withdrawable

Many are not withdrawable or depositable into/out of Crest.

In addition to the above pension account, each individual can have a voluntary tier-II withdrawable account at his option.

The maximum individual withdrawable shareholding is currently set at £20,000 (although other IPSs may hold more shares than this).

The issuing of cheques or bank notes on the security of withdrawable deposits enabled the creation of a paper currency which was central to the financial revolution and crucial for the growth of commerce and manufacturing.

Its membership is almost entirely composed of UK individuals (some 9,000 in 2012), who invest withdrawable share capital (£28.2 million in 2011), which is used to provide credit facilities to organisations engaged in fair trade.

However, an IPS with withdrawable share capital is not allowed to carry on a banking business, presumably because a withdrawable share capital would make it impractical to ensure capital adequacy requirements are continuously met.

It may be withdrawable share capital, an unusual form of finance which is treated as equity but may be withdrawn subject to specified conditions, and is relatively cheap for small co-operatives to raise as it is exempt from certain regulations applicable to conventional share issues regarding the publication of a prospectus.