The heyday of the economy and the growth of trade and industrial ties in Russia inevitably led to the construction of a complex financial system of the country. The growth in the number of operations and mutual settlement led to the formation of banks.
State policy was aimed at supporting the nobility, landowners and merchants. The main institutions at the end of the XIX century were the Noble and Merchant banks. The organization of their activities was completely based on the treasury of the Russian Empire.
Noble bank
The foundation of the financial institution was in May 1754. The initiator of the creation was Shuvalov P.I. The banking system was approved by the ruling Empress All-Russian Elizaveta Petrovna, who noted that moneylenders too high interest rates on loans, leaving the debtors with no real opportunity to cope with the burden of the loan.
The noble bank worked exclusively on state funds, issuing loans to the landlords and the nobility. The initial capital amounted to 750 thousand rubles, after which it grew several times.
According to the agreement between the noble bank and the borrower, the latter received a mortgage list. Loans were granted on certain conditions, usually the term was 49 years at 6% per annum.
Terms of loans and deposits
If earlier the loan interest rate was 20% with moneylenders, then the Noble Bank replaced it with 6%. The calculation of the amount of loan money was carried out on the basis of the number of serfs belonging to the landowner.
At the beginning of the activity, the rate was 10 rubles per serf, with a period of 3 years. Later - 40 rubles for 8 years.
The year 1770 is remarkable in that, in addition to issuing loans, the Noble Bank also received 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 Nobility Land Bank has been operating on the territory of Russia, the activity of which was mainly 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 a shortage of cash in the capital of the Russian Empire, the exchange rate of bills in port operations with foreign merchants was artificially overstated.
The Senate submitted a proposal by Count Shuvalov for discussion, and then made recommendations to the Queen about the establishment of a commercial bank. The initial capital was decided to be approved in the amount of 500 thousand rubles; it was used to maintain trade relations and expand ties.
The activities of the institution for the issuance of loans lasted until 1770, and in 1782 the commercial bank of St. Petersburg was annexed to the Noble.
Credit institutions laid the foundation for a sustainable financial system. Despite the fact that the state strongly supported noble rights and freedoms during the reign of Elizabeth Petrovna, most of the nobles were not distinguished by the ability to conduct business. Along with the opening of banking institutions, an insurance system was created.