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THE LONG-TERM CREDIT OF THE STATE AGRICULTURE BANK - LETTERS OF PLEDGE AND MALIORATION DEBENTURES (Kredyt dlugoterminowy Panstwowego Banku Rolnego w listach zastawnych i obligacjach melioracyjnych w Polsce miedzywojennej)

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Klusek M.

Klio. Czasopismo poświęcone dziejom Polski i powszechnym

2010

issue 1(14)

109-146

One of the most important tasks of the State Agriculture Bank was to offer the so-called long-term amortized credits 1) to buy land originated from the breaking-up of estates conducted by both: private owners and social organizations, 2) to buy landed properties to break them up, and last but not least 3) to credit land reclamation. The long term credit was affirmed in 1924 when new currency: Polish Zloty, was introduced. The most appropriate forms of the credit were securities, i.e. letters of pledge and meliorating debentures. That form of credit could guarantee a long-term repayment, what had a great significance for the farmers. Moreover it guaranteed a gradual and constant capital inflow. In the interwar Poland we may observe an intense activity of the State Agriculture Bank in the field of long-term credits (in form of letters of pledge or melioration debentures). It resulted from the fact that state banks held a privileged position in selling up letters of pledge and debentures in home sales and foreign markets. As opposed to the private institutions providing long-term land credits, the issues of banks had state guarantees. Thus their letters of pledge and melioration debentures easily could find private and institutional purchasers.

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1 Klio. Czasopismo poświęcone dziejom Polski i powszechnym

1 2010

1 Klusek M.

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THE LONG-TERM CREDIT OF THE STATE AGRICULTURE BANK - LETTERS OF PLEDGE AND MALIORATION DEBENTURES (Kredyt dlugoterminowy Panstwowego Banku Rolnego w listach zastawnych i obligacjach melioracyjnych w Polsce miedzywojennej)