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35-578: Liberty Travel is a sister company of GOGO Worldwide Vacations, which markets vacation packages wholesale to independent retail travel agencies. In 2008, Flight Centre Ltd. , the largest travel company in Australia, acquired Liberty Travel and GOGO for $ 135 million. Liberty Travel was co-founded in 1951 by Fred Kassner and Gilbert Haroche, New York University classmates who started as a two-man operation in New York City. Initially, they focused on travel to

70-663: A biannual Financial Stability Report. The bank provides wholesale banking services to the UK Government (and to over a hundred overseas central banks). It manages the UK's Exchange Equalisation Account on behalf of HM Treasury and it maintains the government's Consolidated Fund account. It also manages the country's foreign exchange reserves and is custodian of the UK's (and others') gold reserves . The bank also offers 'liquidity support and other services to banks and other financial institutions'. Commercial banks customarily keep

105-469: A further debt facility from the Bank of England under emergency COVID-19 schemes . In 2016, Flight Centre UK was featured on Channel 4 's Dispatches in an episode called 'The Truth About Cheap Flights'. Dispatches found alleged examples of undisclosed flight mark-ups, discriminatory pricing against elderly customers, not offering refunds for refundable flights, and seat-blocking. In 2017, Flight Centre

140-504: A number of brands including Cruiseabout, Student Flights, Travel Associates, FCM Travel Solutions, Corporate Traveller, Travel Money NZ, Travel Managers Group and Executive Travel Group. Flight Centre was severely impacted by the COVID-19 pandemic , which saw an 80% decline in the company's share price (or about 85% from the August 2018 peak), cancellation of a previously announced dividend, and

175-567: A privilege for employees. Previously, the bank had maintained private and commercial accounts for all sorts of customers, including individuals, small businesses and public organisations; but a change of policy following the First World War saw the bank increasingly withdraw from this type of business to focus more clearly on its central banking role. During the Nine Years' War , the Royal Navy

210-465: A sizeable proportion of their cash reserves on deposit at the Bank of England. These central bank reserves are used by the banks to settle payments with one another; (for this reason the Bank of England is sometimes called 'the bankers' bank'). In exceptional circumstances, the Bank may act as the lender of last resort by extending credit when no other institution will. As a regulator and central bank,

245-502: A statutory regulator . The bank's headquarters have been in London's main financial district, the City of London , since 1694, and on Threadneedle Street since 1734. It is sometimes known as "The Old Lady of Threadneedle Street", a name taken from a satirical cartoon by James Gillray in 1797. The road junction outside is known as Bank Junction . The bank, among other things, is custodian to

280-411: A suspension in trading of shares from 23 March 2020 to 7 April 2020. In early 2020, Flight Centre announced that 6,000 staff would be made redundant or placed on unpaid leave globally, due to the effects of international travel restrictions in the pandemic. This included 3,800 staff in Australia. The New Zealand branch of the company made 250 employees redundant and temporarily closed 33 branches, out of

315-599: A total of 1200 employees and 140 outlets around New Zealand. In June 2020, Flight Centre announced the redundancy of a further 1500 staff. In October 2020, the company announced the closure of a further 91 stores, with several hundred further redundancies. In response to the Covid-19 pandemic, Flight Centre carried out an emergency rescue equity raising in April 2020 of $ 700 million at a price of $ 7.20 per share, or approximately 90% less than its August 2018 peak. In June 2020 it sought

350-558: A wholesale brand. It also operates StudentUniverse, FCM Travel Solutions , Corporate Traveler, ciEvents, Campus Travel, Stage & Screen, and Healthwise. The company was co-founded by Graham Turner and Geoff Harris in 1982 and began with a store in Sydney . Flight Centre South Africa opened its first retail store in Eastgate, Bedfordview, Johannesburg on 17 Dec 1994. In 1995, Flight Centre UK and Flight Centre Canada opened. In December 2015,

385-413: Is empowered to act in the event of a bank failure 'to protect the UK's vital financial services and financial stability'. Between 1715 and 1998, the Bank of England managed Government Stocks (which formed the bulk of the national debt ): the bank was responsible for issuing stocks to stockholders, paying dividends and maintaining a register of transfers; however in 1998, following the decision to grant

