Full resolution (JPEG) - On this page / på denna sida - XI. Banking, Credit, and Insurance - 4. Savings-Banks and Similar Institutions. By [I. Flodström] Alfhild Lamm
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684
xi. banking, credit, and insurance.
kronor, distributed over 10 978 pass-books. The average balance per
passbook was 196-88 kronor.
Also a number of those smaller cooperative societies which are in
Sweden called konsumtionsföreningar have savings-funds. Their balance at
the end of 1913 was about 100 000 kronor.
Aggregate amount of deposits on savings-bank account on the 31
December 1913:
In private savings-banks.............. 952 605 043 kr.
In the Post-Office Savings-Banks.......... 48 075 655 >
In institutions equivalent to savings-banks...... 9 193 683 >
In private banks and joint-stock banks........ 349 420 213 >
In the Cooperative Union etc.......... . . ._1816 921 >
Total 1361 111 515 Kr.
Deposited the same time in the banks (inclusive of the Bank of Sweden):
On deposit account...................1115 112 512 kr.
Ön drawing (cheque) or current Account and folio Account 227 456 647 >
It will be seen from these figures that the amount deposited by the
public on savings-bank account is about as large as the total amount of
their other deposits. The explanation of this is that in Sweden, as in other
countries, savings-bank business comprises -— besides savings-bank
business in the strict sence of the term, that is, the saving up of small sum
to form capital, ■— two other branches of business. It includes also
the investment of capital already formed (that is, what is generally known
as deposit account) and moreover a kind of domestic petty cash business
corresponding to the drawing account of business life proper (and in a
few cases real drawing account business). One may regard as in the light
of already formed capital at any rate a number of the balances of more
than 2 000 kronor in the savings-banks. In 1913 balances of this size
aggregated no less than 493 712 815 kronor, or 54-6 % of the total
balance. For domestic petty cash accounts the Swedish public resorts chiefly
to the savings-bank departments of the banks, and not so much to the
private savings-banks, which are tramelled with rather onerous regulations
as to notice, or to the Post-Office Savings-Bank. This is brought out by
the ratio of the withdrawals to the balance, being in 1913 19-46 % in
the private savings-bank and 31-2 % in the Post-Office Savings-Bank.
In order to obviate the savings-banks being used for investments of capital,
most of the savings-banks have made regulations whereby a certain limit is
fixed after which no interest is paid on deposits, this limit being usually 2 000,
3 000, or 5 000 kronor. But in some cases the limit is as high as 10 000
kronor, or even extends to 50 000 kronor, especially in the rich southern
provinces. In the case of the Post-Office Savings-Bank the limit is fixed (since
1891) at 2 000 kronor, and since 1900 the banks have been prohibited from
receiving higher amounts than 3 000 kronor at interest on "savings-bank" or
similar accounts. This prohibition appears to be also aimed at the abuse of
depositing on savings-bank account, money which ought to have been deposited
on drawing account. — To prevent savings-banks being used as "petty cash"
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