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The ''Reichsbank'' (; ) was the
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 mo ...
of the
German Empire The German Empire (),; ; World Book, Inc. ''The World Book dictionary, Volume 1''. World Book, Inc., 2003. p. 572. States that Deutsches Reich translates as "German Realm" and was a former official name of Germany. also referred to as Imperia ...
from 1876 until the end of
Nazi Germany Nazi Germany, officially known as the German Reich and later the Greater German Reich, was the German Reich, German state between 1933 and 1945, when Adolf Hitler and the Nazi Party controlled the country, transforming it into a Totalit ...
in 1945.


Background

The monetary institutions in Germany had been unsuited for its economic development for several decades before unification. In the
Kingdom of Prussia The Kingdom of Prussia (, ) was a German state that existed from 1701 to 1918.Marriott, J. A. R., and Charles Grant Robertson. ''The Evolution of Prussia, the Making of an Empire''. Rev. ed. Oxford: Clarendon Press, 1946. It played a signif ...
, the Bank of Prussia had been established in 1847 and, in the aftermath of the revolution of 1848, five additional banks had been granted a note-issuance privilege (the , , , at
Stettin Szczecin ( , , ; ; ; or ) is the capital and largest city of the West Pomeranian Voivodeship in northwestern Poland. Located near the Baltic Sea and the German border, it is a major seaport, the largest city of northwestern Poland, and se ...
, and ), but that was still insufficient to sustain adequate monetary conditions. By 1851, 9 banks in the whole of Germany (not including Austria) were chartered to issue banknotes, known as . In addition, most German states - with the only exceptions of
Lippe Lippe () is a ''Kreis'' (district) in the east of North Rhine-Westphalia, Germany. Neighboring districts are Herford, Minden-Lübbecke, Höxter, Paderborn, Gütersloh, and district-free Bielefeld, which forms the region Ostwestfalen-Lippe. ...
and the Hanseatic cities of
Bremen Bremen (Low German also: ''Breem'' or ''Bräm''), officially the City Municipality of Bremen (, ), is the capital of the States of Germany, German state of the Bremen (state), Free Hanseatic City of Bremen (), a two-city-state consisting of the c ...
,
Hamburg Hamburg (, ; ), officially the Free and Hanseatic City of Hamburg,. is the List of cities in Germany by population, second-largest city in Germany after Berlin and List of cities in the European Union by population within city limits, 7th-lar ...
and
Lübeck Lübeck (; or ; Latin: ), officially the Hanseatic League, Hanseatic City of Lübeck (), is a city in Northern Germany. With around 220,000 inhabitants, it is the second-largest city on the German Baltic Sea, Baltic coast and the second-larg ...
- issued government paper money without the intermediation of an issuing bank. Several pan-German conventions were held with the aim to simplify and rationalize the German monetary system, e.g. in
Vienna Vienna ( ; ; ) is the capital city, capital, List of largest cities in Austria, most populous city, and one of Federal states of Austria, nine federal states of Austria. It is Austria's primate city, with just over two million inhabitants. ...
on , but to no avail. Instead, the number of kept growing, reaching 31 (in the territories that would become the
German Reich German ''Reich'' (, from ) was the constitutional name for the German nation state that existed from 1871 to 1945. The ''Reich'' became understood as deriving its authority and sovereignty entirely from a continuing unitary German ''Volk'' ("na ...
) in 1870. They were typically private-sector entities, albeit often under hands-on government oversight, except the Bank of Bremen and Frankfurter Bank which were comparatively independent. Twelve of these were in Prussia, four in the
Kingdom of Saxony The Kingdom of Saxony () was a German monarchy in Central Europe between 1806 and 1918, the successor of the Electorate of Saxony. It joined the Confederation of the Rhine after the dissolution of the Holy Roman Empire, later joining the German ...
, one in the
Kingdom of Bavaria The Kingdom of Bavaria ( ; ; spelled ''Baiern'' until 1825) was a German state that succeeded the former Electorate of Bavaria in 1806 and continued to exist until 1918. With the unification of Germany into the German Empire in 1871, the kingd ...
, and the other 14 in various duchies, principalities and free cities. On , a law was passed that forbade the formation of further in the
North German Confederation The North German Confederation () was initially a German military alliance established in August 1866 under the leadership of the Kingdom of Prussia, which was transformed in the subsequent year into a confederated state (a ''de facto'' feder ...
. Following the promulgation of the
German Empire The German Empire (),; ; World Book, Inc. ''The World Book dictionary, Volume 1''. World Book, Inc., 2003. p. 572. States that Deutsches Reich translates as "German Realm" and was a former official name of Germany. also referred to as Imperia ...
that law was extended to all German lands, with entry into force on . These Prussian initiatives precipitated action by the
Grand Duchy of Baden The Grand Duchy of Baden () was a German polity on the east bank of the Rhine. It originally existed as a sovereign state from 1806 to 1871 and later as part of the German Empire until 1918. The duchy's 12th-century origins were as a Margravia ...
and
Kingdom of Württemberg The Kingdom of Württemberg ( ) was a German state that existed from 1806 to 1918, located within the area that is now Baden-Württemberg. The kingdom was a continuation of the Electorate of Württemberg, which existed from 1803 to 1806. Geogr ...
to create note-issuing banks of their own, respectively the Badische Bank in
Mannheim Mannheim (; Palatine German language, Palatine German: or ), officially the University City of Mannheim (), is the List of cities in Baden-Württemberg by population, second-largest city in Baden-Württemberg after Stuttgart, the States of Ger ...
(est. 1870) and the Württembergische Notenbank in
Stuttgart Stuttgart (; ; Swabian German, Swabian: ; Alemannic German, Alemannic: ; Italian language, Italian: ; ) is the capital city, capital and List of cities in Baden-Württemberg by population, largest city of the States of Germany, German state of ...
(est. 1871), bringing the total number of to 33. The
panic of 1873 The Panic of 1873 was a financial crisis that triggered an economic depression in Europe and North America that lasted from 1873 to 1877 or 1879 in France and in Britain. In Britain, the Panic started two decades of stagnation known as the "L ...
further stimulated discussions on the creation of an integrated monetary system, which pitted advocates of centralization led by Ludwig Bamberger against the incumbent local banks of issue and defenders of state rights, led by Ludolf Camphausen. The political compromise was to allow the latter to keep issuance activity but under such restrictions that they rapidly fell into monetary irrelevance.


