History of banking

The history of banking began with the first prototype banks, that is, the merchants of the world,
who gave grain loans to farmers and traders who carried goods between cities. This was around
2000 BCE in Assyria, India and Sumeria. Later, in ancient Greece and during the Roman Empire,
lenders based in temples gave loans, while accepting deposits and performing the change of
money. Archaeology from this period in ancient China and India also shows evidence of money
lending.

Many scholars trace the historical roots of the modern banking system to medieval and
Renaissance Italy, particularly the affluent cities of Florence, Venice and Genoa. The Bardi and
Peruzzi Families dominated banking in 14th century Florence, establishing branches in many
other parts of Europe.[1] The most famous Italian bank was the Medici Bank, established by
Giovanni Medici in 1397.[2] The oldest bank still in existence is Banca Monte dei Paschi di Siena,
headquartered in Siena, Italy, which has been operating continuously since 1472.[3] Until the end
of 2002, the oldest bank still in operation was the Banco di Napoli headquartered in Naples, Italy,
which had been operating since 1463.

Development of banking spread from northern Italy throughout the Holy Roman Empire, and in
the 15th and 16th century to northern Europe. This was followed by a number of important
innovations that took place in Amsterdam during the Dutch Republic in the 17th century, and in
London since the 18th century. During the 20th century, developments in telecommunications
and computing caused major changes to banks' operations and let banks dramatically increase
in size and geographic spread. The financial crisis of 2007–2008 caused many bank failures,
including some of the world's largest banks, and provoked much debate about bank regulation.
Ancient authority

The shift from a reliance on hunting and gathering of foods to agricultural practices, starting
sometime after 12,000 BCE, resulted in increased stability of economic relations. Such changes
in socio-economic conditions began approximately 10,000 years ago in the Fertile Crescent,
about 9,500 years ago in northern China, about 5,500 years ago in Mexico, and approximately
4,500 years ago in the eastern parts of the United States.[4][5][6]

Monetary

Ancient types of money known as grain-money and food cattle-money were used from around
9000 BCE as two of the earliest commodities used for purposes of bartering.[7][8]

Anatolian obsidian as a raw material for Stone Age tools was being distributed from as early as
about 12,500 BCE, and organized trading of it was occurring during the 9th millennium BCE
(Cauvin; Chataigner 1989). Sardinia was one of the four main sites for sourcing the material
deposits of obsidian within the Mediterranean; trade using obsidian was replaced during the 3rd
millennium BCE by trade of copper and silver.[9][10][11][12][13][14]

Record-keeping

Detailed account of raw materials and workdays for a basketry workshop. Clay, c. 2040 BCE (Ur III)
Objects used for record keeping, "bulla" and tokens, have been recovered from within Near East
excavations, dated to a period beginning 8000 BCE and ending 1500 BCE, as records of the
counting of agricultural produce. Commencing in the late fourth millennia mnemonic symbols
were in use by members of temples and palaces to record stocks of produce. Types of records
accounting for trade exchanges of payments were first being made about 3200 BCE. The Code
of Hammurabi, written on a clay tablet around 1700 BCE, describes the regulation of banking
activity within the civilization (Armstrong); although still rudimentary, banking was well enough
developed to justify laws governing banking operations.[nb 1] Later during the Achaemenid
Empire (after 646 BCE),[15] further evidence is found of banking practices in the Mesopotamia
region.[16][17][18][19][20][21][22][23]

Structural

By the 5th millennium BCE, the settlements of Sumer, such as Eridu, were formed around a
central temple. In the fifth millennium, people began to build and live in the civilization of cities,
providing a structure for the construction of institutions and establishments. Tell Brak and Uruk
were two early urban settlements.[19][24][25][26][27]

Earliest forms of banking

Asia
Mesopotamia and Persia

Banking as an archaic activity (or quasi-banking[28][29]) is thought to have begun as early as the
latter part of the 4th millennium BCE,[30] to the 3rd millennia BCE.[31][32]
Among many other things, the Code of Hammurabi recorded interest-bearing loans.

Prior to the reign of Sargon I of Akkad (2335–2280 BCE[33]) the occurrence of trade was limited
to the internal boundaries of each city-state of Babylon and the temple located at the centre of
economic activity therein; trade at the time for citizens external to the city was
forbidden.[24][34][35]

In Babylonia of 2000 BCE, people depositing gold were required to pay amounts as much as one
sixtieth of the total deposited. Both the palaces and temple are known to have provided lending
and issuing from the wealth they held—the palaces to a lesser extent. Such loans typically
involved issuing seed-grain, with re-payment from the harvest. These basic social agreements
were documented in clay tablets, with an agreement on interest accrual. The habit of depositing
and storing of wealth in temples continued at least until 209 BCE, as evidenced by Antioch
having ransacked or pillaged the temple of Aine in Ecbatana (Media) of gold and
silver.[36][37][38][39][40][41][42][43]

More information comes from the code commissioned by Hammurabi, king of Babylon c. 1792–
1750 BCE. Law 100 stipulated that repayment of a loan by a debtor to a creditor was to be on a
schedule with a maturity date specified in written contractual terms.[44][45][46] Law 122 stipulated
that a depositor of gold, silver, or other property must present all articles and a signed contract
of bailment to a notary before depositing the articles with a banker, and Law 123 stipulated that
a banker was discharged of any liability from a contract of bailment if the notary denied the
existence of the contract. Law 124 stipulated that a depositor with a notarized contract of
bailment was entitled to redeem the entirety of their deposit, and Law 125 stipulated that a
banker was liable for replacement of deposits stolen while in their possession.[47][48][46]
Cuneiform records of the house of Egibi of Babylonia describe the family's financial activities as
having occurred sometime after 1000 BCE and ending sometime during the reign of Darius I.
These records suggest a "lending house" (Silver 2002), a family engaging in "professional
banking..." (Dandamaev et al. 2004), and economic activities similar to modern deposit banking.
Another interpretation is that the family's activities are better described as entrepreneurship
rather than banking (Wunsch 2007). The Murashu family apparently took part in providing
credit(Moshenskyi 2008).[49][50][51][52][53][54][55][56][57][58]

Asia Minor

From the fourth millennia previously agricultural settlements began administrative

activities.[59][60][61][62]

The temple of Artemis at Ephesus was the largest depository of Asia. A pot-hoard dated to 600
BCE was found in excavations by The British Museum during 1904. During the time of the
cessation of the first Mithridatic war, the entire debt being held at the time was annulled by the
council. Mark Anthony is recorded to have stolen from the deposits on occasion. The temple
served as a depository for Aristotle, Caesar, Dio Chrysostomus, Plautus, Plutarch, Strabo and
Xenophon.[63][64][65][66][67][68][69]

The temple to Apollo in Didyma was constructed sometime in the 6th century. A large sum of
gold was deposited within the treasury at the time by king Croesus.[70][71]

India

In ancient India there are evidences of loans from the Vedic period (beginning 1750 BCE). Later
during the Maurya dynasty (321 to 185 BCE), an instrument called adesha was in use, which was
an order on a banker desiring him to pay the money of the note to a third person, which
corresponds to the definition of a bill of exchange as we understand it today. During the
Buddhist period, there was considerable use of these instruments. Merchants in large towns
gave letters of credit to one another.[72][73][74]

China

Main : History of banking in China

In ancient China, starting in the Qin Dynasty (221 to 206 BCE), Chinese currency developed with
the introduction of standardized coins that allowed easier trade across China, and led to
development of letters of credit. These letters were issued by merchants who acted in ways that
today we would understand as banks.[75]
Ancient Egypt

