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The Foreign Banks and Affiliates Association was founded in 1947 with twelve members. Membership had increased to 108 by 1981, almost a third of all the foreign banks (including the British overseas and Commonwealth banks) in the City. In 1983 three regional committees: EEC (countries of the European Economic Community), Europe (countries of Eastern and Western Europe which were not members of the EEC committee) and World were set up. Later in the same year, functional committees were established: Accounting and Statistics; Banking Supervision; CHAPS (the clearing banks' proposals for an automated payment clearing system) and LondonClear; Export Finance; Fiscal; Foreign Exchange; Operations; and Securities. In 1979 the organisation's name was changed to the Foreign Banks Association, in 1989 to the Foreign Banks and Securities Houses Association, and in 2003 to the Association of Foreign Banks.
The Association was based at 4 Bishopsgate (1947-73), 16 St Helen's Place (1974-1977), 1-3 Abchurch Yard (1977-1981), 4 Bishopsgate (1981-1989), 68 Lombard Street (1989-1990) and 5 Lawrence Pountney Lane (1991-).