On the History of Current Value Accounting in Germany
It is widely regarded that current value or fair value accounting has been «fuelling» the recent financial crisis. Nevertheless, it was during this self-same financial crisis that it was (re-)introduced for banks by the modernised German Commercial Code in 2009. Ironically, current value accounting was abolished by the German legislature in 1884 on account of the «Gruenderkrise». The reasons given by the German legislature 128 years ago, which are entirely apposite to the current crisis, should have been taken into consideration before modernisation of the recent German Commercial Code was effected. In this paper the history of current value accounting in Germany will be discussed against the background of these contradictions.
- Content Type Journal Article
- Pages 73-104
- Authors
- Andreas Haaker, Deutscher Genossenschafts- und Raiffeisenverband e.V., Berlin; Universität Hamburg
- Patrick Velte, Deutscher Genossenschafts- und Raiffeisenverband e.V., Berlin; Universität Hamburg
The Lending of Oberamtssparkasse Kirchheim unter Teck 1907 to 1913: A Savings Bank as a Funding Source for Commerce and Infrastructure
Financing of companies by large joint-stock banks is regarded as a crucial factor explaining the rapid industrialization in Germany. Other financial institutions like savings banks have not played a significant role in scholarly discussions so far. This probably derives from the claims of the majority of authors who have studied the subject: in their view, savings banks could not contribute to commercial lending because they focussed primarily on public debt issues and mortgage loans. This paper is the first empirical investigation which, in the form of a case study, examines which client groups of one savings bank got which loan amounts, and also how the loans were used. It shows that there was extensive commercial lending to craftsmen as well as to small- and medium-size enterprises from the bank, mainly in the form of mortgage loans. Furthermore it describes how loans to municipalities contributed to economic development.
- Content Type Journal Article
- Pages 3-27
- Authors
- Thorsten Proettel, Universität Hohenheim
Direct Line Insurance was born out of the diversification strategies of the Royal Bank of Scotland (RBS). Within ten years of its foundation it had become the first retail financial institution to establish a clear competitive advantage based on applications of information technology. Direct Line is best understood as a series of technological and competitive innovations that call into question the extent to which banks’ competencies must change to master alternative delivery channels to the traditional «brick and mortar» retail branch. The success of Direct Line also highlights issues in the incursion of banks into bank assurance and the development of a business model based on fee-income (as opposed to the traditional interest-income)
- Content Type Journal Article
- Pages 54-72
- Authors
- Bernardo Bátiz-Lazo, Bangor University
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