Deutsche Bodenbank (Austria)
The German Soil Bank was a Austrian bank , after the First World War, founded in 1918 and again in 1924 liquidated was.
history
In 1918 the starting capital of the bank was 5 million kroner and by 1924 it had multiplied to 600 million kroner. After rapid capital increases, the bank was able to pay a dividend of 50% as early as 1922.
The bank had several exchange offices in Vienna and branches in Linz , Graz , Hartberg , Knittelfeld , Mürzzuschlag , Voitsberg and Wels .
In 1923 the bank acquired the palace at Hohenstaufengasse 12 in Vienna from the Österreichische Zentral-Bodenkreditbank for an amount of 5 billion crowns .
The Deutsche Bodenbank participated in the founding of several large industrial companies and in particular stock corporations such as Welser Holzindustrie AG , Texta Textil AG , Literaria literäre Druck- und Verlags-AG, Dimag Drahtindustrie- und Metallwarenfabriks AG, and Pharmazeutika AG in quick succession and Omag Oesterreichische Mineralwasser AG.
At the head of the banking institute stood the temporary member Gustav Groß . The company also had several senior directors. In particular, the executive directors Hans Hedenigg teamed up with "quite mad" currency and in particular Franc - speculation produces, which eventually had apparently over-indebtedness and the ruin of the house money result.
According to the balance sheet for 1922, the bank had about 4.5 billion kronor in deposits against books , but deposits in current accounts amounting to about 11.5 billion kroner.
The German Bodenbank recently received a short-term loan of 8 billion kroner from the Austrian Bankers Association as a support action, which, however, could no longer prevent the collapse of the over-indebted financial institution.
The Illustrierte Kronen-Zeitung criticized in an article from May 14, 1924 under the heading of the suspension of payments by Deutsche Bodenbank A.-G. "Irresponsible speculations in foreign currency " and called for the highly paid management staff to be held accountable, including financially:
"It is not acceptable that the directors of such banks do profitable business for themselves and let the unsuccessful speculations be paid for by the small depositors or shareholders ."
Individual evidence
- ^ A b Fritz Weber : Table 39: Bank deaths in 1924 , in ders .: Before the big crash. Austria's banking system in the interwar period using the example of Credit-Anstalt für Handel und Gewerbe , Vienna; Cologne; Weimar: Böhlau Verlag, 2016, ISBN 978-3-205-78790-7 and ISBN 3-205-78790-0 , p. 148; limited preview in Google Book search
- ↑ a b c d e f g h o. V .: suspension of payments by the Deutsche Bodenbank A.-G .. In: Oesterreichische Kronen-Zeitung. Illustrirtes Tagblatt / Illustrierte Kronen-Zeitung / Wiener Kronen-Zeitung , May 14, 1924, p. 3 (online at ANNO ).