Palazzo Salimbeni , located in
1825-563: The Renaissance by Florentine bankers, who used to make their transactions atop desks covered by green tablecloths. The definition of a bank varies from country to country. See the relevant country pages for more information. Under English common law , a banker is defined as a person who carries on the business of banking by conducting current accounts for their customers, paying cheques drawn on them and also collecting cheques for their customers. In most common law jurisdictions there
1898-958: The Risorgimento uprisings, Siena was the first city in Tuscany, in 1859, to vote in favour of annexation to the Kingdom of Italy . Siena is located in the central part of Tuscany , in the middle of a vast hilly landscape between the Arbia river valley (south), the Merse valley (south-west), the Elsa valley (north), the Chianti hills (north-east), the Montagnola Senese (west) and the Crete Senesi (south-east). The city lies at 322 m (1,056 ft) above sea level. Siena has
1971-577: The Welsers , the Berenbergs , and the Rothschilds – have played a central role over many centuries. The oldest existing retail bank is Banca Monte dei Paschi di Siena (founded in 1472), while the oldest existing merchant bank is Berenberg Bank (founded in 1590). Banking as an archaic activity (or quasi-banking ) is thought to have begun as early as the end of the 4th millennium BCE, to
2044-472: The banker receives a return for making the successful match. If the borrower 's speculative play with the funds provided by the bank does not pay off, the bank can face significant losses on its loan portfolio, and if the bank fails its depositors can lose some of their money if the deposits are not insured by a third party. The skill of identifying potential successful new entrepreneurs who can take market share off competitors or develop whole new markets
2117-469: The 12th century, is a masterpiece of Italian Romanesque – Gothic architecture . Its main façade was completed in 1380 with a nave oriented northeast–southwest. A proposed expansion of the eastern transept would have transformed the church into an ambitiously massive basilica, the largest then in the world, with an east–west nave. However, the scarcity of funds, in part due to war and the Black Death, truncated
2190-631: The 14th and 15th centuries, culminating in a series of wars known as the Italian Wars . These conflicts ultimately weakened Siena's political and economic position. From 1547 to 1552, the Spanish-installed governor of Siena was Diego Hurtado de Mendoza , until he was ousted by a Sienese revolt, which reestablished the Sienese Republic. In the Italian War of 1551–59 , the republic was defeated by
2263-474: The 15,000 branches in the United Kingdom. Between 1985 and 2018 banks engaged in around 28,798 mergers or acquisitions, either as the acquirer or the target company. The overall known value of these deals cumulates to around 5,169 bil. USD. In terms of value, there have been two major waves (1999 and 2007) which both peaked at around 460 bil. USD followed by a steep decline (−82% from 2007 until 2018). Here
Intermediation - Misplaced Pages Continue
2336-404: The 19th century, we find in ordinary cases of deposits, of money with banking corporations, or bankers, the transaction amounts to a mere loan, or mutuum , and the bank is to restore, not the same money, but an equivalent sum, whenever it is demanded and money, when paid into a bank, ceases altogether to be the money of the principal (see Parker v. Marchant, 1 Phillips 360); it is then the money of
2409-419: The 3rd millennia BCE. The present era of banking can be traced to medieval and early Renaissance Italy, to the rich cities in the centre and north like Florence , Lucca , Siena , Venice and Genoa . The Bardi and Peruzzi families dominated banking in 14th-century Florence, establishing branches in many other parts of Europe. Giovanni di Bicci de' Medici set up one of the most famous Italian banks,
2482-564: The Canossa, broke up into several autonomous regions. This ultimately resulted in the creation of the Republic of Siena . The Republic of Siena, established in the 12th century, was a vibrant and influential city-state during the medieval and Renaissance periods. Founded on principles of commerce and governance, Siena quickly became a significant player in the region's political landscape. Siena's economy thrived primarily through its wool industry, which
2555-522: The FDIC. National banks have one primary regulator – the OCC. Each regulatory agency has its own set of rules and regulations to which banks and thrifts must adhere. The Federal Financial Institutions Examination Council (FFIEC) was established in 1979 as a formal inter-agency body empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions. Although
2628-501: The FFIEC has resulted in a greater degree of regulatory consistency between the agencies, the rules and regulations are constantly changing. Siena Siena ( / s i ˈ ɛ n ə / see- EN -ə ; Italian: [ˈsjɛːna, ˈsjeːna] ; Latin : Sena Iulia ) is a city in Tuscany , Italy. It is the capital of the province of Siena . Siena is the 12th largest city in
2701-567: The UK, for example, the Financial Services Authority licenses banks, and some commercial banks (such as the Bank of Scotland ) issue their own banknotes in addition to those issued by the Bank of England , the UK government's central bank. Banking law is based on a contractual analysis of the relationship between the bank (defined above) and the customer – defined as any entity for which
