90-660: The United States Senate Committee on Banking, Housing, and Urban Affairs (formerly the Committee on Banking and Currency), also known as the Senate Banking Committee , has jurisdiction over matters related to banks and banking, price controls , deposit insurance , export promotion and controls, federal monetary policy , financial aid to commerce and industry, issuance of redemption of notes, currency and coinage, public and private housing, urban development , mass transit and government contracts. The current chair of
180-439: A humid subtropical climate ( Cfa ), tending to Mediterranean ( Csa ). It has hot summers with moderate or light rainfall and cool, damp winters. As Florence lacks a prevailing wind, summer temperatures are higher than along the coast. Rainfall in summer is convectional , while relief rainfall dominates in the winter. Snow is rare. The highest officially recorded temperature was 42.6 °C (108.7 °F) on 26 July 1983 and
270-697: A secundogeniture of the Habsburg-Lorraine dynasty, who were deposed for the House of Bourbon-Parma in 1801. From 1801 to 1807 Florence was the capital of the Napoleonic client state Kingdom of Etruria . The Bourbon-Parma were deposed in December 1807 when Tuscany was annexed by France . Florence was the prefecture of the French département of Arno from 1808 to the fall of Napoleon in 1814. The Habsburg-Lorraine dynasty
360-516: A Roman city, and later, after a long period as a flourishing trading and banking medieval commune , it was the birthplace of the Italian Renaissance . It was politically, economically, and culturally one of the most important cities in Europe and the world from the 14th to 16th centuries. The language spoken in the city during the 14th century came to be accepted as the model for what would become
450-412: 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
540-409: 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 is a Bills of Exchange Act that codifies
630-452: 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 the 3rd millennia BCE. The present era of banking can be traced to medieval and early Renaissance Italy, to
720-577: A fair sector of Florence's economy. The city's income relies partially on services and commercial and cultural interests, such as annual fairs, theatrical and lyrical productions, art exhibitions, festivals and fashion shows, such as the Calcio Fiorentino . Heavy industry and machinery also take their part in providing an income. In Nuovo Pignone, numerous factories are still present, and small-to medium industrial businesses are dominant. The Florence-Prato-Pistoia industrial districts and areas were known as
810-425: 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
900-643: 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 the Renaissance by Florentine bankers, who used to make their transactions atop desks covered by green tablecloths. The definition of
990-613: A legitimization of political expediency and even malpractice. Machiavelli was a political thinker, renowned for his political handbook The Prince , which is about ruling and exercising power. Commissioned by the Medici, Machiavelli also wrote the Florentine Histories , the history of the city. In 1512, the Medici retook control of Florence with the help of Spanish and Papal troops. They were led by two cousins, Giovanni and Giulio de' Medici , both of whom would later become Popes of
SECTION 10
#17328523404761080-587: A location in the Piazza del Duomo. In October 2021, Florence was shortlisted for the European Commission 's 2022 European Capital of Smart Tourism award along with Bordeaux , Copenhagen , Dublin , Ljubljana , Palma de Mallorca and Valencia . Food and wine have long been an important staple of the economy. The Chianti region is just south of the city, and its Sangiovese grapes figure prominently not only in its Chianti Classico wines but also in many of
1170-493: A programme of spraying church steps with water to prevent tourists from using such areas as picnic spots. While he values the benefits of tourism, he claims that there has been "an increase among those who sit down on church steps, eat their food and leave rubbish strewn on them", he explained. To boost the sale of traditional foods, the mayor had introduced legislation (enacted in 2016) that requires restaurants to use typical Tuscan products and rejected McDonald's application to open
1260-443: A result. In 2015, Mayor Dario Nardella expressed concern over visitors who arrive on buses, stay only a few hours, spend little money but contribute significantly to overcrowding. "No museum visit, just a photo from the square, the bus back and then on to Venice ... We don't want tourists like that", he said. Some tourists are less than respectful of the city's cultural heritage, according to Nardella. In June 2017, he instituted
1350-462: 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, the Basel Accords . Banking in its modern sense evolved in the fourteenth century in
1440-399: 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
1530-431: A vast patronage network along with his alliance to the new immigrants, the gente nuova (new people). The fact that the Medici were bankers to the pope also contributed to their ascendancy. Cosimo was succeeded by his son Piero , who was, soon after, succeeded by Cosimo's grandson, Lorenzo in 1469. Lorenzo was a great patron of the arts, commissioning works by Michelangelo , Leonardo da Vinci and Botticelli . Lorenzo
