The Birth of Deposits (5)
Rockefeller smiled as he spoke.
"I am delighted that Your Grace, the bishop, has shown interest in my proposal. I am glad that my desire to repay the church and St. John has been well received."
Rockefeller immediately continued.
"As I proposed to Father Peter earlier, I would like to guarantee a 3% monthly return on the church's assets as a token of my gratitude for entrusting them to me."
In a world without deposit interest, Rockefeller's proposal was truly shocking.
"3% every month? Hehe... Why would you do that? In most cases, people would charge storage fees for keeping gold, but you're offering to give us gold instead?"
"Other banks may operate on the concept of storage fees, but we live our lives with constant gratitude to God, Lord John, and the higher-ups in the church. So, a general case cannot be applied here."
"That's interesting."
Bishop Verkis seemed somewhat satisfied as he nodded to himself.
"There are countless banks in Lyon, but none have made such a groundbreaking proposal like yours. This is my first time hearing about a bank taking gold and providing a profit in return. This must be unprecedented in the empire, no, the entire continent."
Rockefeller's smile deepened at those words.
"Others do not know how to give thanks to God and the church. How dare they charge storage fees for holding the church's assets?"
Rockefeller shook his head as if to make a point.
"That is simply unthinkable."
"I wholeheartedly agree. Compared to those who exploit God's power for usury without permission, you are a person of a different dimension. Your attitude toward God is different."
"Thank you for your kind words. I have always believed that this is the right thing to do."
"Hehe, but can you really guarantee that profit? 3% is quite a sum."
"Yes, of course. We generate profits from various sources such as gold exchange, gold storage, and interest from loans. The more our business prospers, the less you need to worry about that aspect."
Bishop Berkes stroked his beard as he spoke.
"To be honest, I didn't quite understand it at first. If you're keeping gold, you should at least charge a storage fee, but instead, you're offering a profit? Even now, it's still baffling to me."
"If you're doubtful, you can entrust only a portion of your assets to us as a test. We will provide the promised monthly profit, and you can observe and decide later."
"Is the principal guaranteed?"
"Of course. Whenever you need the principal, you can come to our bank and withdraw it."
"Hehe... I still can't quite grasp it. Your offer is too good to be true. You'll even provide a profit for simply holding our gold."
"It's all out of my desire to repay God and the church. I would be grateful if you could think of it in a positive light without any doubts."
As Rockefeller finished speaking, Father Peter, who had been nearby, interjected.
"Your Grace, I trust this young man, Rockefeller, and Carter Bank wholeheartedly, so I plan to entrust all of our gold to them. You may not be aware of this since you reside in Lyon, but even a passing dog knows that Carter Bank is doing exceptionally well in this territory. And don't forget about the dwarf-related beer business, which this young man proposed and initiated."
Bishop Verkis was well aware that the beer business had significantly increased the revenue in the area.
That was what had sparked his interest in the first place.
"Ah, so this young man proposed that business?"
"Yes, Your Grace."
"I see. Then you must trust him very much."
"Of course. I have great trust in this young man, Rockefeller. At that time, he could have done it alone, but he came to me and proposed that we give back to the church. How noble and admirable is that?"
"But is the dwarf-related beer business still doing well? It seemed a bit quiet outside."
"That's not the case. Lately, we haven't been able to fully enjoy the beer business. It's probably because the war is coming to an end. So I've been worrying about it, but then this man came and made another great proposal – the reward."
"Excellent. You have a great fortune in people."
"Why would you say that? Your Grace has also met this young man today, so wouldn't that mean you've also gained a fortune in people?"
"Ha ha ha!"
Bishop Verkis laughed heartily and then turned his gaze to Rockefeller.
"So, your name is Rockefeller? Ross..."
"Yes, Rockefeller Rothsmedici."
"Right, Rothsmedici. My memory is poor, so I need to keep saying it to remember names."
"No, please feel free to call me Rockefeller."
"That's not right. I need to remember your name and family properly. That's the etiquette. You're not just anyone; you're a benefactor of the church. How can I not remember?"
"Even just hearing that is an honor."
Bishop Verkis, who had been looking at Rockefeller with a good expression, began to speak.
"I've heard a lot about you from Peter here. So, I'm also a little interested in your proposal... How about it? If I entrust my gold coins to your bank, can you guarantee me compensation like Peter here?"
The awaited words had come.
Rockefeller immediately met his expectations without any hesitation.
"Would there be a reason not to? If you trust me and entrust your money to Carter Bank, I will definitely protect your principal unconditionally and guarantee a 3% return every month."
That was the conversation they had been having up to this point.
As soon as the desired answer came, Bishop Verkis also showed a smile without hesitation.
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3% seems high when you don't have competition. And I still think he's too casual about a potential bank run
ReplyDeleteAnd by high, I mean insanely high. It's like 40% annual compounding
DeleteYeah it does seem too much, maybe this is preparation for the case when they find out that he lends out others' coins? They might turn a blind eye due to such profits
Deleteinsanly high yes, but i lend it out again for 6%
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