Bank of Ebenthal

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Bank of Ebenthal
Bank of Ebenthal Logo2.png
Headquarters Gillisburgh
Established 11 August 2014
President Armando, Baron of Roches
Central bank of  Ebenthal
Currency Conferential Doubloon
Formely
Galleon
Exchange rate 1 pyrite gram = R$0,0082 BRL = Δ1 CSD


The Bank of Ebenthal (Portuguese: Banco de Ebenthal) is the central, commercial and only state bank of the Kingdom of Ebenthal. Under the Ministry of Finance's guidance, the Bank of Ebenthal is the primary holder of the micronation's financial assets. Its Mint Department serves as primary printer and mint to the Conferential Doubloon banknotes and coins.

History

The Bank of Ebenthal was founded by High King Arthur I of Ebenthal in 11 August 2014, being the only state company to be founded altogether with the nation. By founding the bank, the sovereign intended to have the country's finances administrated through it, but initially the bank had no much development as the Ministry of Finances took the financial administratios personally and the bank was relegated mainly to nominal jobs such as administrate the virtually inexistent national currency, the Ebenthali Galleon.

It was not until 2017 that the bank assumed actual functions. It created a chart system of bank accounts, managing the country's nominal salaries, titles and properties. In 19 November that year the Mint Department was founded and The Marquis of Brandão, then Ministry of Finances, charged that department of the responsabilities to manage the needed value passed on by the minsitry to had physical coins and banknotes minted and printed.

On 2 August 2020 the Bank of Ebenthal ceased all business dealt with Ebenthali Galleon as the currency was abbandoned by the government who adopted the Conferential Doubloon as its official currency. All net worths and salaries in Galleons were converted to Doubloons.

Mint Department

The Mint Department was founded in 19 November 2017 under the presidency of the Count of Three Marys with the responsability to have physical currency printed and minted. Twice, the Ministry of Finances passed on pre-determined amounts of money in Brazilian Reais for the department in order to have Galleons printed and minted and distributed for the account owners at the bank as titles of public debt.

As of 2020 the Mint Department is still responsible for the coinage of the Ebenthali currency, the Conferential Doubloon, in values with shall be determined by the Conference of Santiago Financial Authority.

Reserves

Ebenthal's official reserve, the Royal Ebenthali Treasure, is kept by the Bank of Ebenthal and directly administrated by the Ministry of Finances. The value is stored in the form of Brazilian Reais and are available to be converted into Doubloon through the pyrite standart in case of the need to issue more money.

The bank is also responsible for store and redistribute the contributions paid by the Ebenthali citizens at the government's command.

See also