Bank Emisyjny w Polsce

Bank of Issue in Poland (Polish: Bank Emisyjny w Polsce, German: Emissionbank in Polen, also translated into English variously as the Bank of Issue, Issue Bank, Issuing Bank or Emitting Bank in Poland) was a bank created by the Germans in the General Government (Nazi occupied Poland) in 1940.

After the German invasion of Poland, the Reichsbank decided not to introduce German currency there, as it did not want to increase the money supply. Instead, it introduced a system of Reichskreditkassen (credit offices of the German Reich), which issued temporary bonds. This system, intended to be temporary from the beginning, was to be replaced by a new German controlled currency and central banks in occupied territories. In the meantime, various Polish banks and credit institutions were temporarily closed, while some of their assets were nationalized by the German government. Many people lost their savings. In particular, institutions with Jewish ownership were targeted, as well as Jewish customers. At the same time, German banks began opening their offices in the newly available territories. The plans for a complete takeover of the Polish financial system by the Germans was never finished before the war ended.

On 15 December Hans Frank, the governor of the General Government, passed a decree creating the Bank Emisyjny, which began operating in April. Bank Emisyjny was located in Kraków. It was the only institution in occupied Poland with the name Poland in its title.

It was headed by Polish economist, Feliks Młynarski. His German supervisor, and representative of the Reichsbank, was Fritz Paersch.

Bank Emisyjny de facto replaced the independent central bank of Poland, the Bank of Poland, which managed to evacuate most of its assets, including gold, and part of the mint, before the invasion. Officially, however, the Bank of Poland still existed, as the Germans unsuccessfully tried to use it on the international scene to regain the assets evacuated and under the control of the Polish government in exile.

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