1620-446: 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
1710-436: 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 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
1800-403: 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
1890-508: Is a major production and commercial centre in Italy, where the Florentine industrial complexes in the suburbs produce all sorts of goods, from furniture, rubber goods, chemicals, and food. Traditional and local products, such as antiques, handicrafts, glassware, leatherwork, art reproductions, jewellery, souvenirs, elaborate metal and iron-work, shoes, accessories and high fashion clothes also occupy
SECTION 20
#17328523404761980-465: Is particularly strong, with world-renowned museums such as the Uffizi selling over 1.93 million tickets in 2014. The city's convention centre facilities were restructured during the 1990s and host exhibitions, conferences, meetings, social forums, concerts and other events. In 2016, Florence had 20,588 hotel rooms in 570 facilities. International visitors use 75% of the rooms; some 18% of those were from
2070-431: 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
2160-446: Is the most significant industry in central Florence. From April to October, tourists outnumber the local population. Tickets to the Uffizi and Accademia galleries are regularly sold out and large groups regularly fill the basilicas of Santa Croce and Santa Maria Novella , both of which charge for entry. Tickets for The Uffizi and Accademia can be purchased online prior to visiting. In 2010, readers of Travel + Leisure magazine ranked
2250-705: 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
2340-631: 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
2430-594: The Historic Centre of Florence a World Heritage Site in 1982. The city is noted for its culture, Renaissance art and architecture and monuments. The city also contains numerous museums and art galleries, such as the Uffizi Gallery and the Palazzo Pitti , and still exerts an influence in the fields of art, culture and politics. Due to Florence's artistic and architectural heritage, Forbes ranked it as one of
2520-705: The Italian Social Republic . Hitler declared it an open city on 3 July 1944 as troops of the British 8th Army closed in. Except for the Ponte Vecchio , in early August, the retreating Germans decided to demolish all the bridges along the Arno linking the district of Oltrarno to the rest of the city, making it difficult for troops of the 8th Army to cross. Florence was liberated by New Zealand , South African and British troops on 4 August 1944 alongside partisans from
2610-552: The Italian language . Thanks especially to the works of the Tuscans Dante , Petrarch and Boccaccio , the Florentine dialect, above all the local dialects, was adopted as the basis for a national literary language. Starting from the late Middle Ages , Florentine money—in the form of the gold florin —financed the development of industry all over Europe, from Britain to Bruges , to Lyon and Hungary . Florentine bankers financed
2700-685: The Tuscan Committee of National Liberation (CTLN). The Allied soldiers who died driving the Germans from Tuscany are buried in cemeteries outside the city (Americans about nine kilometres or 5 + 1 ⁄ 2 miles south of the city, British and Commonwealth soldiers a few kilometres east of the centre on the right bank of the Arno). At the end of World War II in May 1945, the US Army's Information and Educational Branch
2790-495: The urban area of Florence. The Metropolitan Area of Florence, Prato and Pistoia , constituted in 2000 over an area of roughly 4,800 square kilometres (1,850 sq mi), is home to 1.5 million people. Within Florence proper, 46.8% of the population was male in 2007 and 53.2% were female. Minors (children aged 18 and less) totalled 14.10% of the population compared to pensioners, who numbered 25.95 percent. This compares with
United States Senate Committee on Banking, Housing, and Urban Affairs - Misplaced Pages Continue
2880-731: The 'Third Italy' in the 1990s, due to the exports of high-quality goods and automobile (especially the Vespa ) and the prosperity and productivity of the Florentine entrepreneurs. Some of these industries even rivalled the traditional industrial districts in Emilia-Romagna and Veneto due to high profits and productivity. In the fourth quarter of 2015, manufacturing increased by 2.4% and exports increased by 7.2%. Leading sectors included mechanical engineering, fashion, pharmaceutics, food and wine. During 2015, permanent employment contracts increased by 48.8 percent, boosted by nationwide tax break. Tourism
2970-474: 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
3060-477: The 6th century and Florence was in turn conquered by Charlemagne in 774 becoming part of the March of Tuscany centred on Lucca . The population began to grow again and commerce prospered. Margrave Hugo chose Florence as his residency instead of Lucca around 1000 AD. The Golden Age of Florentine art began around this time. In 1100, Florence was a " commune ", meaning a city-state. The city's primary resource
3150-470: The Catholic Church, (Leo X and Clement VII, respectively). Both were generous patrons of the arts, commissioning works like Michelangelo 's Laurentian Library and Medici Chapel in Florence, to name just two. Their reigns coincided with political upheaval in Italy, and thus in 1527, Florentines drove out the Medici for a second time and re-established a theocratic republic on 16 May 1527, (Jesus Christ
