In 1303, Edward I negotiated an agreement with the Lombard merchant community that secured custom duties and certain rights and privileges. The revenues from the customs duty were handled by the Riccardi, a group of bankers from Lucca in Italy. This was in return for their service as money lenders to the crown, which helped finance the Welsh Wars. When the war with France broke out, the French king confiscated the Riccardi's assets, and the bank went bankrupt. After this, the Frescobaldi of Florence took over the role as money lenders to the English crown.