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Venice

Venice. Banking: 1500’s- Now. Usury (1500’s). Usury : A changing of interest at any rate not permitted for Jews, Christians or Muslims to their own kind but only to non- ‘_______’ J ews were not allowed to charge interest to other J ews, o nly to non- Jews.

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Venice

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  1. Venice Banking: 1500’s- Now

  2. Usury (1500’s) • Usury: A changing of interest at any rate not permitted for Jews, Christians or Muslims to their own kind but only to non- ‘_______’ • Jews were not allowed to charge interest to other Jews, only to non- Jews. • Christians at first were banned from charging interest. • Muslims cannot charge interest to anyone. • Interest rates were never lower than 12% per annum but when a loan was urgent the banker could negotiate to 45%.

  3. Banking in 1500’s • Medici banking dynasty (15th Century)- became concentrated on political power and after Lorenzo the Magnificent the bank’s finances were horrible. • In 1587 the Bancodella Piazza di Rialto is opened in Venice • Purpose was to hold merchants’ funds on safe deposit so that transactions could be made in Venice and elsewhere without coins. • Cheque(check): a bill of exchange between banks, payable by one of the banks to whoever holds and presents the cheque. • This was not really excepted till the 17th century • At this time there were very few public banks. Mostly only private lenders.

  4. Present BANKING • Usury: today anyone can charge interest but only to however much the country/state/or province dictates. • The interest today is about 1% for bank notes and reserves. • Anyone in Venice can get a loan from a checks- cashed place but smart lenders will look at their credit ratings and past transactions. • Secured Loan- loaned money has collateral offered like a car or property for all loaned money. • Loan Sharks are around today and often take advantage of people who borrow from them.

  5. Present banking • The capital of the Bank of France is 182,500,000 francs (equal to $36,694,228.76 USD’s), and the circulation limitis 5,000,000,000 francs (equal to 1,005,321,335.76 USD’s). • Today it is the mortgage bankers who, over the past few years, lent billions of dollars to home buyers hundreds of thousands of whom are now delinquent or in default on their loans. • Venice, after being possibly the first city to found a bank for the keeping of money on safe deposit and the clearing of cheques, is also a pioneer in the involvement of a bank with state finances.

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