bank holiday

bank holiday
1. a weekday on which banks are closed by law; legal holiday.
2. Brit. a secular day on which banks are closed, obligations then falling due being performable on the following secular day.

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      in the United Kingdom, any of several days designated as holidays by the Bank Holidays Act of 1871 and a supplementary act of 1875 for all the banks in England, Wales, Northern Ireland, and Scotland. Although these days are not statutory public holidays, their observance is no longer limited to banks.

      Before 1830 the Bank of England (England, Bank of) closed on approximately 40 saints (saint)' days and anniversaries, but that year the number was reduced to 18 days. In 1834 they were further reduced to four: Good Friday, May 1, November 1, and Christmas Day. By the act of 1871, the following were constituted bank holidays in England, Wales, and Ireland: Easter Monday; Whitmonday, the first Monday of August; December 26 if a weekday; and, by the act of 1875, December 27 when December 26 falls on a Sunday (i.e., the first weekday after Christmas; Boxing Day). The Bank Holiday (Ireland) Act of 1903 designated March 17, St. Patrick's Day (Saint Patrick's Day) (or, if on a Sunday, the following Monday), as a bank holiday for Ireland. In England, Wales, and Northern Ireland, Christmas Day and Good Friday are bank holidays under common law.

      In Scotland, New Year's Day and the day after, Christmas Day (or, if these days fall on Sunday, the following Mondays), Good Friday, Labour Day (May 1), and the first Monday of August are bank holidays.

      The act of 1871 also made it lawful for any day to be officially proclaimed a bank holiday in the United Kingdom. In the 1980s the list for England, Wales, and Northern Ireland included New Year's Day (see New Year festival), or the first Monday in January if January 1 falls on a Saturday or Sunday; Good Friday; Easter Monday; May 1 (Labour Day), or the first Monday in May if May 1 falls on a Saturday or Sunday; the last Monday in May; the last Monday in August; Christmas Day; and Boxing Day.

      In the United States, the term is frequently associated with the Great Depression, when President Franklin Roosevelt (Roosevelt, Franklin D.) declared a bank holiday on March 6, 1933, closing all banks in the country and permitting their reopening only after their solvency was verified by government inspectors. (See also New Deal.)

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Universalium. 2010.

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