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 (passbooks)
 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 savngs
 banks, and they must not commence business until this ratification
has been obtained. Though savings banks are now, since 1923, under