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420-596: Is headquartered in Brisbane , Australia. FCTG operates under multiple names in Australia, New Zealand, United States, Canada, United Kingdom, South Africa, India, China mainland, Hong Kong (China), Singapore, United Arab Emirates, and Mexico, and licenses its name in a further 80 countries. In the United States, the company operates under the Liberty Travel and Travel Associates retail brands and GOGO Worldwide Vacations as

455-734: Is missed the Governor is required to write an open letter to the Chancellor of the Exchequer explaining the situation and proposing remedies. Other than setting the base interest rate, the main tool at the bank's disposal in this regard is quantitative easing . The bank has a monopoly on the issue of banknotes in England and Wales and regulates the issuance of banknotes by commercial banks in Scotland and Northern Ireland. (Scottish and Northern Irish banks retain

490-643: Is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the English Government 's banker and debt manager, and still one of the bankers for the Government of the United Kingdom , it is the world's eighth-oldest bank . The bank was privately owned by stockholders from its foundation in 1694 until it was nationalised in 1946 by

525-544: The Attlee ministry . In 1998 it became an independent public organisation, wholly owned by the Treasury Solicitor on behalf of the government, with a mandate to support the economic policies of the government of the day, but independence in maintaining price stability. In the 21st century the bank took on increased responsibility for maintaining and monitoring financial stability in the UK, and it increasingly functions as

560-467: The Catskills and Miami . They offered vacation packages intended to be affordable to the general public. Gilbert Haroche has been called the originator of the package vacation with the company's "deluxe economy package" offered in the early 1950s. Thereafter new destinations were added one by one and the concept took off alongside the age of jet travel. Haroche expanded the stores and became responsible for

595-414: The bank rate ), which is decided by the bank's Monetary Policy Committee (MPC). (The MPC has devolved responsibility for managing monetary policy ; HM Treasury has reserve powers to give orders to the committee "if they are required in the public interest and by extreme economic circumstances", but Parliament must endorse such orders within 28 days.) As of 2024 the inflation target is 2%; if this target

630-532: The Bank of England has not offered consumer banking services for many years, but it still does manage some public-facing services (such as exchanging superseded bank notes). Until 2017, Bank staff were entitled to open current accounts directly with the Bank of England and were given the unique sort code of 10-00-00. Under the terms of the Banking Act 2009 the bank is the UK's Resolution Authority for any bank or building society judged ' too big to fail '; as such it

665-599: The Debt Management Office and custodian of its securities . Ever since its foundation in 1694, the bank had provided a retail banking service for the Government; however in 2008 it decided to withdraw from offering these services, which are now provided by a range of other financial institutions and managed by the Government Banking Service . Until 2016, the bank provided personal banking services as

700-603: The English government to borrow the £1.5m that it wanted to use to expand the Royal Navy. In 1691, William Paterson had proposed establishing a national bank as a means of bolstering public finances. As he later wrote in his pamphlet A Brief Account of the Intended Bank of England (1694): "...it was proposed some years ago that a publick transferrable Fund of Interest should be established by Parliament, and made convenient for

735-407: The UK's savers, investors and borrowers against threats to the financial system as a whole. Threats are detected by the bank's surveillance and market intelligence functions, and dealt with through financial and other operations (both at home and abroad). The majority of these safeguards were put in place in after the 2007–2008 financial crisis : In 2011 the bank's Prudential Regulation Authority

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770-404: The United States in the next five years. In 2013, they partnered with USA Today on the publication's yearly 10Best award in travel. In February 2018, Liberty Travel launched new “Home-Based” Travel Agent Brand to give travel consultants more control over their business. Flight Centre Flight Centre Travel Group (FCTG) is an Australian travel agency . It was founded in 1982, and

805-496: The annual "global" staff party to pack condoms and painkillers. During the COVID-19 pandemic , Flight Centre was criticised for withholding substantial amounts from refunds to customer when suppliers failed to provide travel services, claiming "cancellation fees". Flight Centre later changed course to avoid court action following warnings from the Australian Competition & Consumer Commission and consumers that

840-448: The bank operational independence, responsibility for government debt management was transferred to a new Debt Management Office , which also took over Exchequer cash management and responsibility for issuing Treasury bills from the bank in 2000. Computershare took over as the registrar for UK Government bonds ( gilt-edged securities or 'gilts') from the bank at the end of 2004. The bank, however, continues to act as settlement agent for

