Banking in PyeMcGowan
Banking in PyeMcGowan is lightly regulated by the BPM, Bank of PyeMcGowan, which derives its authority from the acts of Parliament. PyeMcGowan is famous for its banking secrecy laws, and areas where certain financial crimes are legal, namely Nova Marina, Wilhelmburg and Jeneva. The nation’s banking societies date back to when Argis was first settled in the early 1400s, when UBS was founded to invest in new settlements. The secrecy laws were implemented in the mid to late 18th century as the economy was expanding rapidly, and the Royal Banking Act of 1823 was implemented to encourage foreign investment to further expand the economy. Banks in PyeMcGowan do however follow laws, and punishments are decided on the size of corporations activities, most of these are results of tax avoidance, which has led many banks to set their primary location in low to no tax areas and Free Economic Zones.
History
Settlement
The banking sector first grew as European traders and settlers landed in PyeMcGowan. The native tribes of Ashwete and Dernete had a system of trading and banking called Senete Achumete. The tribes acted like normal nations, as they had class systems, capitalism, and farms. But unfortunately, a large majority of the natives were killed with disease and in conflict.
18th And 19th Centuries
As the PyeMcGowian economy was exploding, the banking sector did so too. Banks first began using the new stock exchanges in Charleston, Newbank, Levernestad and Dawson to buy shares in the large manufacturing companies that provided most goods during the century. They also invested much in smaller companies, to foster their own as PNC was dominating the industry field, and led by Sir Isambard Queendom Burnell the company became a monopoly.
20th Century
Pre-1930 Banking expanded faster than ever as the average PyeMcGowian became 20% richer than the late 1800s. And with this new wealth people deposited billions into the banking sector, and with improved infrastructure and international connections in both business and communications many were swimming in money, and one man Douglas Hampton actually did as he filled a pool outside his home with his own money, which ended up being destroyed in a storm.
In the 1930s, PyeMcGowan wasn’t hit as hard as it’s Europan counterparts, as news of the economic crashes made its way faster than the crash itself. The communication lines that had only just been set had saved companies billions of dollars, but still a lot was lost. Many small banks went out of business, whilst larger banks only lost on a smaller scale. But the closing of the small banks had a domino effect which led the third largest at the time Senior Bank to collapse.
A decade later in the 1940s the BPM set up its first Free Economic Zones in Levernestad one in the docks and one in the City Centre which caught the attention of the banks who moved their Headquarters There which was a lucky escape as in 1949 the communist revolution took place on the mainland, which caused the companies of the mainland to be dissolved. Following the occupation in 1959 ten years since the revolution, the democratic government took back control giving what was left of the companies to return to the mainland.
The war caused the economy to crash, but with international aid and the nation’s gold reserves which had been moved to the Leverne Islands the economy returned to its former glory in the late 60s. Through the digital revolution, PyeMcGowian Banks innovated the way that money is transferred by opening the first cashpoint in 1970, and with 1 for every branch in 1978. It took a while for PyeMcGowan’s markets to stabilise, but in 1992 the economy was stronger than it had ever been before.
21st Century
Today, PyeMcGowan’s banks are some of the largest in the world, having combined assets of over 4 billion Poggles. With operations across every inhabited continent, as well as NCBC’s plan to open a small branch of 1 person and an ATM in Antargis.
