AROUND THE WORLD
The United States is the anomaly — many other countries have powerful Public Banks that are key players in local and national economic development.
Approximately 40 percent of banks globally are publicly owned. These are largely in the BRIC countries – Brazil, Russia, India and China – which also house 40 percent of the global population. In the first decade of the 21st century, the BRICs boasted growth in GDP of 92.7 percent, while Western economies limped along at a very modest 15.5 percent.
A variety of public banking models are seen today and historically around the world.
For the past 200 years, public banks in Germany have provided access to affordable credit and have been a very stabilizing influence in the German economy. Public banks have funded renewable energy projects throughout Germany, lowering energy costs and allowing the country to approach energy independence from oil and gas. Inside the Savings Banks Finance Group 2016
In China, public banks are funding massive infrastructure and renewable energy projects at unprecedented speed. In China and India, which collectively make up 40 percent of the global population, 70-80 percent of banks are publicly owned.
In Alberta, Canada, the publicly-owned Alberta Treasury Branches connect nearly every town in a shared credit system. From 1935 to 1974, the state-owned Bank of Canada made direct loans to the government, funding infrastructure and affordable health service nationwide.
These are just a few of the many public banks that make up 25 percent of banks globally.