| Admin History | The Credit Committee was a committee of Court established when the gold standard was suspended on 19 September 1931 to deal with matters relating to credit and possible facilities to banks, etc. The first applicant was the Anglo-South American Bank which was having difficulty placing its acceptances in London following a deterioration in the nitrate market. After several meetings of the Committee in September 1931 a pool was formed with the clearers, apart from Lloyds. The bank was merged with the Bank of London and South America (BOLSA) in 1936, a company having been set up by the Bank and the clearers, Chilnit, to take over the Bank's liabilities to the pool and to realise the assets left as security. Chilnit, of which Kenneth Oswald Peppiatt was director and later chairman, was wound up in 1949. |