Centuries before the Targaryen Conquest of Westeros, when the valryian freehold ruled
much of Western Essos, the city of Braavos was founded in a northern lagoon by runaway
slaves, fleeing their Valyrian Masters.
Fearing reprisal from the dragonlords, the former slaves kept the existence of their
city hidden for over a century, giving them time to properly establish their settlement.
A group of these settlers, specifically 16 men and 7 women, discovered an iron mine,
using it to conceal their riches from pirates and thieves.
Over time, the amount of treasure they collected became sufficient enough for some of them
to start lending the money out to other Braavosi.
From there the Iron Bank of Braavos took root, led in part by 23 keyholders, who were the
descendants of the original founders of the bank, and who continue to hold the keys to
the subterranean vaults which hold their wealth.
Keyholders are held in high regard within Braavosi society, known to wear their keys
on chain around their necks during ceremonies and celebrations.
However they are not alone in the management of the Iron bank, with many other nobles and
rich merchants owning shares in the organization allowing them to attend secret meetings and
have a voice in choosing the leadership.
Although Braavos itself is led by the Sealord of Braavos, Bank officials have a great deal
of influence.
After a century hidden from the world, Sealord Uthero Zalyne prepared to end the secrecy.
In order to pre-emtively make peace with the Valyrian Freehold, he sent envoys from the
Iron Bank to make contact.
Learning that the Valyrians cared little for a faraway city founded by fugitive slaves
a century earlier, and they were further placated when the Iron Bank paid a generous sum to
the descendants of the slave owners who’s ships had been seized and stolen.
The representatives of Braavos did not however, offer any compensation for the slaves themselves.
With the issue settled the Sealord of Braavos sent ships to every corner of the world, revealing
the existence of Braavos in what came to be known as the Unmasking of Uthero.
Over the centuries, the Iron Bank grew into the richest and largest bank of the Free cities,
lending money to many triarchs, princes, noble lords and even kings, becoming a source of
financing for the Seven Kingdoms of Westeros.
Yet part of the reason for their success came from the reputation they earned in dealing
with those who refused to pay their debts.
The Bank became infamous for toppling delinquent Lords and Princes, by financing their rivals,
who in turn agreed to pay back the full debt of the previous ruler, In addition to what
they borrowed to overthrow their predecessor.
In cases where this strategy failed, assassins were sent to eliminate the guilty parties.
The Bank’s longstanding relationship with Westeros served them well for many years,
like during the during the Dance of the Dragons civil war, when Ser Tyland Lannister of the
Greens faction following Aegon II, sent one quarter of the crown's gold from the royal
treasury to the Iron Bank for safekeeping.
A few years later, Iron Bank declined in power with the Rogare Bank of Lys rising to prominence,
seeing the head of the Banks daughter Larra Rogare marrying Prince Viserys of Westeros,
who went on to become King Viserys II.
However after the death of Larra’s father Lysandro the Magnificent the bank started
to decline and the Iron Bank once again returned to prominance.
In 267 AC, the Mad King Aerys II was at odds with the bank over debts accrued by his father
Jaehaerys II, and so he foolishly claimed he would build a mighty flight to bring the
titan of braavos to its knees.
Yet this was just another of the King’s many declarations that led to nothing.
After the fall of House Targaryen, King Robert Baratheon ruled for many years, accruing debt
through his reckless spending with Lord Petyr Baelish, Master of Coin, responsible for securing
the funds.
With Robert’s untimely death, the Kingdom’s debts fell to the heir King Joffrey Baratheon
and King Tommen Baratheon after that.
However, with the War of the Five Kings raging across the continent, Queen Regent Cersei
Lannister, who ruled in the name of her young son, felt she needed to prioritize military
spending over debt, and declared they would differ payments to the Faith of the Seven
and the Iron bank of Braavos until the war was over.
With the funds they will save, she ordered the construction of a naval fleet, to be led
by the Bastard of Driftmark Aurane Waters.
Grand Maester Pycelle proved the only member of the small council to object to the plan,
reminding the Queen of the famous saying, “The Iron Bank will have its due.”
And explaining that this will have drastic repercussions, but his pleas are ignored.
And so when Noho Dimittis was sent by the Iron Bank to King’s Landing, Cersei informed
him of the decision and sent him away.
In response, the Bank started calling in all outstanding debts from the Lords of Westeros
and stopped giving out any new loans, leading to economic chaos throughout the continent.
In addition, they sent Tycho Nestoris north to the wall in search of King Stannis Baratheon.
At the wall he met with jon Snow, and agreed to lend the Night’s Watch coin to help them
survive the winter.
Tycho was then escorted south to Deepwood Motte where he paid the ransom for a number
of Ironborn captives, so they might escort him safely to find Stannis near Winterfell.
Instead they found Stannis in a small village.
Tycho Nestoris then negotiated a contract to financially support Stannis Baratheon for
the Iron Throne, in exchange for the repayment of all previous debts once in power.
Stannis agreed and demonstrated his commitment, by signing the agreement in his own blood.
Back in King’s Landing, Cersei’s schemes at last became her undoing, when she was arrested
by the faith militants and stripped of her power.
Ser Kevan Lannister was then named Regent, and did his best to reverse some of the damage
already done.
He attempted to secure new loans from the banks of Pentos and Myr, but was unable to
secure financing.
He then suggested that Ser Harys Swyft, Master of Coin go to Braavos so he might speak with
them directly and re-establish their relationship.