The Iron Bank of Braavos is undoubtedly the most powerful financial institution in the known world. It boasts clients like the Iron Throne of Westeros, Triarchs, Archos, and massively wealthy lords and merchants. With a staggering wealth that supersedes all other banks of the remaining Free Cities in Essos, the Iron Bank has earned a reputation for being incredibly reliable and strict. It goes to any length to keep its reputation, including using the Faceless Men to exert political dominance on its rivals. After the Doom of Valyria, the Iron Bank rose to prominence and became the primary financial institution for the Braavosi and bankers. However, it kept the mode of its operation secret until Archmaester Matthar revealed it.
Primary Details
- Name: Iron Bank of Braavos.
- Type of Organization: Financial Institution.
- Primary Leaders: Keyholders.
- Motto: “The Iron Bank Will Have Its Due.
Institution
Powerful Braavosi, who sit on a secret council and choose those who lead the financial institution run the Iron Bank. The people on the panel are called Keyholders and are the descendants of the first founders of the bank.
The Iron Bank has more money than all other financial institutions in other Free Cities combined. It has a strict mode of operation and collects the debts owed to it. When a King or Prince defaults on a loan and fails to repay, the Iron Bank sponsors a rival to overthrow them on the condition they repay the former and new debt. The Iron Bank also allegedly silences the competition. They do so with the Faceless Men.
History
Archmaester Matthar’s book The Origins of the Iron Bank and Braavos exposes the Iron Bank’s operations. According to the book, sixteen men and seven women, who hid their valuables in an abandoned iron mine shortly after the founding of Braavos, made the bank. As the treasures increased, the twenty-three men and women formed a bank to utilize the wealth they gathered. Each had a key to the bank vaults, and their descendants would become the renowned keyholders.
Before the Uncloaking, the Sealord of Braavos, Uthero Zalyns, sent envoys from the Iron Bank to negotiate with the Valyrian Freehold for the vessels seized by the founders of Braavos. The bank paid the debts owed to the grandchildren of the owners of the ships the creators of Braavos used to escape. After the Doom, the Iron Bank quickly rose to prominence.
In 41 AC, members from the Iron Bank traveled to the Seven Kingdoms to meet Lord Martyn Hightower in Oldtown. Later, Rego Draz, the master of coin for King Jaehaerys I Targaryen, borrowed from the Iron Bank. When Elissa Farman left Westeros, she traveled to Braavos, sold three dragon eggs to the Sealord, and invested the money in the Iron Bank to build a ship, Sun Chaser. When an envoy of the Iron Bank visited the Red Keep in 56 AC to collect the annual payment, they denied having any knowledge of Elissa’s dealings. Later, the Sealord convinced the bank to forgive Rego’s principal debt after meeting Septon Barth.
Dance of the Dragons
During the Dance of the Dragons, Ser Tyland Lannister placed one-quarter of the crown’s gold in the Iron Bank for safekeeping. After the war, Tyland loaning gold to lords created problems between him and the Iron Bank. During the Lyseni Spring, the Rogare Bank overshadowed the Iron Bank. Some people believed this made the Iron Bank hire the Faceless Men to kill Lysandro and Drazenko Rogare. In 135 AC, Lord Cregan Stark burrowed from the Iron Bank to feed the people of the North. In 267 AC, the Mad King Aerys II Targaryen thought of creating a fleet to challenge the Titan of Braavos after a dispute.
Relevance in A Song of Ice and Fire
A Game of Thrones
When Lord Eddard Stark, the Lord of Winterfell, becomes the Hand of the King, he learns from Petyr Baelish that the Iron Throne owes over three million gold dragons to the Iron Bank of Braavos because of King Robert Baratheon’s excessive spending.
A Clash of Kings
After Ned Stark’s death, Tyrion Lannister is sent by his father, Tywin Lannister, to King’s Landing to become the acting Hand of the King. Bronn tells Tyrion that a moneylender from the Free City of Braavos has arrived to collect repayment for some of the loans owed by the crown. Tyrion tells him to send the moneylender to Littlefinger to keep him busy.
A Feast for Crows
When she becomes Queen Regent, Cersei Lannister and the small council defer the loan payments to the Iron Bank. When Grandmaester Pycelle warns of the problems of not paying, Cersei rebuffs him. When the Iron Bank learns of the crown’s actions, they refuse all new loans and start asking for repayment of old loans; this leads to economic disaster throughout Westeros. When Noho Dimittis arrives from Braavos, Cersei tells him the Iron Bank will only get paid after the rebellion.
A Dance with Dragons
Tycho Nestoris travels to the Wall to meet Stannis Baratheon about a proposal from the Iron Bank to help him win the war. With Tycho at Castle Black, Lord Commander Jon Snow makes arrangements to borrow from the Iron Bank to feed the members of the Night’s Watch. Unable to find Stannis at the Wall, Tycho travels to Deepwood Motte and pays a ransom for the ironborn held captive. He then travels to Winterfell, where he takes Theon Greyjoy and Arya Stark, who escaped from the castle. He finally arrives at Stannis’s camp.
In King’s Landing, Ser Harys Swyft writes to the banks of Pentos and Myr, asking for a loan to pay the debts owed to the Ironbank. However, he fails to secure funds, and Lord Regent Kevan Lannister tells him to travel in person.
Relevance in Adaptation
The Iron Bank was crucial in the War of the Five Kings in HBO’s Game of Thrones. After Ser Davos and Stannis made their case to the Iron Bank, they got supported in the war. However, after Stannis’s death, the Iron Bank lost its investment. When Lord Tywin Lannister dies, the bank loses faith in Cersei and orders the repayment of one-tenth of the loan owed by the crown. Lord Mace Tyrell, the new master of coin, offers to repay on behalf of the crown, but Cersei refuses. Lord Tyrell eventually travels to Braavos to negotiate.
After Cersei destroys the Great Sept of Baelor, she orders Jaime to sack Highgarden. With the riches recovered, she pays off the debt to the Iron Bank, and Tycho Nestoris, the bank’s representative, offers to give her a new loan.
Iron Bank of Braavos: The Financial Giants
The Iron Bank of Braavos is an institution that exerted dominance on the world through money. Though Kings claimed to be mighty, they were powerless against the Iron Bank and forced to obey their wishes. The bank proved that money makes the world go round.
FAQs
Is the Iron Bank the mightiest financial institution in Essos?
The Iron Bank is not only the most powerful institution in Essos but is also the most influential bank in the world of Ice and Fire. It loaned money to cities and Kings and had the power to dethrone whomever it wanted. Living up to its slogan, the bank wreaked havoc on whoever disrespected it.
Did Cersei disrespect the Iron Bank?
Yes. After forming a lackluster small council, Cersei told the ruling members that she wished to defer the loan payments owed to the Iron Bank. Grand maester Pycelle advised against it, but no one listened to him. After disrespecting the Iron Bank, the organization froze all loans to Westeros, sending the Seven Kingdoms into economic chaos.
Did the Iron Bank destroy the Rogares?
It is highly the case that the Iron Bank destroyed the Rogare Bank. At the height of the Rogares, they overshadowed the Iron Bank. However, the head of House Rogare and his son suddenly died. Rumors spread of the bank’s incompetency, and a once powerful institution fell.
Who created the Iron Bank?
A group of twenty-three people created the Iron Bank. They initially used a safe to keep their wealth but started a financial institution after accumulating massive treasures.
