Saxon Bank in Dresden

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The Sächsische Bank zu Dresden , shortened to Sächsische Bank from 1937 , was a credit institute in Dresden that existed from 1865 to 1947 . It was one of the last private central banks in Germany.

history

Share for 200 thalers from July 1, 1873
Emergency note for 5 million marks from August 12, 1923

The Sächsische Bank zu Dresden was founded with a state license on July 18, 1865 and a capital of 5 million thalers . In 1869 it was based in the Hôtel de Pologne (Dresden) . In 1873 the capital was increased by 5 million thalers and later converted to 30 million marks . The company's purpose was to operate a private central bank .

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. After the Leipziger Bank (1875), the Chemnitzer Stadtbank (1890) and the Leipziger Kassenverein (1890) were renounced , it was the only private central bank in Saxony that issued banknotes that could be used throughout the Reich. From 1888, it also offered its customers commission-free check and giro transactions.

With the end of the German Empire in 1918, there were only four private central banks left in Germany: the Saxon Bank in Dresden, the Bavarian Central Bank in Munich, the Badische Bank in Mannheim and the Württembergische central bank in Stuttgart. After the hyperinflation of 1923, the Private Central Bank Act of August 30, 1924 was enacted. According to this law, the Saxon Bank in Dresden was allowed to issue a maximum of 70 million Reichsmarks annually in banknotes.

The bank's share capital was converted to 15 million Reichsmarks in 1924 . Since the 1920s, the Sächsische Bank zu Dresden has also operated bus routes through subsidiaries . These often took over feeder services to the state railway lines. By a law of December 18, 1933, the private central banks were deprived of their authority to issue banknotes with effect from December 31, 1935. This deprived the Sächsische Bank zu Dresden of the main business basis. To avoid liquidation, it cooperated with the Sächsische Staatsbank : According to a corresponding agreement, the institute, now trading as Sächsische Bank , took over the private customer business of the Sächsische Staatsbank on January 1, 1937. Since then, the two institutes have been managed largely in personal union . In 1945 the Sächsische Staatsbank held 80% of the capital of the Sächsische Bank.

After the Second World War , the Saxon Bank was not relocated. In the Soviet zone of occupation , it was without compensation expropriated and 1947 from the commercial register deleted. The holdings of Sächsische Bank in West Germany (including Kraftverkehr Württemberg AG, later SG Holding and now part of the Emil Frey Group ) were from 1950 to 1980 in a fiduciary administration set up by the Federal Minister of Finance . These assets were liquidated and paid out by 1981.

literature

Web links

Individual evidence

  1. Annex to Section 9 of the Banking Act of March 14, 1875
  2. Private Central Bank Act of August 30, 1924, in RGBl. II, 1924, No. 32, p. 246 ff