{{short description|East German central bank}} {{more citations needed|date=January 2024}} [[File:Berlin, Mitte, Behrenstraße, Bebelplatz, Gebäude der Dresdner Bank.jpg|thumb|Former head office of Dresdner Bank in Berlin, the seat of the Deutsche Notenbank]] The '''Deutsche Notenbank''' ({{lit|German Bank of Issue}}) was a central bank established in 1948 to serve East Germany. It was replaced on {{date|1968/01/01}} by the Staatsbank der DDR.
==Overview==
In the immediate aftermath of German defeat in 1945, the Reichsbank was placed under joint Allied custodianship pending its liquidation.<ref name=Adler>{{citation |url=https://www.jstor.org/stable/1882258 |title=The Post-War Reorganization of the German Banking System |author=Hans A. Adler |journal=Quarterly Journal of Economics |issue=3 |date=August 1949 |volume=63 |pages=322–341 |publisher=Oxford University Press |doi=10.2307/1882258 |jstor=1882258 }}</ref>{{rp|322}} in the Soviet occupation zone, entities dubbed {{lang|de|Emissions- und Girobanken}} were established in May 1947 in each of the zone's five Provinces, namely in Potsdam for Brandenburg, Rostock for Mecklenburg, Dresden for Saxony, Halle for Saxony-Anhalt, and Erfurt for Thuringia. Each of these was fully owned and controlled by the respective provincial authorities.{{R|Adler|p=335}}
In 1947, newly appointed U.S. Military Governor Lucius D. Clay fostered the creation of a German central bank. An agreement on that concept was reached among the three Western occupying forces on {{date|1947/10/30}}, resulting in the establishment on {{date|1948/03/01}} of the Bank deutscher Länder.{{R|Adler|p=330-331}} On {{date|1948/05/21}}, the Soviet occupation authorities replied by establishing a {{lang|de|Deutsche Emissions- und Girobank}} in Potsdam, which was renamed the Deutsche Notenbank in July. It soon relocated to East Berlin.{{R|Adler|p=336}}
In line with Soviet doctrine, the Deutsche Notenbank was part of a single-tier banking system in which the central bank had equal status in credit allocation as the other existing banks, including the state banks that had been established in 1946 in each of the occupation zone's five provinces.{{R|Adler|p=333}} The early GDR banking system also included a savings bank, a cooperative bank, the Soviet military-linked {{lang|de|Garantie- und Kreditbank}},{{R|Adler|p=334}} and the {{lang|de|Berliner Stadtkontor}}.<ref>{{cite web |website=Deutsche Bundesbank |title=50 Jahre Landeszentralbank in Berlin und Brandenburg 1949 - 1999 |url=https://www.bundesbank.de/de/publikationen/bundesbank/50-jahre-landeszentralbank-in-berlin-und-brandenburg-1949-1999-605250}}</ref>
==Presidents== Greta Kuckhoff, a figure of the German resistance to Nazism, was the President of the Deutsche Notenbank from 1950 to 1958.{{citation needed|date=January 2024}} * {{ill|Willy Huhn|de|Willy Huhn (Notenbankpräsident)}} (1948–1950) * Greta Kuckhoff (1950–1958) * {{ill|Martin Schmidt (economist){{!}}Martin Schmidt|de|Martin Schmidt (Ökonom)}} (1958–1961) * {{ill|Rolf Wetzel|de}} (1961–1964) * {{ill|Helmut Dietrich|de|Helmut Dietrich (Politiker)}} (1964–1967) * Margarete Wittkowski (1967)
==See also== {{Portal|Banks}} * German mark * Bank deutscher Länder * List of banks in Germany
==Notes== {{reflist}}
Category:Former central banks and banks of issue Category:Banks established in 1948 Category:1948 establishments in Germany Category:1967 disestablishments in East Germany Category:German companies established in 1948 Category:Defunct banks of Germany
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