2774-639: The bank agrees to conduct an account. The law implies rights and obligations into this relationship as follows: These implied contractual terms may be modified by express agreement between the customer and the bank. The statutes and regulations in force within a particular jurisdiction may also modify the above terms or create new rights, obligations, or limitations relevant to the bank-customer relationship. Some types of financial institutions, such as building societies and credit unions , may be partly or wholly exempt from bank license requirements, and therefore regulated under separate rules. The requirements for
2847-571: The bank or indirectly through capital markets . Whereas banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional-reserve banking , under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity , banks are generally subject to minimum capital requirements based on an international set of capital standards,
2920-411: The bank will not repay it), and interest rate risk (the possibility that the bank will become unprofitable, if rising interest rates force it to pay relatively more on its deposits than it receives on its loans). Banking crises have developed many times throughout history when one or more risks have emerged for the banking sector as a whole. Prominent examples include the bank run that occurred during
2993-667: The bank, and collecting cheques deposited to customers' current accounts. Banks also enable customer payments via other payment methods such as Automated Clearing House (ACH), Wire transfers or telegraphic transfer , EFTPOS , and automated teller machines (ATMs). Banks borrow money by accepting funds deposited on current accounts, by accepting term deposits , and by issuing debt securities such as banknotes and bonds . Banks lend money by making advances to customers on current accounts, by making installment loans , and by investing in marketable debt securities and other forms of money lending. Banks provide different payment services, and
Intermediation - Misplaced Pages Continue
3066-456: The banker, who is bound to return an equivalent, by paying a similar sum to that deposited with him, when he is asked for it. The goldsmith paid interest on deposits. Since the promissory notes were payable on demand, and the advances (loans) to the goldsmith's customers were repayable over a longer time-period, this was an early form of fractional reserve banking . The promissory notes developed into an assignable instrument which could circulate as
3139-704: The beginning of the 19th century Lubbock's Bank had established a bankers' clearing house in London to allow multiple banks to clear transactions. The Rothschilds pioneered international finance on a large scale, financing the purchase of shares in the Suez canal for the British government in 1875. The word bank was taken into Middle English from Middle French banque , from Old Italian banco , meaning "table", from Old High German banc, bank "bench, counter". Benches were used as makeshift desks or exchange counters during
3212-515: The business of banking for the purposes of the legislation, and not necessarily in general. In particular, most of the definitions are from legislation that has the purpose of regulating and supervising banks rather than regulating the actual business of banking. However, in many cases, the statutory definition closely mirrors the common law one. Examples of statutory definitions: Since the advent of EFTPOS (Electronic Funds Transfer at Point Of Sale), direct credit, direct debit and internet banking ,
3285-533: The capital of the issuing bank falls below a certain level. Then debt is reduced and bank capitalisation gets a boost. Owing to their capacity to absorb losses, CoCos have the potential to satisfy regulatory capital requirement. The economic functions of banks include: Banks are susceptible to many forms of risk which have triggered occasional systemic crises. These include liquidity risk (where many depositors may request withdrawals in excess of available funds), credit risk (the chance that those who owe money to
3358-512: The centuries, Siena has had a rich tradition of arts and artists. The list of artists from the Sienese School include Duccio and his student Simone Martini , Pietro Lorenzetti and Martino di Bartolomeo . A number of well-known works of Renaissance and High Renaissance art still remain in galleries or churches in Siena. The Church of San Domenico contains art by Guido da Siena , dating to
3431-483: The cheque has lost its primacy in most banking systems as a payment instrument. This has led legal theorists to suggest that the cheque based definition should be broadened to include financial institutions that conduct current accounts for customers and enable customers to pay and be paid by third parties, even if they do not pay and collect cheques . Banks act as payment agents by conducting checking or current accounts for customers, paying cheques drawn by customers in
3504-473: The church and in the subterranean baptistry are Donatello , Lorenzo Ghiberti , Jacopo della Quercia and others. The Museo dell'Opera del Duomo contains Duccio's famous Maestà (1308–11) and various other works by Sienese masters. More Sienese paintings are to be found in the Pinacoteca, e.g. 13th-century works by Dietisalvi di Speme . The Piazza del Campo , the shell-shaped town square, unfurls before
3577-399: The course of Italian and European art. The University of Siena , originally called Studium Senese , was founded in 1240, making it one of the oldest universities in continuous operation in the world. Siena was an important city in medieval Europe, and its historic centre is a UNESCO World Heritage Site , which contains several buildings from the 13th and 14th centuries. The city
