Bank of San Fernando
The Bank of San Fernando (Spanish: Banco de San Fernando or Banco Español de San Fernando) was a financial institution created in Spain in 1829[1][2] at the initiative of Finance Minister Luis López Ballesteros, replacing the old Bank of San Carlos.[2][3] It assumed the debt of the Bank of San Carlos[3] and increased its capital by replacing an uncollectable 77.4 million peseta government debt with 10 million in cash,[2] with the intention of establishing Spain's first public bank, with the capacity to issue Spanish currency,[3] although two thirds of its ownership was private.[citation needed]
Among its other activities, it became a de facto financial instrument to salvage the liquidity of Spanish finances,[2] especially during the First Carlist War during the reign of Isabella II.[citation needed] It was merged in 1849 with the Bank of Isabella II (founded 1844), retaining the name Bank of San Fernando until 1856, when it became the Bank of Spain.[3][4]
Notes
- ↑ Real cédula de 9 Julio de 1829 para la erección en Madrid del banco de San Fernando. On Google Books.
- ↑ 2.0 2.1 2.2 2.3 Gabriel Tortella, "Spanish Banking History, 1782 to the Present" 865:874 in Manfred Pohl, Sabine Freitag, European Association for Banking History, Handbook on the history of European banks, Elgar Original Reference Series, Edward Elgar Publishing, 1994, ISBN 1-85278-919-0. p. 865–866. Available on Google Books.
- ↑ 3.0 3.1 3.2 3.3 Brief History, Banco de España. Retrieved 2010-03-04.
- ↑ History of a Central Bank, Banco de España, p. 6 (p. 8 of PDF). Retrieved 2010-03-03.