Österreichische Postsparkasse: From Humble Beginnings to Iconic Landmark

The Österreichische Postsparkasse, or Post Office Savings Bank, has a fascinating history that spans over a century. It was founded in 1904, with the goal of providing a safe and accessible place for people to save their money.

The bank's early years were marked by a strong focus on community development and financial inclusion. It quickly gained popularity among the general public, with over 100,000 customers signing up within the first year of operation.

One of the bank's earliest successes was the introduction of a unique savings plan that allowed customers to save a small amount of money each month, with the option to withdraw it at any time. This innovative approach made saving more accessible to people of all income levels.

By the 1920s, the Österreichische Postsparkasse had become a major financial institution in Austria, with a network of branches across the country.

The Österreichische Postsparkasse has a rich history that dates back to 1883. Georg Coch, an Austrian from Hessen, founded the institution, which was inspired by the English "Post Office Savings Bank" established in 1861.

The Postsparkassengesetz of 28 May 1882 provided the legal basis for the Postsparkasse's creation. This law allowed the institution to offer a new way for small savers to deposit their money in a state-owned bank.

The Postsparkasse's first day of operation was 12 January 1883, marking the beginning of a new era in Austrian savings history.

The Postsparkasse was founded in 1883 by Georg Coch, an Austrian from Hessen who was inspired by the English model of the Post Office Savings Bank.

Coch's vision was to provide a way for small savers to deposit their money in a state-owned bank, creating new revenue streams for the state.

The Postsparkassengesetz, or Post Savings Bank Act, was passed on May 28, 1882, providing the legal foundation for the institution.

By 1884, the Postsparkasse already had 430,000 depositors.

Over 200,000 of these depositors were children, students, and young people who had opened small savings accounts.

The large number of small depositors led to significant administrative costs, which the Postsparkasse struggled to cover.

On the other hand, the introduction of check transactions proved highly profitable, as it attracted more affluent customers.

The Zweite Republik, or Second Republic, was a period of significant change for the Postsparkasse. In 1945, the institution resumed its operations on April 26th, with Dr. Hoffmann at the helm. The Zahlungsdienst, or payment service, was also reinstated on July 5th of the same year.

The aftermath of World War II presented numerous challenges, including the need to manage Schilling and restricted Reichsmark accounts, which significantly increased the workload. The number of employees rose to around 2,500.

By February 1946, the Postsparkasse had implemented a cashless payment system, using Erlagscheine, and was also able to resume postal check services across the entire country. This was made possible with the approval of the occupying powers.

The Nostrifizierungsaktion, or no-sterilization action, was undertaken in 1949 to separate and process non-Austrian savings accounts. Despite facing difficulties, the Postsparkasse managed to stabilize its finances and even achieve a remarkable annual profit of 15% of its total revenue by the 1950s.

However, the rise of the credit sector and the emergence of commercial banks began to erode the Postsparkasse's market share and monopoly on payment services. As a result, the number of postal check accounts stagnated between the mid-1950s and late 1960s.

The architecture of the Österreichische Postsparkasse is a remarkable blend of functionality and aesthetics. The building's facade is covered in quadratischen Marmortäfelchen and Aluminiumapplikationen, which are reminiscent of a safe.

The use of Aluminiumapplikationen was a deliberate choice by the architect Otto Wagner, who highly valued the material. He even used it for decorative elements inside and outside the building, such as the Portikussäulen and the Gebläse of the Zentralheizung.

The Postsparkasse's interior is characterized by a well-planned layout with non-tragende Zwischenwänden, which is still a standard feature in modern office buildings today.

The Postsparkasse building in Vienna has a rich history that dates back to 1904. It was built in the Stahlbetonbauweise, a type of steel concrete construction, according to plans by Otto Wagner.

The building was erected on the Georg-Coch-Platz 2 in the Ringstraßenzone and was officially opened on December 17, 1906. It was a significant development in the area, which was once home to the Franz-Joseph-Kaserne, a military barracks.

The building was designed to be a central hub in the Stubenviertel, a neighborhood that was planned to be built around the Ringstraße. It's amazing to think about how the city's layout has changed over time.

The building has undergone several expansions and renovations, including a major one from 1910 to 1912, which added a new kassenraum for the Effektenverkehr.

The Postsparkasse building is an iconic example of early 20th-century architecture. It was built between 1904 and 1906 according to plans by Otto Wagner.

The building's facade is made up of quadratischen Marmortäfelchen and Aluminiumapplikationen, which give it a unique and eye-catching appearance. The Marmortäfelchen are held in place by ornamental nails that add to the building's aesthetic appeal.

The architect, Otto Wagner, was a big fan of Aluminium and used it not only for the nails but also for other decorative elements throughout the building. He was particularly fond of the material because of its industrial applications and modern feel.

The building's interior is just as impressive, with a quadratischen Hof in the center that features a doppelte Glasdach. The Glasdach allows natural light to pour in and illuminates the Kassensaal below. The Kassensaal itself has a gewölbt underbelly and a Fußboden made of Glaskacheln that allows light to filter down to the Postfach- and Postsortierräume.

The vestibule of the building is home to a Büste of Franz Joseph I by Richard Luksch. The 4,3 m high Eckfiguren on the Attika were created by Othmar Schimkowitz using Aluminiumguss. The Glasfenster in the building are a work of art in themselves, with some of them designed by Leopold Forstner.

The Postsparkasse building's architecture is a perfect blend of functionality and aesthetics. The use of Aluminium and other materials may seem modern for its time, but it's a testament to the innovative spirit of the architect and the era.

The Österreichische Postsparkasse has a rich history of hosting various events that cater to different interests.

The first event to be mentioned is the Sparkasse's annual Christmas market, which has been a Vienna institution since 1906.

This festive event features traditional Austrian food, drinks, and handmade crafts, making it a must-visit destination during the holiday season.

The Zwischenkriegszeit period was a challenging time for the Postsparkasse. The Sparkonten were divided among the successor states after the collapse of the Donaumonarchie.

Hyperinflation in Austria wiped out the real value of pre-war bonds, making it easy to cover debts. However, the real issue was the massive flight of funds from the Sparkonten, which declined in value both monthly and weekly.

The Postsparkasse tried to make up for losses through speculative investments, but these failed miserably. One such investment was made by Siegfried Bosel, a speculator, which also ended in disaster.

The Postsparkasse attempted to recover losses by speculating against the French franc, but this too ended in failure. The resulting losses were initially hidden, but by 1926, the damage was estimated at 160 million Schilling and could no longer be kept secret.

The Postsparkasse was eventually forced to undergo a legislative cleanup, which included increased oversight, but unfortunately, the agency's close ties to politics remained.

In 1903, a significant architectural competition was held for the new building, and Otto Wagner was one of the prize winners.

This competition was a pivotal moment in the building's history, showcasing the talents of renowned architects like Otto Wagner.