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3i Fifty Years Investing in Industry$
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Richard Coopey and Donald Clarke

Print publication date: 1995

Print ISBN-13: 9780198289449

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780198289449.001.0001

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Establishing Independence

Establishing Independence

(p.53) Chapter 3 Establishing Independence
3i Fifty Years Investing in Industry

Richard Coopey

Oxford University Press

During the 1940s and 1950s each of the participants in the process which had shaped lCFC and Finance Corporation for Industry (FCl), notably the Bank of England, the clearing banks, and the Treasury, sought to a greater or lesser degree to ensure that the Corporation behaved according to their particular plan. lCFC in turn was to respond in a variety of ways which, after a period of considerable struggle, were eventually to ensure the Corporation's autonomy and subsequent growth. It had been argued that ICFC's provision of funds should be complementary to services provided by the banks. The former would provide long-term ‘lock-up’ capital for buildings, plant, and machinery, for example, while the banks could continue to finance trade credit, stock, work in progress, and so on. Increased turnover, it was argued, would boost overdraft requirements to the benefit of bankers.

Keywords:   FCl, lCFC, financial autonomy, lock-up capital, trade credit, overdraft, credit finance

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