33 
SAVINGS BANKS 
The first savings banks in Iceland were founded in 1870. In 1910 
they were 25, while in 1927 their number had increased to 50. -— The 
number of savings banks, the total capital deposited in them, as well 
as their reserve funds mav be seen from the following table: 
Number of Total deposits Total reserves 
savings banks 1000 krénur 1000 krénur 
363 112 
1 914 175 
7915 558 
7748 813 
7515 [+]:73 
911 
1914 , 
[920 . 
[925 50 
1927 . 50 
Thus on December 31st 1927 the total capital deposited in savings 
banks amounted to 7.5 million krénur, the number of depositors (pass- 
books) being 21 600. On the same date deposits in other banks at savings 
banks interest totalled 38.0 million krénur, which shows that savings banks 
do not as yet play a very important part in the economic life of Iceland. 
The funds of the savings banks were invested in the following manner: 
1911 
1000 kr. 
Vlortgages on real property 
Advances on sureties . , 
Advances to municipalities 
Advances on pawns . . 
Bills . . . . . « . . 
Bonds . . . . . . . 
Deposits in banks . . . 
Real property and other 
effects. . . . . . 
Sundry debtors . . . 
~-ch in hand . . 
> ud 
Krénur 1619 
1914 
000 Lr» 
2200 
1920 
ADL re 
8664 
1925 1927 
000 kr. 1000 kr 
“tis 3075 
"60 2158 
52 338 
“0h 161 
1740 
148 
824 
6 
65 
96 
212 
8817 
ug 
274 
8821 
Only such financial institutions as comply with the provisions of the 
act of November 3rd 1915 respecting savings banks, and have had 
their regulations ratified by the government, may call themselves sav- 
ngs banks, and they must not commence business until this ratification 
has been obtained. Though savings banks are now, since 1923, under