State Bank

Categories / Capital/Superior and Central State Institutions
Categories / Economy/Finances and Credit
STATE BANK established in 1860 for the resuscitation of business and the consolidation of monetary and credit systems. The bank was located at 21 Sadovaya Street; it took deposits, set up accounts, provided short-term credit and loans, and conducted purchase and sale of public securities. From the bank's very first years, one of its important functions was to grant "emergency loans" to certain institutions, railway societies, and banks, allowing them to circumvent regulations by special license from the Emperor. The loans were provided for the maintenance of these institutions during times of crises and slumps. Part of the funds stored by the State Bank was borrowed by the State Treasury for the payment of various expenses, including the military costs. In 1895, a new charter was adopted, which proclaimed the aim of the bank to be the consolidation of monetary and credit system, and in "to assist domestic commerce, industry and agriculture by means of short-term credit grants". The Bank thus intensified the granting of credit for commerce (foreign commerce took precedence), as well as the establishment of enterprises and even banks though small loans. After the currency reform of 1897, and the introduction of the gold standard in Russia, the State Bank turned into an issuing bank, and was able to disperse cash. Special storerooms in the State Bank began to keep the country's gold reserves, ensuring the stability of Russian currency. With the approach of the First World War (1914-18), the State Bank paid more attention to giving credit to joint-stock banks, thus becoming a sort of "bank for banks". After fighting began, the bank's major task was providing securities for military expenses. The Decree of 14 (27) December 1917 transformed the State Bank, together with all nationalized private banks, into the Public Bank of the Russian Soviet Republic. In early 1918, it was relocated to Moscow (from 1921, it was called the State Bank, assuming the name Central Bank in 1990); a regional office remained in Petrograd (established in 1894; from 1921, located at 21 Sadovaya Street, and at 70-72 Fontanka River Embankment; after October 1917, reorganized into the Northern Regional Office; renamed the Leningrad Office in 1927; in 1931, divided into a city and a regional office). In 1991, the St. Petersburg Central Administrative Board of the Central Bank of the Russian Federation was established in St. Petersburg.

References: Ананьич Б. В., Калмыков С. В., Петров Ю. А. Главный банк России. М., 2000; Из истории Главного управления Банка России по г. Санкт-Петербургу // Вестн. Банка России. 2000. № 30. С. 21-22; Смирнова Н. И., Чеснокова А. Н. Санкт-Петербургская (Петроградская) контора Государственного банка (1894-1918): Ист. очерк. СПб., 2001.

V. S. Solomko. Fontanka River Embankment/Saint Petersburg, city, house 72
Fontanka River Embankment/Saint Petersburg, city, house 70
Sadovaya St./Saint Petersburg, city, house 21
Ананьич Б. В., Калмыков С. В., Петров Ю. А. Главный банк России. М., 2000
Из истории Главного управления Банка России по г. Санкт-Петербургу // Вестн. Банка России, 2000
Чеснокова А. Н., Смирнова Н.И. Санкт-Петербургская (Петроградская) контора Государственного банка (1894 - 1918): Ист. очерк. СПб., 2001 1860