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Bank run at the Sparkasse on Mühlendamm, Berlin, 13 July 1931. The European banking crisis of 1931 was a major episode of financial instability that peaked with the collapse of several major banks in Austria and Germany, including Creditanstalt on 11 May 1931, Landesbank der Rheinprovinz on 11 July 1931, and Danat-Bank on 13 July 1931.
The Reichsbank was established by legislation of the Reichstag of 14 March 1875, and assumed its new role on 1 January 1876 when it succeeded the Bank of Prussia. Meanwhile, between 1873 and 1875 the Bank of Prussia assumed all the assets and liabilities of the Hamburger Bank, which was a major monetary anchor in Northern Germany.
During the war, Portugal was the second largest recipient of Nazi gold, after Switzerland. Initially the Nazi trade with Portugal was in hard currency, but in 1941 the Central Bank of Portugal established that much of this was counterfeit and Portuguese leader António de Oliveira Salazar demanded all further payments in gold.
Dresdner Bank AG was a German bank and was based in Frankfurt. After the banking crisis in 1931 the German Reich owned 66% and Deutsche Golddiskontbank owned 22% of Dresdner Bank shares. Its deputy director was Hjalmar Schacht, Minister of Economy under Nazism. [citation needed] The bank was reprivatised in 1937.
The commissions, which included 23 countries, researched what had happened to stolen property during the war. This same year Swiss banks agreed to $1.25 billion in compensation to future claimants. [11] The German Chancellor, in an attempt to make amends to forced laborers, created the foundation, "Remembrance, Responsibility, and Future."
Dresdner Bank helped to finance concentration camps, including Auschwitz. [15] The bank was closely involved in the occupation of Europe, "essentially acting as the bank of the SS in Poland". [8] As a result of World War II 80% of the bank's buildings were destroyed, costing the bank 162 offices in 56 locations.
During the war itself the German economy was sustained by the exploitation of conquered territories and people. "The economic recovery in the Third Reich, as measured by GDP, is well documented; real GDP grew by some 55% between 1933 and 1937." [95] US Air Force photograph of the destruction in central Berlin in July 1945
The Bundesbank bunker was the German central bank's bunker in Cochem (Rheinland-Pfalz) for the preservation of an emergency currency.From 1964 to 1988, the Deutsche Bundesbank stored up to 15 billion marks in the top-secret facility, to protect West Germany from a national economic crisis in the event of potential hyperinflation that might be caused by the Cold War.