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Post by zurajai on Aug 16, 2017 20:43:55 GMT
With the official foundation of the Auric Bank of Mog Bhelnom the first step of Kharok's plan to create a new age for the North was underway. Under the leadership of Auric Banker Berak Ihsan Ataman the Auric bank was opened to all those who traded with the United Kingdoms. The bank, though new, already boasted a considerable amount of gold donated to it by the initial two partners in its foundation. Its purpose would be to hand out loans and investments into Northern nations to allow for economic growth to eventually allow for a financially competitive North in comparison to the Southern nations. To meet this goal the Auric Bank officially opened its doors to foreign emissaries and merchants with the possibility of receiving loans from the Auric Bank and with the potential foundation of Chapter-Branches in foreign countries. Though still newly minted high hopes were placed on the Auric Bank in the years to come with gates swung open to meet the future.
SUMMARY
-- Any nation in contact with the United Kingdoms or the Ikegami Clan (and any other nation hosting a Chapter-Branch) may post in this thread to request a loan, an investment, or Chapter-Branch rights. In addition, further requests may be made if they do not fit the aforementioned options.
-- Benefits of membership include better deals with Auric Bank (higher caps on gold investments as well as lower interest payments) as well as potential bonuses that may be introduced later.
-- Chapter-Branches will have voting power to sway decisions regarding the bank.
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Post by Tylonius on Aug 17, 2017 4:49:13 GMT
It was a long journey from Kalmar to Mog Bhelnom, and this was one of the first parties to undertake the trek from west to east, instead of east to west. But the party of Artisans and Warriors had been given their task, and they were going to carry it out. The plans for the Bank of the North had been given to Kalmar several months ago, when a party of messengers had arrived in Pagahara to inform Harcur Yuron of the completion of his father's dream. The young prince had quickly informed his hosts of the development, and the Congress of Guilds had convened to discuss their options.
Within a few days, they had presented their plans to Antal Kalmar, and representatives of the Guilds of Bankers and Traders had been selected to lead the mission soon after the New Years celebrations were over. Not even the sudden and incredibly tragic death of the Eternal Seeker could stop the party, who had set out at the appointed date despite the looks of mourning and stunned disbelief they still carried. But Antal had given them a mission, and they would carry it out.
Eventually the party came to the new Bank, and made their case before Berak Ihsan Ataman. The Kalmar Ecclisiocracy wished the right to host a Chapter-Branch in their nation, and to become a partner in their new enterprise. In exchange, Kalmar would offer their experience in the Western markets to the northern Nations involved, and would buy into the bank to an agreed upon fee.
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Post by zurajai on Aug 17, 2017 5:01:57 GMT
"Ah!" called the gregarious voice of the Auric Banker, his well-groomed beard bouncing in excitement, "My esteemed peers from Kalmar! It is an honor to make your acquaintance. I do hope I have no kept you long. May I say, you have my deepest condolences for the loss of your most wise Ancient; I am sure that many in the United Kingdoms would have given their lives to meet him and can assure you the world is darker for his absence even so far away as here in Mog Bhelnom."
"But, as I understand, this endeavor was his latest command and as such I would not have it tarried by anything. So, as such, I have reviewed your petition and must say it is quite the gilded offer! An investment into the Bank's Coffers will go a very long way and that hardly even begins to account for the experience you must have in the Western markets. The Auric Bank gladly accepts your petition for the foundation of an official Chapter-Branch! As for your nation's contribution, I would not see twenty thousand jiien or its equivalent in value would be unreasonable. If that is agreeable we can sign the documents and begin work immediately. Gentlemen?"
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Post by talis on Aug 26, 2017 23:51:05 GMT
Jorik Willowise, Elder of House Willowise and one of the premier bankers of the Orclands, had been selected by High Chief Artog to investigate the new "Auric Bank" - an institution which simultaneously excited and terrified the young chief. Jorik was not prone to such excesses of emotion. All would be resolved in good time, the wizened old orc would see to it. His arrival was meticulously planned, a messenger having alerted the bank to his appointment weeks in advance. The caravan out made good time, and Jorik had the opportunity to make a few profitable transactions before arriving at the new building in time for his meeting.
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Post by zurajai on Aug 27, 2017 2:53:36 GMT
Jorik was met with a number of functionaries upon his arrival, directing him to the Auric Bank and the facilities held therein to house diplomats and foreign merchants who'd come to the city for discourse with the bank. After allowing him to settle into his quarters and a brief moment to collect anything he might need an aid came to bring him directly to the Auric Banker's office. Berak Ihsan Ataman was standing in wait for the arrival of his counterpart, having been prepared for the upcoming appointment ever since the orcish banker had entered the city. As he entered the Gurhim dwarf bowed low, his beard tucked and beaded to keep it from flopping about and touching the ground. He rose with a smile, offering a hand to the greenskin.