German Empire

The Reichsbank was established by legislation of the Reichstag of , and assumed its new role on when it succeeded the Bank of Prussia. Meanwhile, between 1873 and 1875 the Bank of Prussia assumed all the assets and liabilities of the Hamburger Bank, which was a major monetary anchor in Northern Germany. The Reichsbank was technically a private-sector company with individual shareholders, albeit not in joint-stock form, and operated from the start under the close control of the Reich government. The bank was managed by a management board () reporting to a supervisory board (). The Curatorium was chaired by the Imperial Chancellor and included four additional members, one appointed by the
emperor The word ''emperor'' (from , via ) can mean the male ruler of an empire. ''Empress'', the female equivalent, may indicate an emperor's wife (empress consort), mother/grandmother (empress dowager/grand empress dowager), or a woman who rules ...
and the other three by the Bundesrat; it was to meet every three months. The Direktorium was led by the President () and all its members were appointed for life by the emperor, upon nomination by the Bundesrat. The law specified that the Direktorium must obey the Chancellor's orders at all times. The shareholders were represented in a central committee () of 15 members, which met at least every month under the chairmanship of the Reichsbank's president and could scrutinize the management but not change it or influence policy decision. Three deputies of the were allowed to attend all meetings of the Direktorium and to examine the books of the Reichsbank. The initial shareholders included the former shareholders of the Bank of Prussia (except a few who opted for selling their shares) and new subscribers. The bank was exempted from all income and trade taxes, but also had to act as the Reich's
fiscal agent A fiscal agent, fiscal sponsor, or financial agent is a proxy that manages fiscal matters on behalf of another party. A fiscal agent may assist in the redemption of bonds or coupons at maturity, disbursing dividends, and handling tax issues. For ...
without compensation. The Reichsbank operated throughout the Reich's territory through a network of branches, which numbered 206 at its inception in 1876 and expanded to 330 by 1900. A formal distinction was made between main branches (), whose head was appointed directly by the emperor, and other branches (), but that difference of status was insubstantial in practice. The bank's employees had the status of civil servants of the Reich, even though they were paid by the Reichsbank. The Reichsbank also sponsored the establishment of clearing houses which were established in the 1880s and 1890s in
Berlin Berlin ( ; ) is the Capital of Germany, capital and largest city of Germany, by both area and List of cities in Germany by population, population. With 3.7 million inhabitants, it has the List of cities in the European Union by population withi ...
,
Frankfurt Frankfurt am Main () is the most populous city in the States of Germany, German state of Hesse. Its 773,068 inhabitants as of 2022 make it the List of cities in Germany by population, fifth-most populous city in Germany. Located in the forela ...
,
Stuttgart Stuttgart (; ; Swabian German, Swabian: ; Alemannic German, Alemannic: ; Italian language, Italian: ; ) is the capital city, capital and List of cities in Baden-Württemberg by population, largest city of the States of Germany, German state of ...
,
Cologne Cologne ( ; ; ) is the largest city of the States of Germany, German state of North Rhine-Westphalia and the List of cities in Germany by population, fourth-most populous city of Germany with nearly 1.1 million inhabitants in the city pr ...
,
Leipzig Leipzig (, ; ; Upper Saxon: ; ) is the most populous city in the States of Germany, German state of Saxony. The city has a population of 628,718 inhabitants as of 2023. It is the List of cities in Germany by population, eighth-largest city in Ge ...
( Petersstrasse),
Dresden Dresden (; ; Upper Saxon German, Upper Saxon: ''Dräsdn''; , ) is the capital city of the States of Germany, German state of Saxony and its second most populous city after Leipzig. It is the List of cities in Germany by population, 12th most p ...
,
Hamburg Hamburg (, ; ), officially the Free and Hanseatic City of Hamburg,. is the List of cities in Germany by population, second-largest city in Germany after Berlin and List of cities in the European Union by population within city limits, 7th-lar ...
, Breslau,
Bremen Bremen (Low German also: ''Breem'' or ''Bräm''), officially the City Municipality of Bremen (, ), is the capital of the States of Germany, German state of the Bremen (state), Free Hanseatic City of Bremen (), a two-city-state consisting of the c ...
, and
Elberfeld Elberfeld is a municipal subdivision of the Germany, German city of Wuppertal; it was an independent town until 1929. History The first official mentioning of the geographic area on the banks of today's Wupper River as "''elverfelde''" was ...
. 15 of the 32 (other than the Bank of Prussia) relinquished issuing their own banknotes shortly after the Reichsbank's creation; four more did so in the 1880s, six in the 1890s, and three in the early 1900s, leaving only the Bayerische Notenbank, Bank of Baden, Bank of Saxony and Württembergische Notenbank as residual note-issuing institutions by 1906. Until
World War I World War I or the First World War (28 July 1914 – 11 November 1918), also known as the Great War, was a World war, global conflict between two coalitions: the Allies of World War I, Allies (or Entente) and the Central Powers. Fighting to ...
, the Reichsbank produced a very stable currency, fully convertible into gold and thus known as the
German gold mark The German mark ( ; sign: ℳ︁) was the currency of the German Empire, which spanned from 1871 to 1918. The mark was paired with the minor unit of the pfennig (₰); 100 pfennigs were equivalent to 1 mark. The mark was on the gold stand ...
. In 1909, an amendment to the Banking Act of 1875 made the Rischsbank's notes
legal tender Legal tender is a form of money that Standard of deferred payment, courts of law are required to recognize as satisfactory payment in court for any monetary debt. Each jurisdiction determines what is legal tender, but essentially it is anything ...
and redeemable at the rate of 2790 Marks per kilogram of
gold Gold is a chemical element; it has chemical symbol Au (from Latin ) and atomic number 79. In its pure form, it is a brightness, bright, slightly orange-yellow, dense, soft, malleable, and ductile metal. Chemically, gold is a transition metal ...
. In the period immediately before the war erupted, the Reichsbank greatly increased its gold reserves, as also did the
Bank of France The Bank of France ( ) is the national central bank for France within the Eurosystem. It was the French central bank between 1800 and 1998, issuing the French franc. It does not translate its name to English, and thus calls itself ''Banque de F ...
, Bank of Russia and
Austro-Hungarian Bank The Austro-Hungarian Bank (, , , , , , ) was the central bank of the Habsburg Monarchy in the 19th and early 20th centuries. The institution was founded in 1816 as the privilegirte oesterreichische National-Bank (), and changed its name in 1878 ...
, from an equivalent US$184 million on to $336 million on . At the outbreak of
World War I World War I or the First World War (28 July 1914 – 11 November 1918), also known as the Great War, was a World war, global conflict between two coalitions: the Allies of World War I, Allies (or Entente) and the Central Powers. Fighting to ...
, however, the link between the mark and gold was abandoned, resulting in the
Papiermark The Papiermark (; 'paper mark') was a derisive term for the Mark (currency sign, sign: ℳ︁) after it went off the gold standard, and most specifically with the era of Hyperinflation in the Weimar Republic, hyperinflation in Germany of 1922 a ...
. The expenses of the war caused
inflation In economics, inflation is an increase in the average price of goods and services in terms of money. This increase is measured using a price index, typically a consumer price index (CPI). When the general price level rises, each unit of curre ...
ary pressure and the mark started to decrease in value..


