Gosbank was one of the three Soviet economic authorities, the other two being Gosplan (the State Planning Committee) and Gossnab (the State Committee for Material Technical Supply). The Gosbank closely collaborated with the Soviet Ministry of Finance to prepare the national state budget.
Exchange rate between the Soviet ruble and major world currencies, February 1985
The foundation of the bank was part of the implementation of the New Economic Policy. On 3 October 1921, the All-Russian Central Executive Committee (VTsIK), passed a resolution for the founding of the State Bank of the Russian Soviet Federative Socialist Republic. This was followed by a similar resolution passed by Sovnarkom on 10 October 1921. It began operations on 16 November 1921. In February 1922 Lenin described the State Bank as "a bureaucratic paper game", comparing it to a Potemkin village in a letter to Aron Sheinman whom he accused of "Communist-mandarin childishness".[1] In 1923 it was transformed into the State Bank of the USSR. It was placed under the jurisdiction of Narkomfin.[2] The Soviet state used Gosbank, primarily, as a tool to impose centralized control upon industry in general, using bank balances and transaction histories to monitor the activity of individual concerns and their compliance with five-year plans and directives. Gosbank did not act as a commercial bank in regard to the profit motive. It acted, theoretically, as an instrument of government policy. Instead of independently and impartially assessing the creditworthiness of the borrower, Gosbank would provide loan funds to favored individuals, groups and industries as directed by the central government.[3]
Beginning in 1921 in Paris and prior to his death, Leonid Krasin created the first state controlled Soviet overseas bank. It was one of five "daughter" (Russian: "дочек") banks or "motherland bins" or "bins of the motherland" (Russian: Закрома Родины) which were established in Paris (1921) as the Commercial Bank for Northern Europe (French: Banque commerciale pour l'Europe du Nord) BCEN-Eurobank, in London as part of the Moscow Narodny Bank, in Vienna (1974) as the Donau Bank AG, in Frankfurt am Main as the Ost-West Handelsbank (OWH), and in Luxembourg (1974) as the East-West United Bank. In order to financially assist Communist Parties, anti-imperialism, and pro national liberation movements worldwide, these banks acted as subsidiaries or "daughters" to the "mother" bank or Gosbank, which was the central bank of Russian Soviet Federative Socialist Republic (Russia) from 1921 to 1922 and the Soviet Union from 1923 to 1991.[5][6][7][a][b]
In 1992 after the dissolution of the Soviet Union, the Paris-based subsidiary bank BCEN-Eurobank had bad loans with Cuba, Morocco, and Mauritania and received a "silver plater" infusion of capital from Gosbank through a "participatory credit" (Russian: партисипационный кредит) of $1080.2 billion in various currencies.[5][c]
The former Communist Party of the Soviet Union (CPSU) funds flowed through these daughter banks to overseas locations during the 1990s looting of Russia.[5]
After the collapse of the Soviet Union, these daughter banks were absorbed into the VTB network and are very closely associated with the Bank of Russia (Russian: Банк России) which was the successor to Gosbank.[5][11]
Perestroikaedit
As part of Mikhail Gorbachev's perestroika program, other banks were formed, including; "Promstroybank" (USSR Bank of Industrial Construction), "Zhilstoybank" (USSR Bank of Residential Construction), "Agrobank" (USSR Agricultural Bank), "Vneshekonombank" (USSR Internal Trade Bank), and "Sberbank" (USSR Savings Bank). "Sberbank" continues to this day as one of Russia's largest banks, retaining senior ex-Gosbank personnel and most of the present Russian government's banking business.
