Tuesday, June 13, 2017

FIDUCIARY CIRCULATION

The convention ‘The Rise of Modern Banking in Naples’ will be held at the original site of the ancient Banco dei Poveri, which is now the location of the Banco di Napoli Foundation and its imposing Historical Archive: unique in the world, with 300 rooms containing millions of documents, it bears testimony to the daily life of the eight public banks in Naples and the secrets of their administration.
It was in Naples that the first fiduciary circulation was created, thanks to the public banks. These banks, in addition to their orthodox, profit-oriented economic activities, maintained a philanthropic identity for centuries.
The social economic context in which the modern bank was created (The Kingdom of Naples under Spanish rule) and the fusion of the philanthropy of the “monti” and the mercantile aspects of the “banchi”.
The benevolent involvement and power of the viceroys, became the basis for the impetuous development of fiduciary circulation, which from the end of the 1500s connected the use of paper money to the issue of the most modern forms of credit.

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