Bavarian central bank

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100 Mark banknote of the Bavarian Central Bank from 1875
100 Mark banknote from the Bavarian Central Bank
1 billion emergency note from 1923
Share of RM 500 in the Bavarian Central Bank on November 3, 1925

The Bavarian Central Bank was a central bank in the Kingdom of Bavaria and the Free State of Bavaria . It existed from 1875 to 1934. The seat was Munich .

history

With the establishment of the empire in 1871, the member states of the empire lost their legislative rights with regard to the monetary system. The Reichsbank was not given a monopoly on the issue of banknotes ; the existing central banks retained the right to issue banknotes to the extent specified in the Annex to Section 9 of the Banking Act of March 14, 1875. A contingent of banknotes worth 32,000,000 marks was planned for Bavaria .

The central bank in Bavaria was the Bayerische Hypotheken- und Wechsel-Bank, founded in 1834 . This gave up the central bank function in 1875 in order not to have to accept any restrictions on its banking business (especially the mortgage business ) (as was intended for central banks). However, since Bavaria did not want to forego the proceeds from the banknote business, the Bavarian Central Bank was spun off as the new central bank in 1875. Approval by King Ludwig II of Bavaria was granted on August 3, 1875, and business operations began on November 3, 1875.

Two-thirds of the share capital of 15 million marks was subscribed by the shareholders of Bayern-Hypo and one-sixth each by the state-owned Königliche Bank Nürnberg and the Bayerische Hypotheken- und Wechselbank.

With the end of the Empire in 1918, there were only three private central banks in Germany in addition to the Bavarian central bank : the Badische Bank in Mannheim, the Saxon central bank in Dresden and the Württembergische central bank in Stuttgart.

In the mid-1920s, the state of Bavaria acquired additional shares and had held a majority stake since 1926. After the seizure of power of the Nazis the score privilege was abolished by law. The basis was the possibility of termination in the law on private central banks of August 30, 1924 after ten years. On January 1, 1935, the Bavarian Central Bank and the Bavarian State Bank were merged. The free shareholders received 190% of the nominal value of their shares in cash.

The banknotes were printed by Giesecke & Devrient . The printed image of the banknotes of the first issue of 1875 corresponded to the previous guilder notes of the Bayerische Hypotheken- und Wechselbank.

people

literature

  • Karl Heil: The Reichsbank and the Bavarian Central Bank in their mutual development in Bavaria 1876-1899 . 1900

Web links

Commons : Bavarian Central Bank  - Collection of images, videos and audio files

Individual evidence

  1. ^ Banking Act of March 14, 1875 on Wikisource
  2. ^ History of the Hypovereinsbank
  3. ^ History of the Hypovereinsbank
  4. ^ Albert Pick: Paper money . 1967, pages 166-167