Weimar Republic

Following Germany's defeat and the 1919
Treaty of Versailles The Treaty of Versailles was a peace treaty signed on 28 June 1919. As the most important treaty of World War I, it ended the state of war between Germany and most of the Allies of World War I, Allied Powers. It was signed in the Palace ...
, the German government was unable to meet its expenditures and commitments by taxation and borrowing from external sources, and instead turned to the Reichsbank for monetary financing. Combined with its reaction to the
occupation of the Ruhr The occupation of the Ruhr () was the period from 11 January 1923 to 25 August 1925 when French and Belgian troops occupied the Ruhr region of Weimar Republic Germany. The occupation of the heavily industrialized Ruhr district came in respons ...
by France and Belgium, this triggered a dramatic episode of hyperinflation that rendered the Mark practically worthless. The Reichsbank only started raising its discount rate in July 1922, reaching 40 percent per day at the hyperinflationary peak in November 1923. By decree of on the initiative of finance minister
Hans Luther Hans Luther () (10 March 1879 – 11 May 1962) was a German politician and Chancellor of Germany for 482 days in 1925 to 1926. As Minister of Finance he helped stabilize the Mark during the hyperinflation of 1923. From 1930 to 1933, Luther was h ...
, the government created a separate bank, the Deutsche Rentenbank, endowed with the right to issue notes () redeemable in a kind of non-interest-bearing mortgage bond, the , denominated in gold Mark and theoretically backed by a collective mortgage debt imposed upon German agriculture and industry. That confidence-building initiative succeeded against all expectations, even though the only had the status of "legally-admitted medium of exchange" while the Reichsbank's devalued paper notes remained legal tender. No fixed exchange rate was set by law, but the " Rentenmark" became interchangeable with paper Mark at the rate of one to one trillion. The Rentenmark was thus in effect a transitory domestic currency, which was never convertible internationally. The success of the Rentenmark, followed by the
Dawes Plan The Dawes Plan temporarily resolved the issue of the reparations that Germany owed to the Allies of World War I. Enacted in 1924, it ended the crisis in European diplomacy that occurred after French and Belgian troops occupied the Ruhr in re ...
on war reparations, paved the way for a restoration of monetary order. The Banking Law of was inspired by the stabilization loans orchestrated by the
Economic and Financial Organization of the League of Nations The Economic and Financial Organization (EFO, ) was the largest of the technical arms of the League of Nations, and the world's first international organization dedicated to promoting economic and monetary co-operation. It took shape in the early ...
that had entailed the creation of the
Oesterreichische Nationalbank The (, , abbr. ) is the National central bank (Eurosystem), national central bank for Austria within the Eurosystem. It was the Austrian central bank from 1923 to 1938 and from 1945 to 1998, issuing the Austrian schilling, shilling. It star ...
in January 1923 and of the
Hungarian National Bank The Hungarian National Bank ( , MNB) is the central bank of Hungary and as such part of the European System of Central Banks (ESCB). It was established in 1924 as a successor entity of the Austro-Hungarian Bank, under the economic assistance ...
in June 1924. It comprehensively reformed the Reichsbank and made it, for the first time, an explicitly independent central bank. Its ''Kuratorium'' was replaced by a General Council () consisting of 7 German and 7 foreign members, which was to elect the bank's president subject to approval of the
President of Germany The president of Germany, officially titled the Federal President of the Federal Republic of Germany (),The official title within Germany is ', with ' being added in international correspondence; the official English title is President of the F ...
. The General Council also elected one of its foreign members to serve as Currency Commissioner () supervising note issuance. The ability of the reformed Reichsbank to extend credit to the Reich government was strictly limited. The new currency, the
Reichsmark The (; sign: ℛ︁ℳ︁; abbreviation: RM) was the currency of Germany from 1924 until the fall of Nazi Germany in 1945, and in the American, British and French occupied zones of Germany, until 20 June 1948. The Reichsmark was then replace ...
(RM), was set at one trillion paper Mark, restoring the prewar parity of 2790 RM for one kilogram of fine gold; the pre-reform notes ceased to be legal tender on . In the subsequent period of
deflation In economics, deflation is a decrease in the general price level of goods and services. Deflation occurs when the inflation rate falls below 0% and becomes negative. While inflation reduces the value of currency over time, deflation increases i ...
, the Reichsbank became practically the only source of short-term banking credit in the German economy, which it chose to ration (maintaining a discount rate of no more than 10 percent) rather than lending to high market-determined rates. The Reichsbank's credit rationing only ended in early 1926, after which the discount rate could be gradually lowered, reaching 56 percent in January 1927. In 1930, legislative amendments in line with the
Young Plan The Young Plan was a 1929 attempt to settle issues surrounding the World War I reparations obligations that Germany owed under the terms of Treaty of Versailles. Developed to replace the 1924 Dawes Plan, the Young Plan was negotiated in Paris f ...
brought an end to the involvement of foreigners in the Reichsbank's governance. The General Council was reduced to 10 members, all German, and the role of Currency Commissioner went to the President of the .


