Misplaced Pages

#9990

45-609: At its creation in 1868, the Croatian Discount Bank was the second large modern bank founded in what is now Croatia, following the establishment of the First Croatian Savings Bank in 1846. The Discount Bank had mostly local shareholders and was thus viewed as more straightforwardly aligned with Croatian interests than the First Croatian Savings Bank at that time. Guido Pongratz  [ hr ]

90-542: A brief period of prosperity after 1924, the savings banks again experienced stress around the banking crisis of 1931 , but had been managed cautiously enough that, unlike most commercial banks, they withstood the dislocation following the crash of Creditanstalt ; despite massive deposit withdrawals, no single savings bank failed or even suspended payments for a single day. At the end of 1937, there were 197 savings banks in Austria; almost half of their aggregate deposits were held in

135-647: A consolidating entity. The latter feature stands in contrast to Germany , where the Sparkassen are supervised individually as separate entities even though they are joined in an institutional protection scheme . Another difference is that the German Sparkassen-Finanzgruppe has no significant foreign operations, whereas Erste Group Bank AG has significant subsidiaries in Central and Eastern Europe . The first Austrian savings bank, as its name indicates,

180-470: A customer share in Austria around 31.2% as of December 2022. The group has a complex decentralized structure but relies critically on Erste Group Bank AG , which owns the main local savings bank in Vienna , operates central functions, owns and manages subsidiaries outside of Austria, and consolidates group accounts. The Österreichischer Sparkassenverband acts as the group's national representative body. In 2020

225-508: A mortgage bank established in 1941. Outside of Vienna, the 46 local savings banks extant as of early 2024 are, by chronological order of creation (of the oldest entity in cases of subsequent mergers): Die Zweite Sparkasse (full name Die Zweite Wiener Vereins-Sparcasse ) is a Vereinssparkasse created in 2006 by the ERSTE Foundation in Vienna. It relies on volunteer work from employees of

270-655: A separate entity, Haftungsverbund GmbH. It overlaps, but does not coincide, with the institutional guarantee scheme, which relies on an "ex-ante fund" managed by a jointly owned entity, IPS GesbR. As an exception to the Haftungsverbund , the Allgemeine Sparkasse Oberösterreich in 2009 secured a trilateral cross-guarantee agreement with Erste Group Bank and Erste Bank Österreich. As of August 2022, Haftungsverbund GmbH's shareholders were Erste Bank Österreich (51 percent) and Erste Group Bank AG (1 percent),

315-436: A significant expansion of their scope of business. Volunteers were replaced on savings bank boards by full-time executives, and most state regulations were phased out. At the same time, the branch network and the associated number of employees kept expanding. In order to offer all financial services, numerous subsidiaries in the insurance, leasing and investment sectors were founded. There were also two major waves of mergers, with

360-433: A significant reduction in savings banks from 162 in 1979 to 75 in 1995. Waves of mergers reduced the total number of savings banks to 128 in 1983, and 74 in 1994. The Austrian savings banks sector underwent major structural change in the 1990s. Following new legislation in 1986, many savings banks transferred their operations to joint-stock subsidiaries, which allowed the latter to raise external equity capital. In 1990–1991,

405-592: A state-owned bank in 1966, brands itself as the successor entity of the First Croatian Savings Bank. This bank and insurance -related article is a stub . You can help Misplaced Pages by expanding it . Erste %C3%B6sterreichische Spar-Casse The Sparkassengruppe Österreich ( lit.   ' Austrian Savings Bank Group ' ) brings together all savings banks ( German : Sparkassen ) in Austria . Tracing its origins to 1819, it serves around 4 million customers in 797 branches with more than 15,500 employees, with

450-623: The Girozentrale der Ostmärkische Sparkassen was established as a centralizing organization for the German savings banks along similar lines to the German Girozentralen that had been created in the previous four decades. After the currency stabilization in 1952, the savings bank system underwent its most successful phase to date, with extremely high growth rates, although there were also strong government restrictions to combat inflation until

495-626: The Austrian Financial Market Authority as a mandatory deposit guarantee scheme in line with Austrian and EU legislation. Under Austrian law, the Sparkassengruppe deposit guarantee scheme may be called to intervene if the other two schemes, the uniform Einlagesicherung Austria (ESA) and that of the Raiffeisen Banking Group , are depleted; conversely, the two other schemes may protect savings banks' depositors if

SECTION 10

#1732858633010

540-498: The ERSTE Foundation was created and became Erste Bank's parent entity. Meanwhile, the group expanded to 12 Eastern and Southeastern European countries. Erste Group Bank was founded in 2008 to serve as holding company, fully owning Erste Bank in Austria (now known as Erste Bank Österreich  [ de ] ) and also owning the group's foreign operations. As of the end of 2022, the ERSTE Foundation controlled 24.2 percent of

