The Central Bank of Public Utilities and Housing Construction (), sometimes also referred to as Central Communal Bank' or Communal Economy Bank
and commonly as Tsekombank (), was a significant component of the
Soviet banking system from its establishment in 1925 to 1959, when it was merged with
Prombank
Prombank ( for Промышленный банк, ) was the shorthand name for a series of significant institutions within the Banking in the Soviet Union, Soviet banking system between 1922 and 1959, when Prombank was merged with Selkhozbank (Agr ...
and
Selkhozbank to form the
Construction Bank of the USSR, known as Stroybank.
Overview
The Tsekombank was established on as a
joint-stock company
A joint-stock company (JSC) is a business entity in which shares of the company's stock can be bought and sold by shareholders. Each shareholder owns company stock in proportion, evidenced by their shares (certificates of ownership). Shareho ...
. It operated mainly through local municipal banks, even though it also had offices of its own in
Siberia
Siberia ( ; , ) is an extensive geographical region comprising all of North Asia, from the Ural Mountains in the west to the Pacific Ocean in the east. It has formed a part of the sovereign territory of Russia and its predecessor states ...
and
Ukraine
Ukraine is a country in Eastern Europe. It is the List of European countries by area, second-largest country in Europe after Russia, which Russia–Ukraine border, borders it to the east and northeast. Ukraine also borders Belarus to the nor ...
. Like the Selkhozbank in agriculture, the Tsekombank was a mere conduit for budgetary appropriations and had no autonomy in its credit allocation. The
1936 Constitution of the Soviet Union
The 1936 Constitution of the Soviet Union, also known as the Stalin Constitution, was the constitution of the Soviet Union adopted on 5 December 1936.
The 1936 Constitution was the second constitution of the Soviet Union and replaced the 1924 C ...
resulted in further centralization of housing construction financing at the Tsekombank.
See also
*
Banking in the Soviet Union The Soviet Union was the first jurisdiction to implement a single-tier banking system, an experience that was subsequently emulated by a number of Communist states.
Historical and ideological background
The notion of a monopolistic state financia ...
Notes
{{reflist
Defunct banks of the Soviet Union
Banks established in 1925