The State Bank Building

The State Bank Building in Nizhny Novgorod is the historic architectural complex of the Nizhny Novgorod branch of the State (Central) Bank of Russia, built in the retrospectivist style. An original structure that resembles at once a medieval castle and an Old Russian terem. A monument of federal significance.

Built in 1911—1913 to a design by V. A. Pokrovsky in honour of the 300th anniversary of the reign of the House of Romanov. The building is still used for its original purpose: it houses the Main Directorate of the Central Bank of the Russian Federation for the Nizhny Novgorod Region.

The address is: Bolshaya Pokrovskaya Street (formerly Sverdlov Street), 26, at the corner of Gruzinskaya Street.

Construction estimate: 565 376 roubles.

The essence of the matter

An outstanding monument of Neo-Russian architecture, intended to express the traditionalism of the Russian Empire's policy and to recall the historical legitimacy of the Romanov dynasty.

This building, the opening of which is being timed to coincide with the present jubilee year, is to serve as a majestic monument to the three hundredth anniversary of the reign of the House of Romanov, and with this in view it has been built in the Russian style of the era of the first tsars of the House of Romanov. The whole of the interior decoration — the furniture, the electrical fittings, the painting of the walls and ceilings and so forth, down to the smallest details — is likewise sustained in the Russian style. In general this building, by reason of its artistic quality and the wholeness of the impression it produces, together with its great size, must take one of the foremost places among the other buildings in the Russian style in the Empire

Minister of Finance V. N. Kokovtsov explains to the Minister of the Court, Count V. B. Fredericks, the significance of the State Bank building in Nizhny Novgorod

The decision to build a special building

On 17 May 1913, during a visit by "THE SOVEREIGN EMPEROR, THE SOVEREIGN EMPRESS and the whole August Family", the Nizhny Novgorod branch of the State Bank ceremonially "moved into" its splendid new building on Bolshaya Pokrovskaya. (Of course, it had actually "moved in" a little earlier, but the official opening took place precisely on 17 May in the presence of the imperial family.)

Many believe this building to have been a gift to the tsar from the Nizhny Novgorod merchants. The merchants, however, had nothing to do with financing the construction. The building was erected by the treasury itself. Polyansky was permitted to earn the money and direct it to the construction. Thanks to the talent and wisdom of Nikolai Pavlovich Polyansky, more than half of the funds were saved during the building work. Instead of three million, the construction cost one million roubles.

The decision to build the bank was taken in 1910. At that time the tsarist government already considered a world war to be inevitable and decided to move all valuables from the western border territories to the central part of Russia. As evidence I can cite the fact that, in practically the same year as our building, buildings were put up in Kazan and Samara.

The government was not mistaken in taking such measures. During the Civil War, in 1918, more than half of the country's gold reserve was held within the walls of our bank; this was where Kolchak's gold, about which many legends circulated, began. The following incident is recounted. When the gold was being delivered from the steamer to the Kazan bank, one crate went missing. Those handling the transport, however, attached no importance to this, since the value of each crate was recorded as one rouble. At that time there was a rule: a crate whose contents were unknown was always valued at one rouble, even though it might contain gold.

Regional preconditions for the opening

The Nizhny Novgorod region has always been a special one from the point of view of banking. Our city's banking system began precisely with the Fair, long before the State Bank was created.

In the second half of the 19th century there were two State Banks in Nizhny Novgorod: the first at the Fair, while the branch proper appeared somewhat later. The Fair was always a very important and moneyed enterprise. Although it lasted only two months a year, people earned enough at it to last until the next Fair. One interesting remark by Catherine II is known, uttered during her visit to Nizhny after the Fair had ended. She was asked: "Matushka, and how do you find our Nizhny Novgorod?" Catherine replied: "Set down in regal fashion, but appointed abominably." Indeed, the state of the city's internal arrangements after the Fair left much to be desired. Order was usually restored only before the following summer.

It is entirely logical that the principal cause which hastened the establishment and development of the banking system of Nizhny Novgorod was the "all-Russian marketplace", the Nizhny Novgorod Fair, famous throughout Russia.

On the day the financial institution opened at the Nizhny Novgorod Fair, 20 July 1820, the first 5,550 roubles were accepted into the till of the Banking Office for transfer to the Moscow office. The bank's income amounted to 0.25% of the sum transferred. Thus the Banking Office's first profit came to 13 roubles 75 kopecks. Can you imagine that these fourteen roubles less a quarter became the tiny point from which the whole vector of development of the banking system in Nizhny Novgorod set out?

In all, over the course of the 1820 Fair, 245 promissory notes to the value of 2 407 340 roubles 57 kopecks were accepted for discount. Transfer deposits to the value of 4 272 263 roubles 22 kopecks were accepted by the Office. The net profit of that first Fair amounted to 72 079 roubles 61 kopecks.

For what purpose was the State Bank created?

The charter of the first State Bank directed its institutions towards the solution of the most important economic tasks of the period, towards the formation of market capitalist relations. The following powers were therefore written into the bank's charter:

it regulates monetary and credit circulation;
it fosters the revival of commercial and industrial turnover;
it ensures the strengthening of the monetary and credit system;
the State Bank is obliged to influence the lowering of the discount and lending rate, to prevent the squandering of capital, to be a bulwark against crisis, and to supply banks with funds sufficient, in times of collapse, to settle the difficulties that arise.