Nazi period

The
Nazi regime Nazi Germany, officially known as the German Reich and later the Greater German Reich, was the German state between 1933 and 1945, when Adolf Hitler and the Nazi Party controlled the country, transforming it into a totalitarian dictat ...
promptly put an end to the independence of the Reichsbank and made it an instrument of their policy of directing Germany's resources towards rearmament and military expansion. By amendment of to the Banking Law, the General Council was abolished and the Direktorium, including the President, were henceforth to be directly appointed and dismissed by the Führer. On , Hitler publicly proclaimed the unlimited sovereignty of the Reich over the Reichsbank, and a law of formally abolished the Reichsbank's autonomous status. Another law of stipulated that the President and Direktorium should directly receive their instructions from the Führer, and renamed the bank as . During most of the Nazi period the same individual was President of the Reichsbank and Minister of the Economy, namely Hjalmar Schacht from August 1934 to November 1937 and Walther Funk from January 1939 to May 1945. On , the Reichsbank's note issuing privilege became exclusive, bringing an end to the residual central banking roles of the Bank of Baden, Bayerische Notenbank, Bank of Saxony, and Württembergische Notenbank. The Reichsbank benefited from the theft of the property of numerous governments invaded by the Germans, especially their
gold reserve A gold reserve is the gold held by a national central bank, intended mainly as a guarantee to redeem promises to pay depositors, note holders (e.g. paper money), or trading peers, during the eras of the gold standard, and also as a store of v ...
s and much personal property of the Third Reich's many victims, especially the
Jews Jews (, , ), or the Jewish people, are an ethnoreligious group and nation, originating from the Israelites of History of ancient Israel and Judah, ancient Israel and Judah. They also traditionally adhere to Judaism. Jewish ethnicity, rel ...
. Personal possessions such as gold
wedding ring A wedding ring or wedding band is a finger ring that indicates that its wearer is married. It is usually forged from metal, traditionally gold or another precious metal. Rings were used in ancient Rome during marriage. In western culture, a ...
s were confiscated from prisoners, and gold teeth torn from dead bodies, and after cleaning, were deposited in the bank under the false-name Max Heiliger accounts, and melted down as
bullion Bullion is non-ferrous metal that has been refined to a high standard of elemental purity. The term is ordinarily applied to bulk metal used in the production of coins and especially to precious metals such as gold and silver. It comes from ...
. In April and May 1945, the remaining reserves of the Reichsbank – gold (730 bars), cash (6 large sacks), and precious stones and metals such as platinum (25 sealed boxes) – were dispatched by Walther Funk to be buried on the Klausenhof Mountain at Einsiedl in Bavaria, where the final German resistance was to be concentrated. Similarly, the Abwehr cash reserves were hidden nearby in Garmisch-Partenkirchen. Shortly after the American forces overran the area, the reserves and money disappeared. Funk would be tried and convicted of
war crimes A war crime is a violation of the laws of war that gives rise to individual criminal responsibility for actions by combatants in action, such as intentionally killing civilians or intentionally killing prisoners of war, torture, taking hos ...
at the
Nuremberg trials #REDIRECT Nuremberg trials {{redirect category shell, {{R from other capitalisation{{R from move ...
, not least for receiving money and goods stolen from Jewish and other victims of the
Nazi concentration camp From 1933 to 1945, Nazi Germany operated more than a thousand concentration camps (), including subcamp (SS), subcamps on its own territory and in parts of German-occupied Europe. The first camps were established in March 1933 immediately af ...
s. Gold teeth extracted from the mouths of victims were found in 1945 in the vaults of the bank in Berlin. The explanation of the disappearance of the Reichsbank reserves in 1945 was uncovered by Bill Stanley Moss and Andrew Kennedy, in post-war Germany.


