Central Executive Committee
Decree on Nationalization of Banks

Written: December 14/27, 1917
First Published: Sobranie Uzakonenii i Rasporiazhenii Rabochego i Krestianskogo Pravitelstva, 1917, No. 5, pp. 73-74.
Source: James Bunyan and H.H. Fisher, The Bolshevik revolution, 1917-1918: Documents and materials, Stanford University Press; London: H. Milford, Oxford University Press, 1934, p. 323.
Translated: Emanuel Aronsberg
Transcription/Markup: Zdravko Saveski
Online Version: marxists.org 2017

In the interests of a proper organization of the national economy, a thorough eradication of bank speculation and a complete emancipation of the toiling masses from exploitation by the banking capitalists, and in order to found a single unified State Bank for the Russian Republic which shall serve the interests of the people and the poorest classes, the Central Executive Committee decrees that:

1. Banking is hereby declared a state monopoly.

2. All existing private joint-stock banks and other banking houses are to become a part of the State Bank.

3. Assets and liabilities of establishments in the process of liquidation will be assumed by the State Bank.

4. The manner of the amalgamation of private banks with the State Bank will be determined by a special decree.

5. The temporary management of private banks is intrusted to the Council of the State Bank.

6. The interests of small depositors will be fully protected.