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Money and Banking

Money and Banking. What is Money?. Anything which is accepted in exchange for goods & services. Barter. Exchange of goods and services for other goods and services. Eg . Bread for a haircut. Qualities of Money. A means of exchange – be in short supply A measure of value.

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Money and Banking

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  1. Money and Banking

  2. What is Money? • Anything which is accepted in exchange for goods & services.

  3. Barter • Exchange of goods and services for other goods and services. Eg. Bread for a haircut

  4. Qualities of Money • A means of exchange – be in short supply • A measure of value. • Non-perishable/durable – last a long time • Portable – easy to carry • Divisible – can be broken into small parts

  5. Forms of Money Currency/Legal Tender: • Notes and coins Bank current accounts: • Put money into bank account and make payments by cheque, laser, CT. Plastic money: • Credit cards, charge cards, store cards, laser and ATM cards.

  6. The bank wants to sell you Australian dollars in exchange for euros at a rate of .82.The bank wants to buy the Australian dollars back at a rate of .85. You are going from Ireland to Australia. You want to exchange 600euro into Australian dollars. You are returning home from Australia and want your money changed back to euros. You have 100euro left.

  7. Plastic Money/Cards • Credit cards: Visa, MasterCard • Charge Cards: American Express • Store Cards: Esso, Statoil • Debit (Lazer) Card • Smart Card • ATM

  8. Credit Card • Buy now pay later. • Receives a monthly statement. • Pay in part or full. • Interest charged on balance.

  9. Charge Card • Amount due must be paid as soon as statement is received. • Annual membership fee. • American Express.

  10. Store Cards • Given by department stores and oil companies. • Customers are given a credit limit. • Esso/Topaz, Brown Thomas.

  11. ATM • Allows customers withdraw money, pay bills, order cheque books, change pin, receive statements, mobile top up • Access 24 hours • Cheaper than paper transactions why??

  12. Debit/Lazer Card • Used by current account holders to pay for goods and services • Laser card is swiped through terminal at cash desk. • Money is withdrawn from a/c immediately.

  13. Smart Card • Used by bank and non-bank customers. • Preloads with money • Budgeting • Cirrus/Link (use ATM’s abroad)

  14. Irish Financial Agencies Banks Building Societies An Post Credit Unions

  15. Irish Financial Agencies Banks Allied Irish Bank (AIB) Bank of Ireland (BOI) Ulster Bank Permanent TSB National Irish Bank (NIB)

  16. Building Societies Some of the building societies which operate in Ireland are: Educational Building Society (EBS) Irish Nationwide Building Society

  17. An Post They have branches all over Ireland in the form of post offices

  18. Credit Unions Owned and run by their members Over 500 individual credit unions in Ireland

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