Senior executivesedit
This is the list of the chairmen of the Board of the State Bank.[2][12]
^To process transactions with Russia and later the Soviet Union after 1923, the Swedish banker Olof Aschberg established a Russian commercial bank in Berlin (1920) as the Garantie und Kreditbank für den Osten (Garcrebo) and the Russian commercial bank (Russian: Роскомбанк) in Moscow (1922) which later became a Soviet joint stock bank named the "Foreign Trade Bank of the USSR" (1924) or the Vneshtorgbank (Russian: Внешторгбанк) which was renamed the "Bank for Foreign Economic Affairs of the USSR" (1988) or Vnesheconombank (Russian: Внешэкономбанк) which was renamed VEB (17 May 2007).[8]Garcrebo conducted transactions between the Soviet Union and both Germany and the United States. In Berlin, the Garantie und Kreditbank für den Osten remained open after Hitler took office because of extraterritoriality and operated until 22 June 1941 when Nazi Germany attacked the Soviet Union to start the Great Patriotic War. After the war as a state controlled Soviet overseas bank under Gosbank, the Garantie und Kreditbank AG (Garkrebo) replaced the Garantie und Kreditbank für den Osten (Garcrebo) with approval from Vasily Sokolovsky on 27 May 1945.[9]
^To allow for a large amount of gold trading between the Soviet Union and the West because the Soviet Union had very little foreign currency reserves, Vneshtorgbank established a Soviet bank in Zurich (June 1966) as the Wozchod Handelsbank (English: Wozchod Handels Bank of Zurich) but its license was suspended in 1985 due to irregularities which were resolved in 2014.[10]
^In 1993, BCEN-Eurobank was the main shareholder of its daughter bank Eurofinance which was a "granddaughter" (Russian: внучка) bank to the Bank of Russia.[5]
Referencesedit
^Lenin, Vladimir (1922). Letter to A. L. Sheinman. Progress Publishers. Retrieved 26 May 2015.
^ abc"The State Bank of the USSR". Bank of Russia Today. Bank of Russia. Retrieved 26 May 2015.
^Jasny, Naum (1972). Soviet Economists of the Twenties. London: Cambridge University Press. ISBN9780521083027.
^ abcdeСухотина, Инна (Sukhotina, Inna) (10 November 2003). [How much is the dowry of the "daughters" of the Bank of Russia?]. «Российская газета» (Rossiyskaya Gazeta) (in Russian). Archived from the original on 29 November 2003. Retrieved 25 March 2021.{{cite news}}: CS1 maint: multiple names: authors list (link)
^ [Economic chronicle of Russia: Soviet and Russian banks abroad. ANO "Economic Chronicle". Memoirs of eyewitnesses. Documents. Volume 1] (PDF). VTB website (in Russian). Moscow. 2007. Archived from the original (PDF) on 29 March 2017. Retrieved 25 March 2021.
^Овчинников, О. (Ovchinnikov, O.) (8 November 2000). "ЦБ - центральный Банд ..." [Central Bank - Central Gang ...]. Агентство федеральных расследований "FreeLance Bureau" (FLB) (flb.ru) (in Russian). Retrieved 10 April 2021.{{cite news}}: CS1 maint: multiple names: authors list (link) Alternate archive
^. Vnesheconombank website. 2006. Archived from the original on 19 May 2007. Retrieved 25 March 2021.
^Pohl, Manfred (1 January 1975). Die Finanzierung der Russengeschäfte zwischen den beiden Weltkriegen. Die Entwicklung der 12 großen Rußlandkonsortien [The financing of Russian business between the two world wars. The development of the 12 large Russian consortia.] (in German). Frankfurt am Main: Fritz Knapp Verlag. ISBN978-3781901643.
^ [SWITZERLAND / SOVIET BANK: Dawn AG]. Der Spiegel (in German). 19 September 1966. Archived from the original on 5 April 2015. Retrieved 25 March 2021.
^. VTB website. 9 January 2018. Archived from the original on 23 October 2020. Retrieved 25 March 2021.
^ [State Bank of the USSR]. СОВНАРКОМ, СОВМИН, КАБМИН СССР 1923-1991 гг. (SOVNARKOM, SOVMIN, CABMIN of the USSR 1923-1991) (in Russian). Archived from the original on 14 April 2016. Retrieved 24 January 2020.
