!!!Sparkassen

Savings Banks: the first savings banks were established in Austria in 
1819, the idea was imported from Germany (Ersparniskasse Hamburg, 
1778) and England (Ruthwell Savings Bank, 1810). After the opening of 
the  Erste oesterreichische Spar-Casse in Vienna, savings banks were 
opened in Laibach (Ljubljana), Innsbruck, Bregenz, Split, Graz, 
Hollabrunn, Prague, Goerz (Gorizia), Klagenfurt and Trieste. There was 
a total of 695 savings banks in the Austro-Hungarian Empire in 1918, 
211 of which were on the territory of present-day Austria and there 
were savings banks in the capitals of almost every district. During 
the Gruenderzeit (Age of Promoterism), savings banks were engaged in 
accepting deposits (savings books) and granting loans to the general 
public, particularly in the interest of meeting the needs of the 
communities; they were characterised by their local scope of 
operation, lack of proprietorship, and non-profit activities. The 
"Sparkassen Regulativ" of 1844, adopted as the legal basis for savings 
banks, stipulated state control over savings banks; from 1849 
municipalities were enabled to act as underwriters. The Savings Banks 
Administration Act passed in 1935 was amended by the enactment of 
model articles of association in 1941-1979. Other laws governing 
aspects of savings bank activities were contained in the Savings Banks 
Act of 1979 (amended in 1986 and in 1993), in the Banking Act of 1979 
and in the Banking Act of 1993 (adjustments to EU legal standards). 
Savings banks are chaired by a board of directors, the board is 
responsible to the Savings Banks Council, state control is exercised 
by a state commissioner. Since 1986, savings banks can also have the 
legal form of limited liability companies (a total of 22 in 1998). 
Today savings banks have the status of all-purpose banks; since the 
liberalisation of branches in 1977 the network of branches has been 
extended considerably (401 branches in 1970, 1558 in 1997). Around 
1980 a process of concentration and regional mergers began, and 
savings banks in various provinces merged, especially in Carinthia and 
Salzburg; supraregional mergers were effected by what used to be the 
Zentralsparkasse savings bank ( Bank Austria) and by Erste 
oesterreichische Spar-Casse; large banks also merged (Zentralsparkasse 
savings bank and Laenderbank were taken over by Bank Austria, which 
also took over the majority of shares in the  Creditanstalt-Bankverein 
AG from the Republic of Austria in 1997; Girozentrale and OeCI by 
GiroCredit; merger of Erste oesterreichische Spar-Casse - Bank AG and 
the  Girocredit Bank AG der Sparkassen to form  Erste Bank der 
oesterreichischen Sparkassen AG in 1997). Between 1960 and 1998 the 
number of independent banks decreased from 175 to 70. The 
supraregional organisations are the provincial associations and, on a 
national level, the association of Austrian savings banks 
(Oesterreichischer Sparkassenverband, established in 1905, called 
Hauptverband der oesterreichischen Sparkassen until 1998). The latter 
is in charge of central economic issues such as co-ordination, 
decision-making, marketing, collective bargaining, public relations, 
training for staff and representation in international organisations, 
including EU meetings in Brussels. Since 1997 the Erste Bank has been 
the supraregional bank in which the savings banks have shares. Savings 
banks have many partner institutions rendering special services, such 
as Sparkassen-Bausparkasse (building society), Sparkassen-Versicherung 
(insurance agency), Sparkassen-Verlag (publishing house), Spar-Invest 
(investment bank), Immorent and Leasfinanz (real estate and leasing 
companies). Due to these partners, savings banks are able to cover the 
complete range of financial services for their clients. Savings banks 
have been interconnected by the SPARDAT-Buchungsgemeinschaft 
accounting network since 1969. The savings bank sector is 
Austria´s largest banking sector, with a balance-sheet total 
amounting to ATS 2,380.9 billion in 1998 
(ATS 590 billion in 1987), deposits amounted to 
ATS 521.2 billion, the total amount loaned was 
ATS 1,014.9 billion; the number of employees increased from 
20,684 to 25,010 between 1987 and 1998.

!Literature
150 Jahre Sparkassen in Oesterreich, 5 vols., 1972; 
Jahresberichte des Hauptverbands der oesterreichischen Sparkassen; 
Oesterreichische Sparkassenzeitung.


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