State Loan Bank of the Russian Empire

The initial establishment of the Nobility Banks in 1754 was intended to protect the gentry from the depredations of usurers, and was part of a decision package that also included dispositions to punish usury.

[4]: 265  Even after the reform, however, the State Loan Bank kept being affected by favoritism to politically influential aristocrats whose repayment behavior was poor.

[6]: 382–383 The Russian institution of serfdom was integral to the business model of the State Loan Bank, in which the number of serfs gave a measure of the collateral value of land.

[7]: 65 In 1821, finance minister Dmitry Guryev proposed to abolish the State Loan Bank, arguing that it had failed its aims to support Russian agriculture and industry.

In May 1824, Cancrin decided to increase the State Loan Bank's capital so that it could expand its lending to the Russian landed gentry.