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State Mortgage Bank of Yugoslavia

February 11, 2024

The State Mortgage Bank of Yugoslavia (Serbo-Croatian: Državna hipotekarna banka, DHB) was a major state-owned financial institution in the Kingdom of Yugoslavia during the interwar period. It was established in 1922 to succeed an earlier institution of the Principality then Kingdom of Serbia, the Uprava Fondova (lit. 'Funds Administration') established in Belgrade in 1862. In 1946, the DHB was merged into the State Investment Bank of Yugoslavia.

Former head office building of the Uprava Fondova, then of the State Mortgage Bank in Belgrade (completed in 1903), from 1950 the National Museum

Uprava Fondova edit

Finance minister Konstantin Cukić created the Uprava Fondova as the first-ever Serbian credit institution by law signed by Prince Mihailo Obrenović on 16 August 1862, implementing a decision made in late 1858 by the Saint Andrew's Day Assembly. The new institution's first general manager was Milovan Spasić [sr]. Its intended purpose was to provide affordable credit to the Serbian peasantry and liberate them from the tutelage of merchant and other intermediaries. In practice, however, the bank's credit mostly went to a limited number of rural and urban landlords who in turn lent at higher interest to the peasants. On 8 July 1898, the Uprava Fondova was reorganized by law as an independent bank, albeit with a state guarantee on its obligations, and allowed to open branches which facilitated access to its credit by less well-to-do borrowers.[1]: 43  By the early 20th century, a lot of its lending went to public entities; public bodies also provided the bulk of its liabilities in the form of deposits.[2]: 2 

In the early 20th century, the Uprava Fondova expanded together with the Serbian economy and accessed funding from abroad, especially France. It played a pioneering role in creating the Serbian securities market, and participated in the financing of Serbian railroads, power utilities, and of the Serbian government including during the Balkan Wars. By early 1914, it had branches in Šabac, Smederevo, Požarevac, Zaječar, Niš, Kragujevac, Jagodina, Čačak, Užice, and Valjevo.

Like Serbia itself, the Uprava Fondova was severely disrupted during World War I. Following the Great Retreat of the Serbian government and its exile relocation in Corfu, it was re-established there as an auxiiliary of the state treasury in April 1916. Following the success of the Monastir offensive, it was restored as an independent institution.[3] While it had no access to its occupied national turf, the bank was able to make payments such as pensions to refugees in Greece, and paid savings deposits on passbooks issued in Serbia before the withdrawal.[1]: 43 

State Mortgage Bank (DHB) edit

following the establishment of the Kingdom of Serbs, Croats and Slovenes, new legislation in August 1922 established the State Mortgage Bank, technically registered under its French name Crédit foncier du Royame des Serbes, Croates et Slovenes. This name reflected the exceptionally close France–Yugoslavia relations in the immediate aftermath of World War I and referred to the well-established French Crédit Foncier, whose name had also been adopted by mortgage banks in French colonies: the Crédit foncier colonial [fr] (est. 1860) in the French West Indies, Crédit Foncier d'Algérie et de Tunisie (est. 1880) in French North Africa, Crédit foncier d'Extrême-Orient [fr] (est. 1907) in Asia, as well as the Crédit foncier égyptien [fr] (est. 1880) in the Sultanate of Egypt.

The DHB had no equity capital but retained earnings that accumulated into a sizeable reserve.[2]: 63  It took over the former activities of the Uprava Fondova as well as those of the Serbian Agricultural Bank in Skopje (Serbo-Croatian: Srpska zemljoradnička banka u Skoplju), the State Mortgage Bank of the Kingdom of Montenegro in Cetinje (Serbo-Croatian: Državna hipotekarna banka kraljevine Crne Gore na Cetinju), and the Land Registry of the Kingdom of Dalmatia in Zadar (Serbo-Croatian: Zemljištno vjeresijski zavod kraljevine Dalmacije u Zadru).[4] It became a major player in the financing of construction and infrastructure in interwar Yugoslavia, and also was an active patron of the national arts scene.

