public credit institution

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Public-law credit institution is the collective term for all credit institutions in which the public sector acts as a majority or wholly partner .

General

A narrow definition only wants to recognize credit institutions in a legal form under public law (i.e. legal entities under public law ) as credit institutions under public law , but private-sector legal forms with a majority under public law are also included.

In Germany there is a three-pillar model , which is made up of public credit institutions, cooperative institutions and private banks . These three bank groups differ in particular in the nature of their shareholders . While in public institutions as partners ( carriers ) of the federal government (for example in the KfW ), the German states (at state banks and development banks ) or municipalities (with savings banks act), there are at cooperative-oriented banks, according to the cooperative law organized members of a Cooperative bank . Private banks can therefore be understood as a residual, to which all other groups of shareholders belong.

The Deutsche Bundesbank does not aggregate the credit institutions in its banking statistics according to these groups of shareholders, but divides the banking groups according to the type of banking business . As a result, public-sector banks the savings bank sector hide behind the institution ( DekaBank German Girozentrale ), followed by the state banks (7), public savings banks (411) Special purpose banks into public legal status (12; hereunder in addition to the development banks and the KfW and the Landwirtschaftliche Rentenbank ), public building societies (9; Landesbausparkassen ) and agricultural institutes (2). The Bundesbank itself is owned by the federal government, but is not considered a credit institution under Section 2 (1) No. 1 KWG , so that it is not counted among the credit institutions under public law. This also applies to KfW in accordance with Section 2 (1) No. 2 KWG. Guarantee banks are self-help institutions organized under private law for medium-sized businesses , in which chambers of crafts , chambers of industry and commerce , chambers of the liberal professions, trade associations and guilds, banks and savings banks and insurance companies are involved. They are organized in private legal forms and also do not belong to the public credit institutions.

tasks

Sparkassen and Landesbanken are active as universal banks that offer all banking transactions to all customer groups. They operate the deposit and loan business , securities business , payment transactions and are mostly house banks of their public institutions. Landesbanken are also active in the issuing business and international lending business. The special banks include development banks (KfW) or development banks ( German investment and development company as a subsidiary of KfW), they provide financial support . The public credit institutions carry out these tasks in the public interest . They conduct their business on the basis of a public mandate and the principle of non-profit making . Its public mandate is to provide the business area with monetary and credit services, to promote savings and general wealth creation and to provide banking services for the population and for medium-sized businesses . The principle of non-profitability has always set the public-law credit institutions apart from the other banks, which are oriented towards profit maximization . According to the articles of association, maximum profit was not at the forefront of corporate policy ; reasonable profit is sufficient. In the event of a conflict of objectives , the public mandate has priority. Some public credit institutions (savings banks, development banks) also have to observe the regional principle, which requires them to conduct banking business only in a precisely defined region . In particular, the Landesbanken and KfW are not subject to any regional restrictions.

legal form

Public law credit institutions are organized in the legal form of a legal person under public law , from which they derive their name. Specifically, it concerns the form of the institution under public law . This legal form, which also exists for non-banks in the public sector ( public company ), is characterized by the structural features of Anstaltslast and guarantor liability . Since in particular the guarantor liability with the consequence of insolvency gave the competing public-law credit institutions a competitive advantage over the other credit institutions , these structural features were abolished as part of the Brussels Concordance of March 27, 2002 for the competing public institutions.

history

The Taula de cambi ("exchange table "), founded in Barcelona on January 20, 1401, is the world's first public bank . It was a department of the city that fully guaranteed all deposit repayments and thus assumed the first guarantor liability. The Banco della Piazza di Rialto , which was created in April 1587, was also publicly owned by the city of Venice , while the Amsterdam Exchange Bank ("Wisselbank") became the first urban exchange bank in Western Europe after its establishment on January 31, 1609 . The municipal Nuremberg Banco publico opened on August 10, 1621 as the first public bank in Germany, it was an exchange and deposit bank based on the model of the exchange bank in Amsterdam. Public-law credit institutions in Germany are united in the Federal Association of Public Banks in Germany, which has existed since October 1916 .

Savings banks

It would be almost 200 years before the first public savings bank was founded. The very first savings banks came into being in a private legal form from 1778. In June 1801, the Spar- und Leih-Casse opened in Göttingen as the first municipal credit institute. In the following years, a large number of the citizens' savings banks became the responsibility of the municipalities. The town order of Heinrich Friedrich Karl vom und zum Stein of November 19, 1808 ensured local self-government , which led to the communities taking up the communal savings bank idea and establishing savings banks. According to the “revised city regulations” of March 17, 1831, the establishment of savings banks required the approval of the district president , because the acceptance of savings deposits was considered to be a loan from the respective sponsoring municipality requiring approval . After the Prussian Savings Banks Regulations were enacted on December 12, 1838, the period between 1840 and 1860 was the actual time when the savings banks were founded, as more than 800 new savings banks were established during this period. In 1838 there were 85 public savings banks in Prussia, in 1850 their number increased to 234, in 1870 they had grown to 932, in Germany as a whole there were 2,500 savings banks at the turn of the century. After that, a consolidation process began, because in 1961 there were 865 public savings banks nationwide.

