Private banks are banks owned by either an individual or a general partner(s) with limited partner(s). Private banks are not incorporated. In any such case, the creditors can look to both the "entirety of the bank's assets" as well as the entirety of the sole-proprietor's/general-partners' assets.
These banks have a long tradition in Switzerland, dating back to at least the Revocation of the Edict of Nantes (1685). Private banks also have a long tradition in the UK where C. Hoare & Co. has been in business since 1672.
There were many private banks in Europe, but most have now become incorporated companies, so the term is rarely true any more. Today, the term "private bank" can also refer to the financial institution specializing in financial advice and services for high-net-worth individuals (private banking).
"Private banks" can also refer to non-government owned banks in general, in contrast to government-owned (or nationalized) banks, which were prevalent in communist, socialist and some social democratic states in the 20th century.
Monaco (i/ˈmɒnəkoʊ/; French: [monako]), officially the Principality of Monaco (French: Principauté de Monaco), is a sovereign city-state and microstate, located on the French Riviera in Western Europe. France borders the country on three sides while the other side borders the Mediterranean Sea. Monaco has an area of 2.02 km2 (0.78 sq mi) and a population of about 37,800; it is the second smallest and the most densely populated country in the world. Monaco has a land border of 4.4 km (2.7 mi), a coastline of 4.1 km (2.5 mi), and a width that varies between 1,700 and 349 m (1,859 and 382 yd). The highest point in the country is a narrow pathway named Chemin des Révoires on the slopes of Mont Agel, in the Les Révoires Ward, which is 161 metres (528 feet) above sea level. Monaco's most populous Quartier is Monte Carlo and the most populous Ward is Larvotto/Bas Moulins. Through land reclamation, Monaco's land mass has expanded by twenty percent. Although small, Monaco is very old and quite well known, especially because of its status as a playground for the rich and famous, who are a spectacle for tourists and an economic engine in the Mediterranean. In 2014 it was noted about 30% of the population was made up of millionaires, similar to Zürich or Geneva.
Monaco is a surname. Notable people with the surname include:
Monaco were a side project of New Order bassist Peter Hook. Together with David Potts, the only remaining member of Revenge, the band was formed in 1995. The group is best known for the 1997 single "What Do You Want From Me?" and the album from which it was taken, Music for Pleasure, which sold over half a million copies. Hook and Potts currently work together in The Light.
In 1999, Polydor Records rejected Monaco's follow up album, the self-titled Monaco, due to the radically changing trends in music at the time in a money saving move reducing their artists to the more popular music. Papillon Records agreed to pick up the album, though the planned single release of "I've Got A Feeling" was recalled in the UK due to sample clearance issues. Despite favorable reviews, the album was released with almost no promotion at all; it is now sought after as a collector's item and fetches fairly high prices on sites like Amazon.com and eBay.
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