Bank of the Holy Spirit

:"Not to be confused with Banco Espírito Santo, founded in 1920 in Portugal."The Bank of the Holy Spirit (Italian: "Il Banco di Santo Spirito"; Latin: "Banco de Spiritus Sanctus") was a bank founded by Pope Paul V on December 13, 1605. The Bank was the first national bank in Europe (as the bank of the Papal States), [Euvino, Gabrielle. 2001. "The Complete Idiot's Guide to Italian History and Culture". Alpha Books. ISBN 0028642341. p. 106.] the first public deposit bank in Rome, and the oldest continuously-operating bank in Rome until its merger in 1992. [Fodor's Online Travel Guide. 2007. " [http://www.fodors.com/miniguides/mgresults.cfm?destination=rome@130&cur_section=fea&feature=30009 Touring Old Rome] ."]

"Primo periodo" (1605–1923)

The Bank was founded by Pope Paul V in the "Bench of S. Spirit" building (which became known as the "Palazzo del Banco di S. Spirito") on December 13, 1605. [it_icon Piperno, Roberto. " [http://www.romeartlover.it/Vasi109.htm SS. Celso and Giuliano] ."] The construction of the building was started in 1513 by Pope Leo X, on what became known as the "Street of the Banks." [Copetas, A. Craig. 1997, April 18. "Travel: Guide Is Key to Italy's Ancient Banks --- `Forma Urbis' Unearths Many Unusual Gems." "The Wall Street Journal".] The newly founded bank provided a new source of income for the Archhospital of Santo Spirito (founded 1201),Cohen, M. 1994. "Capitalia S.p.A." "International Directory of Company Histories" 65.] whose financial difficulties had been increasing throughout the 16th century, and in 1607 the bank began supervising the finances of the hospital, which owned the bank.Freiberg, Jack. 1991. "Paul V, Alexander VII, and a Fountain by Nicolò Cordier Rediscovered." "The Burlington Magazine" 133 (1065): 833-843.]

From February 20, 1606 to 1923, the Bank of the Holy Spirit provided capital for churches and hospitals constructed in Rome, and other commercial purposes. The bank lent funds to several public works projects, including the Trajan aqueduct project (begun 1608).

In 1750, Pope Benedict XIV, known for his condemnation of usury: "Vix Pervenit" (promulgated November 1, 1745), reorganized the Bank and restricted its lending activities. In 1786, the bank became one of the first to issue paper money during the pontificate of Pope Pius VI. [Snodgrass, Mary Ellen. 2003. "Coins and Currency: An Historical Encyclopedia". McFarland & Co., Inc. Publishing. ISBN 0786414502. p. 317.]

The records of the Bank are extant in the Vatican Secret Archives, but not in "Introitus et Exitus", the records of the Apostolic Camera. [Ambrosini, Maria Luisa, and Willis, Mary. 1996. "The Secret Archives of the Vatican". Barnes & Noble Publishing. ISBN 0760701253. p. 136.]

1923–92

In 1923, the Bank was reorganized as a joint-stock company. In 1935, the "Istituto per la Ricostruzione Industriale" (IRI) of the fascist Italian government gained a controlling interest in the bank.

In the 1930s, Neapolitan bank robbers attempting to dig into the underground vaults of the Bank accidentally discovered the skeletons of victims of a 1836 cholera epidemic, which after archeological became known as the Fontanelle cemetery. [Herling, Gustaw. Trans. Bill Johnston. 2006. "The Noonday Cemetery and Other Storie". New Directions Publishing. ISBN 0811215296.]

Merger

In 1992, the Bank of the Holy Spirit—which had previously merged with the Cassa di Risparmio di Roma (est. 1836) in 1989— merged with the Banco di Roma (est. 1880) to form the Banca di Roma, which subsequently merged with other banks in 2002 to form Capitalia. [Who's Who in Italy. " [http://www.whoswho-sutter.com/cgi-bin/wrapper/whoswho-search2?WSWWWWFNWW Banca di Roma] ."]

ee also

*Vatican Bank
*Banco Ambrosiano

References