Aftermath and liquidation

In line with decisions made at the Potsdam Conference, the Reichsbank was placed under joint Allied custodianship pending its liquidation. The four occupying powers (
France France, officially the French Republic, is a country located primarily in Western Europe. Overseas France, Its overseas regions and territories include French Guiana in South America, Saint Pierre and Miquelon in the Atlantic Ocean#North Atlan ...
, the
Soviet Union The Union of Soviet Socialist Republics. (USSR), commonly known as the Soviet Union, was a List of former transcontinental countries#Since 1700, transcontinental country that spanned much of Eurasia from 1922 until Dissolution of the Soviet ...
, the
United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Northwestern Europe, off the coast of European mainland, the continental mainland. It comprises England, Scotlan ...
and the
United States The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 ...
) initially continued to issue Reichsmarks and Allied military marks. In
Austria Austria, formally the Republic of Austria, is a landlocked country in Central Europe, lying in the Eastern Alps. It is a federation of nine Federal states of Austria, states, of which the capital Vienna is the List of largest cities in Aust ...
, the Oesterreichische Nationalbank was re-established by the Central Bank Transition Act of of the Second Austrian Republic. In line with the
Morgenthau Plan The Morgenthau Plan was a proposal to weaken Germany following World War II by eliminating its arms industry and removing or destroying other key industries basic to military strength. This included the removal or destruction of all industria ...
, the American authorities in November 1945 proposed a radically decentralized plan that would have organized a separate financial system in each of the , with minimal central coordination. After some hesitancy, the French authorities rallied that vision; the British authorities were initially reluctant, but gradually aligned with U.S. views following the establishment of the Bizone on . Thus, Land central banks () were created on in American-occupied
Munich Munich is the capital and most populous city of Bavaria, Germany. As of 30 November 2024, its population was 1,604,384, making it the third-largest city in Germany after Berlin and Hamburg. Munich is the largest city in Germany that is no ...
(for
Bavaria Bavaria, officially the Free State of Bavaria, is a States of Germany, state in the southeast of Germany. With an area of , it is the list of German states by area, largest German state by land area, comprising approximately 1/5 of the total l ...
),
Stuttgart Stuttgart (; ; Swabian German, Swabian: ; Alemannic German, Alemannic: ; Italian language, Italian: ; ) is the capital city, capital and List of cities in Baden-Württemberg by population, largest city of the States of Germany, German state of ...
(for
Württemberg-Baden Württemberg-Baden was a state of the Federal Republic of Germany. It was created in 1945 by the United States occupation forces, after the previous states of Baden and Württemberg had been split up between the US and French occupation zones. ...
), and
Wiesbaden Wiesbaden (; ) is the capital of the German state of Hesse, and the second-largest Hessian city after Frankfurt am Main. With around 283,000 inhabitants, it is List of cities in Germany by population, Germany's 24th-largest city. Wiesbaden form ...
(for
Hesse Hesse or Hessen ( ), officially the State of Hesse (), is a States of Germany, state in Germany. Its capital city is Wiesbaden, and the largest urban area is Frankfurt, which is also the country's principal financial centre. Two other major hist ...
), followed in March by French-occupied
Tübingen Tübingen (; ) is a traditional college town, university city in central Baden-Württemberg, Germany. It is situated south of the state capital, Stuttgart, and developed on both sides of the Neckar and Ammer (Neckar), Ammer rivers. about one in ...
(for
Württemberg-Hohenzollern Württemberg-Hohenzollern was a West Germany, West German state created in 1945 as part of the French Allied Occupation Zones in Germany, post-World War II occupation zone. Its capital was Tübingen. In 1952, it was merged into the newly founded ...
),
Freiburg im Breisgau Freiburg im Breisgau or simply Freiburg is the List of cities in Baden-Württemberg by population, fourth-largest city of the German state of Baden-Württemberg after Stuttgart, Mannheim and Karlsruhe. Its built-up area has a population of abou ...
(for South Baden, and
Mainz Mainz (; #Names and etymology, see below) is the capital and largest city of the German state of Rhineland-Palatinate, and with around 223,000 inhabitants, it is List of cities in Germany by population, Germany's 35th-largest city. It lies in ...
(for
Rhineland-Palatinate Rhineland-Palatinate ( , ; ; ; ) is a western state of Germany. It covers and has about 4.05 million residents. It is the ninth largest and sixth most populous of the sixteen states. Mainz is the capital and largest city. Other cities are ...
), then American-occupied
Bremen Bremen (Low German also: ''Breem'' or ''Bräm''), officially the City Municipality of Bremen (, ), is the capital of the States of Germany, German state of the Bremen (state), Free Hanseatic City of Bremen (), a two-city-state consisting of the c ...
on , and eventually British-occupied
Düsseldorf Düsseldorf is the capital city of North Rhine-Westphalia, the most populous state of Germany. It is the second-largest city in the state after Cologne and the List of cities in Germany with more than 100,000 inhabitants, seventh-largest city ...
(for