Some scholars suggest that the Egyptian grain-banking system became so well-developed that it
was comparable to major modern banks, both in terms of its number of branches and
employees, and in terms of the total volume of transactions. During the rule of the Greek
Ptolemies, the granaries were transformed into a network of banks centered in Alexandria,
where the main accounts from all of the Egyptian regional grain-banks were recorded. This
became the site of one of the earliest known government central banks, and may have reached
its peak with the assistance of Greek bankers.[76]

According to Muir (2009) there were two types of banks operating within Egypt: royal and
private.[77] Documents made to show the banking of taxes were known as peptoken-records.[78]

Greece

Trapezitica is the first source documenting banking (de Soto – p. 41). The speeches of
Demosthenes contain numerous references to the issuing of credit (Millett p. 5). Xenophon is
credited to have made the first suggestion of the creation of an organisation known in the
modern definition as a joint-stock bank in On Revenues written circa 353 BCE[8][79][80][81]

The city-states of Greece after the Persian Wars produced a government and culture sufficiently
organized for the birth of a private citizenship and therefore an embryonic capitalist society,
allowing for the separation of wealth from exclusive state ownership to the possibility of
ownership by the individual.[82][83]

According to one source (Dandamaev et al.), trapezites were the first to trade using money,
during the 5th century BCE, as opposed to earlier trade which occurred using forms of pre-
money.[84]

Specific focus of funds

The earliest forms of storage utilized were the rudimentary money-boxes (ΘΗΣΑΥΡΌΣ[85]) which
were made similar in form to the construction of a bee-hive, and were found for example in the
Mycenae tombs of 1550–1500 BCE.[86][87][88][89][90][91][92]

Private and civic entities within ancient Grecian society, especially Greek temples, performed
financial transactions. (Gilbart p. 3) The temples were the places where treasure was deposited
for safe-keeping. The three temples thought the most important were the temple to Artemis in
Ephesus, and temple of Hera within Samos, and within Delphi, the temple to Apollo. These
consisted of deposits, currency exchange, validation of coinage, and loans.[8][80][93][94]

The first treasury to the Apollonian temple was built before the end of the 7th century BCE. A
treasury of the temple was constructed by the city of Siphnos during the 6th century.[95][96][97]

Before the destruction by Persians during the 480 invasion, the Athenian Acropolis temple
dedicated to Athena stored money; Pericles rebuilt a depository afterward contained within the
Parthenon.[98]

During the reign of the Ptolemies, state depositories replaced temples as the location of
security-deposits. Records exist to show this having occurred by the end of the reign of Ptolemy
I (305–284).[99][100][101][102]

As the need for new buildings to house operations increased, construction of these places
within the cities began around the courtyards of the agora (markets).[103]

Geographical focus of banking activities

Athens received the Delian league's treasury during 454.[104]

During the late 3rd and 2nd century BCE, the Aegean island of Delos became a prominent
banking center.[105] During the 2nd century, there were for certain three banks and one temple
depository within the city.[106]

Thirty-five Hellenistic cities had private banks during the 2nd century (Roberts – p. 130).[106]

Of the settlements of the Greco-Roman world of the 1st century CE, three were of pronounced
wealth and centres of banking: Athens, Corinth and Patras.[107][108][109][110][111]

Loans

Many loans are recorded in writings from the classical age, although a very small proportion
were provided by banks. Provision of these were likely an occurrence of Athens, with loans
known to have been provided at some time at an annual interest of 12%. Within the boundaries
of Athens, bankers' loans are recorded as having been issued on eleven occasions altogether
(Bogaert 1968).[79][112][113]

Banks sometimes made loans available confidentially, which is, they provided funds without
being publicly and openly known to have done so In addition, they kept depositors' names
confidential as well. This intermediation per se was known as dia tes trapazēs.[93]
A loan was made by a Temple of Athens to the state during 433–427 BCE.[114]

Rome

Gold coin produced by the Roman Imperial Mint

Roman banking activities were a crucial presence within temples. For instance the minting of
coins occurred within temples, most importantly the Juno Moneta temple, though during the
time of the Empire, public deposits gradually ceased to be held in temples, and instead were
held in private depositories. Still, the Roman Empire inherited the mercantile practices from
Greece (Parker).[82][99][115]

During 352 BCE a rudimentary public bank (known as dēmosía trápeza [116]) was formed, with the
passing of a consular directive to form a commission of mensarii to deal with debt in the
impoverished lower classes. Another source shows banking practices during 325 BCE when, on
account of being in debt, the Plebeians were required to borrow money, so newly appointed
quinqueviri mensarii were commissioned to provide services to those who had security to
provide, in exchange for money from the public treasury. Another source (J. Andreau) has the
shops of banking of Ancient Rome firstly opening in the public forums during the period 318 to
310 BCE.[117][118][119]

In early Ancient Rome deposit bankers were known as argentarii and at a later time (from the
2nd century CE onward) as nummularii (Andreau 1999 p. 2) or mensarii. The banking-houses
were known as Taberae Argentarioe and Mensoe Numularioe. They would set up their stalls in the
middle of enclosed courtyards called macella on a long bench called a bancu, from which the
words banco and bank are derived.[120] As a money changer, the merchant at the bancu did not
so much invest money as merely convert the foreign currency into the only legal tender in Rome
—that of the Imperial Mint.[80][118][119][121]

Operations of banking within Roman society were known as officium argentarii. Statutes
(125/126 CE) of the Empire described "letter from Caesar to Quietus" show rental monies to be
collected from persons using land belonging to a temple and given to the temple treasurer, as
decreed by Mettius Modestus, governor of Lycia and Pamphylia. A law, receptum argentarii,
obliged a bank to pay its clients debts under guarantee.[122][123][124][125]

Cassius Dio advocated the establishment of a state bank, funded by the sale of all the properties
owned at the time by the state.[126]

In the 4th century monopolies existed in Byzantium and in the city of Olbia in Sardinia.[127][128]

The Roman empire at some time formalized the administrative aspect of banking and instituted
greater regulation of financial institutions and financial practices. Charging interest on loans and
paying interest on deposits became more highly developed and competitive. The development
of Roman banks was limited, however, by the Roman preference for cash transactions. During
the reign of the Roman emperor Gallienus (260–268 CE), there was a temporary breakdown of
the Roman banking system after the banks rejected the flakes of copper produced by his mints.
With the ascent of Christianity, banking became subject to additional restrictions, as the
charging of interest was seen as immoral. After the fall of Rome, banking temporarily ended in
Europe and was not revived until the time of the crusades.

Religious restrictions on interest

Most early religious systems in the ancient Near East, and the secular codes arising from them,
did not forbid usury. These societies regarded inanimate matter as alive, like plants, animals and
people, and capable of reproducing itself. Hence if you lent 'food money', or monetary tokens of
any kind, it was legitimate to charge interest.[129] Food money in the shape of olives, dates,
seeds or animals was lent out as early as c. 5000 BCE, if not earlier. Among the Mesopotamians,
Hittites, Phoenicians and Egyptians, interest was legal and often fixed by the state.[130]

Judaism

The Torah and later sections of the Hebrew Bible criticize interest-taking, but interpretations of
the Biblical prohibition vary. One common understanding is that Jews are forbidden to charge
interest upon loans made to other Jews, but obliged to charge interest on transactions with non-
Jews. However, the Hebrew Bible itself gives numerous examples where this provision was
evaded.

