German central bank

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German central bank
Headquarters Berlin ( East Berlin ), German Democratic Republic
founding July 20, 1948
Dissolution / merger 1968
country Soviet occupation zone later the German Democratic Republic
currency

Mark of the German Central Bank Mark (GDR)

ISO 4217 DDM
Mint (s) Berlin Mint , Muldenhütten (until 1953)
predecessor

German issuing and giro bank (until 1948)

successor

State Bank of the GDR (1968)

List of central banks

The German central bank was the central bank in the Soviet occupation zone and the GDR from 1948 to 1968. It was founded on July 20, 1948 as the successor to the German issuing and giro bank . The Deutsche Emissions- und Girobank was founded on May 21, 1948 as a central banking body, but it did not have the right to issue money.

German issuing and giro banks were founded in February 1947 in the five countries of the Soviet occupation zone in Germany. Up to now it was their job to regulate the circulation of money and to carry out the payment transactions within the countries efficiently. In the western zone and the Federal Republic of Germany , the Bank of German States and, from 1957, the Bundesbank took over these tasks.

The bank was initially based in Potsdam and later in East Berlin . With the decision of the German Economic Commission , from July 20, 1948, the German Central Bank received the sole right to issue new coins in the Soviet occupation zone of Germany and in what was then Greater Berlin. The law on the German Central Bank of October 31, 1951 gave the German Central Bank the sole right to issue banknotes and to manage the cash transactions of the state budget in the GDR. As a non-independent institution, however, it was subject to the supervision of the Ministry of Finance .

A number of credit institutions at the state level were integrated into the German Central Bank. So were z. B. from Saxony in 1950 the Sächsische Landesbank and the issuing and giro bank Saxony incorporated into the German central bank.

On January 1, 1968, the German Central Bank was renamed the State Bank of the GDR .

The legal basis for the work of the German Central Bank was initially the order of July 20, 1948 on the German Central Bank (ZVOBl. P. 291) and later the "Law on the German Central Bank" of October 31, 1951.

organs

The Board of Directors and the Board of Directors acted as organs of the bank. The board of directors managed the entire business of the DNB, represented the bank in court and was responsible for the hiring and firing of employees. It consisted of the President, the Vice President and up to four other Directors. The Board of Directors was responsible for the general management and control of the DNB's activities. It consisted of 17 members who worked on a voluntary basis and made their decisions with a simple majority under the chairmanship of the head of the DWK's HV Finance. The board of directors included the heads of the main administrations of the DWK , the presidents of the issuing and giro banks, two representatives of the federal board of the FDGB , a representative of the Association of Mutual Farmers Aid and a representative of the state-owned enterprises appointed by the DWK. With the "Law on the German Central Bank" of October 1951, through which the DNB received the status of a state bank and the sole right to issue banknotes, it was now directly subordinate to the Council of Ministers , in which the President of the DNB was represented with a seat and vote . The Board of Directors and the Administrative Council remained as organs of the DNB, but the Prime Minister now chaired the Administrative Council. The Minister of Finance took on the role of deputy. The board of directors consisted of the president, a vice president and five directors.

Presidents of the German Central Bank were:

Web links

Individual evidence

  1. ↑ SMAD order No. 94/1948 on the German issuing and giro bank of May 21, 1948 (Zentralverordnungsblatt No. 19 p. 209)
  2. ^ Order of the Supreme Chief of the Soviet Military Administration in Germany No. 37 on the organization of issuing and giro banks of the provinces (Länder) of February 19, 1947
  3. ↑ SMAD command No. 122/1948
  4. ^ Statutes of the German Central Bank of July 20, 1948 (Zentralverordnungsblatt No. 36 p. 403)
  5. ^ State Archive Leipzig ( Memento of the original from November 29, 2012 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.  @1@ 2Template: Webachiv / IABot / www.archiv.sachsen.de
  6. ↑ Central Ordinance Gazette No. 29 p. 320 of July 20, 1948
  7. ^ Law on the German Central Bank of October 31, 1951
  8. ↑ Federal Archives of the German Central Bank 1945-1967 Signature DN 6