The Agricultural Mortgage Corporation plc (AMC) was formed in 1928 under the Agricultural Credits Act, to provide long term mortgages for land and redeveloping farming and rural-based businesses. Initially jointly owned by the Bank of England and the main clearing banks, it was purchased outright by Lloyds Bank in 1993 and is currently a wholly owned subsidiary of Lloyds Banking Group.
An Act to enlarge the amounts which may be advanced to the Agricultural Mortgage Corporation Limited by the Minister of Agriculture, Fisheries and Food for the purpose of increasing the Corporation's guarantee fund, and to extend the period during which the Minister may give the Corporation assistance by way of annual grant or loan.
Following the first world war, there was a crisis in farming, with too few people owning land. The Government identified a need for long term finance in the agricultural industry to satisfy an investment demand. AMC was created to revitalise land ownership to get a new generation of farmers onto their own land and farming to feed the nation.[1]
Prior to 1991, AMC's activities were constrained by statute. In 1993, Lloyds Bank acquired the balance of the share capital from the Bank of England, Barclays Bank, Midland Bank, National Westminster Bank and the Royal Bank of Scotland.[2] As a condition of the sale, it continues to run the organisation as an independent company under its own name.[3]
^Gibson, Robert Agricultural Mortgage Corporation changes could improve access to funding 13 May 2016 at the Wayback Machine The Journal (Newcastle-upon-Tyne), 13 August 2014
^Annual Report and Accounts 2014-11-06 at the Wayback Machine (p. 10) Governor and Company of the Bank of England, 1993
^Rodgers, Peter Lloyds to buy farm mortgage specialist The Independent, 19 January 1993
agricultural, mortgage, corporation, this, article, about, subsidiary, lloyds, banking, group, other, uses, disambiguation, formed, 1928, under, agricultural, credits, provide, long, term, mortgages, land, redeveloping, farming, rural, based, businesses, initi. This article is about the subsidiary of Lloyds Banking Group For other uses see Agricultural Mortgage Corporation disambiguation The Agricultural Mortgage Corporation plc AMC was formed in 1928 under the Agricultural Credits Act to provide long term mortgages for land and redeveloping farming and rural based businesses Initially jointly owned by the Bank of England and the main clearing banks it was purchased outright by Lloyds Bank in 1993 and is currently a wholly owned subsidiary of Lloyds Banking Group Agricultural Mortgage CorporationTypeSubsidiary undertakingIndustryCommercial bankingFounded12 November 1928 94 years ago 1928 11 12 HeadquartersAndover Hampshire United KingdomProductsAgricultural mortgagesParentLloyds Banking GroupWebsitewww wbr amconline wbr co wbr ukAgricultural Mortgage Corporation Act 1958Act of ParliamentParliament of the United KingdomLong titleAn Act to enlarge the amounts which may be advanced to the Agricultural Mortgage Corporation Limited by the Minister of Agriculture Fisheries and Food for the purpose of increasing the Corporation s guarantee fund and to extend the period during which the Minister may give the Corporation assistance by way of annual grant or loan Citation7 amp 8 Eliz 2 c 2DatesRoyal assent18 December 1958 Contents 1 History 2 See also 3 References 4 External linksHistory editFollowing the first world war there was a crisis in farming with too few people owning land The Government identified a need for long term finance in the agricultural industry to satisfy an investment demand AMC was created to revitalise land ownership to get a new generation of farmers onto their own land and farming to feed the nation 1 Prior to 1991 AMC s activities were constrained by statute In 1993 Lloyds Bank acquired the balance of the share capital from the Bank of England Barclays Bank Midland Bank National Westminster Bank and the Royal Bank of Scotland 2 As a condition of the sale it continues to run the organisation as an independent company under its own name 3 See also edit nbsp Banks portalLloyds Development Capital ACC Loan ManagementReferences edit Gibson Robert Agricultural Mortgage Corporation changes could improve access to funding Archived 13 May 2016 at the Wayback Machine The Journal Newcastle upon Tyne 13 August 2014 Annual Report and Accounts Archived 2014 11 06 at the Wayback Machine p 10 Governor and Company of the Bank of England 1993 Rodgers Peter Lloyds to buy farm mortgage specialist The Independent 19 January 1993External links editOfficial website Documents and clippings about Agricultural Mortgage Corporation in the 20th Century Press Archives of the ZBW nbsp This United Kingdom bank or insurance related article is a stub You can help Wikipedia by expanding it vte Retrieved from https en wikipedia org w index php title Agricultural Mortgage Corporation amp oldid 1181032789 Agricultural Mortgage Corporation Act 1958, wikipedia, wiki, book, books, library,
