Information: This is an old - not maintained - article of the AEIOU. In the Austria-Forum you find an updated version of this article in the new AEIOU.
175th Anniversary of Savings Banks in Austria
The "First Austrian Savings Bank" was founded on October 4, 1819 in Vienna. It was foremost a charitable organization that emerged from efforts of the upper class to help alleviate poor people's suffering. Before 1835 six more savings banks were established throughout the region of present-day Austria. The charity of these banks was not viewed as mere social welfare, but rather as an opportunity for the growing number of gainfully-employed, reliant solely on their salaries, to invest a small amount of capital.
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