3650-423: The cross-selling of complementary products. Banks face a number of risks in order to conduct their business, and how well these risks are managed and understood is a key driver behind profitability, and how much capital a bank is required to hold. Bank capital consists principally of equity , retained earnings and subordinated debt . Some of the main risks faced by banks include: The capital requirement
3723-408: The customer's order – although money lending, by itself, is generally not included in the definition. Unlike most other regulated industries, the regulator is typically also a participant in the market, being either publicly or privately governed central bank . Central banks also typically have a monopoly on the business of issuing banknotes . However, in some countries, this is not the case. In
SECTION 50
#17328515757683796-666: The division between the so-called Old State, i.e. Florence, and the New State, i.e. Siena and the southern part up to Pitigliano , with different laws and taxes. With the death of Gian Gastone de' Medici , (1737), who had no children, the Medici dynasty ended and the Grand Duchy passed into the hands of the Habsburg-Lorraine dynasty who kept it until 1799. After the Napoleonic period and
3869-426: The following day. The area has also seen a growth in biotechnology . The Centenary Institute Sieroterapico Achille Sclavo used to be Swiss-owned, operating under the company name, Novartis Vaccines. Novartis developed and produced vaccines and employed about a thousand people. In 2015, the research plant in Siena became part of Glaxo Smith Kline , as part of a deal between Novartis and this firm. Siena retains
3942-589: The funding of these loans, in order to ensure that the banks can meet demands for payment of such deposits. These reserves can be acquired through the acceptance of new deposits, sale of other assets, or borrowing from other banks including the central bank. Activities undertaken by banks include personal banking , corporate banking , investment banking , private banking , transaction banking , insurance , consumer finance , trade finance and other related. Banks offer many different channels to access their banking and other services: A bank can generate revenue in
4015-407: The goldsmiths issued receipts certifying the quantity and purity of the metal they held as a bailee ; these receipts could not be assigned, only the original depositor could collect the stored goods. Gradually the goldsmiths began to lend money out on behalf of the depositor , and promissory notes , which evolved into banknotes, were issued for money deposited as a loan to the goldsmith. Thus, by
4088-482: The good or benign end of the spectrum to 'loan sharks' at the professional and sometimes criminal end of the spectrum. Disintermediation occurs when potential lenders and borrowers interact more directly in the capital markets , avoiding the intermediation of banks. Bank A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans . Lending activities can be directly performed by
4161-529: The iconic Duomo di Siena and the Palazzo Pubblico , remains a testament to its cultural achievements during this period. During the golden age of Siena before the Black Death in 1348, the city was home to 50,000 people. Despite its cultural and economic prowess, the Republic faced external threats and conflicts, particularly from its rival Florence . The rivalry between Siena and Florence intensified throughout
4234-442: The issue of a bank license vary between jurisdictions but typically include: Banks' activities can be divided into: Most banks are profit-making, private enterprises. However, some are owned by the government, or are non-profit organisations . The United States banking industry is one of the most heavily regulated and guarded in the world, with multiple specialised and focused regulators. All banks with FDIC-insured deposits have
4307-409: The largest 1,000 banks in the world grew by 6.8% in the 2008–2009 financial year to a record US$ 96.4 trillion while profits declined by 85% to US$ 115 billion. Growth in assets in adverse market conditions was largely a result of recapitalisation. EU banks held the largest share of the total, 56% in 2008–2009, down from 61% in the previous year. Asian banks' share increased from 12% to 14% during
4380-450: The legal basis for bank transactions such as cheques does not depend on how the bank is structured or regulated. The business of banking is in many common law countries not defined by statute but by common law, the definition above. In other English common law jurisdictions there are statutory definitions of the business of banking or banking business . When looking at these definitions it is important to keep in mind that they are defining
4453-412: The main challenges faced by many Italian city-states of that period. Culturally, Siena flourished during the late Middle Ages and Renaissance , producing notable artists such as Duccio di Buoninsegna and Ambrogio Lorenzetti . These artists, along with architects and scholars, contributed to the city's rich artistic and intellectual heritage. Siena's distinctive Gothic architecture, exemplified by
SECTION 60
