World Library  
Flag as Inappropriate
Email this Article

Sparebank

Article Id: WHEBN0012036027
Reproduction Date:

Title: Sparebank  
Author: World Heritage Encyclopedia
Language: English
Subject: Terra Securities scandal, Verran Sparebank, Health trust, Savings bank, Regional health authority (Norway)
Collection: Banks of Norway
Publisher: World Heritage Encyclopedia
Publication
Date:
 

Sparebank

Sparebank is a Norwegian savings bank without external owners. The Norwegian sparebanks are a separate type of juridical entity that differ from commercial banks. There are a total of 123 savings banks in Norway.

History

The first savings bank was created in 1822, and in the following 75 years savings banks were set up in most municipalities of Norway. The banks had both a savings upbringing function for the commoners (so they didn't have to burden society when they got sick and old) and served an important part in local communities development and self-financing.

Historically the savings banks concentrated on private customers, combined with small businesses and the primary sector. Loans were financed through deposits. Today the difference between savings banks and commercial banks are smaller, partially because savings banks now can issue stock-like grunnfondsbevis where the owners are both given dividend and representation in the governing bodies of the banks. The savings banks can now also convert themselves to public limited companies, but so far only one bank, Gjensidige NOR, had done so. Part of this later merged to form DnB NOR while the rest of it returned to the savings bank form, becoming Gjensidige.

Traditionally the savings banks have had a strong local foundation, and a goal for the municipalities were often to have their own savings bank. After Norwegian Savings Banks Association.

See also

This article was sourced from Creative Commons Attribution-ShareAlike License; additional terms may apply. World Heritage Encyclopedia content is assembled from numerous content providers, Open Access Publishing, and in compliance with The Fair Access to Science and Technology Research Act (FASTR), Wikimedia Foundation, Inc., Public Library of Science, The Encyclopedia of Life, Open Book Publishers (OBP), PubMed, U.S. National Library of Medicine, National Center for Biotechnology Information, U.S. National Library of Medicine, National Institutes of Health (NIH), U.S. Department of Health & Human Services, and USA.gov, which sources content from all federal, state, local, tribal, and territorial government publication portals (.gov, .mil, .edu). Funding for USA.gov and content contributors is made possible from the U.S. Congress, E-Government Act of 2002.
 
Crowd sourced content that is contributed to World Heritage Encyclopedia is peer reviewed and edited by our editorial staff to ensure quality scholarly research articles.
 
By using this site, you agree to the Terms of Use and Privacy Policy. World Heritage Encyclopedia™ is a registered trademark of the World Public Library Association, a non-profit organization.
 


Copyright © World Library Foundation. All rights reserved. eBooks from Project Gutenberg are sponsored by the World Library Foundation,
a 501c(4) Member's Support Non-Profit Organization, and is NOT affiliated with any governmental agency or department.