Deuteronomy 23:19 Thou shalt not lend upon interest to thy brother:
interest of money, interest of victuals, interest of any thing that is lent
upon interest. Deuteronomy 23:20 Unto a foreigner thou mayest lend
upon interest; but unto thy brother thou shalt not lend upon interest;
that the LORD thy God may bless thee in all that thou puttest thy hand
unto, in the land whither thou goest in to possess it.[131]

Christ drives the Usurers out of the Temple, a woodcut by Lucas Cranach the Elder in Passionary of Christ and
Antichrist.[132]

In general, it was seen as advantageous to avoid debt at all, to avoid being bound to someone
else. Debt was to be avoided and not used to finance consumption, except when in need.
However, laws against usury were among many the prophets condemned the people for
breaking.[133]

The interpretation that interest could be charged to non-Israelites would be used in the 14th
century for Jews living within Christian societies in Europe to justify lending money for profit.
This conveniently side stepped the rules against usury in both Judaism and Christianity, as
Christians were not involved in the lending but were still free to take the loans.
Christianity

Originally, the charging of interest, known as usury, was banned by Christian churches. This
included charging a fee for the use of money, such as at a bureau de change. However over time
the charging of interest became acceptable due to the changing nature of money, and the term
'usury' came to be used for charging interest above the rate allowed by law. The notion of
"Christian finance" refers to banking and financial activities that came into existence several
centuries ago. Despite the prohibition of usury and the Church distrust against exchange
activities (as opposed to production activities),[134] a number of operations of a banking or
financial nature are in evidence in the activities of the Knights Templar (12th century), Mounts of
Piety (appeared in 1462) and the Apostolic Chamber attached directly to the Vatican (money
loans, guarantees, issuance of securities, investments, etc.)

The rise of Protestantism in the 16th century weakened Rome's influence, and its dictates
against usury became irrelevant in some areas, freeing up the development of banking in
Northern Europe. In the late 18th century, Protestant merchant families began to move into
banking to an increasing degree, especially in trading countries such as the United Kingdom
(Barings), Germany (Schroders, Berenbergs) and the Netherlands (Hope & Co., Gülcher &
Mulder). At the same time, new types of financial activities broadened the scope of banking far
beyond its origins. One school of thought attributes to Calvinism the setting of the stage for the
later development of capitalism in northern Europe.[135] In this view, elements of Calvinism
represented a revolt against the medieval condemnation of usury and, implicitly, of profit in
general. Such a connection was advanced in influential works by R. H. Tawney (1880–1962) and
by Max Weber (1864–1920). According to Weber, the Protestant work ethic was a force behind
an unplanned and uncoordinated mass action that influenced the development of capitalism.

Rodney Stark propounds the theory that Christian rationality is the primary driver behind the
success of capitalism and the Rise of the West.[136]

Islam

The Quran strictly prohibits lending money on Interest. "O you who have believed, do not
consume usury, doubled and multiplied, but fear Allah that you may be successful" (3:130) "and
Allah has permitted trade and has forbidden interest" (2:275).

The Quran states that taking interest and making money through unethical means was
prohibited for Muslims and in other communities in earlier times as well: "Because of the
wrongdoing of the Jews We forbade them good things which were (before) made lawful unto
them, and because of their much hindering from Allah's way, And of their taking usury when they
were forbidden it, and of their devouring people's wealth by false pretenses, We have prepared
for those of them who disbelieve a painful doom." (Al Quran – 4:160–161)

Riba is forbidden in Islamic economic jurisprudence (fiqh). Islamic jurists discuss two types of
riba: an increase in capital with no services provided, which the Qur'an prohibits, and commodity
exchanges in unequal quantities, which the Sunnah prohibits. Trade in promissory notes (e.g. fiat
money and derivatives) is forbidden.

Despite the prohibition of charging interest, during the 20th century a number of developments
took place that would lead to an Islamic banking model where no interest is charged but banks
would still operate for profit. This was done through charging for loans in alternative ways such
as through fees and using different methods of risk sharing and ownership models such as
leasing.

Medieval Europe

The roots of modern banking are traceable to medieval and early Renaissance Italy, to rich
northern cities such as Florence, Venice, and Genoa.

Emergence of merchant banks

Map showing silk routes

The original banks were "merchant banks" that Italian grain merchants invented in the Middle
Ages. As Lombardy merchants and bankers grew in stature based on the strength of the
Lombard plains cereal crops, many displaced Jews fleeing Spanish persecution were attracted
to the trade. They brought with them ancient practices from the Middle and Far East silk routes.
Originally intended to finance long trading journeys, they applied these methods to finance grain
production and trading.

Jews could not hold land in Italy, so they entered the great trading piazzas and halls of
Lombardy, alongside local traders, and set up their benches to trade in crops. They had one great
advantage over the locals: Christians were strictly forbidden usury, defined as lending at interest,
as it was considered to be a sin. (Islam similarly condemns usury). The Jewish newcomers, on
the other hand, could make high-risk loans to farmers against crops in the field, as they were not
subject to the Church's dictates. In this way, they could secure grain-sale rights against the
eventual harvest. They then began to advance payment against the future delivery of grain
shipped to distant ports. In both cases they made a profit from the present discount against the
future price. This two-handed trade was time-consuming and soon there arose a class of
merchants who were trading grain debt instead of grain.

The Jewish trader performed both financing (credit) and underwriting (insurance) functions.
Financing took the form of a crop loan at the beginning of the growing season, which allowed a
farmer to cultivate his annual crop, with the associated expenses of seeding, growing, weeding,
and harvesting. Underwriting in the form of crop, or commodity, insurance guaranteed the
delivery of the crop to its buyer, typically a merchant wholesaler. In addition, traders performed
the merchant function by making arrangements to supply the buyer with the crop through
alternative sources—grain stores or alternate markets, for instance—in the event of crop failure.
He could also keep the farmer (or other commodity producer) in business during a drought or
other crop failure, through the issuance of crop (or commodity) insurance against the hazard of
failure of his crop.

Merchant banking progressed from financing trade on one's own behalf to settling trades for
others, and then to holding deposits for settlement of "billette" or notes written by the people
who were still brokering the actual grain. And so the merchant's "benches" (bank is derived from
the Italian for bench, banca, as in a counter) in the great grain markets became centres for
holding money against a bill (billette, a note, a letter of formal exchange, later a bill of exchange
and later still a cheque).

These deposited funds were intended to be held for the settlement of grain trades, but often
were used for the bench's own trades in the meantime. The term bankrupt is a corruption of the
Italian banca rotta, or broken bench, which is what happened when someone lost his traders'
deposits. The expression of "being broke" has a similar etymology.

Crusades

Adhemar de Monteil in chain mail carrying the Holy Lance in one of the battles of the First Crusade

In the 12th century, the need to transfer large sums of money to finance the Crusades stimulated
the re-emergence of banking in western Europe. In 1162, Henry II of England levied a tax to
support the crusades—the first of a series of taxes levied by Henry over the years with the same
objective. The Templars and Hospitallers acted as Henry's bankers in the Holy Land. The
Templars' far-flung, large land holdings across Europe also emerged in the 1100–1300 time
frame as the beginning of Europe-wide banking. Their practice was to take in local currency for
which a demand note would be given that would be good at any of their castles across Europe,
allowing movement of money without the usual risk of robbery while traveling.