From 1922 to 1932, the DHB was the largest bank, not only in Yugoslavia but in all of Southeastern Europe.[1]: 44  After 1938, however, it largely stopped providing mortgage loans and focused instead on financing the government.[2]: xi, 63  By the end of 1940, it operated in 20 locations across the country in addition to the head office in Belgrade, and was still the leading credit institution in Yugoslavia.[5]: 246 

Following the invasion of Yugoslavia in April 1941, the German occupation forces seized the bank's gold reserves and other assets. The bank resumed operations in Serbia in early 1942,[3] mostly to finance the collaborationist government.[2]: 111  Its operations in the rest of Yugoslavia were either liquidated or taken over by other institutions, such as a newly formed State Credit Institute in the Independent State of Croatia.[2]: 90 

Following the liberation of the country by the Yugoslav Partisans, the bank was reorganized in October 1945 as a provider of long-term directed credit.[3] In August 1946, it was merged into the State Investment Bank.[6]: 2  In 1952, the State Investment Bank in turn was merged into the National Bank of Yugoslavia.[7]: 747 

Legacy edit

The Yugoslav Investment Bank or Investbanka [sr], a state-owned bank that was formed in 1956 and eventually liquidated in 2002, branded itself as the continuating entity of Uprava Fondova and DHB.[8]

The buildings erected by DHB for its branches during the interwar period were generally of high architectural quality and have often been repurposed for prestige use in the successor states of Yugoslavia.

See also edit

Notes edit

  1. ^ a b c Norbert Bacher, Matthias Beitl, Nadia Rapp-Wimberger, Aleksandra Aleksić (2015), The CEE History Project: The History of Savings Banks in Central and Eastern Europe and the History of Erste Group's subsidiaries in the Czech Republic, Slovak Republic, Hungary, Croatia, Serbia, Romania, Ukraine (PDF), Vienna: ERSTE Stiftung{{citation}}: CS1 maint: multiple names: authors list (link)
  2. ^ a b c d e Federal Reserve Board (February 1944), Army Service Forces Manual M355-5 / Civil Affairs Handbook Yugoslavia: Money and Banking, Washington DC: U.S. Army Service Forces
  3. ^ a b c "Državna hipotekarna banka". Arhiv Jugoslavije.
  4. ^ "Državni vjeresijski zavod". Hrvatska enciklopedija (1941.-1945.).
  5. ^ Miloš V. Janković (2016), Tendencije razvoja i mehanizmi regulacije hipotekarnih tržišta (PDF), Union University / Beogradska bankarska akademija
  6. ^ Predrag Četković (September 2015), The Role of Banks in Economic Development in the Former SFR Yugoslavia (PDF), WIIW Balkan Observatory
  7. ^ "Yugoslavia - Central Bank Law". International Monetary Fund. 1965.
  8. ^ Dušan Đorđević, Milinko Đorđević, Božidar Damjanović, Jelisaveta Lenc, Milan Đuričanin, Milosav Ignjatović, Sava Kolundžić, Slavko Milinković, Vida Ilić, Vlado Kozomara (1988), 125 years of Investbanka: 1862-1987, Belgrade: Investbanka{{citation}}: CS1 maint: multiple names: authors list (link)
  9. ^ Anamarija Boban (2020), Palača Slavenske hipotekarne banke u Vlaškoj 53 u Zagrebu, University of Zagreb, Faculty of Humanities and Social Sciences, p. 58
  10. ^ "Državna hipotekarna banka u Sarajevu". Milan Zloković.
  11. ^ Milan Prosen (2010), "The State Mortgage Bank Building in Valjevo: An Unknown Work of the Architect Vasilije von Baumgarten" (PDF), Zbornik, Belgrade: Muzej primenjene umetnosti

