Proper this moment, the overwhelming majority of Eurodollar transactions are carried out in London. The Bank of England in 1964 acknowledged that: ?Banks in London have been able to attraction to massive sums in dollars by quoting larger fees for deposits, together with curiosity on money at identify and brief discover ? courses which earn nothing in any respect with New York ? and have employed them at less than the US lending charge and nonetheless made a worthwhile turn. They are able to perform on a fairly small revenue margin because of the additional overhead expenses of conducting their Eurodollar activities are minimal.
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