Bank of San Fernando
Encyclopedia
The Bank of San Fernando ( or Banco Español de San Fernando) was a financial institution created in Spain
in 1829 at the initiative of Finance Minister
Luis López Ballesteros, replacing the old Bank of San Carlos. It assumed the debt of the Bank of San Carlos and increased its capital by replacing an uncollectable 77.4 million peseta
government debt with 10 million in cash, with the intention of establishing Spain's first public bank, with the capacity to issue Spanish currency, although two thirds of its ownership was private.
Among its other activities, it became a de facto financial instrument to salvage the liquidity of Spanish finances, especially during the First Carlist War
during the reign of Isabella II
. It was merged in 1849 with the Bank of Isabella II
(founded 1844), retaining the name Bank of San Fernando until 1856, when it became the Bank of Spain.
Spain
Spain , officially the Kingdom of Spain languages]] under the European Charter for Regional or Minority Languages. In each of these, Spain's official name is as follows:;;;;;;), is a country and member state of the European Union located in southwestern Europe on the Iberian Peninsula...
in 1829 at the initiative of Finance Minister
Ministry of Economy and Finance (Spain)
The Ministry of Economy and Finance is the Ministry of Economic affairs and Second Vice President of the Government of SpainThis Ministry is in charge of the development, proposal and execution of the economical policy of the government, specially of the State Budgets, the control of Public...
Luis López Ballesteros, replacing the old Bank of San Carlos. It assumed the debt of the Bank of San Carlos and increased its capital by replacing an uncollectable 77.4 million peseta
Spanish peseta
The peseta was the currency of Spain between 1869 and 2002. Along with the French franc, it was also a de facto currency used in Andorra .- Etymology :...
government debt with 10 million in cash, with the intention of establishing Spain's first public bank, with the capacity to issue Spanish currency, although two thirds of its ownership was private.
Among its other activities, it became a de facto financial instrument to salvage the liquidity of Spanish finances, especially during the First Carlist War
First Carlist War
The First Carlist War was a civil war in Spain from 1833-1839.-Historical background:At the beginning of the 18th century, Philip V, the first Bourbon king of Spain, promulgated the Salic Law, which declared illegal the inheritance of the Spanish crown by women...
during the reign of Isabella II
Isabella II of Spain
Isabella II was the only female monarch of Spain in modern times. She came to the throne as an infant, but her succession was disputed by the Carlists, who refused to recognise a female sovereign, leading to the Carlist Wars. After a troubled reign, she was deposed in the Glorious Revolution of...
. It was merged in 1849 with the Bank of Isabella II
Bank of Isabella II
The Bank of Isabella II was a financial institution in Spain, created by a Royal Decree of 25 January 1844 as a bank that, together with the Bank of San Fernando, began the process of establishing a Spanish banking apparatus adequate for industrialization and the transformation from feudalism to...
(founded 1844), retaining the name Bank of San Fernando until 1856, when it became the Bank of Spain.