585-608: The Erste österreichische Spar-Casse in Vienna (1819) and the First National Savings Bank of Pest (1839-40). Its founders included Ljudevit Gaj , Dimitrija Demeter , Antun Mažuranić , Ambroz Vranyczany  [ hr ] , Franz von Kulmer  [ de ] , and Anastas Popović  [ sr ] . The latter became the bank's first president. The shareholders were mostly merchants of Gradec , which five years later merged with its sister town of Kaptol to form

630-608: The European banking crisis of 1931 , similarly as the First Croatian Savings Bank, and was subsequently placed under moratorium. In 1940, equity control of the Yugoslav United Bank was acquired by a group of Croatian investors. Following the German invasion of Yugoslavia , it retained its ownership structure but had to transfer its Belgrade branch to the German-controlled Bankverein AG Belgrad . It

675-902: The Oktogon gallery that has become an icon of belle époque Zagreb. After the disruption of World War I , Zagreb emerged as the dominant financial center of the newly formed Kingdom of Yugoslavia , and the First Croatian Savings Bank administered 40 percent of all deposits in the city. By 1924, it had branches in Belgrade , Bjelovar , Slavonski Brod , Celje , Crikvenica , Čakovec , Daruvar , Delnice , Đakovo , Dubrovnik , Đurđevac , Ilok , Karlovac , Kraljevica , Križevci , Ljubljana , Maribor , Sremska Mitrovica , Nova Gradiška , Novi Sad , Ogulin , Osijek , Požega , Senj , Sisak , Skopje , Split , Subotica , Sušak , Sveti Ivan Zelina , Varaždin , Velika Gorica , Vinkovci , Virovitica , Vukovar , Zemun as well as Fiume . In 1928, it took over

720-601: The 1970s. In 1957, the Girozentrale was restructured from its Anschluss-era legal form under public law to a joint-stock corporation, the Girozentrale der Österreichische Sparkassen AG , subsequently renamed Girozentrale und Bank der österreichische Sparkassen AG in 1965. In 1979, through the Banking Act and the Savings Banks Act, the savings banks were placed on an equal footing with other credit institutions, which meant

765-537: The Sparkassengruppe scheme becomes depleted. The Austrian state may intervene if all three schemes are depleted. Because of the scheme's mandatory character and public guarantees, S-Haftungs GmbH has been classified as part of the Austrian government sector by Eurostat for national accounts purposes, despite misgivings from Sparkassengruppe representatives. The joint liability scheme ( German : Haftungsverbund , also referred to as "cross-guarantee scheme") relies on

810-661: The United Central Bank of Sarajevo ( Serbo-Croatian : Ujedinjena centralna banka ), resulting in further branches in Banja Luka , Bihać , Brčko , Derventa , Mostar , Travnik , and Tuzla . In 1930-1931, its chairman Miroslav Kulmer  [ hr ] was vice-governor of the National Bank of the Kingdom of Yugoslavia . During the European banking crisis of 1931 , however, the bank faced massive deposit withdrawal in

855-546: The autumn of that year, and, at its request, was placed under moratorium by decree of 21 April 1932, a measure that was subsequently extended to other financial institutions under stress. It had to sell land holdings and reduce its lending in the following years, with detrimental macroeconomic effects in Croatia. The bank's activity continued and expanded again under the wartime Independent State of Croatia , even though it lost all connections with Serbia and its branches outside

900-401: The capital of Erste Group Bank, whose equity is publicly listed and otherwise largely dispersed. The savings banks that form the Sparkassengruppe Österreich are Vienna-based Erste Bank Österreich (an AG since 1993 ), 46 local savings banks outside of Vienna, Die Zweite Sparkasse , as well as Bausparkasse der österreichischen Sparkassen AG  [ de ] (also known as sBausparkasse),

945-561: The city of Zagreb. Following the Austro-Hungarian Compromise of 1867 , more liberal Hungarian legislation allowed the bank to expand its range of activities and to pay dividends to individual shareholders, by which it acquired widespread appeal as a badge of South Slavic pride and self-awareness. In the late 1890s the bank commissioned a new head office complex bordering Zagreb's central Ilica thoroughfare, designed by architect Josip Vancaš and completed in 1900. It includes

SECTION 20

#1732858633010

990-522: The country's largest savings bank, Vienna's Zentralsparkasse , acquired the state-controlled Länderbank and renamed itself Bank Austria . Also in 1991, the Girozentrale purchased a retail bank, the Österreichisches Credit-Institut  [ de ] , and renamed itself the GiroCredit Bank der Sparkassen in 1992. In 1994, Bank Austria took over control of GiroCredit, but in 1997 it absorbed Creditanstalt-Bankverein and moved decisively away from

