Bank holiday
Bank or bank holiday, the additional, different circumstances of statutory public holidays days on which banks transact any banking business. The bank holiday is the complementary concept to the bank working days.
Holidays
Taking a holiday is generally an annually recurring, usually non-working day understood, which is often religious in nature, but may also have secular character. Sundays and holidays are considered " rest days and the spiritual edification " and are constitutionally ( Article 140 of the Basic Law, Article 139 WRV ) guaranteed. Holidays are basically for employees off work ( § 9 Working Hours Act), the holiday Acts of the Länder organize general rest on.
In many states, a distinction is made, while in the rest of the state is a normal working day between national holidays which are uniform nationwide, and regional holidays that are recognized only in a particular region as a holiday.
National holidays
In Germany there are uniform nationwide public holidays (January 1, Good Friday, Easter Monday, 1 May Day, Whit Monday, Ascension Day, Day of German Unity, 1st and 2nd Christmas Day ) on which banks also do not work in Germany. Furthermore, there are bank holidays ( Christmas Eve and New Year's Eve ) at which banks are closed, while otherwise a normal or reduced working there.
The relevant for banks payment systems wholesale or individual payment transactions ( TARGET2, house bank processes ( HBV) ), however, are only closed on public holidays, the part of the ESCB (European System of Central Banks ) are defined as TARGET holidays (January 1, Good Friday, Easter Monday, 1 May, 1st and 2nd Christmas Day). This already creates a discrepancy, as TARGET to Whit Monday, Ascension Day and the Day of German Unity works.
Local Holidays
As a regional holidays that Holidays, which are limited to a specific geographic region ( state or even municipalities within a province ), during which normal working day arrangements for the rest of a State apply. Local holidays in Germany are Epiphany, Corpus Christi, Assumption Day, Reformation Day, All Saints Day and the Peace of Augsburg.
On a regional holiday, all payment methods ( TARGET2, HBV, RPS and the RPS SEPA-Clearer " Retail Payment System " ) of the Deutsche Bundesbank nationwide in operation. In regional holiday arrangements affected Bundesbank branches are closed, paper- Ein-/Auslieferungen or Datenträgerein-/auslieferungen are - in contrast to Ein-/Auslieferungen via data interchange (EDI ) - not possible there. For accounts that are performed at a Federal bank branch, which is closed because of the regional holiday, therefore special considerations, which has compiled an overview of the Bundesbank. Whether the Bundesbank makes credits or debits, depends on whether the branch is located in the territory of a regional holiday or not.
Loggerhead Holidays
In addition, in certain regions of festive events take place, which may rest the work or is limited. Since this is not is defined by the legislator Holidays, one speaks in this case of " fake holidays " or " Tradition days." Customs are certain social behaviors, traditions and customs, which are mostly accepted and observed voluntarily by the majority of a society. As an " integral part " of society / culture it is respected in everyday life.
These include, inter alia:
- Carnival, Carnival and Carnival: Carnival Monday and Karnevals-/Faschingsdienstag ( Ash Wednesday after the seventh Wednesday before Easter)
- Thanksgiving: usually the first Sunday in October
- Martin's: November 11,
- Nicholas: December 6
As the only bank holiday from the category of spurious Holidays, the Monday before Lent has established itself in the carnival strongholds (Cologne, Mainz, Dusseldorf ). Banks in these regions will not work, so we can speak of a bank holiday here. However, since working outside these regions and all payment systems are in operation, the affected branch banks need to ensure internal operational readiness.
Holiday effect
Internationally, the TARGET holidays have become established as bank holidays. This means that the world does not take place or payments are forwarded is turned on in the payment chain TARGET. From this TARGET regulation there are numerous national or regional variations. On the one hand, it may happen that there are fewer bank holidays as it provides for the TARGET rules on the other hand, there are numerous national or regional special regulations that rule the more bank holidays as TARGET. If you work in a state or region in one day, which is considered TARGET day, so no TARGET transactions can be performed there that day. Conversely, it is a bank holiday, when a credit institution is closed on a TARGET business day.
Basically a holiday scheme and make work rest applies to the place where the holiday is protected. Has therefore a credit institution several branches, so your results may vary on a given day, the working arrangement. If at one particular place of work, a regional public holiday, here rests the work, while in other stores, there is a normal working day. This is also true at the international level.
In the Transfer Law of the Civil Code are considered " banking days " are those days (excluding Saturdays ) on which all banks involved in the transfer are usually open. Business Day after any date on which the staff involved in the execution of a payment transaction bank to the execution of payment transactions necessary business maintains.
Ie National or regional public holidays at one of the intermediary in the transfer chain banks do not count in the execution time calculation ( § 675n para 1 BGB). For bank transfer, therefore, the one-day execution period starts on a banking day. By implication, therefore, are those days regarded as bank holidays, where a credit institution involved in the transfer is usually closed. Therefore, do not include national or regional public holidays with in the execution time.
History
The term bank holiday dates back to the English term "bank holiday". In 1871 the Bank Holidays Act was enacted in England, the England / Ireland / Wales respectively 4 and 5 for Scotland (some other ) bank holidays foresaw. The hereby introduced in 1871 by law, bank holidays, " are Easter and Whit Monday, and the 26 (if this is Sunday, 27th ) of December and the first Monday in August ." Exactly a century later, 1971, the Banking and Financial Dealings Act, which regulates the banking holidays today in the UK.
In the U.S., banks are closed on federal holidays called, while here the term bank holiday associated with the forced closure of banks as part of the Emergency Banking Act of March 9, 1933. On March 5, 1933, introduced just in his office, U.S. President Franklin D. Roosevelt ordered a four -day " bank holiday " with the help of Congress. Reason for this was and is that banks need to make any payments an extra day ( an economic advantage for the banks ).
Also in Germany the term has been initially associated with banking or exchange crises. So foresaw a Decree of the Reich President on bank holidays on 13 July 1931 that the imperial government was allowed to determine banking holidays in the context of the crisis of the Darmstadt and National Bank KGaA.
Even today, bank holidays one of many policy options in banking or exchange crises dar. Then there are " arranged bank holidays ", ie the supervisory authorities prompted the closure of some or all bank branches on days that are actually considered as banking day. For this, the BaFin is authorized pursuant to § 46a paragraph 1 No. 2 of the Banking Act to order the temporary closure of an institution for the customer traffic.