3240-527: The English kings during the Hundred Years' War . They similarly financed the papacy, including the construction of their provisional capital of Avignon and, after their return to Rome, the reconstruction and Renaissance embellishment of Rome. Florence was home to the Medici, one of European history's most important noble families. Lorenzo de' Medici was considered a political and cultural mastermind of Italy in
3330-522: 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
3420-568: The FFIEC has resulted in a greater degree of regulatory consistency between the agencies, the rules and regulations are constantly changing. Florence Florence ( / ˈ f l ɒr ən s / FLORR -ənss ; Italian : Firenze [fiˈrɛntse] ) is the capital city of the Italian region of Tuscany . It is also the most populated city in Tuscany, with 364,073 inhabitants in 2024, and 990,527 in its metropolitan area . Florence
3510-484: The Italian average of 18.06 percent (minors) and 19.94 percent (pensioners). The average age of Florence resident is 49 compared to the Italian average of 42. In the five years between 2002 and 2007, the population of Florence grew by 3.22 percent, while Italy as a whole grew by 3.56 percent. The birth rate of Florence is 7.66 births per 1,000 inhabitants compared to the Italian average of 9.45 births. As of 2009 , 87.46% of
3600-537: The U.S. In 2014, the city had 8.5 million overnight stays. A Euromonitor report indicates that in 2015 the city ranked as the world's 36th most visited in the world, with over 4.95 million arrivals for the year. Tourism brings revenue to Florence, but also creates certain problems. The Ponte Vecchio, The San Lorenzo Market and Santa Maria Novella are plagued by pickpockets. The province of Florence receives roughly 13 million visitors per year and in peak seasons, popular locations may become overcrowded as
3690-567: 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
United States Senate Committee on Banking, Housing, and Urban Affairs - Misplaced Pages Continue
3780-639: 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
3870-401: 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 the business of banking for
3960-416: 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 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
4050-411: 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
4140-667: 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
4230-533: 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
4320-419: The centre, damaging many art treasures. Around the city there are tiny placards on the walls noting where the flood waters reached at their highest point. Florence lies in a basin formed by the hills of Careggi , Fiesole , Settignano , Arcetri , Poggio Imperiale and Bellosguardo (Florence). The Arno river , three other minor rivers (Mugnone, Ema and Greve) and some streams flow through it. Florence has
4410-483: 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
4500-429: The city as their third favourite tourist destination. In 2015, Condé Nast Travel readers voted Florence as the best city in Europe. Studies by Euromonitor International have concluded that cultural and history-oriented tourism is generating significantly increased spending throughout Europe. Florence is believed to have the greatest concentration of art (in proportion to its size) in the world. Thus, cultural tourism
4590-579: The committee is Democrat Sherrod Brown of Ohio , and the Ranking Member is Republican Tim Scott of South Carolina . The committee is one of twenty standing committees in the United States Senate . The committee was formally established as the "Committee on Banking and Currency" in 1913, when Senator Robert L. Owen of Oklahoma sponsored the Federal Reserve Act . Senator Owen served as
SECTION 50
#17328523404764680-792: The committee's inaugural chairman. In accordance with Rule XXV of the United States Senate, all proposed legislation, messages, petitions, memorials, and other matters relating to the following subjects are referred to the Senate Banking Committee: The Senate Banking Committee is also charged to "study and review, on a comprehensive basis, matters relating to international economic policy as it affects United States monetary affairs, credit, and financial institutions; economic growth, urban affairs, and credit, and report thereon from time to time." Subcommittees Source Subcommittees Bank A bank
4770-423: 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
4860-408: 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
4950-508: The death of Gian Gastone de' Medici in 1737. The Kingdom of Italy , which was established in 1861, moved its capital from Turin to Florence in 1865, although the capital was moved to Rome in 1871. Florence was established by the Romans in 59 BC as a colony for veteran soldiers and was built in the style of an army camp . Situated along the Via Cassia , the main route between Rome and
5040-508: The eclipse of Florence's formerly powerful rival Pisa . The growing power of the merchant elite culminated in an anti-aristocratic uprising, led by Giano della Bella , resulting in the Ordinances of Justice which entrenched the power of the elite guilds until the end of the Republic. At the height of demographic expansion around 1325, the urban population may have been as great as 120,000, and
5130-589: 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
5220-516: 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 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
