The flourishing of the economy and the growth of trade and industrial relations in Russia inevitably led to the construction of a complex financial system of the country. The growth in the number of transactions and mutual settlements led to the formation of banks.
State policy was aimed at maintaining the nobility, landlords and merchants. The main institutions at the end of the 19th century were the Noble and Merchant banks. The organization of their activities was entirely based on the treasury of the Russian Empire.
Noble Bank
The financial institution was founded in May 1754. The initiator of the creation was Shuvalov P. I. The banking system was approved by the ruling Empress of All Russia Elizaveta Petrovna, who noted that moneylenders overestimate interest rates on loans too much, leaving debtors no real opportunity to cope with the burden of the loan.
Noble Bank worked exclusively forstate funds, issuing loans to landowners, the nobility. The initial capital amounted to 750 thousand rubles, after which it increased several times.
According to the agreement between the noble bank and the borrower, the latter received a mortgage. Loans were issued on certain conditions, usually the term was 49 years at 6% per annum.
Terms of lending and deposits
If earlier the loan rate was 20% for usurers, then the Noble Bank replaced it with 6%. The amount of loan money was calculated based on the number of serfs owned by the landowner.
At the beginning of the activity, the rate was 10 rubles for one serf, while the term was 3 years. Later - 40 rubles for 8 years.
1770 is remarkable in that, in addition to issuing loans, the Noble Bank was also engaged in accepting deposits at 5% per annum.
The victims of Orenburg, Novgorod and Kazan as a result of the Pugachev uprising were provided with even more favorable conditions. Everything was aimed at restoring economic stability in the regions.
1786 - reorganization into the State Land Bank.
Since 1885, a reorganized State Noble Land Bank has been operating in Russia, whose activities mainly consisted in mortgage lending.
Merchant Bank
In St. Petersburg, a bank was created to support foreign trade, which is focused on maintaining this kind of relationship. Due to lack of cash in the capitalThe Russian Empire artificially inflated the exchange rate of bills in port operations with foreign merchants.
The Senate submitted Count Shuvalov's proposal for discussion, and then provided recommendations to the queen on the establishment of a commercial bank. It was decided to approve the initial capital in the amount of 500 thousand rubles, it was used to maintain trade relations and expand ties.
The activities of the institution for issuing loans lasted until 1770, and in 1782 the commercial bank of St. Petersburg was merged with Dvoryansky.
Credit institutions laid the foundation for the formation of a stable financial system. Despite the fact that the state in every possible way supported the rights and freedoms of the nobility during the reign of Elizabeth Petrovna, for the most part the nobles did not differ in the ability to conduct economic affairs. Along with the opening of banking institutions, an insurance system was created.
