Bank of Westeros?

[The Crowned Griffin]

So everyone knows of the Iron Bank of Braavos and if I recall correctly, no other banks have been mentioned. This makes me wonder why there are no banks in Westeros. There surely is enough wealth, I imagine the combined GDP of Westeros is higher than Braavos. I don't think stability is a reasonable excuse for why there are no banks - before Roberts Rebellion there was a stable enough period for a bank to be created in my opinion.

Perhaps there would not be enough demand for loans/ability to store money? Any other ideas?

[AzureOwl]

It is mentioned that each of the Free Cities have their own banks, but none is a big and powerful as the Iron Bank.

[The Crowned Griffin]

That probably makes it even stranger why there is no bank in Westeros

[ab aeterno]

That probably makes it even stranger why there is no bank in Westeros

In RL national banks were generally established in order to fund wars, and they were largely introduced after the end of the Feudal System. The Bank of England, for example, was established in 1694. Their purpose is to make more money available to the central government in order to raise and fund professional armies. In a Feudal System, each lord, etc. is responsible for raising and sustaining his own soldiers and the armies are generally militia based. Because the king generally doesn't need to directly fund the army (the lords are responsible for providing and furnishing the troops, there is limited utility in a national bank.

The Free Cities, lacking a feudal structure and requiring heavy use of mercenaries or professional soldiers all benefit from a national bank far more than Westeros would.

[Ser Lepus]

That probably makes it even stranger why there is no bank in Westeros

A national bank only works if the king understands that it is in the kingdom's best interest to give the institution some authonomy. A westerosi king would treat the bank as his own wallet, taking all the money when he needed it, and would feel surprised when people refused to make use of the bank.

Just think of Cersei: The Iron Bank refuses to do as she wishes, demand their loan's interests to be paid and she thinks "I should create my own bank that does as I say".

The first french national bank, for example, was the Banque Générale, created by John Law, but he managed it as a pyramidal scheme focused on raising funds for the crown, provoked the Mississipi Bubble and ruined the french economy.

France only had a true national bank since 1800 (created by Napoleon). Before that the banking sistem was dominated by swiss protestant families, and before that, by italian bankers, and even before that, by jew moneylenders.

[bloody_mummer]

Couple of points.

1. Practically speaking, the Iron Throne treasury is the "bank" of Westeros (albeit an insolvent one). To the extent there are gold deposits located across Westeros, each "warden" of the territory pressumably mines/collects/mints and gives away to secure his position of power.

2. There is no need for a bank (an institution that safeguards and loans money) in an economy primarily based on the mutual exchange of services, land, and titles. "Coin" is just a medium to value and exchange wealth. In westeros, land and castles are the primary "wealth" of the country. In contrast, bravos requires a bank because their entire economy is founded on trading amoungst a diverse population...so their needs to be a common medium of exchange. Also, given that the eocnomy is based on shipping, one would need land-based institution in which to deposit one's wealth, as carrying everything you own on a ship is quite risky.