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The way financial institutions emerged in Hungary was just the inverse of the one followed in Western Europe. In Western Europe capital intensive banks developed first and savings banks rendering services to people with more modest financial means appeared later. In the second half of the 19th century a new bank type (Credit mobilier) was created, which combined the commercial and development banking activities. In Hungary the first financial institution got established in 1842 as a company limited by shares, and the banks founded subsequent to 1867 fashioned their business policies in this vein. In Vas county, situated in West-Transdanubia, and in its countyseat, Szombathely, capital accumulation strengthened by leaps and bounds after a difficult start and the emergence of financial institutions was largely supported by the enactment of the Commercial Code in 1875. In the first business year following the crisis of 1873 already 16 banks and savings banks operated in Vas county, with the number of financial institutions reaching 27 by the turn of the century. Between 1874 and 1899 their number increased to almost two and a half times this figure, and in settlements with populations between one thousand and three thousand people two, in larger settlements three, and in the county seat five new financial institutions had been founded by the turn of the century. The increase in the initial capital saw a nearly eleven times increase, the balance sheet total expanded 6.3 times and the total cash turnover of Vas county financial institutions amounted to 178,414,263 Austro-Hungarian Krones in 1899. Within the county’s territory microregional money markets evolved. No data have so far been found regarding the turnover undoubtedly realised between such microregions for the time being.

The Network of Financial Institutions and Capital Accumulation in Vas County in the Second Half of the 19th Century