Saxon State Bank
The Sächsische Staatsbank was a state bank in the Free State of Saxony from 1919 to 1945 .
history
The bank was founded on October 17, 1919. It emerged from the Sächsische Lotteriedarlehenskasse , which had existed in Leipzig since 1862 and whose task it was to borrow the money accumulated up to the drawing of the 5th class of the Saxon state lottery as well as the surplus funds of the Saxon state main treasury against pledging of securities . In September 1917 the lottery loan office had already started all banking business.
Carl Degenhardt took over the management of the state bank . On October 1st, 1920 the seat was moved from Leipzig to Dresden . After the State Bank Act was passed by the Saxon State Parliament on June 21, 1921 , business activities were expanded. The state bank became a legal entity under public law with equity capital of 50 million marks. The Saxon state assumed absolute liability for all liabilities of the bank. From now on, the business activities comprised all branches of the banking and lending business. The state bank was primarily intended to serve as a bank for Saxon medium-sized companies.
In addition to the already existing branches in Dresden and Leipzig, branches were established in Chemnitz , Bad Elster and Aue . The state bank participated in numerous smaller regional and local stock and private banks, especially in Saxony.
During the inflation of 1923 , the Saxon State Bank issued its own emergency money . When preparing the opening balance sheet for gold markers, the Saxon State Bank, with a nominal capital of 16.3 million gold marks, ranked directly behind the Leipzig-based Allgemeine Deutsche Credit-Anstalt (ADCA).
The Sächsische Staatsbank took a stake in the state-owned brown, hard coal and electricity companies combined in the Aktiengesellschaft Sächsische Werke and lent loans to small and medium-sized companies in particular.
With the beginning of the global economic crisis , the Sächsische Staatsbank also had to make changes in its business policy. The Saxon taxpayer had to pay for defaults due to payment difficulties of the Karstadt group and Vera-Film AG . On July 28, 1931, the state bank was merged with the ADCA, which was in distress due to the credit crisis . After a reorganization proved to be impracticable due to constantly increasing losses, the merger was reversed on April 16, 1932.
The state bank played a significant role in saving the Saxon automotive industry by founding the Auto-Union in 1932.
As part of the National Socialist " seizure of power " the leadership of the State Bank got into the line of fire of the Saxon NSDAP - Gauleiter and Reich Governor Martin Mutschmann that on 27 May 1933 for allegedly irresponsible lending in the state bank president Carl Degenhardt protective custody was taking. Other Saxon state bank officials and bankers were also arrested. Only after Degenhardt had signed a declaration renouncing his position as President of the State Bank was he released from prison on June 24, 1933. Kurt Nebelung , who held office until 1945, was appointed the new president .
At the beginning of 1937, the majority of the Staatsbank owned Sächsische Bank zu Dresden , which had already lost its position as a private central bank two years earlier and was thus in trouble, as "Sachsenbank" took over the private customer business of the Staatsbank and its branches.
On April 26, 1945, the Sächsische Staatsbank issued emergency money to the value of 5, 20 and 50 Reichsmarks on the basis of an ordinance by Reich Governor Mutschmann, which was in circulation for some time after the end of the war.
After 1945 the Sächsische Staatsbank was wound up by the Sächsische Landesbank . Its president was again Carl Degenhardt from August 1945 to March 1946.
architecture
The headquarters and branches of the Sächsische Staatsbank in Dresden were in architecturally significant buildings such as the Saul House , the Ständehaus and the high-rise on Albertplatz .
literature
Andreas Graul: On the history of the Saxon State Bank (1919–1936) . In: Sächsische Heimatblätter . Volume 34 (1988), No. 3, pp. 97-99.
Individual evidence
- ↑ Files of the Reich Chancellery. Hitler government 1933–1938 . Part 1: 1933/34. Volume 1. Harald Boldt Verlag, Boppard am Rhein 1983, p. 563.
- ↑ Files of the Reich Chancellery. Hitler government 1933–1938 . Part 1: 1933/34. Volume 1. Harald Boldt Verlag, Boppard am Rhein 1983, p. 627.
- ↑ Michael H. Schöne: Emergency money from the Saxon State Bank 1945 . In: Yearbook of the Working Group Money and Securities 1981, Part II. Kulturbund der DDR, Berlin 1981, pp. 87–89, here p. 88.
- ^ Andreas Thüsing (Ed.): The Presidium of the State Administration of Saxony. The minutes of the meetings from July 9, 1945 to December 10, 1946 . Vandenhoeck & Ruprecht, Göttingen 2010, p. 506. The claim there that Degenhardt was President of the Dresden State Bank until May 1945 is incorrect, as can be seen from the Dresden address book for 1943/44.