The Bank of Scotland plc is a commercial and clearing bank based in Scotland and is part of the Lloyds Banking Group, following the Bank of Scotland's implosion in 2008. With a history dating to the 17th century, it is the fifth-oldest extant bank in the United Kingdom (the Bank of England having been established one year earlier), and is the only commercial institution created by the Parliament of Scotland to remain in existence. It was one of the first banks in Europe to print its own banknotes, and it continues to print its own sterling banknotes under legal arrangements that allow Scottish banks to issue currency.