Line of depositors queuing up outside the Caisse d Epargne de Paris, end of July 1914.

A safeguard clause limiting withdrawals from savings account to 50 francs per depositor over a 15-day period was instituted to protect the Caisses d Epargne (savings banks) from massive withdrawals. At the end of July 1914, the announcement of the clause s probable application caused a wave of panic among customers, who rushed to withdraw their money.

Photograph Collection of the Fédération Nationale des Caisses d Epargne.

Business To Business , news clipping from the Figaro newspaper on the moratorium, December 2014.

In response to the exceptional circumstances generated by the conflict, the French government ordered a moratorium in order to alleviate the burden of debtors impacted by events. By the end of 1914, banking institutions decided to stop using the moratorium in order to avoid hampering economic activity.

Crédit Agricole S.A., Historical Archives Department, Crédit Lyonnais Collection.