Agricultural Mortgage Corporation
Parent Lloyds Banking Group | | |
Website | www |
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Agricultural Mortgage Corporation Act 1958 | |
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Act of Parliament | |
Dates | |
Royal assent | 18 December 1958 |
Other legislation | |
Repealed by | Statute Law (Repeals) Act 1977 |
Status: Repealed |
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.
History
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,
See also
References
- ^ 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 1993