The constitution of a Jewish Rehabilitation Bank was accepted here today, The bank will operate in all parts of Germany but will be supervised by the Hesse Government in the U.S. zone.
The purpose of the bank is to advance credits to Jews entitled to restitution of property and other claims in Germany. Blocked Jewish capital in Germany will be used by the bank for that purpose. The members of the board include Dr. Philip Auerbach, Dr. Kurt Epstein, Dr. Julius Nuernberger, Dr. Benno Ostertag and Dr. Harry Torcyzner of New York.
The institution starts its operations with a capital of 1,000,000 deutschemarks ($300,000). The bank, which will both finance claims for restitution of Jewish property and extend credit for commercial enterprises, will cooperate with foreign organizations which are rehabilitating Jewish victims of the Nazis.
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