Highlights
- The Iron Bank of Braavos is a powerful financial institution in Westeros that lends money to the Crown and other clients in both Westeros and Essos.
- The Iron Bank is known for its strict collection policies and expects borrowers to repay their debts. They have the power to fund the enemies of those who fail to repay.
- The Lannisters rely heavily on the Iron Bank to fund wars and weddings, but this puts them at risk of running afoul with the bank. Other rulers can seek funding from the Iron Bank if current rulers default on their payments.
Ned Stark had no sooner arrived in King's Landing than King Robert's small council started arguing over how much the Crown was in debt. Game of Thrones season 1, episode 3 "Lord Snow," reveals that the Crown is three million in debt to Lord Tywin Lannister and six million, in total. Robert's Master of Coin, Petyr Baelish simply says he finds the money and the king spends it.
Although Petyr Baelish doesn't mention the lender - the Iron Bank of Braavos by its name, it's obvious that there exists a powerful financial institution somewhere in Westeros, or the Known World that performs these lending activities. Game of Thrones gives context to the realm's borrowing through none other than the prudent son of Tywin - Lord Tyrion Lannister.
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The Iron Bank Will Have Its Due
As mentioned in the name, the Iron Bank is located in the Free City Braavos and boasts clientele from Essos and Westeros. It is a reputable financial institution as the Crown has been one of its borrowers. In Game of Thrones season 3, episode 3 "Walk of Punishment" the newly appointed Master of Coin for King Joffrey, Tyrion Lannister discovers a few things about their state of financial affairs. He realizes that the former Master of Coin, Petyr Baelish aka Littlefinger wasn't a magician who found money for the Crown, but someone who was good at borrowing:
For years, I've heard that Littlefinger is a magician: whenever the Crown needs money, he rubs his hands together and - poof! Mountains of gold.
Tyrion learns that the realm is bankrupt and that the Crown owes millions to his father. The Iron Bank of Braavos is what scared Tyrion the most:
We owe them tens of millions. If we fail to repay these loans, the bank will fund out enemies. One way or another, they always get their gold back.
It is true that this foreign financial institution has immense powers and one way or another, it exacts its due. With the staggering bill that comes with Joffrey and Margaery's wedding and the wartime expenses that the crown has incurred, Tywin and Lady Olenna Tyrell get to talking about the looming covert threat of the Iron Bank. In Game of Thrones season 4, she reminds Tywin that she has financed half the wedding, and adds:
The Iron Bank will have its due. How they love to remind everyone. Almost as much as you Lannisters with your debts.
At that point in Game of Thrones, Tywin says he doesn't care much about the Iron Bank, but the truth is, he knows what's coming for the Crown.
The Lannisters And Stannis' Dealings With The Iron Bank
Tywin knows the risk of running afoul with the Iron Bank and educates his daughter, Cersei on the same. The second royal wedding in a row, i.e., Tommen's to Margaery Tyrell is about to take place, and he wants to keep it as simple as possible. Tywin wants to make formal alliances with rich Houses and now, plans to marry Cersei to the heir to the Highgarden, Ser Loras Tyrell. The last of Lannister mines have run dry, and they are able to pay for wars and weddings only because the Iron Bank funds them, still. Tywin says the Crown owes it "a tremendous amount of money" and that the bank cannot be swayed:
And that's what the Iron Bank is, a temple. We all live in its shadow and almost none of us know it. You can't run from them, you can't cheat them, you can't sway them with excuses. If you owe them money and you don't want to crumble yourself, you pay it back.”
Tywin announces that for the good of House Lannister, Cersei must marry Loras and secure their future. Game of Thrones season 4, episode 6 "The Laws of Gods and Men" opens in the Free City of Braavos, and Stannis' aide, Ser Davos meet with the representatives of the Iron Bank. Bankers led by Tycho Nestoris are well aware of the minutiae of the Lannisters' rule and Stannis' failed attempt. Tycho has dealt with Tywin and places utmost importance on numbers. Although he declines the funding petition at first, he agrees after the persuasive Ser Davos points to Stannis' honesty, accountability, and Tywin's age:
He's an honest man, and he's your best chance to get back the money you've sunk into Westeros, which is a lot, I imagine.
How Does The Iron Bank Collect Its Debts?
Game of Thrones season 5, episode 4 "Sons of the Harpy," provides a peak into the Iron Bank's debt collection. After Tywin Lannister's assassination, the bank somewhat begins to lose faith in the incumbent King and demands one-tenth of the debt. While the Crown can only afford to pay half of it, Cersei sends Lord Mace Tyrell as an envoy to Braavos to "...arrange better terms with the Iron Bank." Mace calls the Iron Bank "the world's best gamblers" as they invest and reap the benefits.
In Game of Thrones season 7, episode 3 "The Queen's Justice," the Iron Bank sends Tycho to collect its debts. By then, Tommen is dead, most of House Tyrell is gone and the political landscape of Westeros has changed significantly. The Lannisters are an alienated family, and Queen Cersei has three Kingdoms under her control at best. She does not have a successor or many allies and Daenerys Targaryen is about to set foot in Westeros. Tycho insinuates that Cersei had a hand in blowing up the Sept of Baelor and demands the gold back. He knows Cersei's vaults are empty, and she is surrounded on all sides by enemies. Tycho doesn't mince words and makes subtle threats. Cersei asks for him fortnight, and after successfully sacking Highgarden, she uses the Tyrell gold to pay off the Crown's debts to the Iron Bank.
Other than sending debt collectors, the Iron Bank is somewhat of a kingmaker. They fund what they call "endeavors they deem likely to be successful." Simply put, the Iron Bank can prop up wannabe kings and princes if existing rulers default on their payments. The bank then expects these "endeavors" to honor the outstanding payments. The Iron Bank has immense gold at its disposal and has been known to fund the Lannister adversary, Stannis Baratheon inGame of Thrones.
Game of Thrones
Game of Thrones, based on the Song of Ice and Fire book series by George R.R. Martin, tells the sprawling story of warring families in Westeros. This includes the Starks, the Lannisters, the Baratheons, and the Targaryens. Along with human conflicts, Westeros is also threatened by the re-emergence of dragons, and an undead enemy from beyond the Wall.
- First Episode Air Date
- April 17, 2011
- Where to watch
- HBO Max
- Spin-offs
- House of the Dragon