Discounting of interest

A sensible manner of discounting interest to the depositors against what could be earned by
employing their money in the trade of the bench soon developed; in short, selling an "interest" to
them in a specific trade, thus overcoming the usury objection. Once again this merely developed
what was an ancient method of financing long-distance transport of goods.
Medieval trade fairs, such as the one in Hamburg, contributed to the growth of banking in a
curious way: moneychangers issued documents redeemable at other fairs, in exchange for hard
currency. These documents could be cashed at another fair in a different country or at a future
fair in the same location. If redeemable at a future date, they would often be discounted by an
amount comparable to a rate of interest. Eventually, these documents evolved into bills of
exchange, which could be redeemed at any office of the issuing banker. These bills made it
possible to transfer large sums of money without the complications of hauling large chests of
gold and hiring armed guards to protect the gold from thieves.

Italian bankers

A 14th century manuscript depicting bankers in an Italian counting house.

The Republic of Venice, sometimes mistakenly credited with establishing a Bank of Venice in the
12th century, did not formally create a public bank until 1587. However in the 13th and 14th
centuries its Grain Office did a banking business that included both deposits and lending.[137]
The Republic's system of transferable public debt has also been identified as an important
contribution to the development of banking.[138]

In the middle of the 13th century, groups of Italian Christians, particularly the Cahorsins and
Lombards, invented legal loopholes to get around the ban on Christian usury;[139] for example,
one method of effecting a loan with interest was to offer money without interest, but also require
that the loan be insured against possible loss or injury, and/or delays in repayment (see
contractum trinius).[139] The Christians utilizing these legal loopholes became known as the
pope's usurers, and reduced the importance of the Jews to European monarchs.[139] Later in the
Middle Ages, a distinction evolved between things that were consumable (such as food and fuel)
and those that were not, with usury permitted on loans that involved the latter.[139]

Coat of arms for the Medici family

The most powerful banking families came from Florence, including the Acciaiuoli, Mozzi,[140]
Bardi and Peruzzi families, which established branches in many other parts of Europe.[1]
Probably the most famous Italian bank was the Medici bank, set up by Giovanni di Bicci de'
Medici in 1397 [2] and continuing until 1494.[141] (Banca Monte dei Paschi di Siena S.p.A. (BMPS)
Italy, is in fact the oldest banking organisation to have surviving banking-operations, or services).

By the later Middle Ages, Christian Merchants who lent money with interest were without
opposition, and Jews lost their privileged position as money-lenders.[139] Italian bankers would
take their place, and by 1327, Avignon had 43 branches of Italian banking houses. In 1347,
Edward III of England defaulted on loans. Later there was the bankruptcy of the Bardi (1343 [140])
and Peruzzi (1346 [140]). The accompanying growth of Italian banking in France was the start of
the Lombard moneychangers in Europe, who moved from city to city along the busy pilgrim
routes important for trade. Key cities in this period were Cahors, the birthplace of Pope John
XXII, and Figeac.
Of Usury, from Brant's Stultifera Navis (the Ship of Fools); woodcut attributed to Albrecht Dürer

After 1400, political forces did in fact somewhat turn against the methods of the Italian free
enterprise bankers. In 1401 King Martin I of Aragon had some of these bankers expelled. In
1403, Henry IV of England prohibited them from taking profits in any way in his kingdom. In
1409, Flanders imprisoned and then expelled Genoese bankers. In 1410, all Italian merchants
were expelled from Paris. In 1407, the Bank of Saint George,[142] the first state-bank of
deposit,[105][143] was founded in Genoa and was to dominate business in the Mediterranean.[105]

15th–17th centuries – Expansion

Italy

Between 1527 and 1572 a number of important banking family groups arose, such as the
Grimaldi, Spinola and Pallavicino families, who were especially influential and wealthy, the Doria,
although perhaps less influential, and the Pinelli and the Lomellini.[144][145]

Spain and the Ottoman Empire

In 1401 the magistrates of Barcelona, then the capital of the Principality of Catalonia,
established in the city the first replication of the Venetian model of exchange and deposit, Taula
de canvi—the Table of Exchange, considered to be the first public bank of Europe.[146][147][148]
Halil Inalcik suggests that, in the 16th century, Marrano Jews (Doña Gracia from House of
Mendes) fleeing from Iberia introduced the techniques of European capitalism, banking and even
the mercantilist concept of state economy to the Ottoman Empire.[149] In the 16th century, the
leading financiers in Istanbul were Greeks and Jews. Many of the Jewish financiers were
Marranos who had fled from Iberia during the period leading up to the expulsion of Jews from
Spain. Some of these families brought great fortunes with them.[150] The most notable of the
Jewish banking families in the 16th-century Ottoman Empire was the Marrano banking house of
Mendes, which moved to Istanbul in 1552, under the protection of Sultan Suleyman the
Magnificent. When Alvaro Mendes arrived in Istanbul in 1588, he is reported to have brought with
him 85,000 gold ducats.[151] The Mendès family soon acquired a dominating position in the state
finances of the Ottoman Empire and in commerce with Europe.[152]

Pompeius Occo (1483–1537) came from a north German family and grew up in Augsburg. In 1511 he settled in
Amsterdam as a representative of the Fugger banking house and business firm of Augsburg.

They thrived in Baghdad during the 18th and 19th centuries under Ottoman rule, performing
critical commercial functions such as moneylending and banking.[153] Like the Armenians, the
Jews could engage in necessary commercial activities, such as moneylending and banking, that
were proscribed for Muslims under Islamic law.

Court Jew
Court Jews were Jewish bankers or businessmen who lent money and handled the finances of
some of the Christian European noble houses, primarily in the 17th and 18th centuries.[154] Court
Jews were precursors to the modern financier or Secretary of the Treasury.[154] Their jobs
included raising revenues by tax farming, negotiating loans, master of the mint, creating new
sources for revenue, floating debentures, devising new taxes. and supplying the military.[154][155]
In addition, the Court Jew acted as personal bankers for nobility: he raised money to cover the
noble's personal diplomacy and his extravagances.[155]

Court Jews were skilled administrators and businessmen who received privileges in return for
their services. They were most commonly found in Germany, Holland, and Austria, but also in
Denmark, England, Hungary, Italy, Poland, Lithuania, Portugal, and Spain.[156][157] According to
Dimont, virtually every duchy, principality, and palatinate in the Holy Roman Empire had a Court
Jew.[154]

Cornelius Berenberg of the Berenberg banking dynasty

Germany

In the southern German realm, two great banking families emerged in the 15th century, the
Fuggers and the Welsers. They came to control much of the European economy and to dominate
international high finance in the 16th century.[158][159][160] The Fuggers built the first German
social housing area for the poor in Augsburg, the Fuggerei. It still exists, but not the original
Fugger Bank which lasted from 1486 to 1647.
Dutch bankers played a central role in establishing banking in the Northern German city states.
Berenberg Bank is the oldest bank in Germany and the world's second oldest, established in
1590 by Dutch brothers Hans and Paul Berenberg in Hamburg. The bank is still owned by the
Berenberg dynasty.[161]

Netherlands

In the 16th and 17th century, precious metals from the New World, Gold Coast, Japan and other
locales were being imported into Europe, with corresponding price increases. Thanks to the free
coinage, the Bank of Amsterdam, and the heightened trade and commerce, the Netherlands
attracted even more coin and bullion to be deposited in their banks. The concepts of fractional-
reserve banking and payment systems were further developed and spread to England and
elsewhere.[162]

England

In the City of London there were no banking houses operating in a manner recognized as so
today until the 17th century,[163][164] although the London Royal Exchange was established in
1565.

17th–19th centuries – The emergence of modern banking

The old town hall in Amsterdam where the Bank of Amsterdam was founded in 1609, painting by Pieter Saenredam.
By the end of the 16th century and during the 17th, the traditional banking functions of accepting
deposits, moneylending, money changing, and transferring funds were combined with the
issuance of bank debt that served as a substitute for gold and silver coins.

