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Bank Holiday
(redirected from Spring Bank Holiday Monday)

    Also found in: Dictionary/thesaurus, Financial, Wikipedia 0.01 sec.
Bank Holiday
Various
In England there are typically six "bank holidays"—weekdays when the banks are closed for business: New Year's Day, Good Friday, Easter Monday, Early May Bank Holidays, Spring Bank Holiday (in late May), August (or Summer) Bank Holiday, Christmas, and Boxing Day. These official public holidays were established by law in 1871 and are traditionally spent at local fairgrounds.
In the United States, the Great Depression of 1929 had caused many people to withdraw their savings, and the banks had trouble meeting the demand. In February 1933 the Detroit banks failed and this caused a country-wide panic. President Franklin D. Roosevelt proclaimed his first full day in office (March 6, 1933) a national "Bank Holiday" to help save the country's banking system. The "holiday" actually lasted 10 days, during which "scrip" (paper currency in denominations of less than a dollar) temporarily replaced real money in many American households.
SOURCES:
AnnivHol-2000, pp. 91, 146
DictDays-1988, pp. 6, 8
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