As a result of the banking crisis in 1931 , the “Ordinance on Securing Economy and Finances” of October 6, 1931 made the savings banks independent, because they were given the legal form of the municipal institution under public law. The guarantor liability also had its origin in this Reich Emergency Ordinance. The reason for the introduction of the guarantor liability was that the creditors should not lose the communal liability for the liabilities of the savings bank by making the savings banks independent . As long as the savings banks were an organizational part of the municipalities, the municipalities were liable for these liabilities.

When in July 1958 the license requirement for the opening of branches ceased to exist , the savings banks developed into branch banks with a widely branched branch network. The effects of the administrative and regional reform in 1965 led to an intensification phase of stationary branch operations at the savings banks. The reform-related savings bank mergers left the branch development trend almost unaffected. There was a second wave of branch network expansions in Germany from 1967 onwards, even if the invention of the ATM made the important branch function of cash management largely obsolete. The first ATM was put into operation in Germany on May 27, 1968 by the Kreissparkasse Tübingen .

Landesbanken

The forerunners of today's Landesbanken were the Provinzial-Hilfskasse ; the Provinzial-Hülfskasse Westfalen , founded on January 5th, 1832, was the first to start business operations in Münster . Their statutes provided for lending to repay debt and to improve the budget of municipalities as well as for infrastructure measures. On June 23, 1832, the Landeskreditkasse was established in Kassel, which, unlike the Hülfskasse, was also allowed to accept state deposits and private savings and issue bonds . Some Landesbanken such as WestLB rose to become large banks through mergers and expansions , but bought this growth with higher corporate risks .

Building societies

In February 1885, Pastor von Bodelschwingh founded the first German building society, the building society for everyone, in Bielefeld - with explicit reference to the American workers' building associations . It was not the first internationally, because as early as 1775 in Birmingham , the "Kettley's Building Society" was the first building society.

Real estate credit institutions

Grundkreditanstalten are real estate credit institutions organized under public law . The Bundesbank divides them into housing credit institutions ( Hamburgische Wohnungsbaukreditanstalt ) and agricultural credit institutions ( Calenberger Kreditverein and Ritterschaftliches Kreditinstitut Stade ).

Development in the GDR

The extent to which the respective economic system affects the credit institutions in it can be explained using the former GDR . The credit institutions in the GDR were all state-owned , so that the entire banking sector consisted of public banks. On July 20, 1948, the German Central Bank was established as the central bank , from which the State Bank of the GDR emerged on January 1, 1968 . On October 13, 1948, the German Investment Bank was founded as a state- owned bank, which was the only institute allowed to grant long-term investment loans to trade and industry. The Deutsche Bauernbank was created by a special law of February 22, 1950; from February 1963 it was called the GDR Agricultural Bank . It focused on financing for agriculture and influenced and controlled the financial situation of the LPGs .

The still existing savings banks were assigned their customers and all savings accounts from the central bank in January 1951, in January 1952 the central bank transferred them the sole responsibility for the account management of the smallest companies with up to 10 employees, in return they had all the accounts of public bodies and larger companies to transfer the central bank. The “Order on the financing of the purchase of furniture and other durable goods”, which came into force on October 16, 1953, enabled a real installment loan . Since October 1956 the trade itself has been allowed to sell certain goods by paying in installments. As part of an administrative reform in 1952, the number of savings banks rose to 198; it remained relatively stable at 196 until reunification . In March 1956, the state-owned savings banks were given a uniform statute. This formally gave them universal bank status, but in fact deposit business and payment transactions predominated at the savings banks.

The German Foreign Trade Bank , founded in May 1966, cultivated targeted business relationships with banks outside the socialist camp .

Guarantor liability

After the Association of German Banks had lodged a complaint with the competition authority of the European Commission in December 1999 and assumed that the guarantor liability constituted prohibited state aid according to Art. 107 (1) TFEU , the competition authority opened a formal one on January 26, 2001 Investigation procedure. The longstanding disputes were finally settled by a decision of the European Commission on March 27, 2002 addressed to the Federal Republic of Germany. The federal government adopted this decision on April 11, 2002. The agreement reached on July 17, 2001 between the European Commission and Germany and the conclusions drawn from it on February 28, 2002 by both sides are taken into account. The key points of this Brussels Concordance were the elimination of institutional burden and guarantor liability at savings banks and Landesbanken. The German federal and state-owned development banks, on the other hand, have been allowed to retain Anstaltslast, guarantor liability and / or state refinancing guarantees within the framework of Understanding II since April 11, 2002 .

