This book addresses the legal issues thrown up by modern banking law. It sets out the legal rules within the context of modern banking practice and concentrates on principle rather than detail. In doing so, the author addresses many of the problems with which banking law has struggled on a daily basis, some of which do not feature in the existing textbooks. Professor Cranston places banking law in a modern financial framework examining, for the first time, multi-functional banking, the foreign exchange and derivative markets, the practice of netting, and the important custodial services performed by banks.