February 11, 2024
state, mortgage, bank, yugoslavia, serbo, croatian, državna, hipotekarna, banka, major, state, owned, financial, institution, kingdom, yugoslavia, during, interwar, period, established, 1922, succeed, earlier, institution, principality, then, kingdom, serbia, . The State Mortgage Bank of Yugoslavia Serbo Croatian Drzavna hipotekarna banka DHB was a major state owned financial institution in the Kingdom of Yugoslavia during the interwar period It was established in 1922 to succeed an earlier institution of the Principality then Kingdom of Serbia the Uprava Fondova lit Funds Administration established in Belgrade in 1862 In 1946 the DHB was merged into the State Investment Bank of Yugoslavia Former head office building of the Uprava Fondova then of the State Mortgage Bank in Belgrade completed in 1903 from 1950 the National Museum Contents 1 Uprava Fondova 2 State Mortgage Bank DHB 3 Legacy 4 See also 5 NotesUprava Fondova editFinance minister Konstantin Cukic created the Uprava Fondova as the first ever Serbian credit institution by law signed by Prince Mihailo Obrenovic on 16 August 1862 implementing a decision made in late 1858 by the Saint Andrew s Day Assembly The new institution s first general manager was Milovan Spasic sr Its intended purpose was to provide affordable credit to the Serbian peasantry and liberate them from the tutelage of merchant and other intermediaries In practice however the bank s credit mostly went to a limited number of rural and urban landlords who in turn lent at higher interest to the peasants On 8 July 1898 the Uprava Fondova was reorganized by law as an independent bank albeit with a state guarantee on its obligations and allowed to open branches which facilitated access to its credit by less well to do borrowers 1 43 By the early 20th century a lot of its lending went to public entities public bodies also provided the bulk of its liabilities in the form of deposits 2 2 In the early 20th century the Uprava Fondova expanded together with the Serbian economy and accessed funding from abroad especially France It played a pioneering role in creating the Serbian securities market and participated in the financing of Serbian railroads power utilities and of the Serbian government including during the Balkan Wars By early 1914 it had branches in Sabac Smederevo Pozarevac Zajecar Nis Kragujevac Jagodina Cacak Uzice and Valjevo Like Serbia itself the Uprava Fondova was severely disrupted during World War I Following the Great Retreat of the Serbian government and its exile relocation in Corfu it was re established there as an auxiiliary of the state treasury in April 1916 Following the success of the Monastir offensive it was restored as an independent institution 3 While it had no access to its occupied national turf the bank was able to make payments such as pensions to refugees in Greece and paid savings deposits on passbooks issued in Serbia before the withdrawal 1 43 State Mortgage Bank DHB editfollowing the establishment of the Kingdom of Serbs Croats and Slovenes new legislation in August 1922 established the State Mortgage Bank technically registered under its French name Credit foncier du Royame des Serbes Croates et Slovenes This name reflected the exceptionally close France Yugoslavia relations in the immediate aftermath of World War I and referred to the well established French Credit Foncier whose name had also been adopted by mortgage banks in French colonies the Credit foncier colonial fr est 1860 in the French West Indies Credit Foncier d Algerie et de Tunisie est 1880 in French North Africa Credit foncier d Extreme Orient fr est 1907 in Asia as well as the Credit foncier egyptien fr est 1880 in the Sultanate of Egypt The DHB had no equity capital but retained earnings that accumulated into a sizeable reserve 2 63 It took over the former activities of the Uprava Fondova as well as those of the Serbian Agricultural Bank in Skopje Serbo Croatian Srpska zemljoradnicka banka u Skoplju the State Mortgage Bank of the Kingdom of Montenegro in Cetinje Serbo Croatian Drzavna hipotekarna banka kraljevine Crne Gore na Cetinju and the Land Registry of the Kingdom of Dalmatia in Zadar Serbo Croatian Zemljistno vjeresijski zavod kraljevine Dalmacije u Zadru 4 It became a major player in the financing of construction and infrastructure