Securities which backed the original £1.2 million loan to the Government in 1694

We publish details of a selection of requests made under the Freedom of Information Act 2000, and the information we disclose in response.
Date released: 28 August 2015


The loan of £1.2 million that created the Bank was not backed by gold or silver but was raised on the security of taxes on Tonnage and Excise.  The Bank received from the taxes a fund of £140,000 per annum: £100,000 to pay the interest of 8% to the subscribers of the £1.2 million, and £40,000 to pay for Life Annuities for which subscriptions to the extent of £300,000 were invited.