Credit Consortium Russia

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Lending syndicate Russia was provided with a continuous numbering from one to twelve, the term for the temporary associations of German banks, which one them up to a certain Reichsmark -Amount granted discount credit and its current set available to 1926-1941 funding Russian To enable orders to German companies. The line had the German bank , a mediating role assumed by it founded industrial finance corporation East , were examined by the loan applications submitted and forwarded.

In the mid-1920s, doing business with Russia became increasingly difficult for German companies because of the increasingly wider payment terms imposed by the Soviet foreign trade monopoly . The credit business was problematic for both sides, as Germany had changed from a creditor to a debtor country as a result of the preceding World War I and the Soviet Union did not appear creditworthy internationally due to the non-recognition of debts from the Tsarist era. However, the good payment behavior of the Soviets was registered, and after the conclusion of the trade agreement of 1925 and the granting of deficiency guarantees by the Reich and the German states, the following 27 members of a bank consortium agreed to accept so-called Russian bills with a term of two to four years from exporters:

This loan consortium Russia 1 wanted to provide 120 million Reichsmarks, and decisions on applications had to be made unanimously. Deutsche Bank deposited Russian bills of exchange denominated in dollars and withdrew them when they expired. In addition, she took over the distribution of the three-month bills at IFAGO - issued by the exporters - to the consortium members. Those had to undertake to finance Russian bills affected by the Reichs guarantee only within the consortium and under no circumstances offer bills of exchange from the Russian business on the market.

Out of the count, but within the system was the so-called tube consortium of six banks that financed a tube business acquired by the Otto Wolff Group in 1932 with RM 40 million . The importance of such transactions can be seen from the fact that in 1931 the Reichsbank 's bill of exchange portfolio consisted of 15 percent IFAGO bills.

literature

  • Manfred Pohl : The financing of the Russian business between the two world wars. The development of the 12 large Russian consortia. Fritz Knapp Verlag, Frankfurt am Main 1975
  • Werner Beitel & Jürgen Nötzold: German-Soviet economic relations during the Weimar Republic. A balance sheet with regard to current problems. Nomos Verlagsgesellschaft, Baden-Baden 1979, ISBN 3-7890-0442-1 , pp. 65–71
  • Gerald D. Feldman : Deutsche Bank from World War I to the Great Depression. 1914-1933. In: Lothar Gall et al.: The Deutsche Bank 1870-1995. Beck, Munich 1995, ISBN 3-406-38945-7 , pp. 249-252

Individual evidence

  1. ↑ E. Wüst: The financing of German deliveries to Soviet Russia in the years 1925-1936 , (Diss.) Speyer 1938, p. 53. Quoted from: W. Beitel / J. Nötzold: German-Soviet Economic Relations, Baden-Baden 1979, p. 66