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What is a savings bank? In what year did the first savings bank appear?

Today, the phrase "savings bank" goes out of mass consumption, and we do not even think about the fact that the leading bank of the country - Sberbank - grew out of this phenomenon. Where did this financial phenomenon come from and how does it work? In the article we will tell you about the year when the savings bank appeared, who first came up with this mechanism and how the savings banks evolved into modern credit institutions.

The concept of savings

As soon as a person has surplus material values, he began to think about preserving them for future use. So the idea of savings appeared. At first this process was only for products - people always had the ability to make food supplies in case of hunger. This is absolutely instinctive activity, so our body lays the surplus calories in the fat folds, and man, like the protein, for example, makes reserves for future use.

But the concept of savings is associated with the preservation of cash. For the first time it occurred to people to reserve money for a few tens of hundreds of years ago. For example, in China, there was a tradition to put coins on a "rainy day" in clay pots clogged. It was possible to extract money from there only by breaking the vessel. For many centuries people simply put aside money, they did not bring any income, and only when the idea arose that it was possible to put these savings into circulation, a savings bank appeared.

The concept of a savings bank

Gradually formed a special financial mechanism, which allowed to create savings and at the same time to receive income from them. The savings bank is an organization that attracts them from the population and pays interest to depositors. The opportunity to increase capital is ensured by the issuance of savings for temporary use by the willing (credit), for which they, in turn, pay the cashier.

Today, savings banks and banks are an important part of the economy of any state. There are even indicators of the norms of saving by the population, which ensure the stability of the economic system. Also, the volumes of the saved capital are a good criterion for assessing the general situation in the state. Since people start to save money only when they have enough.

Principles of the functioning of the savings bank

There is already a traditional way of accumulating funds for subsequent consumption by the population - this is a savings bank. The deposits of people bring them income, which is the main motivating factor in contacting a financial institution to create their own reserve funds, rather than folding coins into a glass jar in a home cabinet. But where does this profit come from?

To pay people interest, you can use two mechanisms. The first is known as the financial pyramid: depositors receive interest at the expense of newly attracted customers who brought their money. Such a scheme has a high risk of failure, since any massive withdrawal of deposits leads to collapse, and some clients will not receive not only interest, but also contributed money.

And the second mechanism is more complicated. It implies that money can be lent for interest or to invest in some other revenue-generating mechanisms in order for them to generate revenue. Savings banks mainly work exactly under the "deposit-loan-interest" scheme, without investing.

History of the appearance of savings banks in the world

For the first time, the principle of financial savings mechanism was formulated by the writer D. Defoe, who reflected on how to develop the foresight of the population. Drawing on his ideas, in 1778 in Hamburg, a local entrepreneur opened an office for accepting cash deposits at 3%, which could be returned at the first request of the depositor. But then the idea got only a local implementation.

The boom of savings banks begins in England at the turn of the XVIII-XIX centuries. Then there was the first savings bank, which guaranteed return on investment and interest. In 1817, the first British law on such financial institutions was adopted. They were instructed to place the attracted money only in reliable funds and government loan bonds. So the interaction between savings banks and the state economy began. She received additional funds and motivated the population to create savings.

Initially, savings banks were designed for the lowest income groups of the population. Therefore, a maximum contribution of 150 pounds was set. This allowed the poor to create a financial "safety cushion" for an emergency, which was also beneficial to the state and large capitalists, because it removed from them the need to take care of the poor, who lost their jobs or fell ill. Since the beginning of the XIX century, savings banks began to appear in many countries of Europe and the United States.

The first savings banks in Russia

Did not pass this boom and the Russian Empire. The first savings bank in our country appears in 1839 by the decree of the emperor. These were saving and auxiliary cash desks for peasants - so the state began preparations for the abolition of serfdom.