North Rhine-Westphalia North Rhine-Westphalia or North-Rhine/Westphalia, commonly shortened to NRW, is a States of Germany, state () in Old states of Germany, Western Germany. With more than 18 million inhabitants, it is the List of German states by population, most ...
),
Hanover Hanover ( ; ; ) is the capital and largest city of the States of Germany, German state of Lower Saxony. Its population of 535,932 (2021) makes it the List of cities in Germany by population, 13th-largest city in Germany as well as the fourth-l ...
(for
Lower Saxony Lower Saxony is a States of Germany, German state (') in Northern Germany, northwestern Germany. It is the second-largest state by land area, with , and fourth-largest in population (8 million in 2021) among the 16 ' of the Germany, Federal Re ...
),
Kiel Kiel ( ; ) is the capital and most populous city in the northern Germany, German state of Schleswig-Holstein. With a population of around 250,000, it is Germany's largest city on the Baltic Sea. It is located on the Kieler Förde inlet of the Ba ...
(for
Schleswig-Holstein Schleswig-Holstein (; ; ; ; ; occasionally in English ''Sleswick-Holsatia'') is the Northern Germany, northernmost of the 16 states of Germany, comprising most of the historical Duchy of Holstein and the southern part of the former Duchy of S ...
) and
Hamburg Hamburg (, ; ), officially the Free and Hanseatic City of Hamburg,. is the List of cities in Germany by population, second-largest city in Germany after Berlin and List of cities in the European Union by population within city limits, 7th-lar ...
by the Spring of 1948. In the
Soviet occupation zone The Soviet occupation zone in Germany ( or , ; ) was an area of Germany that was occupied by the Soviet Union as a communist area, established as a result of the Potsdam Agreement on 2 August 1945. On 7 October 1949 the German Democratic Republ ...
, ostensibly similar entities dubbed were established in May 1947 in each of the zone's five Provinces, namely in
Potsdam Potsdam () is the capital and largest city of the Germany, German States of Germany, state of Brandenburg. It is part of the Berlin/Brandenburg Metropolitan Region. Potsdam sits on the Havel, River Havel, a tributary of the Elbe, downstream of B ...
for
Brandenburg Brandenburg, officially the State of Brandenburg, is a States of Germany, state in northeastern Germany. Brandenburg borders Poland and the states of Berlin, Mecklenburg-Vorpommern, Lower Saxony, Saxony-Anhalt, and Saxony. It is the List of Ger ...
,
Rostock Rostock (; Polabian language, Polabian: ''Roztoc''), officially the Hanseatic and University City of Rostock (), is the largest city in the German States of Germany, state of Mecklenburg-Vorpommern and lies in the Mecklenburgian part of the sta ...
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Mecklenburg Mecklenburg (; ) is a historical region in northern Germany comprising the western and larger part of the federal-state Mecklenburg-Western Pomerania. The largest cities of the region are Rostock, Schwerin, Neubrandenburg, Wismar and Güstrow. ...
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Dresden Dresden (; ; Upper Saxon German, Upper Saxon: ''Dräsdn''; , ) is the capital city of the States of Germany, German state of Saxony and its second most populous city after Leipzig. It is the List of cities in Germany by population, 12th most p ...
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Saxony Saxony, officially the Free State of Saxony, is a landlocked state of Germany, bordering the states of Brandenburg, Saxony-Anhalt, Thuringia, and Bavaria, as well as the countries of Poland and the Czech Republic. Its capital is Dresden, and ...
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Saxony-Anhalt Saxony-Anhalt ( ; ) is a States of Germany, state of Germany, bordering the states of Brandenburg, Saxony, Thuringia and Lower Saxony. It covers an area of and has a population of 2.17 million inhabitants, making it the List of German states ...
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Erfurt Erfurt () is the capital (political), capital and largest city of the Central Germany (cultural area), Central German state of Thuringia, with a population of around 216,000. It lies in the wide valley of the Gera (river), River Gera, in the so ...
for Thuringia. Each of these was fully owned and controlled by the respective provincial authorities. In 1947, newly appointed U.S. Military Governor Lucius D. Clay decided, against directives from Washington, that Germany needed a central bank instead of a mere board bringing together the for joint policy decisions. An agreement on that concept was reached among the three Western occupying forces on , resulting in the establishment on of the Bank deutscher Länder. On , the Soviet occupation authorities replied by establishing a in
Potsdam Potsdam () is the capital and largest city of the Germany, German States of Germany, state of Brandenburg. It is part of the Berlin/Brandenburg Metropolitan Region. Potsdam sits on the Havel, River Havel, a tributary of the Elbe, downstream of B ...
, which was renamed in July, later relocated to East Berlin, and in 1968 was rebranded the Staatsbank der DDR. Given Berlin's special situation, no was initially established there. Plans for a separate currency for all of Berlin were considered up until June 1948, when the situation came to a head and the introduction of Western German marks into West Berlin precipitated the Berlin Blockade. Only after the blockade ended was the established on , and initially operated under an association agreement with the Bank deutscher Länder. It was eventually converted into a in 1957. The Reichsbank itself went into a protracted process of liquidation. In 1955, a Federal German Law allowed holders of Reichsbank common stock to exchange it for interim certificates of the Bank Deutscher Länder.


