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[[File:Schachtanlage Merkers.jpg|thumb|[[Nazi gold]] in [[Merkers]] Salt Mine]]
The [[Nazi regime]] promptly put an end to the independence of the Reichsbank and made it an instrument of their policy of directing Germany's resources towards rearmament and military expansion. by amendment of {{date|1933/10/27}} to the Banking Law, the General Council was abolished and the Direktorium, including the President, were henceforth to be directly appointed and dismissed by the Führer. On {{date|1937/01/30}}, Hitler publicly proclaimed the unlimited sovereignty of the Reich over the Reichsbank, and a lew of {{date|1937/02/18}} formally abolished the Reichsbank's autonomous status. Another law of {{date|1939/06/15}} stipulated that the President and Direktorium should directly receive their instructions from the Führer, and renamed the bank as {{lang|de|Deutsche Reichsbank}}.{{R|HandbookDE|p=33}} During most of the Nazi period the same individual was President of the Reichsbank and Minister of the Economy, namely Hjalmar Schacht from August 1934 to November 1937 and Walther Funk from January 1939 to May 1945.
On {{date|1935/12/31}}, the Reichsbank's note issuing privilege became exclusive, bringing an end to the residual central banking roles of the Bank of Baden, Bayerische Notenbank, Bank of Sawony, and Württembergische Notenbank.<ref name=HandbookDE>{{citation |url=https://cgsc.contentdm.oclc.org/digital/api/collection/p4013coll8/id/2634/download |title=Army Service Forces Manual M356-5 / Military Government Handbook - Germany - Section 5: Money and Banking |publisher=U.S. Army Service Forces |location=Washington DC |author=Federal Reserve Board |date=March 1945}}</ref>{{rp|12}}
The Reichsbank benefited by the theft of the property of numerous governments invaded by the Germans, especially their [[gold reserve]]s and much personal property of the Third Reich's many victims, especially the [[Jews]]. Personal possessions such as gold [[wedding ring]]s were confiscated from prisoners, and [[gold teeth]] torn from dead bodies, and after cleaning, were deposited in the bank under the false-name [[Max Heiliger]] accounts, and melted down as [[bullion]].
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