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Agricultural Mortgage Corporation

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This article is about the subsidiary of Lloyds Banking Group. For other uses, see Agricultural Mortgage Corporation (disambiguation).

Agricultural Mortgage Corporation
Company typeSubsidiary undertaking
IndustryCommercial banking
Founded12 November 1928; 96 years ago (1928-11-12)
Headquarters
Andover, Hampshire
,
United Kingdom
ProductsAgricultural mortgages
ParentLloyds Banking Group
Websitewww.amconline.co.uk
Agricultural Mortgage Corporation Act 1958
Act of Parliament
Parliament of the United Kingdom
Long titleAn 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.
Citation7 & 8 Eliz. 2. c. 2
Dates
Royal assent18 December 1958
Other legislation
Repealed byStatute Law (Repeals) Act 1977
Status: Repealed

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.

History

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Following 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

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References

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  1. ^ 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
  2. ^ Annual Report and Accounts Archived 2014-11-06 at the Wayback Machine (p. 10) Governor and Company of the Bank of England, 1993
  3. ^ Rodgers, Peter Lloyds to buy farm mortgage specialist The Independent, 19 January 1993
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