The financial system is under full state control. The banking system, which was reduced substantially after the 1998 financial crisis, includes 9 national banks. These include a nominally private bank owned by the Union of Industrialists and Entrepreneurs, Rysgal Bank, and Turkmen-Turkish Bank, a joint venture between Dayhan Bank and Turkish state-owned Ziraat Bankası. These institutions have the same basic division of responsibility as in the Soviet era, overseen by the Central Bank of Turkmenistan. Lending operations and household savings have not been important functions of this system. In 2005 an estimated 95 percent of loans went to state enterprises. Two branches of foreign banks, National Bank of Pakistan and Iran Saderat Bank, are located in Ashgabat, where they offer retail banking services. Two German banks, Deutsche Bank and Commerzbank, offer institutional services through offices in Ashgabat.