New banking practices promoted commercial and industrial growth by providing a safe and
convenient means of payment and a money supply more responsive to commercial needs, as
well as by "discounting" business debt. By the end of the 17th century, banking was also
becoming important for the funding requirements of the combative European states. This would
lead on to government regulations and the first central banks. The success of the new banking
techniques and practices in Amsterdam and London helped spread the concepts and ideas
elsewhere in Europe.

Goldsmiths of London

Modern banking practice, including fractional reserve banking and the issue of banknotes,
emerged in the 17th century. At the time, wealthy merchants began to store their gold with the
goldsmiths of London, who possessed private vaults and charged a fee for their service. In
exchange for each deposit of precious metal, the goldsmiths issued receipts certifying the
quantity and purity of the metal they held as a bailee; these receipts could not be assigned, only
the original depositor could collect the stored goods.

Gradually the goldsmiths began to lend the money out on behalf of the depositor, which led to
the development of modern banking practices; promissory notes (which evolved into banknotes)
were issued for money deposited as a loan to the goldsmith.[165]

These practices created a new kind of "money" that was actually debt, that is, goldsmiths' debt
rather than silver or gold coin, a commodity that had been regulated and controlled by the
monarchy. This development required the acceptance in trade of the goldsmiths' promissory
notes, payable on demand. Acceptance in turn required a general belief that coin would be
available; and a fractional reserve normally served this purpose. Acceptance also required that
the holders of debt be able to legally enforce an unconditional right to payment; it required that
the notes (as well as drafts) be negotiable instruments. The concept of negotiability had
emerged in fits and starts in European money markets, but it was well developed by the 17th
century. Nevertheless, an act of Parliament was required in the early 18th century (1704) to
overrule court decisions holding that the goldsmiths' notes, despite the "customs of merchants",
were not negotiable.[166]
The modern bank

The Louisiana Purchase of 1803 was handled by Francis Baring and Company of London.

In 1695, the Bank of England became one of the first banks to issue banknotes, the first being
the short-lived banknotes issued by Stockholms Banco in 1661.[167][168] Initially, these were hand-
written and issued on deposit or as a loan, and promised to pay the bearer the value of the note
on demand in specie. By 1745, standardized printed notes ranging from £20 to £1,000 were
being issued. Fully printed notes that didn't require the name of the payee and the cashier's
signature first appeared in 1855.[169]

In the 18th century, services offered by banks increased. Clearing facilities, security investments,
cheques and overdraft protections were introduced. Cheques had been used since the 1600s in
England and banks settled payments by direct courier to the issuing bank. Around 1770, they
began meeting in a central location, and by the 1800s a dedicated space was established,
known as a bankers' clearing house. The method used by the London clearing house involved
each bank paying cash to an inspector and then being paid cash by the inspector at the end of
each day. The first overdraft facility was set up in 1728 by the Royal Bank of Scotland.[170]

The number of banks increased during the Industrial Revolution and the growing international
trade, especially in London. At the same time, new types of financial activities broadened the
scope of banking. The merchant-banking families dealt in everything from underwriting bonds to
originating foreign loans. These new "merchant banks" facilitated trade growth, profiting from
England's emerging dominance in seaborne shipping. Two immigrant families, Rothschild and
Baring, established merchant banking firms in London in the late 18th century and came to
dominate world banking in the next century.

A great impetus to country banking came in 1797 when, with England threatened by war, the
Bank of England suspended cash payments. A handful of Frenchmen landed in Pembrokeshire,
causing a panic. Shortly after this incident, Parliament authorised the Bank of England and
country bankers to issue notes of low denomination.

Chinese banking

During the Qing dynasty, the private nationwide financial system in China was first developed by
the Shanxi merchants, with the creation of so-called "draft banks". The first draft bank
Rishengchang was created around 1823 in Pingyao. Some large draft banks had branches in
Russia, Mongolia and Japan to facilitate international trade. Throughout the 19th century, the
central Shanxi region became the de facto financial centre of Qing China.

With the fall of the Qing dynasty, the financial centers gradually shifted to Shanghai, with
western-style modern banks flourishing. Today, the financial centres in China are Hong Kong,
Beijing, Shanghai and Shenzhen.

Japanese banking

In 1868, the Meiji government attempted to formulate a functioning banking system, which
continued until some time during 1881. They emulated French models. The Imperial mint began
using imported machines from Britain in the early years of the Meiji period.[171][172]

Masayoshi Matsukata was a formative figure of a later banking initiative.[171]

Development of central banking

The Bank of Amsterdam became a model for the functioning of a bank in the capacity of
monetary exchange and started the development of central banks.[173] An early central bank was
the Sveriges Riksbank, established in 1668, although this was short-lived.[174]
The sealing of the Bank of England Charter (1694).

In England in the 1690s, public funds were in short supply and were needed to finance the
ongoing conflict with France. The credit of William III's government was so low in London that it
was impossible for it to borrow the £1,200,000 (at 8 per cent) that the government wanted. In
order to induce subscription to the loan, the subscribers were to be incorporated by the name of
the Governor and Company of the Bank of England. The bank was given exclusive possession of
the government's balances, and was the only limited-liability corporation allowed to issue
banknotes.[175] The lenders would give the government cash (bullion) and also issue notes
against the government bonds, which can be lent again. The £1.2M was raised in 12 days; half of
this was used to rebuild the Navy. The establishment of the Bank of England, the model on which
most modern central banks have been based on, was devised by Charles Montagu, 1st Earl of
Halifax, in 1694, to the plan which had been proposed by William Paterson three years before,
but had not been acted upon.[176] He proposed a loan of £1.2M to the government; in return the
subscribers would be incorporated as The Governor and Company of the Bank of England with
long-term banking privileges including the issue of notes. The Royal Charter was granted on 27
July through the passage of the Tonnage Act 1694.[177]

The Bank of England, established in 1694.

Although the Bank was originally a private institution, by the end of the 18th century it was
increasingly being regarded as a public authority with civic responsibility toward the upkeep of a
healthy financial system. The currency crisis of 1797, caused by panicked depositors
withdrawing from the Bank led to the government suspending convertibility of notes into specie
payment. The bank was soon accused by the bullionists of causing the exchange rate to fall
from over issuing banknotes, a charge which the Bank denied. Nevertheless, it was clear that the
Bank was being treated as an organ of the state.

Henry Thornton, a merchant banker and monetary theorist has been described as the father of
the modern central bank. An opponent of the real bills doctrine, he was a defender of the
bullionist position and a significant figure in monetary theory, his process of monetary expansion
anticipating the theories of Knut Wicksell regarding the "cumulative process which restates the
Quantity Theory in a theoretically coherent form". As a response 1797 currency crisis, Thornton
wrote in 1802 An Enquiry into the Nature and Effects of the Paper Credit of Great Britain, in which
he argued that the increase in paper credit did not cause the crisis. The book also gives a
detailed account of the British monetary system as well as a detailed examination of the ways in
which the Bank of England should act to counteract fluctuations in the value of the pound.[178]

Walter Bagehot, an influential theorist on the economic role of the central bank.
Until the mid-nineteenth century, commercial banks were able to issue their own banknotes, and
notes issued by provincial banking companies were commonly in circulation.[179] Many consider
the origins of the central bank to lie with the passage of the Bank Charter Act of 1844.[180] Under
the 1844 Act, bullionism was institutionalized in Britain,[181] creating a ratio between the gold
reserves held by the Bank of England and the notes that the Bank could issue.[182] The Act also
placed strict curbs on the issuance of notes by the country banks.[182]

The Bank accepted the role of 'lender of last resort' in the 1870s after criticism of its lacklustre
response to the Overend-Gurney crisis. The journalist Walter Bagehot wrote an influential work
on the subject Lombard Street: A Description of the Money Market, in which he advocated for the
Bank to officially become a lender of last resort during a credit crunch (sometimes referred to as
"Bagehot's dictum").