"Ah! You must be Jorik Willowise, my esteemed counterpart; please, do come in and make yourself at home," the dwarf said gregariously, offering a rather comfortable looking chair to the orc while walking over to a side table bedecked with a number of glass bottles and decanters. He plucked up a bottle the size of his head and lifted it, eyeballing it for a moment before cracking the seal and pouring two glasses.
"Now, if I might be so bold to offer you a drink. This, as I am told, is one of the finest meads found in Orcland; from what I understand, the meadery is situated somewhere near the Firetooth border with the Ironspears. I hope you find it to your liking, as I myself haven't had the pleasure of drinking mead. I shall consider it a great honor if you will enjoy this first glass with me."
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Post by talis on Aug 27, 2017 3:49:27 GMT
"I will indulge in a glass for the sake of your company, but let us share the rest of the bottle to celebrate our work afterwards." Willowise replied, lifting the drink in a toast before drinking. Unlike many of his peers he tended to avoid alcohol when working, although he had nothing against sharing a drink with friends or partners. "Now, I must tell you, Chief Artog truly does not know what to make of your bank. He sees great opportunity here to expand trade and wealth in the north, but there is also significant concern about the potential partiality of the Guild. After all, the Ikegami and United Kingdom supplied almost all of the starting funds, and most of the guild's current employees are Kingdom citizens. I'm afraid that before any kind of agreement is reached we must have more confidence in how the Guild makes its decisions."
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Post by zurajai on Aug 27, 2017 4:05:36 GMT
"Now that is a wise consideration to make," commented Berak, nodding slowly while swirling the mead in his glass, "And one I know I would make if I were in such a position. I myself worked with His Valiance during the planning and construction of the bank and was lucky enough to receive some enlightenment on his goals. The Naryur was greatly affected by his pilgrimage to Messara; it seems he connected a great deal with the South. He mused to me once that he wished to create a North that could rival the South in all things, perhaps save matters of Faith; this is one such ideal. Though his friendship with New Byrnis is strong, he wishes to take the southern hegemony held by Byrnia and move it to the North.
In that regard, I believe he has the best interest of all Northern nations in mind. The funding itself is stored in the bank with the intention of investing in and supporting the growth of Northern nations; Almuria shall, unless hard pressed, not be applying for loans or investments from the Auric Bank. Each Chapter-Branch, in addition, will have a high level of say within the Bank regarding potential loans and investments; the decisions will be, in the end, in the hands of the Auric Bankers like myself. Perhaps you'll find, in the case that your nation does see fit to apply for a bank, that you yourself will be the Auric Banker for your Chapter-Branch. I hope this is enough to assuage at least a little of your Chief's doubts."
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Post by talis on Aug 27, 2017 4:14:49 GMT
"Perhaps, but it is rather vague." Willowise pointed out. "Please, if you are able, could you explain to me the inner workings and decision-making process of this bank? Where the bank's money comes from, how officials are appointed to their positions, what sort of vetting process is used, what sort of procedures are followed when a loan is applied for, and so on."
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Post by zurajai on Aug 27, 2017 4:47:46 GMT
"Vague intentionally, my compatriot. By the nature of this institution and the new frontier that has been opened by its founding, I have been seated with a considerable amount of freedom in its design. My Sultan has, in his wisdom, delegated such important decisions to those with the most experience and knowledge regarding the subject. As of now, bankers from the Ikegami Clan and the newly joined Kalmar Ecclesiocracy have already begun work with myself and my subordinates in devising the answers to your questions. If the Firetooth and all of Orcland were to join a great deal of authority within the bank would fall to them.
As it stands I have my ideas. Each Chapter-Branch will have an Auric Banker, like myself, who will be in charge of assembling and directing the growth of their banks in their home countries. The Bank's money will initially, as they have up until now, come from donations from members. The Kalmari, for instance, offered twenty thousand jiien as a buy in into the bank; though this is not necessary, it swelled the banks funds and was greatly appreciated. As investments and loans are offered, they will become one of the primary return funds. Officials are, at the moment, appointed by myself. Within each Chapter-Branch, they will be appointed by local leadership. A board will be formed of the Auric Bankers from each branch, or their chosen representatives, to decide on matters pertaining to the bank as a whole.