5310-406: 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, the goldsmiths issued receipts certifying the quantity and purity of the metal they held as a bailee ; these receipts could not be assigned, only
5400-442: 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
5490-409: 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
SECTION 60
#17328523404765580-484: The late 15th century. Two members of the family were popes in the early 16th century: Leo X and Clement VII . Catherine de' Medici married King Henry II of France and, after his death in 1559, reigned as regent in France. Marie de' Medici married Henry IV of France and gave birth to the future King Louis XIII . The Medici reigned as Grand Dukes of Tuscany , starting with Cosimo I de' Medici in 1569 and ending with
5670-436: 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 the legal basis for bank transactions such as cheques does not depend on how
5760-463: The lowest was −23.2 °C (−9.8 °F) on 12 January 1985. In 1200 the city was home to 50,000 people. By 1300 the population of the city proper was 120,000, with an additional 300,000 living in the Contado . Between 1500 and 1650 the population was around 70,000. As of 31 October 2010 , the population of the city proper is 370,702, while Eurostat estimates that 696,767 people live in
5850-1441: The most beautiful cities in the world in 2010. Florence plays an important role in Italian fashion , and is ranked in the top 15 fashion capitals of the world by Global Language Monitor ; furthermore, it is a major national economic centre, as well as a tourist and industrial hub. Firenze comes from Florentiae , locative form of Florentia , in turn a name conveying good luck, from Latin : florēre , lit. 'to blossom'. Roman Republic , 59–27 BC Roman Empire , 27 BC–AD 285 Western Roman Empire , 285–476 Kingdom of Odoacer , 476–493 Ostrogothic Kingdom , 493–553 Eastern Roman Empire , 553–568 Lombard Kingdom , 570–773 Carolingian Empire , 774–797 Regnum Italiae , 797–1001 March of Tuscany , 1002–1115 [REDACTED] Republic of Florence , 1115–1532 [REDACTED] Duchy of Florence , 1532–1569 [REDACTED] Grand Duchy of Tuscany , 1569–1801 [REDACTED] Kingdom of Etruria , 1801–1807 [REDACTED] First French Empire , 1807–1815 [REDACTED] Grand Duchy of Tuscany , 1815–1859 [REDACTED] United Provinces of Central Italy , 1859–1860 [REDACTED] Kingdom of Italy , 1861–1943 [REDACTED] Italian Social Republic , 1943–1945 [REDACTED] Italy , 1946–present Florence originated as
5940-522: The north, and within the fertile valley of the Arno , the settlement quickly became an important commercial centre and in AD 285 became the capital of the Tuscia region. In centuries to come, the city experienced turbulent alternate periods of Ostrogoth and Byzantine rule, during which the city was fought over, helping to cause the population to fall to as low as 1,000 people. Peace returned under Lombard rule in
6030-426: The number of visitors had increased by 5.5% from the previous year. In 2013, Florence was listed as the second best world city by Condé Nast Traveler . Manufacturing and commerce remain highly important. Florence is Italy's 17th richest city in terms of average workers' earnings, with the figure being €23,265 (the overall city's income is €6,531,204,473), coming after Mantua , yet surpassing Bolzano . Florence
6120-420: 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 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
6210-455: 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
6300-502: The population belonging to the Archdiocese of Florence . As of 2016, an estimated 30,000 people, or 8% of the population, identified as Muslim. Foreign-born population (31.12.2019) Tourism is, by far, the most important of all industries and most of the Florentine economy relies on the money generated by international arrivals and students studying in the city. The value tourism to the city totalled some €2.5 billion in 2015 and
6390-457: The population was Italian. An estimated 6,000 Chinese live in the city. The largest immigrant group came from other European countries (mostly Romanians and Albanians ): 3.52%, East Asia (mostly Chinese and Filipino ): 2.17%, the Americas: 1.41%, and North Africa (mostly Moroccan ): 0.9%. Much like the rest of Italy most of the people in Florence are Roman Catholic , with more than 90% of
6480-545: The powerful Medici family and numerous religious and republican revolutions. From 1865 to 1871 the city served as the capital of the Kingdom of Italy . The Florentine dialect forms the base of standard Italian and it became the language of culture throughout Italy due to the prestige of the masterpieces by Dante Alighieri , Petrarch , Giovanni Boccaccio , Niccolò Machiavelli and Francesco Guicciardini . The city attracts millions of tourists each year, and UNESCO declared
6570-409: The present name) was significantly widened and a large triumphal arch was constructed at the west end. A museum recording the destruction stands nearby today. The country's second capital city was superseded by Rome six years later, after the withdrawal of the French troops allowed the capture of Rome . During World War II the city experienced a year-long German occupation (1943–1944) being part of
6660-438: 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 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
6750-700: 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 , the Welsers , the Berenbergs , and the Rothschilds – have played