in interwar Yugoslavia and also was an active patron of the national arts scene From 1922 to 1932 the DHB was the largest bank not only in Yugoslavia but in all of Southeastern Europe 1 44 After 1938 however it largely stopped providing mortgage loans and focused instead on financing the government 2 xi 63 By the end of 1940 it operated in 20 locations across the country in addition to the head office in Belgrade and was still the leading credit institution in Yugoslavia 5 246 Following the invasion of Yugoslavia in April 1941 the German occupation forces seized the bank s gold reserves and other assets The bank resumed operations in Serbia in early 1942 3 mostly to finance the collaborationist government 2 111 Its operations in the rest of Yugoslavia were either liquidated or taken over by other institutions such as a newly formed State Credit Institute in the Independent State of Croatia 2 90 Following the liberation of the country by the Yugoslav Partisans the bank was reorganized in October 1945 as a provider of long term directed credit 3 In August 1946 it was merged into the State Investment Bank 6 2 In 1952 the State Investment Bank in turn was merged into the National Bank of Yugoslavia 7 747 Legacy editThe Yugoslav Investment Bank or Investbanka sr a state owned bank that was formed in 1956 and eventually liquidated in 2002 branded itself as the continuating entity of Uprava Fondova and DHB 8 The buildings erected by DHB for its branches during the interwar period were generally of high architectural quality and have often been repurposed for prestige use in the successor states of Yugoslavia nbsp Belgrade head office building photographed in the early 20th century nbsp Branch building in Zagreb the former seat of Slavenska Banka completed 1923 acquired in 1928 9 nbsp Branch building in Cetinje later the Ministry of Culture of Montenegro nbsp Branch building sr in Nis completed 1931 later central post office of Posta Srbije nbsp Branch building in Sarajevo completed 1931 later Central Bank of Bosnia and Herzegovina 10 nbsp Branch building in Banja Luka completed 1936 later Palace of the Republic nbsp Branch building in Novi Sad later office of the Tax Service nbsp Branch building sr in Zrenjanin completed 1937 nbsp Branch building sr in Valjevo completed 1939 later office of the Finance Ministry 11 See also editLandesbank fur Bosnien und Herzegowina Banque Franco SerbeNotes edit a b c Norbert Bacher Matthias Beitl Nadia Rapp Wimberger Aleksandra Aleksic 2015 The CEE History Project The History of Savings Banks in Central and Eastern Europe and the History of Erste Group s subsidiaries in the Czech Republic Slovak Republic Hungary Croatia Serbia Romania Ukraine PDF Vienna ERSTE Stiftung a href Template Citation html title Template Citation citation a CS1 maint multiple names authors list link a b c d e Federal Reserve Board February 1944 Army Service Forces Manual M355 5 Civil Affairs Handbook Yugoslavia Money and Banking Washington DC U S Army Service Forces a b c Drzavna hipotekarna banka Arhiv Jugoslavije Drzavni vjeresijski zavod Hrvatska enciklopedija 1941 1945 Milos V Jankovic 2016 Tendencije razvoja i mehanizmi regulacije hipotekarnih trzista PDF Union University Beogradska bankarska akademija Predrag Cetkovic September 2015 The Role of Banks in Economic Development in the Former SFR Yugoslavia PDF WIIW Balkan Observatory Yugoslavia Central Bank Law International Monetary Fund 1965 Dusan Đorđevic Milinko Đorđevic Bozidar Damjanovic Jelisaveta Lenc Milan Đuricanin Milosav Ignjatovic Sava Kolundzic Slavko Milinkovic Vida Ilic Vlado Kozomara 1988 125 years of Investbanka 1862 1987 Belgrade Investbanka a href Template Citation html title Template Citation citation a CS1 maint multiple names authors list link Anamarija Boban 2020 Palaca Slavenske hipotekarne banke u Vlaskoj 53 u Zagrebu University of Zagreb Faculty of Humanities and Social Sciences p 58 Drzavna hipotekarna banka u Sarajevu Milan Zlokovic Milan Prosen 2010 The State Mortgage Bank Building in Valjevo An Unknown Work of the Architect Vasilije von Baumgarten PDF Zbornik Belgrade Muzej primenjene umetnosti Retrieved from https en wikipedia org w index php title State Mortgage Bank of Yugoslavia amp oldid 1190542218, wikipedia, wiki, book, books, library,

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