"the nationalization of industry has concentrated in the hands of the government all the most important branches of production and supply...thereby excluding any necessity for the further utilization of the people's bank as an institution of state credit in the accepted sense of the term. the system of banking credit still remains in force for small private industrial enterprise and the needs of individual citizens who place their money in state savings institutions. nevertheless, as these transactions are gradually losing their importance in the economic life of the country, the existence of separate banking institutions is no longer necessary. such transactions are now of secondary importance, and may be successfully carried out by the central and local institutions of the commissariat of finance..."