The challenge of war meant that something of an inquest took place on Scottish banking. […] The Darwinian idiom was used to describe Scottish banking: it was a ‘naturally evolved system’, and was ‘part of our national life intrinsically interwoven with our Scottish character.’

But as the war went on, as banking practice underwent changes, and as discussion about the new situation that would come with peace deepened, the atmosphere began to change. By late 1917, it was clear that the banks had become, in effect, government agencies, with their own freedom of action very much narrowed. Moreover, the banks had learned to co-operate with one another with a completeness hitherto unknown. The Scottish banks had long had their agreed schedules of rates and charges: now the entire British banking system reacted in an agreed way to the needs of the state.

Checkland, Sydney George. 1975. Scottish Banking: A History, 1695–1973. Glasgow: Collins, p. 55960.