Fall of The Bank
The bank, administered by a committee of city government officials concerned to keep the bank's affairs secret, initially operated on a deposit-only basis, but by 1657, was allowing depositors to overdraw their accounts, and was providing large loans to the Municipality of Amsterdam, and the Dutch East India Company. While initially this had remained confidential, it became public knowledge by 1790, in consequence the premium on the bank money dropped from around 6.25% at its peak to a 2% discount, and by the end of the year, the bank declared itself insolvent, offering to sell silver at a 10% discount to depositors. The City of Amsterdam took over direct control in 1791, before finally closing it in 1819.
Read more about this topic: Bank Of Amsterdam
Famous quotes containing the words fall of, fall and/or bank:
“It was a quiet Sunday morning, with more of the auroral rosy and white than of the yellow light in it, as if it dated from earlier than the fall of man, and still preserved a heathenish integrity.”
—Henry David Thoreau (1817–1862)
“The tension to mother the “right” way can leave a peculiar silence within mother daughter relationships—the silence of a mother’s own truth and experience. Within this silence, a daughter’s authentic voice can also fall silent. This is the silence of perfection. This silence of perfection prevents mothers from listening and learning from their daughters.”
—Elizabeth Debold (20th century)
“When she could hide him no longer she got a papyrus basket for him, and plastered it with bitumen and pitch; she put the child in it and placed it among the reeds on the bank of the river.”
—Bible: Hebrew, Exodus 2:3.