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The banks extract rent from depositors, transfer those rents on to state-owned enterprises in the form of cheap loans, and then the Party elite essentially embezzles the money.
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That report concluded that during the war some Swiss banks did little when some depositors were forced to transfer their accounts to Nazi authorities.
First, depositors can use electronic funds transfers (EFTs) to withdraw currency from their accounts using automated teller machines (ATMs).
As technologies for individual users developed, banks permitted depositors to pay their bills by transferring funds from their account to the creditor's account.
But if a depositor at Bank of Cyprus wanted to transfer funds to, say, Hellenic Bank, a smaller institution that is in better shape, the controls would be less severe because that money would remain within the Cypriot banking system.
It is part of wider efforts to move towards building a banking union and transfer the risk away from small depositors towards shareholders and bond holders of the bank experiencing difficulties.
Limits on how much depositors can withdraw from their accounts, restrictions on international transfers – and even perhaps shuttered banks – are all now on the cards.
As part of the inducement to depositors to lend it money, a bank provides facilities for transferring demand deposits from one person to another by check.
But that was deemed to deprive industry of much-needed capital so limited liability was brought in.That transferred the responsibility for monitoring bank managers from shareholders to depositors.
Under this system, the ring-fenced utility arm will be barred from lending or transferring capital to subsidise trading activities and will ensure that depositors are protected should a bank's bets go wrong.
The decision to transfer parts of Dunfermline's business to Nationwide is designed to protect depositors and safeguard financial stability.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com