The forms of interest and investment of the parish funds and foundations of the former Reformed Diocese of Máramaros-Ugocsa (1840-1918)
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Published in Vol. 26 No. 3 (2025) of Church History Review.
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About the JournalAbstract
In my study I try to introduce the forms of interest and investment of the parish funds and foundations of the former Reformed Diocese of Máramaros-Ugocsa between 1840 and 1918. Based on an analysos of archival sources that have not yet been disclosed and/or processed, it can be said that during the period under study there were a number of different ways of capitalizing the share capital in the historical diocese. One of the most common forms of investment was the placement of share capital in financial institutions. The banks, credit unions, etc. paid interest of 4 to 5 % per annum on the capital held as savings deposits or invested in shares. Besides, it was also very common for the capital of funds and foundations to be invested in interest. The interest rates used for credit transactions of different amounts were mostly variable and wide-ranging. Although not common, there were several instances where the foundation’s capital was invested in real estate in return for interest from the Reformed parish. While in several cases the annual returns on the foundations were paid by the founders themselves in the absence of a transfer of the ordinary assets. Additionally, during the First World War (1914-1918), another form of interest on share capital appeared, specifically the investment of the foundations' assets in war bonds. Many parishes in the diocese took advantage of what appeared to be a favourable financial opportunity and invested the capital of the funds and foundations which were under their management in bonds. However, the amounts invested in war loans were devalued after the World War.
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Copyright (c) 2026 Becske Pál Zsolt (Szerző)
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