1035-496: The first one of which was born in 1853. A boom in new savings banks began in 1866, with the number increasing from 26 to 210 in 1910. The model statute of 1872 abolished the previous restriction of savings banks services to "less well-off classes" and the degressive interest rate (the interest rate fell with the level of deposits); they now became "financial institutions of a humanitarian nature" ( German : Geldanstalten humanitären Charakters ) that could do business with all classes of

1080-496: The group had total assets of €277 billion, ahead of Raiffeisen Bank International (€166 billion), UniCredit Bank Austria (€119 billion), and BAWAG Group (€53 billion), making it one of the largest Austrian banking groups. Since the entry into force of European Banking Supervision in late 2014, the entire Sparkassengruppe Österreich has been directly supervised by the European Central Bank , with Erste Group Bank AG as

1125-403: The impoverishment of the population and as instruments for the accumulation of wealth by the working classes. The Savings Bank Regulation ( German : Sparkassen-Regulativ ) of 1844 established a framework of government oversight of the savings banks, with a permissive system for Vereinssparkassen and for the newly defined category of municipal savings banks ( German : Gemeindesparkassen ),

1170-421: The joint-stock savings banks may have multiple shareholders including AVSs and foundations. The local savings bank and Vienna-based Erste Bank Österreich do not compete in retail services within each other's territorial remit, thus operating under a de facto "regional principle" ( German : Regionalprinzip ) similarly to the German Sparkassen-Finanzgruppe , even though an earlier mandatory Regionalprinzip

1215-655: The merger, the principal shareholder of the Yugoslav United Bank was the Anglo-International Bank , with additional participations of Solvay and to a lesser extent of Banca Commerciale Italiana . The bank commissioned a modern Belgrade head office from architect Hugo Ehrlich , which was completed in 1930 and represents a significant landmark of architectural modernism in Yugoslavia; its executive management, however, remained in Zagreb. The bank, however, suffered heavily from

1260-488: The new Croatian borders. It ended the moratorium status in November 1941. Unlike most other Zagreb-based banks which fell under direct German control, it was able to retain its Croatian ownership throughout the war. Like the rest of Yugoslavia's banking sector, the First Croatian Savings Bank was liquidated and its assets taken over by the National Bank of Yugoslavia in November 1945. Privredna banka Zagreb , created as

1305-642: The other Sparkassengruppe entities. Erste Bank Österreich is wholly owned by Erste Group Bank , and in turn owns stakes in Salzburger Sparkasse (100 percent, as of end 2022), Tiroler Sparkasse (75 percent), Sparkasse Hainburg-Bruck-Neusiedl (75 percent), Sparkasse Mittersill (40 percent), Steiermärkische Sparkasse (25 percent), Kärntner Sparkasse (25 percent), Allgemeine Sparkasse Oberösterreich in Linz (19 percent), Sparkasse Voitsberg-Köflach (4 percent) as well as sBausparkasse (100 percent). It has no equity stake in

1350-415: The other local Austrian savings banks. The local savings banks in Austria are governed by private-sector law, unlike most of their German counterparts which are public-law organizations ( Anstalt des öffentlichen Rechts  [ de ] ). Since 1986, they have had the option of transferring their business operations to a subsidiary joint-stock corporation ( German : Aktiengesellschaft , AG), whereas

1395-603: The population. Savings banks were created in other parts of the Habsburg Monarchy , such as the Laibacher Sparkasse in today's Ljubljana (est. 1820), Cassa di Risparmio di Venezia (est. 1822), Cassa di Risparmio di Milano (est. 1823), Böhmische Sparkasse (est. 1823), First National Savings Bank of Pest (est. 1840), and First Croatian Savings Bank in Zagreb (est. 1846). A first central financial institution for

Croatian Discount Bank - Misplaced Pages Continue

1440-485: The prior entity would retain its savings bank status as a "participation-managing savings bank" ( German : Anteilsverwaltungssparkasse , AVS). From early 1999, AVSs have been allowed to convert into a foundation ( German : Stiftung ). As of early 2024, 33 local savings banks operated as AG, 13 savings banks had retained their prior status (i.e. no joint-stock entity), of which 10 Vereinssparkassen and 3 Gemeindesparkassen . Following mergers and other transactions,

1485-614: The relevant municipalities, which had been established by law in 1929 but was gradually phased out from 2003 onwards at the request of the European Commission . The Vereinssparkassen did not benefit from similar guarantees before the creation of the Haftungsverbund . In accordance with Austrian savings bank legislation, the Sparkassengruppe relies on an in-house auditor, the Sparkassen-Prüfungsverband (also known as

