Which bank owns clydesdale bank

But that's not happening. You wouldn't bet on it continuing indefinitely, because it's an odd and expensive advertising and marketing tool to support a brand being consigned to history. That, after all, is what Scottish banknotes are - something with which to irritate London cabbies, and advertising for their issuers. It wasn't always thus. Banknotes were an innovation in the early days of Scottish banking, when late 17th Century famine meant gold currency had to be spent on importing food.

With gold therefore in very short supply, the banknote represented a promise to refund the holder who presented it with precious metal coinage. As notes were issued in greater number than the gold and silver that backed them in the vaults, banks innovated in expanding credit. But they had to do so carefully. In the 18th Century, they were at risk of rival banks presenting them with a lot of notes at once, an unscrupulous tactic which sank some issuers.

The modern-day equivalent would be a run on a bank, when savers panic and demand to get their money out, far in excess of the funds available on the day.

Remember the queues outside Northern Rock in - one of the first indications in Britain of the underlying pressures that led to the financial crash the following year?

The Scottish history of this is detailed in the recent magnificent history of Edinburgh and Scottish finance, City of Money, penned by Ray Perman.

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