External linksedit
Soviet Banking System, Pekka Sutela, Answers.com (accessed 2012-08-02)
Nikolai Rovinsky (1944). "The State Budget of the USSR". (in Russian)
January 01, 1970
gosbank, russian, Госбанк, Государственный, банк, СССР, gosudarstvenny, bank, sssr, state, bank, ussr, central, bank, soviet, union, from, 1922, 1991, within, country, single, tier, banking, system, after, extended, 1920, 1921, took, over, legacy, state, bank,. Gosbank Russian Gosbank Gosudarstvennyj bank SSSR Gosudarstvenny bank SSSR the State Bank of the USSR was the central bank of the Soviet Union from 1922 to 1991 within the country s single tier banking system After an extended gap in 1920 1921 it took over the legacy of the State Bank of the Russian Empire It was eventually terminated on 1 March 1992 following the dissolution of the Soviet Union and its operations were taken over by the central banks of the successor countries including the Central Bank of Russia National Bank of Ukraine National Bank of Kazakhstan and others State Bank of the USSRGosudarstvennyj bank SSSRHeadquarters12 Neglinnaya str Moscow Soviet UnionEstablished1922 1922 Dissolved26 December 1991 32 years ago 1991 12 26 Central bank of Soviet UnionCurrencySoviet rubleSUR ISO 4217 Preceded byState Bank of the RSFSRState Bank of the Russian Empire 1860 1917 1922 Succeeded byBank of RussiaNational Bank of Ukraine 1991 present Gosbank was one of the three Soviet economic authorities the other two being Gosplan the State Planning Committee and Gossnab the State Committee for Material Technical Supply The Gosbank closely collaborated with the Soviet Ministry of Finance to prepare the national state budget Exchange rate between the Soviet ruble and major world currencies February 1985 Contents 1 Foundation 2 Foreign subsidiaries 3 Perestroika 4 Senior executives 5 See also 6 Notes 7 References 8 External linksFoundation editThe foundation of the bank was part of the implementation of the New Economic Policy On 3 October 1921 the All Russian Central Executive Committee VTsIK passed a resolution for the founding of the State Bank of the Russian Soviet Federative Socialist Republic This was followed by a similar resolution passed by Sovnarkom on 10 October 1921 It began operations on 16 November 1921 In February 1922 Lenin described the State Bank as a bureaucratic paper game comparing it to a Potemkin village in a letter to Aron Sheinman whom he accused of Communist mandarin childishness 1 In 1923 it was transformed into the State Bank of the USSR It was placed under the jurisdiction of Narkomfin 2 The Soviet state used Gosbank primarily as a tool to impose centralized control upon industry in general using bank balances and transaction histories to monitor the activity of individual concerns and their compliance with five year plans and directives Gosbank did not act as a commercial bank in regard to the profit motive It acted theoretically as an instrument of government policy Instead of independently and impartially assessing the creditworthiness of the borrower Gosbank would provide loan funds to favored individuals groups and industries as directed by the central government 3 In 1931 Boris Berlatsky a senior official of the State Bank was put on trial for wrecking as part of the 1931 Menshevik Trial 4 Foreign subsidiaries editBeginning in 1921 in Paris and prior to his death Leonid Krasin created the first state controlled Soviet overseas bank It was one of five daughter Russian dochek banks or motherland bins or bins of the motherland Russian Zakroma Rodiny which were established in Paris 1921 as the Commercial Bank for Northern Europe French Banque commerciale pour l Europe du Nord BCEN Eurobank in London as part of the Moscow Narodny Bank in