Agricultural Mortgage Corporation
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.
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| Company type | Subsidiary undertaking |
|---|---|
| Industry | Commercial banking |
| Founded | 12 November 1928 |
| Headquarters | , |
| Products | Agricultural mortgages |
| Parent | Lloyds Banking Group |
| Website | www |
| Agricultural Mortgage Corporation Act 1958 | |
|---|---|
| Act of Parliament | |
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| Long title | 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. |
| Citation | 7 & 8 Eliz. 2. c. 2 |
| Dates | |
| Royal assent | 18 December 1958 |
| Other legislation | |
| Repealed by | Statute Law (Repeals) Act 1977 |
Status: Repealed | |
History
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
References
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 1993
External links
edit- Official website
- Documents and clippings about Agricultural Mortgage Corporation in the 20th Century Press Archives of the ZBW
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