State Bank
State bank is the outdated term for credit institutions that are wholly owned by the state and / or act on behalf of a state for certain tasks assigned to them. Entirely separate, the State Bank of the Central Bank , whose duties involve monetary and monetary policy of a currency area is.
General
The German term “Staatsbank” is no longer in use today, but has an exclusively historical meaning. Either it is used today as an imprecise synonym for a central bank or it is used for public-law credit institutions with special tasks. The Landesbanken are indeed called state banks, but they are exclusively responsible for the respective federal states , in whose possession they are mostly (majority). For this, the Landesbanken take - in addition to its function as a commercial bank , some tasks, such as - emission of bonds in the respective province or other banking transactions true.
history
The first German state bank was the Braunschweigische Staatsbank , a legal predecessor of today's Norddeutsche Landesbank . It was founded by Duke Karl I of Braunschweig-Lüneburg on March 9, 1765 as the Ducal Leyhaus and was the first state bank on German soil. In 1780, Margrave Karl Alexander founded his own court bank, the Hochfürstlich-Brandenburg-Anspach-Bayreuthische Hofbanco , which was renamed the Bayerische Staatsbank in 1918 . An ordinance of March 24, 1920 put the Bayerische Staatsbank on a new legal basis. On March 8, 1971, the Bayerische Staatsbank merged with the Bayerische Vereinsbank . State bank of the GDR has been the name for the central bank of the German Democratic Republic since January 1st, 1968 . The bank, founded on October 31, 1951 as the German central bank, also performed the functions of a central bank.
The Swiss State Bank came into being with the decision of the Swiss Federal Council of January 24, 1894. Today the cantonal banks belonging to a canton are sometimes referred to as state banks because they are structured under public law and still benefit from the guarantor liability of their canton.
The KfW banking group (80% owned by the Federal Republic of Germany) is sometimes referred to as the state bank because it operates the national promotional business and development aid measures abroad (via the KfW subsidiary Deutsche Investitions- und Entwicklungsgesellschaft ).
State Banks
The English term “State Bank”, on the other hand, is used in the USA for a bank founded by a US state and - mostly - part of the Federal Reserve System . This nationwide clearing system was established on July 15, 1916, so that the State Banks also have the task of clearing banks. State banks became members of the Federal Reserve System under Section 9 of the Federal Reserve Act . However, there are also state banks that do not belong to the Federal Reserve System (“state nonmember banks”). Members of the Federal Reserve System are monitored by it, and non-members by the Federal Deposit Insurance Corporation . In the USA, the term state bank is also used to distinguish it from the national banks .