Vienna 1974 as the Donau Bank AG in Frankfurt am Main as the Ost West Handelsbank OWH and in Luxembourg 1974 as the East West United Bank In order to financially assist Communist Parties anti imperialism and pro national liberation movements worldwide these banks acted as subsidiaries or daughters to the mother bank or Gosbank which was the central bank of Russian Soviet Federative Socialist Republic Russia from 1921 to 1922 and the Soviet Union from 1923 to 1991 5 6 7 a b In 1992 after the dissolution of the Soviet Union the Paris based subsidiary bank BCEN Eurobank had bad loans with Cuba Morocco and Mauritania and received a silver plater infusion of capital from Gosbank through a participatory credit Russian partisipacionnyj kredit of 1080 2 billion in various currencies 5 c The former Communist Party of the Soviet Union CPSU funds flowed through these daughter banks to overseas locations during the 1990s looting of Russia 5 After the collapse of the Soviet Union these daughter banks were absorbed into the VTB network and are very closely associated with the Bank of Russia Russian Bank Rossii which was the successor to Gosbank 5 11 Perestroika editAs part of Mikhail Gorbachev s perestroika program other banks were formed including Promstroybank USSR Bank of Industrial Construction Zhilstoybank USSR Bank of Residential Construction Agrobank USSR Agricultural Bank Vneshekonombank USSR Internal Trade Bank and Sberbank USSR Savings Bank Sberbank continues to this day as one of Russia s largest banks retaining senior ex Gosbank personnel and most of the present Russian government s banking business Senior executives editThis is the list of the chairmen of the Board of the State Bank 2 12 The chairman was appointed by the Premier of the Soviet Union No Name governor Photo Term of office Appointed by Start of term End of term 1 Aron Sheinman 2 nbsp 1921 1924 Vladimir Lenin nbsp 2 Nikolai Tumanov nbsp March 5 1924 January 16 1926 Alexei Rykov nbsp 3 Georgy Pyatakov nbsp April 19 1929 October 18 1930 4 Moissei Kalmanovich nbsp October 18 1930 April 4 1934 Vyacheslav Molotov nbsp 5 Lev Maryasin nbsp April 4 1934 July 14 1936 6 Solomon Kruglikov nbsp July 14 1936 September 15 1937 7 Alexey Grichmanov nbsp September 15 1937 July 16 1938 8 Nikolai Bulganin October 2 1938 April 17 1940 9 Nikolai K Sokolov nbsp April 17 1940 October 12 1940 10 N Bulganin nbsp October 12 1940 May 23 1945 Joseph Stalin nbsp 11 Yakov Golev nbsp May 23 1945 March 23 1948 12 Vasily Popov nbsp March 23 1948 March 31 1958 13 N Bulganin nbsp March 31 1958 August 15 1958 Nikita Khrushchev nbsp 14 Alexander Korovushkin nbsp August 15 1958 August 14 1963 15 Alexey Poskonov nbsp 1963 1969 16 Miefodiy Svieshnikov nbsp 1969 1976 Alexei Kosygin nbsp 17 Vladimir Alkhimov nbsp October 11 1976 January 10 1986 18 Viktor Dementsev nbsp January 10 1986 August 22 1987 Nikolai Ryzhkov nbsp 19 Nikolai Garetovsky nbsp August 22 1987 June 7 1989 20 Viktor Gerashchenko nbsp June 7 1989 August 26 1991 Valentin Pavlov 21 Andrei Zverev nbsp August 26 1991 December 20 1991 Ivan SilayevSee also editEconomy of the Soviet Union Sberkassa Single tier banking system List of central banksNotes edit To process transactions with Russia and later the Soviet Union after 1923 the Swedish banker Olof Aschberg established a Russian commercial bank in Berlin 1920 as the Garantie und Kreditbank fur den Osten Garcrebo and the Russian commercial bank Russian Roskombank in Moscow 1922 which later became a Soviet joint stock bank named the Foreign Trade Bank of the USSR 1924 or the Vneshtorgbank Russian Vneshtorgbank which was renamed the Bank for Foreign Economic Affairs of the USSR 1988 or Vnesheconombank Russian Vneshekonombank which was renamed VEB 17 May 2007 8 