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Riksbank
Sveriges Riksbank, or simply the Riksbank, is the central bank of Sweden. Founded in 1668, it is the world's oldest surviving central bank, and the third oldest bank in continuous operation. Prior to World War I, it was also the only state-owned central bank outside of the Russian Empire. Etymology The first part of the word ''riksbank'', ''riks'', stems from the Swedish word ''rike'', which means ''realm'', ''kingdom'', ''empire'' or ''nation'' in English. A literal English translation of the bank's name could thus be ''Sweden's Realm's Bank''. The bank, however, does not translate its name into English but rather uses its Swedish name ''the Riksbank'' in its official English-language communications also. History The Riksbank began operations in 1668. Previously, Sweden was served by the Stockholms Banco (also known as the Bank of Palmstruch), founded by Johan Palmstruch in 1656. Although the bank was private, it was the king who chose its management: in a letter to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Swedish Krona
The krona (; plural: ''kronor''; sign: kr; code: SEK) is the currency of Sweden. Both the ISO code "SEK" and currency sign "kr" are in common use for the krona; the former precedes or follows the value, the latter usually follows it but, especially in the past, it sometimes preceded the value. In English, the currency is sometimes referred to as the Swedish crown, as means " crown" in Swedish. The Swedish krona was the ninth-most traded currency in the world by value in April 2016. One krona is subdivided into 100 '' öre'' (singular; plural ''öre'' or ''ören'', where the former is always used after a cardinal number, hence "50 öre", but otherwise the latter is often preferred in contemporary speech). Coins as small as 1 öre were formerly in use, but the last coin smaller than 1 krona was discontinued in 2010. Goods can still be priced in ''öre'', but all sums are rounded to the nearest krona when paying with cash. The word ''öre'' is ultimately derived from the Latin w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tumba Bruk
Tumba Bruk was the printing company responsible for the manufacturing of the Swedish krona banknotes. The company was founded by Sveriges Riksbank in 1755 to produce banknotes, making it the world's oldest factory of its kind. In 2002, the company was sold to the current owner, banknote paper supplier Crane & Co. It is located in Tumba, close to Stockholm. The facility and its park were designated a listed building in 2001. Background In 1661, Sweden's first banknotes were produced by Stockholm Banco, which were used as credit notes for its customers. These notes soon became worthless, however, when Stockholm Banco went bankrupt in 1668, and banknotes were subsequently prohibited. Banknotes received a second chance in 1701 when the predecessor to Sveriges Riksbank started handing out ''transportsedlar,'' notes that worked in a similar way to modern cheques. These notes were easily forged since the paper used for the production of the notes was imported, and these transports ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Erik Thedéen
Erik Hilding Thedéen (born 1 September 1963) is a Swedish economist, business leader and civil servant, who served as Director General of the Swedish Financial Supervisory Authority from 2015 to 2022. Since 1 January 2023 he serves as the Governor of Sveriges Riksbank, the central bank of Sweden. Education and early life After graduating from school in 1982, Thedéen completed his military service and continued his education at the Royal Swedish Naval Academy. Thedéen is a reserve officer in the Swedish Navy, trained for service on a patrol boat. Thedéen studied for a master's degree in economics at the Stockholm School of Economics 1985–1989. Career Thedéen has a history of roles in the financial industry, including roles as chief executive of KPA Pension, at the Swedish Ministry of Finance and as president of Nasdaq OMX Nordic in Stockholm. Other activities * Bank for International Settlements (BIS), Ex-Officio Member of the Board of Directors (since 2023) * Interna ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Central Bank
A central bank, reserve bank, national bank, or monetary authority is an institution that manages the monetary policy of a country or monetary union. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the monetary base. Many central banks also have supervisory or regulatory powers to ensure the stability of commercial banks in their jurisdiction, to prevent bank runs, and, in some cases, to enforce policies on financial consumer protection, and against bank fraud, money laundering, or terrorism financing. Central banks play a crucial role in macroeconomic forecasting, which is essential for guiding monetary policy decisions, especially during times of economic turbulence. Central banks in most developed nations are usually set up to be institutionally independent from political interference, even though governments typically have governance rights over them, legislative bodies exercise scrutiny, and central banks frequently do show resp ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sweden
Sweden, formally the Kingdom of Sweden, is a Nordic countries, Nordic country located on the Scandinavian Peninsula in Northern Europe. It borders Norway to the west and north, and Finland to the east. At , Sweden is the largest Nordic country by both area and population, and is the List of European countries by area, fifth-largest country in Europe. Its capital and largest city is Stockholm. Sweden has a population of 10.6 million, and a low population density of ; 88% of Swedes reside in urban areas. They are mostly in the central and southern half of the country. Sweden's urban areas together cover 1.5% of its land area. Sweden has a diverse Climate of Sweden, climate owing to the length of the country, which ranges from 55th parallel north, 55°N to 69th parallel north, 69°N. Sweden has been inhabited since Prehistoric Sweden, prehistoric times around 12,000 BC. The inhabitants emerged as the Geats () and Swedes (tribe), Swedes (), who formed part of the sea-faring peopl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stockholms Banco
Stockholms Banco (also known as the Palmstruch's Bank, ) was the first European bank to print banknotes. It was founded in 1657 by Johan Palmstruch in Stockholm, began printing banknotes in 1661, but ran into financial difficulties and was liquidated in 1667. Stockholms Banco was the immediate precursor to the central bank of Sweden, founded in 1668 as ''Riksens Ständers Bank'' and renamed in 1866 as Sveriges Riksbank, which is the world's oldest surviving central bank. The founding of Stockholms Banco Johan Palmstruch had made two failed proposals for the creation of a banking institution in the 1650s before his third proposal, with the addition of a promise to pay half of the bank's profits to the crown, was accepted. King Charles X Gustav thus signed two charters on November 30, 1656 to create an exchange bank and a loans bank. The first of these (which opened in July 1657) took deposits for a fee (and accruing no interest) with the account owner later able to withdraw t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Södra Bankohuset