875-462: The company acquired StudentUniverse, the world's largest student and youth travel agency, and a 70% stake in BYOjet. Additionally, in 2016, the company began online travel brand Aunt Betty. Together, BYOJet and Aunt Betty operate as "low cost" Australian online travel agents, providing flights and other services at lower prices than Flight Centre's retail locations. In New Zealand, Flight Centre operates

910-408: The official gold reserves of the United Kingdom (and those of around 30 other countries). As of April 2016 , the bank held around 5,134 tonnes (5,659 tons) of gold, worth £141 billion. These estimates suggest that the vault could hold as much as 3% of the 171,300 tonnes of gold mined throughout human history. According to its strapline , the bank's core purpose is 'promoting the good of

945-412: The people of the United Kingdom by maintaining monetary and financial stability'. This is achieved in a variety of ways: Stable prices and secure forms of payment are the two main criteria for monetary stability. Stable prices are maintained by seeking to ensure that price increases meet the Government's inflation target. The bank aims to meet this target by adjusting the base interest rate (known as

980-1018: The practice was illegal. Despite this, customers waited months to receive refunds. The company faced further controversy when it was reported that customers who booked directly, rather than through Flight Centre, received refunds more quickly and without deductions, and that one in three customers still had not received refunds six months later. In December 2020, Flight Centre faced court for allegedly underpaying staff. [REDACTED] Media related to Flight Centre at Wikimedia Commons Bank of England King Charles III [REDACTED] William, Prince of Wales [REDACTED] Charles III ( King-in-Council ) [REDACTED] Starmer ministry ( L ) Keir Starmer ( L ) Angela Rayner ( L ) ( King-in-Parliament ) [REDACTED] Charles III [REDACTED] [REDACTED] [REDACTED] The Lord Reed The Lord Hodge Andrew Bailey Monetary Policy Committee The Bank of England

1015-509: The retail side of the business (Liberty Travel) whereas Fred Kassner, his founding partner, became responsible for the wholesale business, Gogo Tours, which sold packages to agencies. Notable Alumni: Steven E. Heydt. As of 1998, Liberty Travel had 200 stores in the Northeastern United States and Florida , and was the largest privately owned leisure travel chain in the U.S., with over one million customers annually. Liberty Travel

1050-507: The right to issue their own banknotes, but they must be backed one-for-one with deposits at the bank, excepting a few million pounds representing the value of notes they had in circulation in 1845.) In addition the bank supervises other payment systems , acting as a settlement agent and operating Real-time gross settlement systems including CHAPS . In 2024 the bank was settling around £500 billion worth of payments between banks each day. Maintaining financial stability involves protecting

1085-596: Was below minimum wage, and staff relied on generating profit through practices such as these in order to earn commissions. The company was the subject of an investigation by The 7.30 Report . In response to the investigation, more than 200 staff contacted the ABC to report widespread bullying, harassment, drug use and a cult -like atmosphere at Flight Centre. Also in 2018, Stuff.co.nz published copies of posters in Flight Centre offices which reminded female staff selected for

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1120-421: Was criticised for advertising that it would price match competitors and then insisting on charging a $ 49 fee when customers attempted to claim a price match. In 2018, Flight Centre was criticised for price gouging after former staff reported that the company trained employees to deliberately overcharge customers to generate profit for the company. It was also reported that the base salary of travel consultants

1155-532: Was defeated by the French Navy in the 1690 Battle of Beachy Head , causing consternation in the government of William III of England . The English government decided to rebuild the Royal Navy into a force that was capable of challenging the French on equal terms; however, their ability to do so was hampered both by a lack of available public funds and the government's low credit. This lack of credit made it impossible for

1190-536: Was established to regulate and supervise all major banks, building societies, credit unions, insurers and investment firms in the UK (' microprudential regulation '). The bank also has a statutory supervisory role in relation to financial market infrastructures. At the same time, the bank's Financial Policy Committee (FPC) was set up to identify and monitor risks in the financial system , and to take appropriate action where necessary (' macroprudential regulation '). The FPC publishes its findings (and actions taken) in

1225-528: Was featured on ABC's Nightline in September 2011 on the subject of Travel Agencies and how this business model is still relevant to today's travelers. In May 2012, Emma Jupp came on as Liberty Travel's CEO. In 2012, they opened a 10,000-square-foot (930 m) flagship store on Madison Avenue in New York City , with plans to open ten more similar storefronts as large as 8,000 square feet (740 m) around

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