Hmm and notes and coins represent a fraction of the money supply so the concept of “depositing” money becomes even more obscure.
The 40 page application form and supporting notes can be found here: http://www.bankofengland.co.uk/PRA/Pages/authorisations/newfirm/default.aspx (the top 2 documents in the list) although the application form itself is just a very small part of the overall process. To give you some idea we have had a variety of meetings, phone calls and our licence application process is backed up by around a thousand pages of ‘content’. For example, our capital plan (called the ICAAP) runs to about 130 pages long.
And just a few words on the ‘regulators’ of which there are two (formed on 1 April 2013) as successors to the FSA (Financial Services Authority), they are the PRA (Prudential Regulation Authority) and the the FCA (Financial Conduct Authority) this is called the ‘twin peaks’ approach to regulation and plays out in the banking application process with us (hopefully) being authorised by the PRA and jointly regulated by both the PRA and FCA.
I’ll let you have a flick through the application form to see what aspects you find of interest and/or we might just move this discussion on by covering the broad elements that we are sharing and explaining with the regulators.