Garcrebo conducted transactions between the Soviet Union and both Germany and the United States In Berlin the Garantie und Kreditbank fur den Osten remained open after Hitler took office because of extraterritoriality and operated until 22 June 1941 when Nazi Germany attacked the Soviet Union to start the Great Patriotic War After the war as a state controlled Soviet overseas bank under Gosbank the Garantie und Kreditbank AG Garkrebo replaced the Garantie und Kreditbank fur den Osten Garcrebo with approval from Vasily Sokolovsky on 27 May 1945 9 To allow for a large amount of gold trading between the Soviet Union and the West because the Soviet Union had very little foreign currency reserves Vneshtorgbank established a Soviet bank in Zurich June 1966 as the Wozchod Handelsbank English Wozchod Handels Bank of Zurich but its license was suspended in 1985 due to irregularities which were resolved in 2014 10 In 1993 BCEN Eurobank was the main shareholder of its daughter bank Eurofinance which was a granddaughter Russian vnuchka bank to the Bank of Russia 5 References edit Lenin Vladimir 1922 Letter to A L Sheinman Progress Publishers Retrieved 26 May 2015 a b c The State Bank of the USSR Bank of Russia Today Bank of Russia Retrieved 26 May 2015 Russia s Road To Corruption Jasny Naum 1972 Soviet Economists of the Twenties London Cambridge University Press ISBN 9780521083027 a b c d e Suhotina Inna Sukhotina Inna 10 November 2003 Skolko stoit pridanoe dochek Banka Rossii How much is the dowry of the daughters of the Bank of Russia Rossijskaya gazeta Rossiyskaya Gazeta in Russian Archived from the original on 29 November 2003 Retrieved 25 March 2021 a href Template Cite news html title Template Cite news cite news a CS1 maint multiple names authors list link Ekonomicheskaya letopis Rossii sovetskih i rossijskih bankov za granicej ANO Ekonomicheskaya letopis Vospominaniya ochevidcev Dokumenty Tom 1 Economic chronicle of Russia Soviet and Russian banks abroad ANO Economic Chronicle Memoirs of eyewitnesses Documents Volume 1 PDF VTB website in Russian Moscow 2007 Archived from the original PDF on 29 March 2017 Retrieved 25 March 2021 Ovchinnikov O Ovchinnikov O 8 November 2000 CB centralnyj Band Central Bank Central Gang Agentstvo federalnyh rassledovanij FreeLance Bureau FLB flb ru in Russian Retrieved 10 April 2021 a href Template Cite news html title Template Cite news cite news a CS1 maint multiple names authors list link Alternate archive Vnesheconombank history Vnesheconombank website 2006 Archived from the original on 19 May 2007 Retrieved 25 March 2021 Pohl Manfred 1 January 1975 Die Finanzierung der Russengeschafte zwischen den beiden Weltkriegen Die Entwicklung der 12 grossen Russlandkonsortien The financing of Russian business between the two world wars The development of the 12 large Russian consortia in German Frankfurt am Main Fritz Knapp Verlag ISBN 978 3781901643 SCHWEIZ SOWJET BANK Morgenrote AG SWITZERLAND SOVIET BANK Dawn AG Der Spiegel in German 19 September 1966 Archived from the original on 5 April 2015 Retrieved 25 March 2021 VTB Group completes the merger of its European operations under one license VTB website 9 January 2018 Archived from the original on 23 October 2020 Retrieved 25 March 2021 GOSUDARSTVENNYJ BANK SSSR State Bank of the USSR SOVNARKOM SOVMIN KABMIN SSSR 1923 1991 gg SOVNARKOM SOVMIN CABMIN of the USSR 1923 1991 in Russian Archived from the original on 14 April 2016 Retrieved 24 January 2020 External links editSoviet Banking System Pekka Sutela Answers com accessed 2012 08 02 Nikolai Rovinsky 1944 The State Budget of the USSR in Russian Retrieved from https en wikipedia org w index php title Gosbank amp oldid 1219820990, wikipedia, wiki, book, books, library,
