The provision of payments facilities, credit, and capital to individuals, firms, and the government. Retail banking is the provision of payments, savings, and credit facilities in relatively small quantities to a large number of individual or small business customers. Investment banking is the provision of credit and capital in larger quantities to relatively large businesses. Universal banking combines these functions in the same banks, as for example in European countries including Germany. In the US and the UK the functions are largely separate: in the US as a requirement of the Glass–Steagal Act of 1933, and in the UK through voluntary choice by the banks. The argument against universal banking is that mistaken investments may impair the solvency of banks responsible for the payments system. Modern banking has added further functions, including stockbroking and portfolio management, mortgage finance, and insurance, to the traditional activities. See also branch banking; fractional reserve banking; relationship banking; retail banking; shadow banking; wholesale banking.