Head office

The Bank of Prussia had commissioned a new head office in the late 1860s, which replaced its previous building dating from the late 17th century. The structure designed by architect Friedrich Hitzig was completed in 1876 as the Reichsbank started activity. In 1892-1894, the Reichsbank erected a palatial southward extension on an adjacent lot facing Hausvogteiplatz, designed by its architects and . In the early 1930s, the Reichsbank erected a large new facility on the other side of Kurstrasse, designed by its architect . While the main building was heavily damaged during World War II and eventually demolished in 1960, the 1930s extension survives as the Haus am Werderschen Markt, hosting the German Federal Foreign Office after having been the home of the Socialist Unity Party of Germany in the 1960s, 1970s and 1980s. File:Berlin, Mitte, Berlin - Reichsbank (Zeno Ansichtskarten).jpg, The Reichsbank on a postcard sent in 1904 File:M Reichsbank Berlin 1903.jpg, Extension on Hausvogteiplatz, photographed in 1903 File:M Reichsbank Berlin Kassenhalle 1903.jpg, Banking hall of the Reichsbank, part of the 1890s extension File:Berlin, Mitte, Kurstrasse, Erweiterungsbau der Reichsbank.jpg, 1930s extension ()


Branches

In Prussia, the Reichsbank kept the branches it inherited from the Bank of Prussia, including buildings it had purchased from others (e.g. the palace erected by in Königsberg, acquired in 1843) and those it had built for itself (e.g. in Bromberg in 1864). Elsewhere, it did not take over the properties of banks whose monetary role it replaced, and erected new branch buildings instead. By the end of the 19th century, it had newly built branches in most of Germany's significant cities. In some cases, these branches were replaced by more modern ones in the interwar period. The Reichsbank employed a number of specialized architects for branch design, including the prolific and from the 1880s to the early 1900s, in the 1890s and early 1900s, Curjel & Moser in the 1900s, and Hermann Stiller in the 1900s and 1910s, in the 1910s and 1920s, and in the 1920s and 1930s. Due to Germany's territorial losses following
World War I World War I or the First World War (28 July 1914 – 11 November 1918), also known as the Great War, was a World war, global conflict between two coalitions: the Allies of World War I, Allies (or Entente) and the Central Powers. Fighting to ...
, the former Reichsbank branches in what became the Second Polish Republic were taken over by Bank Polski, and the one in the Free City of Danzig became the Bank of Danzig. During World War II, a number of branches were destroyed and not subsequently rebuilt. The one in
Munich Munich is the capital and most populous city of Bavaria, Germany. As of 30 November 2024, its population was 1,604,384, making it the third-largest city in Germany after Berlin and Hamburg. Munich is the largest city in Germany that is no ...
, whose construction had started in 1938 on the site of the former Herzog-Max-Palais demolished that year, was only completed in 1951. Following the disappearance of the Reichsbank in 1945, a number of its former branches were taken over by its successor entities, namely the Deutsche Bundesbank in West Germany, the Staatsbank der DDR in East Germany, and the National Bank of Poland in Poland; some in East Germany were demolished later on, such as the Chemnitz branch in 1964. Many other branches have been repurposed for other uses over the years, such as the Bucerius Kunst Forum in
Hamburg Hamburg (, ; ), officially the Free and Hanseatic City of Hamburg,. is the List of cities in Germany by population, second-largest city in Germany after Berlin and List of cities in the European Union by population within city limits, 7th-lar ...
or the in Magdeburg. The addresses indicated below are the latest ones, which sometimes differ from original addresses due to street renaming and/or renumbering. File:Theaterstraße 17, Aachen (10).JPG, Aachen branch, Theaterstrasse 17 (arch. Hasak), completed 1889 File:Olsztyn Reichsbank.jpg, Allenstein (now Olsztyn) branch, ulica Dąbrowszczaków (former Kaiserstrasse) 11, completed 1923 File:Neustädter Markt 10 Brandenburg Havel.jpg, Brandenburg an der Havel, Brandenburg branch, Neustädter Markt 10 (arch. Hasak), completed 1902 File:Former Reichsbank building Wroclaw.png, Breslau (now Wrocław) branch, 10 Wolności Square, completed 1890 File:Bdg ulJagiellonska 4 10-2013.jpg, Bromberg (now Bydgoszcz) National Bank of Poland Building, Bydgoszcz, branch, Jagiellońska street 8 (arch. ), completed 1864 File:Köln - Unter Sachsenhausen Reichsbank 1896 RBA.jpg,
Cologne Cologne ( ; ; ) is the largest city of the States of Germany, German state of North Rhine-Westphalia and the List of cities in Germany by population, fourth-most populous city of Germany with nearly 1.1 million inhabitants in the city pr ...
branch, Unter Sachsenhausen 1-3 (arch. Hasak), at completion in 1896 File:Deutsche Bank Köln - ehemals Reichsbank (3932-34).jpg, The same building in 2009, following damage in World War II File:Bank of Danzig.JPG, Danzig (now Gdańsk) , Karrenwall 10 (arch. Hasak), completed ca. 1904 File:Bank of Danzig former building.JPG, The same building in 2010 File:Darmstadt-Ehem-Reichsbank.jpg, Darmstadt , Kasinostraße 5 (arch. Curjel & Moser), completed 1904 File:Ehemaliges Reichsbankgebäude, Fassade, Heinrich-Heine-Allee 8-9, Düsseldorf-Altstadt.jpg,
Düsseldorf Düsseldorf is the capital city of North Rhine-Westphalia, the most populous state of Germany. It is the second-largest city in the state after Cologne and the List of cities in Germany with more than 100,000 inhabitants, seventh-largest city ...
, Heinrich-Heine-Allee 8/9 (arch. Emmerich), completed 1894 File:Ehemalige Reichsbank Dresden 01.jpg,
Dresden Dresden (; ; Upper Saxon German, Upper Saxon: ''Dräsdn''; , ) is the capital city of the States of Germany, German state of Saxony and its second most populous city after Leipzig. It is the List of cities in Germany by population, 12th most p ...
, St. Petersburger Strasse 2 (arch. Wolff), completed 1930 File:Ehemalige Reichsbank, Düsseldorfer Str. 21, 47051 Duisburg.jpg, Duisburg branch, Düsseldorfer Strasse 21 (arch. Stiller), completed 1897 File:Bankstraße 23, Ecke Straße Mäuerchen Wuppertal 67.jpg,
Elberfeld Elberfeld is a municipal subdivision of the Germany, German city of Wuppertal; it was an independent town until 1929. History The first official mentioning of the geographic area on the banks of today's Wupper River as "''elverfelde''" was ...