Central banks were established in many European countries during the 19th century. The War of
the Second Coalition led to the creation of the Banque de France in 1800, in an effort to improve
the public financing of the war. The US Federal Reserve was created by the U.S. Congress
through the passing of The Federal Reserve Act in 1913. Australia established its first central
bank in 1920, Colombia in 1923, Mexico and Chile in 1925 and Canada and New Zealand in the
aftermath of the Great Depression in 1934. By 1935, the only significant independent nation that
did not possess a central bank was Brazil, which subsequently developed a precursor thereto in
1945 and the present central bank twenty years later. Having gained independence, African and
Asian countries also established central banks or monetary union.

Rothschilds

The Frankfurt terminus of the Taunus railroad, financed by the Rothschilds. Opened in 1840, it was one of Germany's first
railroads.
The Rothschild family pioneered international finance in the early 19th century. The family
provided loans to the Bank of England and purchased government bonds in the stock
markets.[183] Their wealth has been estimated to possibly be the most in modern history.[184] In
1804, Nathan Mayer Rothschild began to deal on the London stock exchange in financial
instruments such as foreign bills and government securities. From 1809 Rothschild began to
deal in gold bullion, and developed this as a cornerstone of his business. From 1811 on, in
negotiation with Commissary-General John Charles Herries, he undertook to transfer money to
pay Wellington's troops, on campaign in Portugal and Spain against Napoleon, and later to make
subsidy payments to British allies when these organized new troops after Napoleon's disastrous
Russian campaign. His four brothers helped co-ordinate activities across the continent, and the
family developed a network of agents, shippers and couriers to transport gold—and information
—across Europe. This private intelligence service enabled Nathan to receive in London the news
of Wellington's victory at the Battle of Waterloo a full day ahead of the government's official
messengers.[185]

The Rothschild family were instrumental in supporting railway systems across the world and in
complex government financing for projects such as the Suez Canal. The family bought up a large
proportion of the property in Mayfair, London. Major businesses directly founded by Rothschild
family capital include Alliance Assurance (1824) (now Royal & SunAlliance); Chemin de Fer du
Nord (1845); Rio Tinto Group (1873); Société Le Nickel (1880) (now Eramet); and Imétal (1962)
(now Imerys). The Rothschilds financed the founding of De Beers, as well as Cecil Rhodes on his
expeditions in Africa and the creation of the colony of Rhodesia.[186]

The Japanese government approached the London and Paris families for funding during the
Russo-Japanese War. The London consortium's issue of Japanese war bonds would total £11.5
million (at 1907 currency rates).[187]

From 1919 to 2004 the Rothschilds' Bank in London played a role as place of the gold fixing.

Napoleonic wars and Paris

Napoleon III had the goal of overtaking London to make Paris the premier financial center of the
world, but the war in 1870 reduced the range of Parisian financial influence.[188] Paris had
emerged as an international center of finance in the mid-19th century second only to
London.[189] It had a strong national bank and numerous aggressive private banks that financed
projects all across Europe and the expanding French Empire.
One key development was setting up one of the main branches of the Rothschild family. In 1812,
James Mayer Rothschild arrived in Paris from Frankfurt, and set up the bank "De Rothschild
Frères".[190] This bank funded Napoleon's return from Elba and became one of the leading banks
in European finance. The Rothschild banking family of France funded France's major wars and
colonial expansion.[191] The Banque de France, founded in 1796 helped resolve the financial
crisis of 1848 and emerged as a powerful central bank. The Comptoir National d'Escompte de
Paris (CNEP) was established during the financial crisis and the republican revolution of 1848.
Its innovations included both private and public sources in funding large projects, and the
creation of a network of local offices to reach a much larger pool of depositors.

Building societies

Building societies were established as financial institutions owned by their members as mutual
organizations. The origins of the building society as an institution lie in late-18th century
Birmingham—a town which was undergoing rapid economic and physical expansion driven by a
multiplicity of small metalworking firms, whose many highly skilled and prosperous owners
readily invested in property.[192]

Many of the early building societies were based in taverns or coffeehouses, which had become
the focus for a network of clubs and societies for co-operation and the exchange of ideas
among Birmingham's highly active citizenry as part of the movement known as the Midlands
Enlightenment.[193] The first building society to be established was Ketley's Building Society,
founded by Richard Ketley, the landlord of the Golden Cross inn, in 1775.[194]

Members of Ketley's society paid a monthly subscription to a central pool of funds which was
used to finance the building of houses for members, which in turn acted as collateral to attract
further funding to the society, enabling further construction.[195][196] The first outside the English
Midlands was established in Leeds in 1785.[197]

Mutual savings bank

A customer's deposit book, for a Post Office Savings Account.

Mutual savings banks also emerged at that time, as financial institutions chartered by
government, without capital stock, and owned by their members who subscribe to common
funds. The institution most frequently identified as the first modern savings bank was the
"Savings and Friendly Society" organized by the Reverend Henry Duncan in 1810, in Ruthwell,
Scotland. Rev. Duncan established the small bank in order to encourage his working class
congregation to develop thrift.

Another precursor to the modern savings bank originated in Germany, with Franz Hermann
Schulze-Delitzsch and Friedrich Wilhelm Raiffeisen who developed cooperative banking models
that led on to the credit union movement. The traditional banks had viewed poor and rural
communities as unbankable because of very small, seasonal flows of cash and very limited
human resources. In the history of credit unions the concepts of cooperative banking spread
through northern Europe and onto the US at the turn of the 20th century under a wide range of
different names.

Postal savings system

To provide depositors who did not have access to banks a safe, convenient method to save
money and to promote saving among the poor, the postal savings system was introduced in
Great Britain in 1861. It was vigorously supported by William Ewart Gladstone, then Chancellor
of the Exchequer, who saw it as a cheap way to finance the public debt. At the time, banks were
mainly in the cities and largely catered to wealthy customers. Rural citizens and the poor had no
choice but to keep their funds at home or on their persons. The original Post Office Savings Bank
was limited to deposits of £30 a year with a maximum balance of £150. Interest was paid at the
rate of two and one-half percent per year on whole pounds in the account.

Similar institutions were created in a number of different countries in Europe, North America,
and Japan. One example was in 1881 the Dutch government created the Rijkspostspaarbank
(State post savings bank), a postal savings system to encourage workers to start saving. Four
decades later they added the Postcheque and Girodienst services allowing working families to
make payments via post offices in the Netherlands.

20th century

The first decade of the 20th century saw the Panic of 1907 in the US, which led to numerous
runs on banks and became known as the bankers panic.

Great Depression

Crowd at New York's American Union Bank during a bank run early in the Great Depression.