1530-423: The rest being held by local savings banks including those for Styria (12.7 percent), Upper Austria (8 percent), Salzburg (3.2 percent) and Carinthia (2.8 percent). In total, Erste Group controls 64 percent of Haftungsverbund GmbH directly or indirectly, and likewise with Sparkassen-Haftungs GmbH. The Haftungsverbund replaced an earlier regime of guarantee of the municipal savings banks (Gemeindesparkassen) by

1575-464: The savings banks market, selling GiroCredit to the Erste Österreichische Spar-Casse . The latter merged with GiroCredit and took the name Erste Bank der oesterreichischen Sparkassen AG , in short Erste Bank, thenceforth the savings banks' dominant financial institution. In 2001, the savings banks agreed to form a Haftungsverbund or mutual support pact, which was later designated as an institutional protection scheme (IPS) under EU law. In 2003,

1620-524: The savings banks, initially joint with cooperative banks and with main geographical focus on Bohemia , was created in 1897 in Prague , the Deutsche Kreditgenossenschaft für Böhmen . It changed its name in 1901 to Centralbank der deutschen Sparkassen  [ de ] , and relocated to Vienna in 1916. It was liquidated in 1926. The Austrian hyperinflation following World War I destroyed

1665-621: The two banks merged into an entity that was first named Croatian Discount and Mortgage Bank, then acquired two other banks, the Bosnian Bank ( Serbo-Croatian : Bosanska Banka ) in Belgrade and the Agrarian and Commercial Bank ( Serbo-Croatian : Agrarna i komercijalna banka ) in Sarajevo, at which time the name was changed to Yugoslav United Bank (sometimes also translated Yugoslav Union Bank). Following

1710-483: The two main Vienna savings banks, Zentralsparkasse (the Viennese Gemeindesparkassen , with 588 million schillings in total assets) and Erste Bank (the original Vereinssparkassen , with 416 million). Between 1938 and 1945 under Anschluss , the Austrian savings banks adopted some features of the German system including the creation of the Girozentrale der ostmärkischen Sparkassen . In 1939,

1755-430: The value of both the assets and liabilities of the savings banks, whose aggregate deposits shrunk from 2 billion kronen (4.3 billion schillings ) in 1913 to 3 million schillings in 1923. The disruption could only be overcome because the legislature allowed the savings banks to carry out new tasks, especially current account business and cashless payment transactions as well as foreign exchange and currency trading. After

1800-462: Was abolished by the 1979 savings bank legislation. The Zweite Sparkasse has operations in all of Austria except Vorarlberg, however. The Sparkassen-Haftungs GmbH (or S-Haftungs GmbH) operates the deposit guarantee scheme of the Sparkassengruppe, which is separate from the other Austrian deposit insurance systems. It was established in 1988 as a corporate entity, and was recognized in January 2019 by

1845-433: Was eventually liquidated in 1945 together with the entire Yugoslavian commercial banking sector. This bank and insurance -related article is a stub . You can help Misplaced Pages by expanding it . First Croatian Savings Bank The First Croatian Savings Bank ( Croatian : Prva hrvatska štedionica , German : Erste kroatische Sparkasse ) was a significant Croatian bank headquartered in Zagreb . The bank

Croatian Discount Bank - Misplaced Pages Continue

1890-421: Was founded in 1846 and liquidated in 1945. It has been described as "the first modern credit institution in Zagreb" and "one of the most significant financial institutions in Croatia's banking history". The First Croatian Savings Bank was created on March 4, 1846, in Zagreb, on the basis of Imperial Austrian legislation of 1844 that facilitated the establishment of savings banks. It followed precedents such as

1935-588: Was granted a monopoly over mortgage operations and, by an act of the Croatian Parliament in 1894, the management of funds of all autonomous administrative bodies, which gave it a significant competitive advantage. In the 1920s, it was recapitalized by new domestic and foreign investors including Belgium's Solvay Group , the Berlin-based Disconto-Gesellschaft , Vienna-based Ephrussi and Company , and London-based Lazard Brothers . In 1928,

1980-627: Was instrumental in the creation of the new bank, which was later chaired by the brothers Petar Dragan Turković and Milan Turković . By 1924, it had branches in Dubrovnik , Križevci , Osijek , Petrinja , Sušak , and Vinkovci . The Croatian-Slavonian Land Mortgage Bank was founded in Zagreb in 1892 with participation from the Hungarian Mortgage Credit Bank , the Hungarian Discount and Exchange Bank , and Vienna's Unionbank . It

2025-402: Was the Erste österreichische Spar-Casse , which opened on 4 October 1819 in Vienna . Other savings banks were founded in subsequent years on an associative basis ( German : Vereinssparkassen ) by individuals such as aristocrats, clergy, senior civil servants, or doctors and pharmacists. As a counterweight to private banks, the savings banks were intended as purpose-driven institutions against

#9990