#17328515757684526-637: The mid-13th century. Duccio's Maestà , which was commissioned by the City of Siena in 1308, was instrumental in leading Italian painting away from the hieratic representations of Byzantine art and directing it towards more direct presentations of reality. And his Madonna and Child with Saints polyptych , painted between 1311 and 1318, remains at the city's Pinacoteca Nazionale . The Pinacoteca also includes several works by Domenico Beccafumi , as well as art by Lorenzo Lotto , Domenico di Bartolo and Fra Bartolomeo . The Siena Cathedral ( Duomo ), begun in
4599-455: The past 20 years, American banks have taken many measures to ensure that they remain profitable while responding to increasingly changing market conditions. This helps in making a profit and facilitates economic development as a whole. Recently, as banks have been faced with pressure from fintechs, new and additional business models have been suggested such as freemium, monetisation of data, white-labeling of banking and payment applications, or
4672-628: The project. Two walls of this expanded eastern transept remain; through an internal staircase, visitors can climb for a grand view of the city. The Siena Cathedral Pulpit is an octagonal 13th-century masterpiece sculpted by Nicola Pisano with lion pedestals and biblical bas-relief panels. The inlaid marble mosaic floor of the cathedral, designed and laboured on by many artists, is among the most elaborate in Italy. The Sacristy and Piccolomini library have well-preserved Renaissance frescos by Ghirlandaio and Pinturicchio respectively. Other sculptors active in
4745-590: The region by number of inhabitants, with a population of 53,062 as of 2022. The city is historically linked to commercial and banking activities, having been a major banking center until the 13th and 14th centuries. Siena is also home to the oldest bank in the world , the Monte dei Paschi bank , which has been operating continuously since 1472 (552 years ago) ( 1472 ) . Several significant Mediaeval and Renaissance painters were born and worked in Siena, among them Duccio di Buoninsegna , Ambrogio Lorenzetti , Simone Martini and Sassetta , and influenced
4818-635: The rival Florence in alliance with the Spanish crown. After 18 months of resistance, Siena surrendered to Spain on 17 April 1555, marking the end of the republic. After the fall of the Republic, a few Sienese led by the Florentine exile Piero Strozzi , not wanting to accept the fall of the Republic, took refuge in Montalcino , creating the Republic of Siena sheltered in Montalcino. It lived until 31 May 1559 when it
4891-407: The roughly paved Via Santa Caterina leading into the center of the medieval city. Siena Mobilità was a consortium established in 2005, formed by Tiemme Toscana Mobilità , Busitalia Sita Nord e ByBus , to manage the local public transport in Siena, in its province and regional service to Florence and Arezzo . From 1 January 2018 Siena Mobilità operated by virtue of the bridge contract between
4964-574: The start and finish of the Strade Bianche , a professional cycling race famous for its historic white gravel roads, called strade bianche or sterrati in Italian. More than 50 kilometres (31 miles) of the race is run over dirt roads, usually country lanes and farm tracks twisting through the hills and vineyards of the Chianti region. The finish is on the Piazza del Campo , after a steep and narrow climb on
5037-510: The test of fire and boiling oil, imprisonment and finally beheading. During the Middle Ages he was therefore named patron saint of Siena, and the day of his liturgical anniversary came to mark the beginning of the "Contrada Year". Feudal power waned, however, and by the death of Countess Matilda in 1115 the border territory of the March of Tuscany which had been under the control of her family,
5110-459: The year, while the share of US banks increased from 11% to 13%. Fee revenue generated by global investment in banking totalled US$ 66.3 billion in 2009, up 12% on the previous year. The United States has the most banks in the world in terms of institutions (5,330 as of 2015) and possibly branches (81,607 as of 2015). This is an indicator of the geography and regulatory structure of the US, resulting in
5183-551: Was betrayed by the French allies, whom Siena had always supported, concluding with the Peace of Cateau Cambrésis with Charles V , which effectively ceded the Republic to the Medici. The House of Medici , apart from the brief parenthesis of Ferdinando I , who tried to create an organized state, were not able to give a stable structure to the Grand Duchy of Tuscany , keeping almost unchanged
5256-469: Was founded by Senius and Aschius , two sons of Remus and thus nephews of Romulus , after whom Rome was named. Supposedly after their father's murder by Romulus, they fled Rome, taking with them the statue of the she-wolf suckling the infants ( Capitoline Wolf ), thus appropriating that symbol for the town. Additionally they rode white and black horses, giving rise to the Balzana , or coat of arms of Siena with
5329-730: Was renowned throughout Europe. The city's strategic location along major trade routes further bolstered its prosperity, allowing Siena to establish trade networks that extended across Europe. This economic success was supported by a well-developed banking system and a strong guild structure that regulated various trades and professions. Politically, the Republic of Siena was governed by a complex system of councils and magistrates, dominated by powerful noble families who competed for influence and control. The city's political structure evolved over time, with periodic reforms aimed at balancing power and maintaining stability. However, internal rivalries often led to factionalism and occasional civil unrest, one of
#767232