View source for Banco di Santo Spirito

The Bank of the Holy Spirit (Italian: Il Banco di Santo Spirito) was established by Pope Paul V on December 13, 1605. It became the first central bank in Europe and the Papal States, as well as the oldest continuously operating bank in Rome until its merger in 1992. The bank was initially founded to address the financial struggles of the Archhospital of Santo Spirito (founded in 1201) and was housed in a building later known as the Palazzo del Banco di S. Spirito. From 1605 to 1923, the bank provided capital for religious and public projects, including churches, hospitals, and infrastructure like the Trajan aqueduct (begun in 1608). In 1750, Pope Benedict XIV reorganized the bank and restricted its lending activities due to his opposition to usury. By 1786, the bank was one of the first institutions to issue paper money. By the late 19th century, state control over the bank had begun. In 1923, the bank was restructured as a joint-stock company. During the 1930s, an attempt by Neapolitan bank robbers to break into its vault uncovered the remains of victims from an 1836 cholera epidemic, revealing the Fontanelle cemetery. In 1989–1991, the Banco di Santo Spirito merged with Cassa di Risparmio di Roma (founded in 1836), and later, in 1992, it merged with Banco di Roma (founded in 1880) to form Banca di Roma. This entity subsequently merged with other banks in 2002 to create Capitalia. The bank's records are preserved in the Vatican Secret Archives, excluding ...