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Military government weekly information bulletin
Number 79 (February 1947)

[Military government series],   pp. [4]-[29] PDF (18.4 MB)


Page [21]


FRANKFURT BANK
Until the latter part of the nineteenth cen-
tury, Frankfurt a/M was famous as the
financial center of western Europe. Then,
under Bismarck, a trend began toward the
centralization of German banking in Berlin,
climaxed with the Berlin-centered Reichs-
bank of the Hitler era.
The Reichsbank at Frankfurt was the main
bank in the Reichsbank system for Hesse
until the Land Central Banks took over the
functions of the Reichsbank in the US Zone
of Germany, under provisions of uniform
laws adopted by the three Laender which
became effective 1 January. Under the new
Land Central Bank system, the Directorium
of the LCB for Hesse is now located at Wies-
baden. But the Frankfurt bank stands as the
largest of the LCB branches in Hesse and the
second largest in the US Zone.
Functioning generally like Federal Re-
serve Banks in the United States, the Land
Central Banks and their branches act
primarily as a clearing agency and do
not handle savings accounts and small per-
sonal checking accounts. However, they do
handle large industrial accounts.
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