International

In Germany, the public institutions sector achieved a market share of 30.7% in terms of business volume in 2014 (savings banks 16.6%, Landesbanken 14.1%), followed by the big banks with 18.4% and the regional and other commercial banks with 16.1%. The market leadership in customer savings is even more pronounced with 50.8%, followed by credit unions with 30.6% and only then with 11.5% the big banks. This traditional market leadership there is abroad at public banks ( English public bench not). Here, the public banks sometimes lead a niche existence. The Caisse d'épargne (savings banks) in French-speaking regions are predominantly organized as cooperatives. In France , government approval on July 29, 1818, created the Paris savings and pension fund Caisse d'Épargne et de Prévoyance , which was the first savings bank in France. Today, since July 2009, a total of 17 regional savings banks have been combined and organized as cooperatives in the Groupe Caisse d'Epargne . The Swiss Caisse d'Epargne are also organized as a cooperative. Only in the February 21, 1856 Luxembourg , founded Banque et Caisse d'Epargne de l'Etat (State and Savings Bank) has since been owned by the state.

In the USA and England are Mutual Savings Banks organized as a cooperative, which (for the building societies english building society applies). The mortgage banks Freddie Mac and Fannie Mae were set up by order of the authorities, but are privately organized. Only the Federal savings banks , to which the First Federal Bank of ... belong, are publicly owned in the USA. Internationally, development banks and promotional banks are mostly state-owned.

Public credit institutions in Austria

overview

These credit institutions belong to the group

Number without branches (as of December 31, 2009)

National Bank of Austria

The Austrian Central Bank is a public limited company of its own, in which the Republic of Austria holds 70.2% of the shares. The Oesterreichische Nationalbank (OeNB) was the central bank for the national currency Austrian Schilling until the introduction of the euro . The bank is now integrated into the system of the European Central Banks (ESCB). It now supports the European Central Bank in monetary policy, ensures the supply of cash and ensures smooth national and international payment transactions. It ensures the stability of the financial market through the use of monetary policy instruments and creates statistics and analyzes. The OeNB is also allowed to conduct all kinds of banking business.

Tasks and organization of the other institutes

The nine mortgage banks were founded as institutions of the respective federal states and have now been converted into stock corporations. The focus of their business activities is generally in their region and involves granting mortgage loans ( secured by real estate and building rights), municipal loans to local authorities and issuing mortgage and municipal bonds. The tenth institution is the Pfandbriefstelle of the Austrian Landes-Hypothekenbanken , which was originally conceived as a joint issuing institution for bonds. The federal states hold shares of different amounts in the equity of their bank.

In the savings bank sector in Austria there are the association savings banks and savings banks of the municipalities founded by private individuals. The law permits conversion into a stock corporation. The tasks and banking transactions carried out are similar to those of the German savings banks. The Erste Bank of the oesterreichischen Sparkassen AG acts as the central institute .

Market shares

At the end of 2009, the savings bank sector and Landes-Hypothekenbanken comprised a total of 7.7 percent (66 of 855 main institutions) of banks in Austria, which measured against total assets over 25.6 percent (264.6 of € 1,033.9 billion) of total assets Banking groups. However, the public sector is no longer the sole owner of a number of institutes.

Advocacy

The Austrian Savings Bank Association in Vienna is the umbrella organization for the Austrian savings bank organization. It includes the Erste Bank der oesterreichische Sparkassen AG, the second Wiener Vereins-Sparcasse and the federal state savings banks . He represents the institutes externally at national and international level and acts as an intermediary to authorities and other Austrian and EU interest groups.

Public credit institutions in Switzerland

overview

The group of these credit institutions includes (number as of December 31, 2009):

Swiss National Bank

As an independent central bank, it determines monetary policy, regulates the circulation of money as a central bank, ensures that payment transactions are flourishing and advises the federal institutions on currency issues. The Swiss National Bank is a stock corporation whose purpose, activities and organization are defined in the National Bank Act . The cantons , cantonal banks and other public corporations and institutions hold more than half of their equity , while the Confederation does not own any shares.

Its state mandate is outlined in Article 5 of the Federal Act on the Swiss National Bank (National Bank Act, NBA). It then has to ensure price stability while taking economic developments into account. In this context, it is your responsibility

  • the providing the franc - the money market with liquidity
  • ensuring the supply of cash
  • the functioning of cashless payment systems
  • the management of the currency reserves
  • Contribution to a stable financial system in Switzerland
  • international currency cooperation and
  • performing banking services for the federal government.

