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Bank of St.Charlie
|Bank of St.Charlie|
|Traded in||Atlantis Stock Exchange|
|Founded||7 January 2009|
|Key people||Athlon Strauss|
|Headquarters||Revolution Square 2, Branson, New Branson|
|Website:||Bank of St.Charlie|
The Bank of St.Charlie is the oldest financial institution in the Federal Republic of St.Charlie; its unofficial establishment dating back to December 2008. It is the first micronational bank to feature an online electronic banking system and is at the core of St.Charlie's virtual economy, again a micronational first in terms of scope and ambition.
Alexander Reinhardt unofficially created the bank in late 2008 with the role of printing Pianeta, but it wasn't until January 2009 that Secretary of the Treasury Heinrich Schneider officially founded the bank.
In 2009, the bank functioned as the Republic's central bank under the name "Federal Reserve of St.Charlie" and with its headquarters in Staveley Palace, London. Heinrich Schneider was made Governor and personally overlooked the Caveau, which contained the republic's reserves of Pianeta and British pounds. Following Athlon Strauss's nomination to Secretary, the bank was made into a commercial institution, although it maintained its status as a central bank until the Schneider Ministerial Reform of October 2010.
Strauss personally conducted much of the work necessary to create the first micronational virtual banking system and announced the end of beta phase in May 2010. However, because of debate within the government in regards to the "abandoning" of the "real" economy in favour of a virtual based one, the bank was left in the limbo for most of the summer. At the Expo, it was decided to make the bank play a central role in the virtualization of the economy, and it was expected to be privatised in 2011. The bank was actually privatised in 2013, and Strauss became the CEO. The bank's managing board was also given the task of creating the first ever micronational virtual stock market system.