During the 19th century the demand for credit from the business sector increased. During this period Sweden had acquired a well-developed banking system with around 30 private banks.
Skånes Enskilda Bank and Stockholms Enskilda Bank are two of the banks that were founded. In 1867 the Bank of the Estates of the Realm changed its name to Sveriges Riksbank.
Sveriges Riksbank became a central bank in the modern sense when it was granted a monopoly on issuing banknotes in the 1897 Riksbank Act. His Majesty the King had the right to appoint the Chairman of the board of directors, but Sveriges Riksbank was still an agency of the Riksdag.
Time axis
| 1820s |
The first savings banks in Sweden.
|
| 1824 |
Proclamation for private banks.
|
| 1831 |
Skånes Enskilda Bank is founded.
|
| 1830s |
Mortgage institutions are introduced.
|
| 1834 |
Currency reform. Silver standard.
|
| 1844 |
Oscar I succeeds Karl XIV Johan.
|
| 1855 |
Currency reform; in the new decimal
system; the riksdaler riksmynt (rmt)
is subdivided into 100 öre.
|
| 1856 |
A.O.Wallenberg founds Stockholms
Enskilda Bank.
|
| 1857 |
Commercial crisis after the boom
associated with the Crimean war.
|
| 1859 |
Karl XV succeeds Oscar I.
|
| 1861 |
General Mortgage Bank founded.
|
| 1863 |
Skandinaviska Kredit AB is established.
A.W. Björck becomes the Estates’
Bank’s delegate for internal administration
(the first governor in the
modern sense).
|
| 1864 |
The Bank of England starts to use its
discount rate as a monetary policy
instrument. Sweden’s interest rate
ceiling is abolished for most kinds
of loan.
|
| 1866 |
The Riksdag is replaced by a
bicameral parliament.
|
| 1867 |
The Bank of the Estates of the Realm
is renamed Sveriges Riksbank
(National Bank of Sweden).
|
| 1868 |
A.W. Dufwa is appointed ‘governor’
of the Riksbank.
|
| 1871 |
Stockholms Handelsbank is founded.
|
| 1872 |
Oscar II succeeds Karl XV
|
| 1873 |
Gold standard. Scandinavian monetary
union. New currency unit, krona.
|
| 1875 |
Norway joins the Scandinavian
monetary union.
|
| 1878–9 |
International financial crisis.
|
| 1883 |
Johan Wolter Arnberg is appointed
‘governor’ of the Riksbank.
|
| 1890 |
The Baring crisis. The Riksbank uses
its discount rate for the first time.
|
| 1897 |
The Riksbank Act institutes the Bank
as the central bank of Sweden with an
exclusive right to issue bank notes.
|
| 1901 |
Karl Langenskiöld is appointed first
delegate (governor) of the Riksbank.
|
| 1906 |
The Riksbank moves into its new
building on Helgeandsholmen.
|
| 1907 |
Gustav V succeeds Oscar II.
|
| 1907–8 |
Financial crisis.
|
| 1912 |
Victor Moll is appointed first delegate
(governor) of the Riksbank.
|
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