In the early 20th century, Barcelona was the most important financial centre in the whole of Spain. Small, family-run banks dominated the financial stage. The Banc de Barcelona was conservative in its dealings and had a restrictive loans policy. In 1912, however, it began to speculate in currencies and the fall of the franc led the bank to suspend making payments. The failure of the Banc de Terrassa in 1920 and of the Banc de Catalunya in 1931 completed the crisis in Catalan banking. Spanish capital moved into Catalonia, and the initiatives of foreign capital distanced it from the centres of economic decision-making.