A loan will be applied for to their local or closest Banks. The Bank authorities will look through the application and consider the likelihood of repayment through a number of means, as I'm sure you're aware. In addition, potential investments can be discussed and then offered to nations whom the Bank views as potential sites of financial growth. The exact requirements would be dealt with on a case by case basis."
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Post by talis on Aug 27, 2017 5:44:38 GMT
"I see." Willowise stroked his beard. It made him look sagelike and intelligent, which was useful. "Do branch banks have set jurisdictions, or could a potential applicant attempt to visit multiple banks until one accepts his request? Where do the branch banks acquire their funding? Do they receive it from the parent bank, and in that case are there any limits or restrictions on their offers? Most importantly." He rested his arm on the table. "What ties these branch banks together, keeping the Auric bank a single unit instead of multiple, smaller banks with a similar name?"
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Post by zurajai on Aug 27, 2017 5:56:54 GMT
"Now that is the meat of the matter, my friend. Each of the Chapter-Branches will share the funds of the primary bank here in Mog Bhelnom; the finest vaults in the world were commissioned for this exact purpose. A Chapter-Branch can apply for a monetary sum as their budget, if you will, for investments and loans.
To provide an example, say that the Ikegami Bank put in for a request twenty thousand ury- jien. They would be expected to, by the end of the allotted time as determined by the initial request, find recipients and clients that would, in total, receive and thus owe back to the back that initial budget. The return sum would then be funneled back into the core bank with a fee removed for the local branch to be spent on whatever they saw fit. In this way we would make sure the banks were working in unison for a common goal. In regards to your question of jurisdiction, the same applies. The individual client could apply for a loan from each bank as they saw fit; the only issue would come when they applied for more than an individual bank had available at the time. Then it would become a matter for the board to decide upon."
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Post by talis on Aug 27, 2017 5:59:18 GMT
"And this board... Do all members vote equally? And it consists of one vote from each member bank?"
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Post by zurajai on Aug 27, 2017 6:05:06 GMT
"For now, and until such a time that the Chapter-Branches are confirmed to not simply be a means for countries to take advantage of the members who have earnestly funded the project, those who buy into the bank will have greater say. This has already been an experiment shown to be viable in businesses in Mog Bhelnom and the rest of the world and seemed apt; in order to be an equal partner in this enterprise one must be willing to at least participate in supporting it. It is important to note that our current funds are sitting at one hundred and sixty thousand jiien. This is, of course, no small fortune and represents an entire two seasons worth of production in Almuria.
Now, it should be said that there is no expectation for all member countries to match the United Kingdoms in this; Kalmar offered twenty thousand and that was viewed as an ample and respectful sum that sees them seated on the board. It does not matter the might of a nation's economy, only that they are legitimately interested in this project and will support its continued growth and success."
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Post by talis on Aug 27, 2017 6:25:01 GMT
"Well then, what of this currency I hear so much about." Willowise eyed his dwarven counterpart. "I've heard much about your ambition to create a now 'Northern' currency divorced from the influence of the southern Jien. Surely there are some serious concerns there. It could be seen as infringing on the sovereign rights of the local powers to mint their own coin, and a threat to their economies. Not to mention the problems of debasement, forgery and reserves."
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Post by zurajai on Aug 27, 2017 17:46:21 GMT
"Ah yes, the Uryen." The dwarf stood from his chair across from the orc and strode over to a nearby locked case. Procuring the key from his belt, he unlocked the case and pulled forth a satchel that he lifted unto the tabletop to present the current work to his peer.
"The Uryen, as it has come to be affectionately coined, pardon the pun, is the brainchild of My Sultan even moreso than the Bank. He has long been of the opinion that the use of the Jien as the primary coinage in the North is a travesty. It is, indeed, the symbol of the authority held by the False-Emperors. So long as it was the coinage of the North, he had once told me, the Khaitis "Emperor's" would still have a hold on our continent.
To answer some of your reasonable questions about the Uryen, I can say this. Now, on the infringement of sovereign rights, there is no intention to force Northern nations into using the Uryen; indeed, the idea is to have them voluntarily adopt the coinage as their currency used in trade with other nations as the jien is used now. In regards to the minting of such coins, nations with an Auric Bank Chapter-Branch would have the right to mint them as well as long as they met specific and very clear requirements for the quality of the currency. Now, it should be said that the Auric Bank is not required to use the Uryen; it is a dream of my master that it will become the currency of Northern trade but it is just as likely to simply become the currency of the United Kingdom and the Ikegami Clan alone. We are, after all, a bank."
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