During the Crash of 1929 preceding the Great Depression, margin requirements were only
10%.[198] Brokerage firms, in other words, would lend $9 for every $1 an investor had deposited.
When the market fell, brokers called in these loans, which could not be paid back. Banks began
to fail as debtors defaulted on debt and depositors attempted to withdraw their deposits en
masse, triggering multiple bank runs. Government guarantees and Federal Reserve banking
regulations to prevent such panics were ineffective or not used. Bank failures led to the loss of
billions of dollars in assets.[199] Outstanding debts became heavier, because prices and incomes
fell by 20–50% but the debts remained at the same dollar amount. After the panic of 1929, and
during the first 10 months of 1930, 744 US banks failed. By April 1933, around $7 billion in
deposits had been frozen in failed banks or those left unlicensed after the March Bank
Holiday.[200]

Senator Carter Glass and Rep. Henry B. Steagall (1933)

Bank failures snowballed as desperate bankers called in loans that borrowers did not have time
or money to repay. With future profits looking poor, capital investment and construction slowed
or completely ceased. In the face of bad loans and worsening future prospects, the surviving
banks became even more conservative in their lending.[199] Banks built up their capital reserves
and made fewer loans, which intensified deflationary pressures. A vicious cycle developed and
the downward spiral accelerated. In all, over 9,000 banks failed during the 1930s.

In response, many countries significantly increased financial regulation. The U.S. established the
Securities and Exchange Commission in 1933, and passed the Glass–Steagall Act, which
separated investment banking and commercial banking. This was to avoid more risky
investment banking activities from ever again causing commercial bank failures.

World Bank and the development of payment technology

1967 letter by the Midland Bank to a customer, informing on the introduction of electronic data processing

1969 ABC news report on the introduction of ATMs in Sydney. People could only receive $25 at a time and the bank card
was sent back to the user at a later date.

During the post second world war period and with the introduction of the Bretton Woods system
in 1944, two organizations were created: the International Monetary Fund (IMF) and the World
Bank.[201] Encouraged by these institutions, commercial banks started to lend to sovereign
states in the third world. This was at the same time as inflation started to rise in the west. The
Gold standard was eventually abandoned in 1971 and a number of the banks were caught out
and became bankrupt due to third world country debt defaults.
This was also a time of increasing use of technology in retail banking. In 1959, banks agreed on
a standard for machine readable characters (MICR) that was patented in the United States for
use with cheques, which led to the first automated reader-sorter machines. In the 1960s, the first
Automated Teller Machines (ATM) or Cash machines were developed and first machines started
to appear by the end of the decade.[202] Banks started to become heavy investors in computer
technology to automate much of the manual processing, which began a shift by banks from
large clerical staffs to new automated systems. By the 1970s the first payment systems started
to develop that would lead to electronic payment systems for both international and domestic
payments. The international SWIFT payment network was established in 1973 and domestic
payment systems were developed around the world by banks working together with
governments.[203]

Deregulation and globalization

Bishopsgate in the City of London

Global banking and capital market services proliferated during the 1980s after deregulation of
financial markets in a number of countries. The 1986 'Big Bang' in London allowing banks to
access capital markets in new ways, which led to significant changes to the way banks operated
and accessed capital. It also started a trend where retail banks started to acquire investment
banks and stock brokers creating universal banks that offered a wide range of banking
services.[204] The trend also spread to the US after much of the Glass–Steagall Act was repealed
in 1999 (during the Clinton Administration), this saw US retail banks embark on big rounds of
mergers and acquisitions and also engage in investment banking activities.[205]

Financial services continued to grow through the 1980s and 1990s as a result of a great
increase in demand from companies, governments, and financial institutions, but also because
financial market conditions were buoyant and, on the whole, bullish. Interest rates in the United
States declined from about 15% for two-year U.S. Treasury notes to about 5% during the 20-year
period, and financial assets grew then at a rate approximately twice the rate of the world
economy.

This period saw a significant internationalization of financial markets. The increase of U.S.
Foreign investments from Japan not only provided the funds to corporations in the U.S., but also
helped finance the federal government.

The dominance of U.S. financial markets was disappearing and there was an increasing interest
in foreign stocks. The extraordinary growth of foreign financial markets results from both large
increases in the pool of savings in foreign countries, such as Japan, and, especially, the
deregulation of foreign financial markets, which enabled them to expand their activities. Thus,
American corporations and banks started seeking investment opportunities abroad, prompting
the development in the U.S. of mutual funds specializing in trading in foreign stock markets.

Such growing internationalization and opportunity in financial services changed the competitive
landscape, as now many banks would demonstrate a preference for the "universal banking"
model prevalent in Europe. Universal banks are free to engage in all forms of financial services,
make investments in client companies, and function as much as possible as a "one-stop"
supplier of both retail and wholesale financial services.[206]

21st century

The early 2000s were marked by consolidation of existing banks and entrance into the market of
other financial intermediaries: non-bank financial institution. Large corporate players were
beginning to find their way into the financial service community, offering competition to
established banks. The main services offered included insurance, pension, mutual, money
market and hedge funds, loans and credits and securities. Indeed, by the end of 2001 the market
capitalisation of the world's 15 largest financial services providers included four non-banks.

The first decade of the 21st century saw the culmination of the technical innovation in banking
over the previous 30 years and saw a major shift away from traditional banking to internet
banking. Starting in 2015 developments such as open banking made it easier for third parties to
access bank transaction data and introduced standard API and security models.

The process of financial innovation also advanced enormously in the first few decades of the
21st century, increasing the importance and profitability of nonbank finance. Such profitability
priorly restricted to the non-banking industry, has prompted the Office of the Comptroller of the
Currency (OCC) to encourage banks to explore other financial instruments, diversifying banks'
business as well as improving banking economic health. Hence, as the distinct financial
instruments are being explored and adopted by both the banking and non-banking industries, the
distinction between different financial institutions is gradually vanishing. For example, in 2020,
the OCC muddled the distinction between traditional banking and the cryptocurrency ecosystem
when it published a number of interpretive letters clarifying national banks' ability to custody
cryptocurrency and provide banking services to cryptocurrency companies,[207] as well as use
blockchain innovations like stablecoins as settlement infrastructure.[208] In addition, in 2021, the
OCC granted its first federal banking charter to Anchorage Digital, a digital asset platform for
institutions.[209]

2007–2008 financial crisis

2007 bank run on Northern Rock, a UK bank

The financial crisis of 2007–2008 caused significant stress on banks around the world. The
failure of a large number of major banks resulted in government bail-outs. The collapse and fire
sale of Bear Stearns to JPMorgan Chase in March 2008 and the collapse of Lehman Brothers in
September that same year led to a credit crunch and global banking crises. In response
governments around the world bailed-out, nationalised or arranged fire sales for a large number
of major banks. Starting with the Irish government on 29 September 2008,[210] governments
around the world provided wholesale guarantees to underwriting banks to avoid panic of
systemic failure to the whole banking system. These events spawned the term 'too big to fail'
and resulted in a lot of discussion about the moral hazard of these actions.

Major events in the history of banking

1100 – Knights Templar run earliest European wide/Mideast banking until the 14th century.

1397 – The Medici Bank of Florence is established in Italy and operates until 1494.

1542 – The Great Debasement, the English Crown's policy of coin debasement during the
reigns of Henry VIII and Edward VI.

1553 – The first joint-stock company, the Company of Merchant Adventurers to New Lands,
was chartered in London.

1602 – The Amsterdam Stock Exchange was established by the Dutch East India Company for
dealings in its printed stocks and bonds.

1609 – The Amsterdamsche Wisselbank (Amsterdam Exchange Bank) was founded.

1656 – The first European bank to use banknotes opened in Sweden for private clients, in
1668 the institution converted to a public bank.[211][212][213]

1690s – The Massachusetts Bay Colony was the first of the Thirteen Colonies to issue
permanently circulating banknotes.