In 1841, again at the behest of the tsar, the first city savings banks were opened in Moscow and St. Petersburg. First, the minimum deposit amount was 50 kopecks, and the maximum amount was 300 rubles, later these figures were increased. The first such institutions were created in enterprises and public services, and since 1880 began to open cash offices at the offices of the state bank, with postal institutions and railway stations.

In addition to demand deposits, contributions were "conditional", i.e. On special, certain conditions, as well as deposits in securities. The employees of the cash offices, thus, acted as an intermediary between citizens and the state. Later, there was a service for life insurance. Also, the cash departments from the end of the XIX century became a tool for selling government bonds, as well as for conducting winning loans. Gradually, the cash departments became a multifunctional loan and credit institution.

Savings banks of the Soviet era

After the coup in 1917, the new government first declared the deposits of the population untouched and the royal loans - annulled. Gradually inflation led to actual depreciation of deposits. After the first world and civil wars, a new economic policy was announced, and a new financial instrument appeared-the savings bank of the USSR.

These institutions were a means of carrying out financial reform, their main task was to protect the wages of workers during the period of inflation. Over time, they were also entrusted with the functions of population insurance. In 1925 the government established state labor savings banks of the USSR. They were provided with various types of deposits, through which state loans and the sale of winning bonds were conducted.

By 1933, the country had more than 50 thousand savings banks. During the Second World War, the government froze deposits of the population, and this money has become an essential aid in ensuring the defense capability of the state. After the war, monetary reform and the modernization of savings banks were carried out. Later, the state actively used the facilities of these institutions for domestic loans from the population.

Since the economic situation in the USSR in the 1960s and 1970s was specific: the population had money, but there was often nothing to spend, authorities encouraged the people to invest money in government bonds and to form savings accounts. That's when the popular slogan appeared: "Keep money in a savings bank!". With the change in the economic course in the 1990s, there was an actual freeze and a partial cancellation of the population's deposits. The state is still paying tiny compensation to some segments of the population. Until the end of this procedure is not visible.

Savings banks today

Today in many countries there continues to exist such a financial phenomenon as the state savings bank. These institutions are aimed at attracting small-scale contributions from the population. But all the same, cash desks are a very small part of the modern financial system of developed economies. For example, in Italy, for example, there are only 87 savings banks, in the United States they account for only a few percent of the country's total financial turnover. Such a decrease in these institutions was a consequence of the development of the world banking system.

Savings banks and their specificity

Over time, in many countries, savings banks were converted into savings banks. What does this mean for a simple consumer? These institutions provide more services. Here you can not only open different types of deposits, but also take out a loan for any needs, solve investment problems, conduct transactions with currencies and other valuable assets.

Banks conduct settlement and money transactions, offer insurance programs. Today the concept of "savings bank" is increasingly approaching the concept of "commercial bank." The difference, basically, remains only in the founders - most often in savings banks, one of the leading founders is the state.

Sberbank of Russia

At one time in the USSR, the main financial slogan, as we already mentioned, was the phrase: "Keep money in the savings bank". This slogan is applied to itself by the Sberbank of the Russian Federation, and not without reason. In 1988, state labor savings banks were reorganized and turned into a Savings Bank (Sberbank). And till now people have a stable feeling that this is a state bank, although in the 90s it became a joint stock company with the involvement of private capital. But the state retains its share in the authorized capital of Sberbank and actively supports it, forming positioning as the main bank of the country.

Types of Savings Bank Operations

Initially, any central savings bank accepted deposits from the population at interest on demand, then there were term deposits and sale of bonds. Today, savings banks also offer settlement and cash services, currency exchange, deposit services, as well as loans and investments. In addition, Sberbank offers collection services, working with securities and other assets, insurance of deposits, life and property.

Savings Bank Functions

The most important function performed by the savings bank was to raise funds from the population. In this sense, savings banks continue this tradition - they are the main tool for mobilizing savings and incorporating them into the real economy of the country.

These financial institutions are an important part of the economy, as they ensure the movement of capital, and also stimulate the population to create savings, which also plays a significant role in the financial system of the state.

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