Södra Bankohuset (Swedish language, Swedish: "The Southern Bank Building"), also known as Gamla Riksbanken ("The Old National Bank"). is a building in Gamla stan, the old town of Stockholm, Sweden. It was erected in stages from 1675 to 1735 as the seat of the Bank of Sweden which remained in that location (complemented from 1772 with the immediately to the north) until moving in 1906 to a new head office by the Parliament House, Stockholm, Parliament building complex. Södra Bankohuset is the world’s oldest surviving purpose-built central bank office, separately from the Riksbank being the world’s oldest central bank in continuous operation. It is facing the square Järntorget (Stockholm), Järntorget on its west side and Skeppsbron on its east, while two alleys passes north and south of it, Norra Bankogränd and Södra Bankogränd. Since December 2018, it has housed Embark Studios, a Stockholm-based games studio. The western quarter of the building including the façade ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Johan Palmstruch
Johan Palmstruch born Wittmacher (June 13, 1611 – March 8, 1671) was a Swedish-born entrepreneur, financier, and financial innovator. He is credited with the introduction of paper money to Europe. Biography Johan (Hans) Wittmacher was born in Riga (then in Livonia) where his father Reinholt was a merchant and his mother was likely of Dutch origin. His ancestors probably came from the county of Holstein. Around 1634, he moved to Amsterdam. Johan married Margrieta van der Bosch (1617-1677) in February 1644. In the same year a daughter was baptized in Oude Kerk, Amsterdam. He became a commissioner in the National Board of Trade after his arrival in Sweden in 1647. He began submitting proposals for banking institutions to King Charles X Gustav after 1654. The first two such proposals were rejected but the third, which promised half the bank's profits to the crown, was accepted. He was made a Swedish nobleman in 1651 and he took the surname Palmstruch and become a commissioner ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
List Of Oldest Banks In Continuous Operation
This list of the oldest banks includes financial institutions in ''continuous'' operation, operating with the same legal identity without interruption since their establishment until the present time. The world's oldest bank is Banca Monte dei Paschi di Siena, while the world's oldest merchant bank is Berenberg Bank. Banca Monte dei Paschi di Siena was founded in its present form in 1624, but traces its history to a mount of piety founded in 1472. The Berenberg company was founded in 1590 and has operated continuously ever since with the same family as owners or major co-owners. Banca Monte dei Paschi di Siena is today a large Italian retail bank, while Berenberg Bank is primarily involved in investment banking and private banking for wealthy customers; in any event Berenberg Bank is the world's oldest merchant bank or investment bank. The world's oldest central bank is the Sveriges Riksbank, which was founded in 1668. Banco di Napoli, which was absorbed by different entities bet ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stockholm
Stockholm (; ) is the Capital city, capital and List of urban areas in Sweden by population, most populous city of Sweden, as well as the List of urban areas in the Nordic countries, largest urban area in the Nordic countries. Approximately 1 million people live in the Stockholm Municipality, municipality, with 1.6 million in the Stockholm urban area, urban area, and 2.5 million in the Metropolitan Stockholm, metropolitan area. The city stretches across fourteen islands where Mälaren, Lake Mälaren flows into the Baltic Sea. Outside the city to the east, and along the coast, is the island chain of the Stockholm archipelago. The area has been settled since the Stone Age, in the 6th millennium BC, and was founded as a city in 1252 by Swedish statesman Birger Jarl. The city serves as the county seat of Stockholm County. Stockholm is the cultural, media, political, and economic centre of Sweden. The Stockholm region alone accounts for over a third of the country's Gros ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
State Ownership
State ownership, also called public ownership or government ownership, is the ownership of an Industry (economics), industry, asset, property, or Business, enterprise by the national government of a country or State (polity), state, or a public body representing a community, as opposed to an individual or Private property, private party. Public ownership specifically refers to industries selling goods and services to consumers and differs from Public good, public goods and government services financed out of a Government budget, government's general budget. Public ownership can take place at the Central government, national, regional government, regional, local government, local, or municipal levels of government; or can refer to non-governmental public ownership vested in autonomous public enterprises. Public ownership is one of the three major forms of property ownership, differentiated from private, Collective ownership, collective/cooperative, and common ownership. In marke ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Interest
In finance and economics, interest is payment from a debtor or deposit-taking financial institution to a lender or depositor of an amount above repayment of the principal sum (that is, the amount borrowed), at a particular rate. It is distinct from a fee which the borrower may pay to the lender or some third party. It is also distinct from dividend which is paid by a company to its shareholders (owners) from its profit (economics), profit or Reserve (accounting), reserve, but not at a particular rate decided beforehand, rather on a pro rata basis as a share in the reward gained by risk taking entrepreneurs when the revenue earned exceeds the total costs. For example, a customer would usually pay interest to debt, borrow from a bank, so they pay the bank an amount which is more than the amount they borrowed; or a customer may earn interest on their savings, and so they may withdraw more than they originally deposited. In the case of savings, the customer is the lender, and the ban ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
