World Convention of Savings Banks, Vienna 1987
The first Austrian savings bank was founded in 1819 in the shadow of the Napoleonic Wars and against the backdrop of the Congress of Vienna. In the course of the 19th century numerous such savings institutions were created, first in the big cities and then in large towns. The number of savings banks continued to grow even after the turn of the century. In 1918 there were 695 institutes throughout Austria, serving 2 million savers. In 1907 the Central Savings Bank of Vienna was established. Today the savings bank system is a significant economic factor and one that is represented throughout the world on all continents. In 1924, with the assistance of the Austrian Association of Savings Banks, the International Institute of Savings Banks was founded. A private organization, in 1987 this institute oversaw 123 members from 79 countries and over 3,000 savings banks. Even the Austrian Postal Savings Bank is a member of this international institute. In addition, the International Institute of Savings Banks holds advisor status at the United Nations' Economic and Social Council. The 1987 World Convention served mainly to promote knowledge interchange and the conceptual development of a future-oriented savings bank system.
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