1694 – The Bank of England was founded to supply money to the English King.

1695 – The Parliament of Scotland created the Bank of Scotland.

1716 – John Law opened Banque Générale in France.

1717 – Master of the Royal Mint Sir Isaac Newton established a new mint ratio between silver
and gold that had the effect of driving silver out of circulation (bimetalism) and putting Britain
on a gold standard.
1720 – The South Sea Bubble and John Law's Mississippi Scheme failure caused a European
financial crisis and forced many bankers out of business.

1775 – The first building society, Ketley's Building Society, was established in Birmingham,
England.

1782 – The Bank of North America opened.[214]

1791 – The First Bank of the United States was chartered by the United States Congress for
20 years.

1800 – The Rothschild family establishes European wide banking.

1800 – Napoleon Bonaparte founds the Bank of France on 18 January.[215][216]

1811 – The Senate tied on a vote to renew the charter of the First Bank of the United States
charter. Vice President George Clinton broke the tie and voted against renewal, and the bank
was dissolved.

1816 – The Second Bank of the United States was chartered for five years after the First Bank
of the United States lost its charter. This charter was also for 20 years. The bank was created
to finance the country in the after the War of 1812.

1817 – The New York Stock Exchange Board was established.[214]

1818 – The first savings bank of Paris was established.[216]

1825 – Panic of 1825 in which 70 UK banks fail

1862 – To finance the American Civil War, the federal government under U.S. President
Abraham Lincoln issued legal tender paper money, called "greenbacks".

1874 – The Specie Payment Resumption Act was passed provided for the redemption of
United States paper currency, in gold, beginning in 1879.

1913 – The Federal Reserve Act created the Federal Reserve System, the central banking
system of the United States, and granted it the legal authority to issue legal tender.

1930–33 – In the wake of the Wall Street Crash of 1929, 9,000 banks close, wiping out one
third of the money supply in the United States.[217]

1933 – Executive Order 6102 signed by U.S. President Franklin D. Roosevelt forbade
ownership of gold coin, gold bullion, and gold certificates by US citizens beyond a certain
amount, effectively ending the convertibility of US dollars into gold.
 1971 – The Nixon Shock was a series of economic measures taken by U.S. President Richard
Nixon which canceled the direct convertibility of the United States dollar to gold by foreign
nations. This essentially ended the existing Bretton Woods system of international financial
exchange.

1986 – The "Big Bang" (deregulation of London financial markets) served as a catalyst to
reaffirm London's position as a global centre of world banking.

2007 – Start of the Late-2000s financial crisis that saw the credit crunch that led to the failure
and bail-out of a large number of the world's biggest banks.

2008 – Washington Mutual collapses, the largest bank failure in history up to that point.

See also

Money creation

Monetary reform

History of money

Banker (ancient)

Branchless banking

History of the cheque

Early Canadian banking system

History of banking in the United States

Global financial system

History of Virtual Cryptobanking with Bitcoin

List of recessions

Online banking

Open banking

References

Footnotes
1. The word "bank" reflects the origins of banking in temples. According to the famous passage from the
New Testament, when Christ drove the money changers out of the temple in Jerusalem, he overturned
 their tables. Matthew 21.12. In Greece, bankers were known as trapezitai, a name derived from the tables
where they sat. Similarly, the English word bank comes from the Italian banca, for bench or counter.

Citations
1. Hoggson, N. F. (1926) Banking Through the Ages, New York, Dodd, Mead & Company.

2. Goldthwaite, R. A. Banks, Places and Entrepreneurs in Renaissance Florence, (1995)

3. Boland, Vincent (12 June 2009). nclick_check=1 "Modern dilemma for world's oldest bank" (https://www.f
t.com/cms/s/0/a034542e-5771-11de-8c47-00144feabdc0.html) . Financial Times. Retrieved
23 February 2010. {{cite news}}: Check |url= value (help)

4. R Marks was Richard and Billie Deihl Professor of History at Whittier College during 2000 (7 December
2006). The Origins of the Modern World: Fate and Fortune in the Rise of the West (https://books.google.c
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Further reading

Andreades, Andreas Michael. History of the Bank of England (Routledge, 2013)

Cameron, Rondo. Banking in the Early Stages of Industrialization: A Study in Comparative

Economic History (1967)

Cameron, Rondo et al. International Banking 1870–1914 (1992)

Cassis, Youssef; Grossman, Richard S.; Schenk, Catherine R., eds. (2016). The Oxford
Handbook of Banking and Financial History. New York: Oxford University Press. ISBN 978-0-19-
965862-6.

Feis, Herbert. Europe the World's Banker, 1870–1914 (1930) online (https://archive.org/details/i
n.ernet.dli.2015.275519)

Ferguson, Niall. The Ascent of Money: A Financial History of the World (2008).
Ferguson, Niall. The House of Rothschild: Volume 2: The World's Banker: 1849-1999 (2000)

Grossman, Richard S. Unsettled Account: The Evolution of Banking in the Industrialized World
Since 1800 (Princeton University Press; 2010) 384 pages. Considers how crises, bailouts,
mergers, and regulations have shaped the history of banking in Western Europe, the United
States, Canada, Japan, and Australia.

Hammond, Bray, Banks and Politics in America, from the Revolution to the Civil War (Princeton
University Press, 1957)

Hudson, Peter James. "On the History and Historiography of Banking in the Caribbean." Small
Axe 18.1 43 (2014): 22–37.

Jaffe, Steven H., and Jessica Lautin. Capital of Capital: Money, Banking, and Power in New York
City (Columbia University Press, 2014)

Kindleberger, Charles P. – A Financial History of Western Europe (https://books.google.com/b

ooks?id=s8hiamcsiFQC&printsec=frontcover#v=onepage&q&f=false) ISBN 0415378672

Klebaner, Benjamin J. American commercial banking: A history (Twayne, 1990). online (https://
archive.org/details/americancommerci00kleb)

Kobrak, Christopher, and Wilkins, Mira, eds. History and Financial Crisis: Lessons from the 20th
Century (Routledge, 2014)

Komai, Alejandro, and Gary Richardson. "A history of financial regulation in the USA from the
beginning until today: 1789 to 2011." in Handbook of Financial Data and Risk Information I
(2014): 385+.

Lane, Nicholas. "The Fathers of English Banking." History Today (Mar 1953) 3#3 pp 190–199

Meltzer, Allan H. A History of the Federal Reserve (2 vol. U of Chicago Press, 2010) on U.S.

Michie, Ranald C. British Banking: Continuity and Change from 1694 to the Present (Oxford UP,
2016) 334 pp. online review (http://eh.net/?s=Ranald)

Murphy, Sharon Ann. Other People's Money: How Banking Worked in the Early American
Republic (2017) online review (http://eh.net/?s=+Murphy%2C+Sharon+Ann)

Neal, Larry. "How it all began: the monetary and financial architecture of Europe during the first
global capital markets, 1648–1815." Financial History Review (2000) 7#2 pp: 117–140.

Rothbard, Murray N., History of Money and Banking in the United States. Full text (510 pages) in
pdf format (https://www.mises.org/rothbard/historyofmoney.pdf)

Soyeda, Juichi. A history of banking in Japan

External links

Wikiquote has quotations related to History of banking.

eabh (The European Association for Banking and Financial History) (http://bankinghistory.org)

Banking and Bankers (https://www.encyclopedia.com/religion/encyclopedias-almanacs-trans

cripts-and-maps/banking-and-bankers) at Encyclopedia.com

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Last edited 15 days ago by Rtc