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 Money can be withdrawn by given 3 days notice of withdrawal.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
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)