The capital of the Imperial Ottoman Bank retained by other nations triggered reactions in time and these reactions laid the foundation for establishing a national central bank. Efforts towards establishing a central bank with domestic capital culminated in the establishment of the Ottoman National Credit Bank (Ottoman Turkish: "Osmanlı İtibar-ı Millî Bankası") on 11 March 1917. However, the defeat of the Ottoman Empire in the First World War prevented the bank from becoming a national bank, which would have assumed central bank functions.