NEW Story: Trash Scout
Commonwealth Bank
Read more: The Commonwealth Economy, The Commons
| Commonwealth Bank | |
|---|---|
| State Corporation of Vekllei | |
|
|
|
| Employees | 35,000 |
| Founded | 1642 |
| Headquarters | Oslola |
| Industry | Banking and financial services |
| Ministry | Ministry of Commerce |
| Parent | Commonwealth Treasury |
| Revenue | AK ✾ 82.2 billion |
| Traded | CBC |
| ScL | |
The Commonwealth Bank (also Bank of Vekllei) is the central bank and currency store of Vekllei. It is operated by the Ministry of Commerce and maintains branches in all Vekllei republics and in many countries around the world. It is not autonomous and is beholden to the policy decisions of Ministry of Commerce and, in certain cases, the republic and commonwealth parliaments. Its sworn purpose, as instructed by the Floral Constitution, is to advocate for encourage growth and benefit Vekllei people.
The Commonwealth Bank was founded 1642 as the Royal (Imperial) Bank in Oslola, and is the fifth oldest bank in the world.
Most banks in Vekllei are institutional or industrial, since the average Vekllei person is unmoneyed and, in a conventional definition, unbanked. Nonetheless, Vekllei maintains several commercial banks under the Bank of Vekllei umbrella, tasked primarily with:
- Cashing and underwriting White and Blue bonds.
- Selling government and financial (bureau) bonds internationally.
- International placement and borrowing services.
- Trading, settling and selling foreign currencies.
Vekllei citizens are entitled to an equal share of the money stored in the Labour Bank, and in certain circumstances may withdraw their balance to emigrate or travel abroad.
Despite foreign perception of Vekllei economics, the liquid and asset holdings of the Commonwealth Bank make it the second-largest bank in the world.
Subsidiary Government Banks
For the purpose of government finance, which comprises a large share of bank’s activity, the Commonwealth maintains several subsidiary government banks:
- First Commonwealth Bank (Polar Bank): Government and industrial bank responsible for the Arctic, Volcanic and Antarctic Commonwealths.
- Second Commonwealth Bank (Occidental Bank): Government and industrial bank responsible for the Antilles, Lucaya and Kalina Commonwealths.
- Third Commonwealth Bank (Oriental Bank): Government and industrial bank responsible for the Atlantic and Verdean Commonwealths.
Constituents
The Commonwealth Bank also has a number autonomous constituents, which maintain their own accounted revenue and financial characteristics.
- Atlantic Bank: International investment subsidiary of the Bank of Vekllei, tasked primarily with banking in Commonwealth members and international markets. It has branches across every Commonwealth member-state and in most major economic hubs around the world, including throughout Europe, the Americas, and Asia. It also serves as the Central Bank of the Kalina Isles.
- Veletian Import-Export Bank: A state policy investment bank used to fund projects outside of the Commonwealth, particularly in developing countries. It is the primary investment mechanism of Vekllei foreign aid system, which uses export credits and low-interest bureau loans to build infrastructure overseas. It is among the most influential export banks in the world, and contributed to the Pan-African Railway and Hundred Dams projects as part of Vekllei’s ongoing Trade Democracy economic scheme.
- Veletian Development Bank: A policy bank designed to organise and allocate funding for large-scale political projects, particularly in infrastructure. The Development Bank works as the engine of the Commonwealth’s policies, funded mostly with White Bonds issued internationally and labour-guaranteed certificates (a type of Blue Bond). It also creates loan arrangements, evaluates, and underwrites national government projects.
- Commonwealth Commercial Bank: The commercial infrastructure lending bank of small and medium enterprises and their workers. Its primary function is as a broker in order to facilitate the economic development of private business in Vekllei.
- Commonwealth Industrial Bank: The industrial lending bank of industrial bureaus. Similar to its commercial sibling, it facilitates economic activity of bureaus and private industry primarily through asset management and brokerage with industry and government.