Cantonal banks

Of the 24 institutes, 16 are public-law institutions with legal personality and 8 are stock corporations. The design of its cantonal bank is strongly influenced by the ideas of the respective canton. Its area usually also defines the business area of ​​the bank, but this does not have to prevent the establishment of branches in other cantons or abroad in individual cases. The institutes are more like universal banks, with the savings and real estate loan business dominating. The asset management is partly a mainstay. In 1999 the state guarantee as a constitutive feature of a cantonal bank was repealed in the new version of the Banking Act.

Savings banks

In Switzerland, the savings banks operate predominantly as private law institutes and are therefore combined with the regional banks for banking statistics. Only 4 municipal savings banks enjoy public law status. In the Regional Banks and Savings Banks group, the institutions in their region act as universal banks with traditional lending and deposit business.

Market shares

At the end of 2009, cantonal banks made up a total of 8.6 percent (24 of 278 reporting institutions) of the banks in Switzerland, which, based on total assets, had 15.1 percent (403.5 of 2,668.2 CHF ) of the total assets of all banking groups. The 4 community institutes not taken into account probably change little in the picture.

Advocacy

The Association of Swiss Cantonal Banks looks after the common interests of the group vis-à-vis third parties and promotes the prosperity and cooperation of its members.

literature

  • Hilger von Livonius von Eyb; Public-law credit institutions and EU subsidy regimes; ISBN 3-631-38050-X
  • Wolfgang Compter / Udo Albers, banking management apprenticeship; ISBN 3-8045-3811-8
  • Peter Eichhorn / Ulrich Kirchhoff; Public banks; ISBN 3-7890-7489-6
  • Karl Zetsche; Small banking apprenticeship, 17th edition; Bad Homburg vor der Höhe 1964

Web links

Individual evidence

  1. ↑ German Bundestag / Scientific Services, Banking System and Banking Supervision in Germany , July 2009, p. 4
  2. ↑ Karlheinz Müssing (ed.), Gabler Bank-Lexikon , 1988, column 1616
  3. ^ Stephan Scholz / Andre Krupp / Christian Hillers: The three-pillar system in the German banking market . 2009, p. 4 ff. ( Online )
  4. ^ Deutsche Bundesbank: Directory of credit institutions, banking information 2 . January 2015, p. 3 ff.
  5. ↑ Sebastian Omlor: Private Money Law . 2014, p. 34. ( online )
  6. ↑ Harald Rehm: The Nuremberg Commercial Courts: Constitution and Process, especially in the 19th century . 1974, p. 5.
  7. ↑ Andrea Kositzki: The public-law credit industry . 2004, p. 12. ( online )
  8. ↑ Thomas Brszoska: The public-law savings banks between the state and municipalities . 1976, p. 85. ( online )
  9. ↑ Joseföffelholz / Gerhard Müller: Bank-Lexikon: Concise dictionary for the banking and savings bank system . 1983, p. 280.
  10. ^ Karl Friedrich Hagenmüller / Gerhard Diepen: The banking operation . 1978, p. 121 f. ( online )
  11. ↑ Thorsten Wehber: guarantor liability and Anstaltslast - a historical review . In: Journal for the entire credit system, 2005, p. 753.
  12. ^ Hans Pohl: Economy, business, credit system, social problems . Volume 1, 2005, p. 967. ( online )
  13. ^ Jochen Klein: The savings bank system in Germany and France . 2003, p. 45 f. ( online )
  14. ↑ Federal Ministry of Finance of April 4, 2002, State Aid No. E 10/2000 - Germany Anstaltslast and guarantor liability , reference number EC 3 - F 2505-93 / 02.
  15. ↑ Federal Ministry of Finance of April 12, 2002, Anstaltslast and guarantor liability; Decision of the European Commission of March 27, 2002 , reference EC 3 - F2505-104 / 02.
  16. ^ Jochen Klein: The savings bank system in Germany and France . 2003, p. 53. ( online )
  17. ↑ http://www.oenb.at/isaweb/report.do?lang=DE&report=3.1.1
  18. ↑ Source: Oesterreichische Nationalbank ( Memento from August 13, 2007 in the Internet Archive )
  19. ↑ http://www.sparkasse.at/sPortal/sportal.portal?_nfpb=true&_urlType=action&LABEL_MAIN_sh=2f579522e2f5b12065465fcf8fa6d274&LABEL_MAIN_zz=103966.85506555044&LABEL_MAIN_pc=1&cci=09002ee2800757bb&desk=sparkasseat_de_0009&navigationId=021285735701622190000146&popup_w_webc_url=Channels/Sparkassenverband/Strukturcontents/sv_wir_ueber_uns_start_pg_Content.akp&popup_desk=sparkasseat_de_0008&otherPopup=1&_windowLabel= LABEL_POPUP_1 (link not available)
  20. ↑ Source: Swiss National Bank The banks in Switzerland 2009 ( Memento of April 14, 2010 in the Internet Archive )