On Monday, 13 July the DANAT Bank collapsed, precipitating a general bank run.68 The cabinet and Reichsbank had no option but to declare a general closure of the German financial system and on 15 July to announce a new system of exchange controls ending the operation of the free gold standard in Germany.69 The value of the Reichsmark in terms of gold remained nominally the same. However, from the summer of 1931 onwards private holdings of foreign currency in Germany were nationalized.
