[PEN-L:4799] commercial banks as public institutions?

["Evan Jones - 448 - 3063" <EVANJ@xxxxxxxxxxxxxxxxxxxxxxxx>]

Does anybody know of any literature which confronts the quasi-public
character of commercial banks insofar as some of their liabilities
function as means of exchange, their subsequent links to the
authorities through 'lender of last resort' structures, etc.
The point is, how can one tie the peculiar privileges of the banking
system to some notion of reciprocal public obligation?
Australia is experiencing yet another investigation into social
responsibilities of the banking network (or lack of them).
The banks, predictably, are claiming that their only responsibility
lies with maximising the returns to their shareholders (though the
shareholders will certainly be suprised to hear this!)..
Evan Jones
Economics, Sydney University