Treasury

Treasury

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A treasury is either
  • A government department related to finance and taxation.
  • A place where currency or precious items (gold
    Gold
    Gold is a chemical element with the symbol Au and an atomic number of 79. Gold is a dense, soft, shiny, malleable and ductile metal. Pure gold has a bright yellow color and luster traditionally considered attractive, which it maintains without oxidizing in air or water. Chemically, gold is a...

    , diamond
    Diamond
    In mineralogy, diamond is an allotrope of carbon, where the carbon atoms are arranged in a variation of the face-centered cubic crystal structure called a diamond lattice. Diamond is less stable than graphite, but the conversion rate from diamond to graphite is negligible at ambient conditions...

    s, etc.) is/are kept.


The term was first used in Classical
Classical antiquity
Classical antiquity is a broad term for a long period of cultural history centered on the Mediterranean Sea, comprising the interlocking civilizations of ancient Greece and ancient Rome, collectively known as the Greco-Roman world...

 times to describe the votive buildings erected to house gifts to the gods
Sacrifice
Sacrifice is the offering of food, objects or the lives of animals or people to God or the gods as an act of propitiation or worship.While sacrifice often implies ritual killing, the term offering can be used for bloodless sacrifices of cereal food or artifacts...

, such as the Siphnian Treasury
Siphnian Treasury
The Siphnian Treasury was a dedicated building to the Greek polis, or city-state, of Delphi, by the Greek city-state of Siphnos. Such dedications were common among city-states in order to win the favor of the gods....

 in Delphi
Delphi
Delphi is both an archaeological site and a modern town in Greece on the south-western spur of Mount Parnassus in the valley of Phocis.In Greek mythology, Delphi was the site of the Delphic oracle, the most important oracle in the classical Greek world, and a major site for the worship of the god...

 or many similar buildings erected in Olympia, Greece
Olympia, Greece
Olympia , a sanctuary of ancient Greece in Elis, is known for having been the site of the Olympic Games in classical times, comparable in importance to the Pythian Games held in Delphi. Both games were held every Olympiad , the Olympic Games dating back possibly further than 776 BC...

 by competing city-states to impress others during the ancient Olympic Games. In Ancient Greece
Ancient Greece
Ancient Greece is a civilization belonging to a period of Greek history that lasted from the Archaic period of the 8th to 6th centuries BC to the end of antiquity. Immediately following this period was the beginning of the Early Middle Ages and the Byzantine era. Included in Ancient Greece is the...

 treasuries were almost always physically incorporated within religious buildings such as temples, thus making state funds sacrosanct and adding moral constraints to the penal ones to those who would have access to these funds.

The head of a treasury is typically known as a treasurer
Treasurer
A treasurer is the person responsible for running the treasury of an organization. The adjective for a treasurer is normally "tresorial". The adjective "treasurial" normally means pertaining to a treasury, rather than the treasurer.-Government:...

. This position may not necessarily have the final control over the actions of the treasury, particularly if they are not an elected representative.

The adjective for a treasury is normally "treasurial". The adjective "tresorial" can also be used, but this normally means pertaining to a treasurer.

Treasury


In the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...

, Her Majesty's Treasury is overseen by the Chancellor of the Exchequer
Chancellor of the Exchequer
The Chancellor of the Exchequer is the title held by the British Cabinet minister who is responsible for all economic and financial matters. Often simply called the Chancellor, the office-holder controls HM Treasury and plays a role akin to the posts of Minister of Finance or Secretary of the...

. The traditional honorary title of First Lord of the Treasury
First Lord of the Treasury
The First Lord of the Treasury is the head of the commission exercising the ancient office of Lord High Treasurer in the United Kingdom, and is now always also the Prime Minister...

 is held by the Prime Minister
Prime minister
A prime minister is the most senior minister of cabinet in the executive branch of government in a parliamentary system. In many systems, the prime minister selects and may dismiss other members of the cabinet, and allocates posts to members within the government. In most systems, the prime...

. Her Majesty's Revenue and Customs
Her Majesty's Revenue and Customs
Her Majesty's Revenue and Customs is a non-ministerial department of the UK Government responsible for the collection of taxes and the payment of some forms of state support....

 administers the taxation system.

In the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...

, the Treasurer
Treasurer of the United States
The Treasurer of the United States is an official in the United States Department of the Treasury that was originally charged with the receipt and custody of government funds, though many of these functions have been taken over by different bureaus of the Department of the Treasury...

 reports to an executive-appointed Secretary of the Treasury
United States Secretary of the Treasury
The Secretary of the Treasury of the United States is the head of the United States Department of the Treasury, which is concerned with financial and monetary matters, and, until 2003, also with some issues of national security and defense. This position in the Federal Government of the United...