branch, Bankstrasse 23 (arch. Hasak), completed 1892 File:ESA Karl-Marx-Str 53 Bild1.jpg, Eisenach , Karl-Marx-Straße 53, completed 1905 File:Budynek Banku przy ul. 1 Maja nr 16.JPG, Elbing (now Elbląg) branch, ulica 1 Maja 16 (arch. Habicht), completed 1910 File:Essen Werden - Wesselswerth-Rittergasse 02 ies.jpg, Werden, Essen branch, Wesselswerth 9, completed 1902 File:Frankfurt Taunusanlage 4.20130401.jpg,
Frankfurt Frankfurt am Main () is the most populous city in the States of Germany, German state of Hesse. Its 773,068 inhabitants as of 2022 make it the List of cities in Germany by population, fifth-most populous city in Germany. Located in the forela ...
branch, Taunusanlage 4-6 (arch. Amsler & Wolff), completed 1933, renovated in the 1980s File:Leopoldring 9 (Freiburg im Breisgau) jm59668.jpg,
Freiburg im Breisgau Freiburg im Breisgau or simply Freiburg is the List of cities in Baden-Württemberg by population, fourth-largest city of the German state of Baden-Württemberg after Stuttgart, Mannheim and Karlsruhe. Its built-up area has a population of abou ...
branch, Leopoldring 9 (arch. Hasak), completed 1902 File:Fulda, Rabanusstraße 12, 12a 20170309 003.jpg, Fulda branch, Rabanusstrasse 12 (arch. Hasak), completed 1902 File:Reichsbank Goettingen.jpg, Göttingen branch, Berliner Strasse 5, completed 1909 File:Duisburger Straße 216 Duisburg Hamborn.jpg, Hamborn (Duisburg) branch, Duisburger Straße 216, completed 1908 File:Bucerius Kunst Forum, Hamburg-01-2.jpg,
Hamburg Hamburg (, ; ), officially the Free and Hanseatic City of Hamburg,. is the List of cities in Germany by population, second-largest city in Germany after Berlin and List of cities in the European Union by population within city limits, 7th-lar ...
Bucerius Kunst Forum, branch, Rathausmarkt 2 (arch. Habicht & Nitze), completed 1919 File:Hameln Reichsbank.jpg, Hamelin branch, Kastanienwall 43, completed 1902 File:Deutsche Bundesbank office building Georgsplatz 5 Hannover Germany.jpg,
Hanover Hanover ( ; ; ) is the capital and largest city of the States of Germany, German state of Lower Saxony. Its population of 535,932 (2021) makes it the List of cities in Germany by population, 13th-largest city in Germany as well as the fourth-l ...
, Georgsplatz 5 (arch. Hasak, Havestadt & Contag), completed 1896 File:Hildesheim, Fassade Haus Zingel 34.jpg, Hildesheim branch, Zingel 34 (arch. Hasak), completed 1897 File:Ehemalige Reichsbank Hoerde 004.jpg, Hörde (Dortmund) branch, Penningskamp 7, completed 1909 File:Karlsruhe-Herrenstr-30-Nr30-32-2018-gje.jpg, Karlsruhe branch, Herrenstrasse 30 (arch. Hasak, Havestadt & Contag), completed 1893 File:Katowice Bankowa 5 facade 2022.jpg, Kattowitz (now Katowice) branch, Bankowa 5 (arch. Habicht), completed 1911 File:Reichsbank in der Fleethörn (Kiel 27.363).jpg,
Kiel Kiel ( ; ) is the capital and most populous city in the northern Germany, German state of Schleswig-Holstein. With a population of around 250,000, it is Germany's largest city on the Baltic Sea. It is located on the Kieler Förde inlet of the Ba ...
branch, Fleethörn 29 (early 20th century photograph) File:Friedrichsplatz-20.jpg, Krefeld branch, Friedrichsplatz 20 (arch. Stiller), completed 1906 File:Reichsbank (Königsberg).JPG, Königsberg (now Kaliningrad) branch, Grosser Domplatz, erected in the late 18th century, destroyed in World War II File:Musikschule Johann Sebastian Bach Leipzig 2010 cropped.jpg,
Leipzig Leipzig (, ; ; Upper Saxon: ; ) is the most populous city in the States of Germany, German state of Saxony. The city has a population of 628,718 inhabitants as of 2023. It is the List of cities in Germany by population, eighth-largest city in Ge ...
, Petersstrasse 43 (arch. Hasak), completed 1887 File:Koenigstrasse45.JPG, Lübeck branch, Königsstrasse 45 (arch. Hasak), completed 1895 File:HL Bundesbank 4 2013 5.JPG, Lübeck , Holstentorplatz 2 (arch. Wolff), completed 1936 File:Magdeburg asv2022-08 img19 Dommuseum.jpg, Magdeburg , Domplatz 15 (arch. Nitze), completed 1923 File:Kaiserstraße 52-Mainz.JPG,
Mainz Mainz (; #Names and etymology, see below) is the capital and largest city of the German state of Rhineland-Palatinate, and with around 223,000 inhabitants, it is List of cities in Germany by population, Germany's 35th-largest city. It lies in ...
branch, Kaiserstraße 52 (arch. Hasak, Havestadt & Contag), completed 1892 File:Chambre Commerce Industrie Moselle - Metz (FR57) - 2022-02-26 - 2.jpg, Metz , 10-12 avenue Foch (arch. Curjel & Moser), completed 1907 File:Ludwigstr. 13 Muenchen-2.jpg,
Munich Munich is the capital and most populous city of Bavaria, Germany. As of 30 November 2024, its population was 1,604,384, making it the third-largest city in Germany after Berlin and Hamburg. Munich is the largest city in Germany that is no ...
branch, Ludwigstrasse 13 (arch. Wolff, then Carl Sattler), completed 1951 for the File:Muenster Freiherr von Vincke Haus 11.jpg, Münster branch, Domplatz 36 (arch. Hasak, Havestadt & Contag), completed 1894 File:Al. Marcinkowskiego bank.jpg, Poznań , al. Marcinkowskiego 12 (arch. Habicht), completed 1912 or 1913 File:Siegen Reichsbank.jpg, Siegen , Spandauer Straße 40 (arch. Habicht), completed 1911 File:Hauptverwaltung Deutsche Bundesbank Stuttgart 01.jpg,
Stuttgart Stuttgart (; ; Swabian German, Swabian: ; Alemannic German, Alemannic: ; Italian language, Italian: ; ) is the capital city, capital and List of cities in Baden-Württemberg by population, largest city of the States of Germany, German state of ...
branch, Marstallstrasse 3 (arch. & Theodor Bulling), completed 1923 File:UMK w Toruniu.JPG, Thorn (now Toruń) branch, Plac Mariana Rapackiego (arch. Habicht), completed 1906 File:Trier Kochstrasse 13.jpg, Trier branch, Kochstrasse 13 (arch. Hasak), completed 1903


Presidents


See also

*
Austro-Hungarian Bank The Austro-Hungarian Bank (, , , , , , ) was the central bank of the Habsburg Monarchy in the 19th and early 20th centuries. The institution was founded in 1816 as the privilegirte oesterreichische National-Bank (), and changed its name in 1878 ...
* List of central banks


References


External links

* * {{Authority control Banks of Germany Banks established in 1876 1945 disestablishments in Germany Economy of the German Empire Former central banks, Germany Economy of Nazi Germany German companies established in 1876 Nazi looting