The Société des Dépôts et Comptes Courants (, SDCC) was a French bank, created in 1863 and liquidated in 1891. Its business was subsequently taken over by the recently restructured

Comptoir d'Escompte de Paris The Comptoir national d'escompte de Paris (; CNEP), from 1854 to 1889 Comptoir d'escompte de Paris (CEP), was a major French bank active from 1848 to 1966. The CEP was created by decree on 10 March 1848 by the French Provisional Government, in ...

Overview

In 1862–1863,

Armand Donon Pierre Armand Donon (, Pontoise - , Neuilly-sur-Seine) was a French banker. During his heyday around 1860 he was known as the banking partner of Charles, duc de Morny, a key figure of the Second French Empire, with whom he partnered for the earl ...

fostered the creation of the Société des Dépôts et Comptes Courants and became the new institution's chairman. The SDCC was formally established by executive order () on . The bank was initially established at 3, rue Ménars in Paris, then on the

Place Vendôme The Place Vendôme (), earlier known as the Place Louis-le-Grand, and also as the Place Internationale, is a square in the 1st arrondissement of Paris, France, located to the north of the Tuileries Gardens and east of the Église de la Madelein ...

, and eventually in 1896 in a new building at 2,

place de l'Opéra The Place de l'Opéra () is a square in the 9th arrondissement of Paris, 9th arrondissement of Paris, at the junction of the Boulevard des Italiens, Boulevard des Capucines, Avenue de l'Opéra, , , Rue de la Paix and . It was built at the same tim ...

, at the time one of the most prestigious addresses in Paris. From the late 1870s, Donon engaged in increasingly reckless risk-taking at the SDCC and withheld the relevant information from the bank's board. The situation became untenable and developed into a

bank run A bank run or run on the bank occurs when many Client (business), clients withdraw their money from a bank, because they believe Bank failure, the bank may fail in the near future. In other words, it is when, in a fractional-reserve banking sys ...

on , which the

Bank of France The Bank of France ( ) is the national central bank for France within the Eurosystem. It was the French central bank between 1800 and 1998, issuing the French franc. It does not translate its name to English, and thus calls itself ''Banque de F ...

addressed by providing emergency liquidity and eventually winding up the bank on . The SDCC was subsequently absorbed in 1892 by the

Comptoir national d'escompte de Paris The Comptoir national d'escompte de Paris (; CNEP), from 1854 to 1889 Comptoir d'escompte de Paris (CEP), was a major French bank active from 1848 to 1966. The CEP was created by decree on 10 March 1848 by the French Provisional Government, in ...

Notes

Defunct banks of France Banks established in 1863 Banks based in Paris French companies established in 1863 {{bank-stub

Overview

See also

Notes