Transcript Chapter 11
Money and Banking
Barter
•
Exchange of goods and services for
other goods and services.
Eg. Bread for a haircut
What is Money?
• Anything which is accepted in
exchange for goods & services.
Qualities of Money
1. Scarce in supply – be in short supply
2. Non-perishable/durable – last a long
time
3. Portable – easy to carry
4. Divisible – can be broken into small
parts
Forms of Money
Currency/Legal Tender:
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Notes and coins
Bank current accounts:
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Put money into bank account and make
payments by cheque, laser, CT.
Plastic money:
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Credit cards, charge cards, store cards,
laser and ATM cards.
Plastic Money/Cards
• Credit cards: Access, Visa,
MasterCard
• Charge Cards: American Express
• Store Cards: Esso, Statoil
• ATM
• Debit (Lazer) Card
• Smart Card
Credit Card
Buy now pay later.
Receives a monthly statement.
Pay in part or full.
Interest charged on balance.
Charge Card
Amount due must
be paid as soon as
statement is
received.
Annual membership
fee.
American Express.
Store Cards
Given by department stores and oil
companies.
Customers are given a credit limit.
Esso/Shell, Brown Thomas.
ATM (Automated Teller Machine)
Allows customers withdraw money,
pay bills, order cheque books,
change pin, receive statements,
mobile top up
Access 24 hours
Cheaper than paper transactions
why??
Debit/Lazer Card
Used by current account holders to
pay for goods and services
Laser card is swiped through terminal
at cash desk.
Money is withdrawn from a/c
immediately.
Smart Card
Combines
ATM
Laser
Cheque guarantee
Cirrus/Link (use
ATM’s abroad)
Irish Financial
Agencies
1.
2.
3.
4.
Banks
Building Societies
An Post
Credit Unions
Irish Financial Agencies
1. Banks
• Allied Irish Bank (AIB)
• Bank of Ireland (BOI)
• Ulster Bank
• Permanent TSB
• National Irish Bank (NIB)
2. Building Societies
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Some of the building societies which
operate in Ireland are:
•
•
Educational Building Society (EBS)
Irish Nationwide Building Society
3. An Post
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They have branches all over Ireland
in the form of post offices
4. Credit Unions
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•
Owned and run by their members
Over 500 individual credit unions in
Ireland