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672
xi. banking, credit, and insurance.
bonds, shares and other securities for an unlimited period but subject to
at most three months’ notice; to open cash or current account credits for
at most twelve months against such collateral pledges as bonds, shares,
or mortgages or against the security of guarantors. The maximum amount,
however, that the bank is permitted to invest in this last-mentioned loan
business is 15 million kronor.
The Riksbank has under its care and management a special fund (called
the avbetalningslånefonden or instalment-redemption loan fund), with a
capital of 12-5 million kronor, from which it makes advances to be paid
back by instalments on suoh collateral pledges as bonds, shares, mortgages,
or on the security of guarantors.
The Riksbank issues bank post bills (postväxlar) and accepts deposits
both on deposit and on cheque account. - The Riksbank as a general rule is
not permitted to give interest on deposits; it is allowed, however, to open a
current account at interest for firms that discount their bills at the
Riksbank and do not engage in banking business themselves. In connection
with its cheque transactions the Riksbank is entitled to arrange for clearing,
and the bank lias availed itself of this right: by agreement with the larger
banks in Stockholm a clearing-house system has been established, in which
all the banks in Sweden directly or indirectly participate. — The Riksbank
acts as a depository of articles of value for safe custody and of securities
etc., which it preserves and administers on behalf of their owners. It is
one of its functions to do duty as the Government’s banker free of charge;
no overdraft is allowed, however, on any of the various Government
accounts, except in the case of the National Debt Board, which in its
administration of the National Debt is entitled to avail itself of an
overdraft to the amount of l1/» million kronor.
The Riksbank is bound by law to have at least one branch office in
each län, except in Stockholm län, thus altogether at least 23 branch
offices; at present it has 25.
The Riksbank is not permitted to hold other real property than its own
premises (head offices, branch offices, paper manufactory, printing works).
—■ A weekly return of the Riksbank’s holding of gold, silver and bullion,
of the total notes in circulation, and of the unutilized power of note issue
is to be published in the Official Gazette. The Riksbank must publish
and distribute as a supplement to the Official Gazette at the end of every
month an account of its assets and liabilities, and at the close of every
year a complete report of the Riksbank’s position.
Other Banks.
The law now in force respecting other banks than the Riksbank is
contained in the Banks Act of June 22 1911.
Pursuant to this Act, banking business in Sweden may only be carried on by
1) the Riksbank, 2) joint-stock banks 3) unlimited liability banking companies,
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