Legal Framework
Erste. From Vienna Savings Bank to European Shaper
Volume 2 of the Corporate Archives series was produced as part of an international research project organised by the Max Planck Institute for Comparative and International Private Law on ‘Major Articles of Association and Statutes from History and the Present’. It highlights the legal-historical and social significance of the legal and organisational forms that Erste österreichische Spar-Casse has adopted since its foundation.
The Beginnings
The statutes – i.e. the founding charter – were drawn up in 1819, at a time when there was no general legal framework for savings banks. The establishment of the savings bank was carried out by a private association with a social purpose, approved by the state.
The guiding principle of the savings bank was explicitly formulated: the institution was to help people ‘set aside a small amount of capital from time to time from hard-earned income’ for old age, illness or times of need. This was linked to the Enlightenment idea of self-help and personal responsibility.
Establishment, statutes and regulations of the first Austrian savings bank, 1819
Expansion and Role in Society
It was only in 1844 that the so-called Sparkassenregulativ (Savings Bank Regulation) established a law which was modelled on the statutes of the Erste österreichische Spar-Casse. It formalised the legal and organisational dual structure of association and savings bank.
At the same time, municipalities were also permitted to found savings banks, which was an essential prerequisite for the savings bank boom in the second half of the 19th century. The principle of public benefit remained central: neither municipalities nor associations were allowed to withdraw profits, but had to pass them on to the public good. Significant sums were usually channelled into social projects, ranging from orphanages to women's associations.
A Steady Compass
The changing conditions from the 1970s and 1990s onwards led to the transformation of savings banks into universal banks and to the transfer of banking operations to a joint-stock company whose shares are held by the savings bank. However, Erste Group still regards the historic statutes as a ‘compass of values’, or corporate purpose, as we would say today. Topics such as financial health, inclusion and financial education tie in with the founding idea of 1819.
Erste. From Vienna Savings Bank to European Shaper, German Version
Volume 2 of the Corporate Archives series
Published by Erste Group Bank AG, Corporate Archives
Authors: Univ.-Prof. Dr. Susanne Kalss, Dr. Julia Nicolussi
2021