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You are reading an article written by a citizen of eRepublik, an immersive multiplayer strategy game based on real life countries. Create your own character and help your country achieve its glory while establishing yourself as a war hero, renowned publisher or finance guru.

1st Commercial News

Day 31, 00:00 • Published in United Kingdom

• by 1st Commercial Bank

Today, Day 31, sees the launch of the UK and World's first commercial bank - creatively called "1st Commercial Bank"

No longer will citizens have to donate money for no return. No longer will citizens have to sit with money in their account not earning them any money. No longer will budding entrepreneurs have to sit around and not be able

If you are a UK citizen and have Gold that you don't want to spend right now, save it in the 1st Commercial Bank and you will receive a weekly interest rate of 1% (67.7% APR). Money can be withdrawn by given 3 days notice of withdrawal.

So if you save 10 Gold you will earn 0.1G every week that can either be paid into your account or kept to receive cumulative interest.

Loans will begin at a typical weekly interest rate of 2% per week (280%APR). Repayment terms will depend on the purpose of the loan.

Any alteration to rates will be published here, so make sure you subscribe if you are a customer of the bank.

To open an account send a PM to the bank upon which you will be sent further instructions and have to sign up to a customer contract which will be published here: http://www.erepublik.com/forum-topic-763.html

Yours Truly,

Kaleb
Chairman of the 1st Commercial Bank

(nb, on a practical note I will be keeping a spreadsheet to calculate people's savings and interest accrued. any applications to borrow money will be stringently vetted. Criteria will be published shortly. This is also a (risky) commercial venture with which I hope to make a small profit. Futhermore - if you want to try the same in your own country you will need permission to try this out from the admins. PM me as well if you want tips on how to do it)

Comments

Korbin King Day 31, 07:16

Good luck! 🙂

Nomaki Day 31, 11:00

I was worried at first as to the legitimacy and reliability of said venture, then saw "Yours truly, Kaleb"; and suddenly it's all awesome 😛

It's a pretty risky idea, yeah, but you're doing what our government SHOULD be doing for us, so you have my support!

Nomaki Day 31, 11:01

Also, might you be doing the same for local GBP in the near future?

As an employee with no invites left (The ones I invited never responded :/) I have no gold, but a fair amount of the ol' Queen's currency at hand!

Draconem Day 31, 11:31

yes good luck kaleb you will need !

By the way the admin say about this?

Kaleb Day 31, 19:50

@Nomaki. yeah it is a risk but that's why I think I'll deserve any reward I may get as I could also lose a lot! I do hope to allow saving for GBP but you can convert your £££ into Gold and save it. please spread the word in your newspaper too 🙂

Kaleb Day 31, 19:51

@ Draconem - I've started a thread about that here: http://www.erepublik.com/forum-topic-1038.html

Nelsaidi Day 31, 22:15

When will i get a 10 gold investmant?

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