6840-487: 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 ,
6930-570: 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, 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
7020-514: The rural population around the city was probably close to 300,000. The Black Death of 1348 reduced it by over half, about 25,000 are said to have been supported by the city's wool industry: in 1345 Florence was the scene of an attempted strike by wool combers ( ciompi ), who in 1378 rose up in a brief revolt against oligarchic rule in the Revolt of the Ciompi . After their suppression, Florence came under
7110-623: The size of the French army at the gates of Pisa, he had to accept the humiliating conditions of the French king. These made the Florentines rebel, and they expelled Piero II. With his exile in 1494, the first period of Medici rule ended with the restoration of a republican government. During this period, the Dominican friar Girolamo Savonarola had become prior of the San Marco monastery in 1490. He
7200-476: The sway (1382–1434) of the Albizzi family, who became bitter rivals of the Medici. In the 15th century, Florence was among the largest cities in Europe, with a population of 60,000, and was considered rich and economically successful. Cosimo de' Medici was the first Medici family member to essentially control the city from behind the scenes. Although the city was technically a democracy of sorts, his power came from
7290-459: 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
7380-437: Was a centre of medieval European trade and finance and one of the wealthiest cities of that era. It is considered by many academics to have been the birthplace of the Renaissance , becoming a major artistic, cultural, commercial, political, economic and financial center. During this time, Florence rose to a position of enormous influence in Italy, Europe, and beyond. Its turbulent political history includes periods of rule by
7470-541: Was an accomplished poet and musician and brought composers and singers to Florence, including Alexander Agricola , Johannes Ghiselin , and Heinrich Isaac . By contemporary Florentines (and since), he was known as "Lorenzo the Magnificent" (Lorenzo il Magnifico). Following Lorenzo de' Medici's death in 1492, he was succeeded by his son Piero II . When the French king Charles VIII invaded northern Italy , Piero II chose to resist his army. But when he realised
7560-494: Was excommunicated. The Florentines, tired of his teachings, turned against him and arrested him. He was convicted as a heretic, hanged and burned on the Piazza della Signoria on 23 May 1498. His ashes were dispersed in the Arno river. Another Florentine of this period was Niccolò Machiavelli , whose prescriptions for Florence's regeneration under strong leadership have often been seen as
7650-449: Was famed for his penitential sermons, lambasting what he viewed as widespread immorality and attachment to material riches. He praised the exile of the Medici as the work of God, punishing them for their decadence. He seized the opportunity to carry through political reforms leading to a more democratic rule. But when Savonarola publicly accused Pope Alexander VI of corruption, he was banned from speaking in public. When he broke this ban, he
7740-514: Was named Grand Duke of Tuscany in 1569; in all Tuscany, only the Republic of Lucca (later a Duchy ) and the Principality of Piombino were independent from Florence. The extinction of the Medici dynasty and the accession in 1737 of Francis Stephen , duke of Lorraine and husband of Maria Theresa of Austria , led to Tuscany's temporary inclusion in the territories of the Austrian crown. It became
7830-509: Was named King of Florence). The Medici returned to power in Florence in 1530, with the armies of Holy Roman Emperor Charles V and the blessings of Pope Clement VII (Giulio de' Medici). Florence officially became a monarchy in 1531, when Emperor Charles and Pope Clement named Alessandro de' Medici as Duke of the Florentine Republic . The Medici's monarchy would last over two centuries. Alessandro's successor, Cosimo I de' Medici ,
7920-506: Was ordered to establish an overseas university campus for demobilised American service men and women in Florence. The first American university for service personnel was established in June 1945 at the School of Aeronautics. Some 7,500 soldier-students were to pass through the university during its four one-month sessions (see G. I. American Universities ). In November 1966, the Arno flooded parts of
8010-593: Was restored on the throne of Tuscany at the Congress of Vienna but finally deposed in 1859. Tuscany became a region of the Kingdom of Italy in 1861. Florence replaced Turin as Italy's capital in 1865 and, in an effort to modernise the city, the old market in the Piazza del Mercato Vecchio and many medieval houses were pulled down and replaced by a more formal street plan with newer houses. The Piazza (first renamed Piazza Vittorio Emanuele II , then Piazza della Repubblica ,
8100-485: Was the Arno river , providing power and access for the industry (mainly textile industry), and access to the Mediterranean sea for international trade, helping the growth of an industrious merchant community. The Florentine merchant banking skills became recognised in Europe after they brought decisive financial innovation (e.g. bills of exchange , double-entry bookkeeping system ) to medieval fairs. This period also saw
#475524