Bank of Saran

Bank of Saran

One of the official federal licenced banks to issue UCU. The bank is a semi private entity, but it is very closely monitored by both the Union Finance and Commerce council and the Assembly. All business records are public records and can be accessed by any Union Citizen. An annual business report is delivered to the Assembly. This report is also part of the documents all union citizens receive. The bank stores the equivalent of all UCU issued by the bank in form of Iridium, Polonium, Germanium, Paladium for the Union. The Trade unit exchange standard usually does not involve the circulation of physical trade units. The main feature of the trade units exchange standard is that the government guarantees a fixed exchange rate to the currency of societies  that uses the trade units standard, regardless of what type of notes or coins are used as a means of exchange. This creates a de facto trade unit standard, where the value of the means of exchange has a fixed external value in terms of trade units that is independent of the inherent value of the means of exchange itself. There are five metals that are re deemed universally useful and thus valuable to a space faring society. (Up to TL 11)

Bank of Saran

The second Saran Bank that also became an official Union bank right after the formation of the Union in 2223 OTT. Like the other official banks it maintains a considerable portion of the UCU Trade Units in form of bullion. It issues UCU and also UCU cubes. It maintains and operates over 850 million branches, robo teller and trillion of private and buiness accounts. SII Bank is a major control aspect and operates the private buiness part exclusively. The private assets ofnthe bank exceed 200 Centillion. Combined with its private part it is the largest financial institution within Union Space.