That is, it was a Bank serving as a reserve for all categories of banking institution. Today these functions are likewise laid upon the Central Bank.

Furnishings and interior decoration of the building

The building preserves unique murals executed to designs by I. Ya. Bilibin. On entering the hall, we see the coats of arms of the towns that took part in the Nizhny Novgorod Fair and lie along the Volga. Going higher, you will see pictures depicting the movement of the Earth around the Sun, the changing of the seasons and the signs of the zodiac. The small hall is devoted to the metals from which coins were struck: copper, gold, silver, platinum, copper. There too stands a unique mirror. It is held that a woman reflected in this mirror looks more beautiful. The murals in the main hall have never been restored by anyone. They contain a kind of reminder to the employees of this institution about the ways of increasing the nation's wealth.

Frankly speaking, there really is something to see in the bank building! Getting in, though, is not easy: guards everywhere, cameras, strict checking of documents, exit passes valid for exactly as many minutes as one is supposed to spend in the bank.

account by S. F. Spitsyn

The design

V. A. Pokrovsky won the competition announced by the client — the Bank Council — in 1911. First prize and the right to direct the construction.

His rivals were: A. V. Shchusev, A. I. von Hohen, N. M. Veshnyakov.

From the memoirs of M. V. Nesterov:

"[…] At the competition of designs for the Nizhny Novgorod State Bank held in those days, Shchusev not only failed to receive the first prize, he received neither the second nor the third — he was given the fourth prize… The first was taken by V. A. Pokrovsky."

The ensemble is formed by:

The main building. Set back from the street's building line.
A residential house for employees.
A wrought-iron railing with gates.
The The Clock Tower by the State Bank.
The vault.

Remuneration of 2 500 roubles for the design + 5 % of the estimate of 565 376 roubles for supervision throughout the whole period of construction.

Progress of the works

Start of the works: 5 May 1911.
Ceremonial laying of the foundation stone, 1 June 1911.
Consecration, 14 May 1913.

Cost of the works according to the estimate: main block 398 832 roubles, clock tower 1 744 roubles.

V. A. Pokrovsky brought in to work with him:

Architects: R. P. Golenishchev, E. M. Michurin, Ts. D. Bosis, B. M. Nilus.

The artist I. Ya. Bilibin, who executed the designs for the murals.

Yakov Filotey (St. Petersburg) — stone facing. 60 000 roubles.

G. P. and N. P. Pashkov (Moscow) — fresco painting.

N. D. Chesnokov — metalwork.

"Muir and Mirrielees" — tiles and ceramic floor tiling.

The Sormovo works — metal structures of the suspended ceiling.

The visit of Nicholas II

On 17 May 1913 the building was visited by the last emperor, Nicholas II, who was making a journey along the Volga. He left a note about it in his diary:

"17 May. Friday. Arrived in Nizhny Novgorod at 10 o'clock in the morning in cold weather. […] At 4 o'clock visited the new building of the State Bank office in the Old Russian style. Returned for Alix and the children and together we drove to the assembly of the nobility…"

An interesting incident occurred during the visit:

"… It is said that the sovereign emperor, while paying a visit to the Nizhny Novgorod Bank, stumbled on the steps, and this was taken as a bad omen."

Tasks of the State Bank in Nizhny Novgorod

On 27 May 1820 Alexander I, with the resolution "Let it be so", approved "the establishment of an Office of the State Commercial Bank in Nizhny Novgorod, for the duration of the Nizhny Novgorod Fair held there annually".

The Banking Office opened every year, from 20 July to 20 August. "It is charged with: 1) the acceptance of deposits for transfer, both internal within Nizhny Novgorod and external to St. Petersburg and other towns in which offices of the Commercial Bank have been established; and 2) the discounting of promissory notes." The task of the Banking Office was "the reinforcement and facilitation of the commercial turnover of the Nizhny Novgorod fair".

Interesting facts

At the beginning of the 21st century three coats of arms can be counted on the building : the Nizhny Novgorod stag above the porch, the arms of Russia on the façade and the arms of the USSR on the spire.

Traditional Nizhny Novgorod legends also connect the rapid erection, within the Bank's ensemble, of a special and barely functional clock tower with the visit of Nicholas II, it supposedly having been made to screen off the balcony of a tenement house whose local residents had particularly original habits.

Many believe this building to have been a gift to the tsar from the Nizhny Novgorod merchants. The merchants, however, had nothing to do with financing the construction. The building was erected by the treasury itself. The manager, Nikolai Pavlovich Polyansky, was permitted to earn the money and direct it to the construction, and in this way more than half of the funds were saved during the building work: instead of three million, the construction cost one million roubles. [1]

During the Civil War, in 1918, more than half of the country's gold reserve was held within the walls of the Nizhny Novgorod State Bank.

This was where Kolchak's gold, about which many legends circulated, began. The following incident is recounted. When the gold was being delivered from the steamer to the Kazan bank, one crate went missing. Those handling the transport, however, attached no importance to this, since the value of each crate was recorded as one rouble. At that time there was a rule: a crate whose contents were unknown was always valued at one rouble, even though it might contain gold.