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An institution specializing in accepting or guaranteeing bills of exchange. Most accepting houses have taken on other functions as the use of bills of exchange has declined’, returning to their original, wider, function of merchant banking. There are some seventeen accepting houses in the City of London represented on the Accepting Houses Committee, a body that ensures policy coordination between them, the treasury and the Bank of England.
Reference: The Penguin Dictionary of Economics, 3rd edt.
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