Savings bank

Savings bank

A savings bank is a financial institution whose primary purpose is accepting savings deposits. It may also perform some other functions.

In Europe, savings banks originated in the 19th or sometimes even the 18th century. Their original objective was to provide easily accessible savings products to all strata of the population. In some countries, savings banks were created on public initiative, while in others, socially committed individuals created foundations to put in place the necessary infrastructure.

Nowadays, European savings banks have kept their focus on retail banking: payments, savings products, credits and insurances for individuals or small and medium-sized entreprises. Apart from this retail focus, they also differ from commercial banks by their broadly decentralised distribution network, providing local and regional outreach.

*Communist Czechoslovakia: "see Economy of Communist Czechoslovakia"
*New Zealand: Savings banks ceased to exist in 1987 as an official type of bank, being replaced with registered banks (Grimes, 1998)
*Soviet Union: Traditionally, the Russian term "sberkassa" (сберкасса, сберегательная касса) is translated as "savings bank". However "sberkassas" were not banks in the common sense. Initially they were the outlets of the only Soviet State Bank, "Gosbank" until 1987 and "Sberbank" (USSR Savings Bank) afterwards.
*Spain: "see Savings bank (Spain)"
*United Kingdom: "see Trustee savings bank"
*United States: "see Savings and loan association and Mutual savings bank"

External links

* [http://www.savings-banks.com World Savings Bank Institute / European Savings Banks Group]

Sources

* 'Liberalisation of financial markets in New Zealand' Arthur Grimes, Institute of Policy Studies, Victoria University of Wellington, Wellington, 1998 [http://www.rbnz.govt.nz/research/bulletin/1997_2001/1998dec61_4grimes.pdf] Retrieved Feb. 11, 2006.
* Tiwari, Rajnish and Buse, Stephan (2006): [http://www1.uni-hamburg.de/m-commerce/articles/German_Banking_Sector.pdf The German Banking Sector: Competition, Consolidation and Contentment] , Hamburg University of Technology (TU Hamburg-Harburg)
* Brunner, A., Decressin, J. / Hardy, D. / Kudela, B. (2004): Germany’s Three-Pillar Banking System – Cross-Country Perspectives in Europe, Occasional Paper, International Monetary Fund, Washington DC 2004.


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