. The IRS is the revenue agency of the US Department of Treasury
United States Department of the Treasury
The Department of the Treasury is an executive department and the treasury of the United States federal government. It was established by an Act of Congress in 1789 to manage government revenue...

.

Ministry of finance


In many other countries, the treasury is called the "ministry of finance" and the head is known as the finance minister. Examples include New Zealand
New Zealand
New Zealand is an island country in the south-western Pacific Ocean comprising two main landmasses and numerous smaller islands. The country is situated some east of Australia across the Tasman Sea, and roughly south of the Pacific island nations of New Caledonia, Fiji, and Tonga...

, Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...

, Malaysia, Singapore
Singapore
Singapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...

, Bangladesh
Bangladesh
Bangladesh , officially the People's Republic of Bangladesh is a sovereign state located in South Asia. It is bordered by India on all sides except for a small border with Burma to the far southeast and by the Bay of Bengal to the south...

, India
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...

 and Japan
Japan
Japan is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south...

. In some other countries, a "treasury" will exist alongside a separate "Ministry of Finance", with divided functions (Ukraine
Ukraine
Ukraine is a country in Eastern Europe. It has an area of 603,628 km², making it the second largest contiguous country on the European continent, after Russia...

).

Both


In the Australia
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...

n federal government a treasurer and a finance minister co-exist. The Department of the Treasury
Department of the Treasury (Australia)
The Department of the Treasury is an Australian Government department. Its role is to focus and develop economic policy.-History:The Commonwealth Treasury was established in Melbourne in January 1901....

 is responsible for drafting the government budget, economic policy (except monetary policy
Monetary policy
Monetary policy is the process by which the monetary authority of a country controls the supply of money, often targeting a rate of interest for the purpose of promoting economic growth and stability. The official goals usually include relatively stable prices and low unemployment...

), some market regulation and revenue policy (which is administered by the Australian Taxation Office
Australian Taxation Office
The Australian Taxation Office is an Australian Government statutory agency and the principal revenue collection body for the Australian Government. The ATO has responsibility for administering the Australian federal taxation system and superannuation legislation...

). The Finance Minister, who manages the Department of Finance and Deregulation, is responsible for budget management, government expenditure and market deregulation.

The government of Poland
Poland
Poland , officially the Republic of Poland , is a country in Central Europe bordered by Germany to the west; the Czech Republic and Slovakia to the south; Ukraine, Belarus and Lithuania to the east; and the Baltic Sea and Kaliningrad Oblast, a Russian exclave, to the north...

 includes the Ministry of Finance as well as the Ministry of State Treasury. It was the same in Italy
Italy
Italy , officially the Italian Republic languages]] under the European Charter for Regional or Minority Languages. In each of these, Italy's official name is as follows:;;;;;;;;), is a unitary parliamentary republic in South-Central Europe. To the north it borders France, Switzerland, Austria and...

 before the creation of the united Ministry of Economy.

See also


  • Bank
    Bank
    A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...

  • Finance Minister
    Finance minister
    The finance minister is a cabinet position in a government.A minister of finance has many different jobs in a government. He or she helps form the government budget, stimulate the economy, and control finances...

  • Fiscus
    Fiscus
    Fiscus, from which comes the English term fiscal, was the name of the personal treasury of the emperors of Rome. The word is literally translated as "basket" or "purse" and was used to describe those forms of revenue collected from the provinces , which were then granted to the emperor...

  • Mint
    Mint (coin)
    A mint is an industrial facility which manufactures coins for currency.The history of mints correlates closely with the history of coins. One difference is that the history of the mint is usually closely tied to the political situation of an era...


  • Treasury management
    Treasury management
    Treasury management includes management of an enterprise's holdings, with the ultimate goal of maximizing the firm's liquidity and mitigating its operational, financial and reputational risk. Treasury Management includes a firm's collections, disbursements, concentration, investment and funding...

  • UK Treasury
    HM Treasury
    HM Treasury, in full Her Majesty's Treasury, informally The Treasury, is the United Kingdom government department responsible for developing and executing the British government's public finance policy and economic policy...

  • US Treasury
    United States Department of the Treasury
    The Department of the Treasury is an executive department and the treasury of the United States federal government. It was established by an Act of Congress in 1789 to manage government revenue...