Bank Rolny (1950 1975)

Establishment

In 1948, following the reorganization of the banking system, state-owned banks were divided into: basic banks: National Bank of Poland (Narodowy Bank Polski) and Investment Bank (Bank Inwestycyjny) which replaced Bank of National Economy (Bank Gospodarstwa Krajowego) special-purpose banks: Agricultural Bank (Bank Rolny, BR), Bank of Craftsmanship and Commerce (Bank Rzemiosła i Handlu), Community Bank (Bank Komunalny) and Universal Savings Bank (Powszechna Kasa Oszczędności).

At the same time, almost all of the credit institutions operating prior to 1948 were shut down 40. As of 1 January 1950, Bank Rolny continued current activities of State Agricultural Bank (Państwowy Bank Rolny) which had been shut down. In 1950, after transformation of some of Savings and Loan Cooperatives (Spółdzielnia Pożyczkowo Oszczędnościowa) into Municipal Cooperative Banks (Gminna Kasa Spółdzielcza), and Worker Savings and Loan Cooperatives (Pracownicza Spółdzielnia Oszczędnościowo Pożyczkowa) into Assistance and Loan Banks (Kasa Zapomogowo Pożyczkowa), Bank Rolny assumed the function of organizational, controlling and financial headquarters for cooperative savings banks.

Organization

Initially, Bank Rolny had 17 province (voivodship) branches and 220 county (powiat) branches, and oversaw more than 1200 municipal (gmina) cooperative savings banks. In subsequent years, it organized approx. 1700 cash collection outlets of municipal coop- erative savings banks. The bank s field branch network practically covered the entire country41.

40. W. Jaworski, Monetary circulation and loans in socialist economies (Obieg pieniężny i kredyt w gospodarce socjalistycznej), Warsaw 1962, pp. 22-23.

41. Ibidem, p. 29.

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