<P> Gradually the goldsmiths began to lend the money out on behalf of the depositor, which led to the development of modern banking practices; promissory notes (which evolved into banknotes) were issued for money deposited as a loan to the goldsmith . The goldsmith paid interest on these deposits . Since the promissory notes were payable on demand, and the advances (loans) to the goldsmith's customers were repayable over a longer time period, this was an early form of fractional reserve banking . The promissory notes developed into an assignable instrument which could circulate as a safe and convenient form of money backed by the goldsmith's promise to pay, allowing goldsmiths to advance loans with little risk of default . Thus, the goldsmiths of London became the forerunners of banking by creating new money based on credit . </P> <P> The Bank of England was the first to begin the permanent issue of banknotes, in 1695 . The Royal Bank of Scotland established the first overdraft facility in 1728 . By the beginning of the 19th century a bankers' clearing house was established in London to allow multiple banks to clear transactions . The Rothschilds pioneered international finance on a large scale, financing the purchase of the Suez canal for the British government . </P> <P> The word bank was borrowed in Middle English from Middle French banque, from Old Italian banca, meaning "table", from Old High German banc, bank "bench, counter". Benches were used as makeshift desks or exchange counters during the Renaissance by Jewish Florentine bankers, who used to make their transactions atop desks covered by green tablecloths . </P> <P> The definition of a bank varies from country to country . See the relevant country pages under for more information . </P>

What is the origin of the word bank
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