GOT: Chapter 322: Funding Crisis

The two quickly learned why Arya had run.

The Stark soldiers, "arresting" their own Lady Stark, rushed past them like a gust of wind. Nina felt a little out of place, and almost forgot what she had been saying. “Arya… wasn’t she always very close to you? Why would you drive her away, my Lord?”

“She was always close, but you must understand, becoming too close to the children of great houses is always a headache once things become entangled.” Aegor was fond of Arya, but this was not about like or dislike. “She has helped me greatly, but she is growing up and beginning to remember things, so it is not good to simply turn her away. These past days, she has been driving me mad. You truly arrived at just the right time.”

“Uh…” Receiving this strange sort of praise, even Nina, worldly as she was, felt at a loss. She felt vaguely uneasy—had she somehow offended Lady Stark? But then she realized she had no need to concern herself with the Starks. What did it matter whether Arya liked her or not?

She stopped troubling herself with meaningless thoughts. Within half a minute she had pushed the matter from her mind, and ten seconds later she had already picked up their earlier topic. “But there is no need for you to worry, my Lord. The higher-ups only said that some of the Florents had too many ideas. I merely detected it early. In truth, they have not yet begun to exert pressure or take action. I am leaving for now to let them calm themselves. By the time I return, word of your election as Commander of the Night’s Watch will have spread, and whatever plans they may have, they will have to take into account that you are also Lord of the Gift, and restrain themselves somewhat.”

She paused for a moment and sighed. “Let us not speak of such annoyances for now. After you left King’s Landing and went north to the Wall, the Night’s Watch has constantly demanded funds and supplies. Although the purpose of the Night’s Watch Industry is to support the Watch, not everyone has that level of understanding. When all they saw were letters demanding more, with no sign of you in person, suspicions began to spread among the managers of the Industrial Park. Rumors that you had been soft-imprisoned and controlled by the Watch grew bolder with time. At the request of many, I planned more than once to travel north to the Gift to confirm your safety and freedom. But I thought again: if those rumors were true, I could not save you, and as a woman I might only bring you greater trouble. So I suppressed the impulse. Not until the news of your election as Commander arrived was I completely relieved, and so I arranged this trip.”

It was only a few words, yet over the past ten months, a girl not yet twenty had single-handedly supported such a vast enterprise. How much pressure and threat she had endured from inside and out, how much silent suffering and worry she bore… Aegor, as a man, could only imagine, never truly know.

“You think too much. The Night’s Watch, and the North as a whole, are different from the South. There are struggles, yes, but compared to the darkness of the Seven Kingdoms and the court, the North is clean and pure as a blank page.” Aegor pulled her closer and stroked her shoulders with affection. “But it is true, my lack of thought made you worry. I made things difficult for you… Let us not speak of thanks between us. But I promise, here and from now on, you need never worry again. You have your man’s protection.”

“Mm.” Nina answered almost in a whisper. After a moment, she observed and confirmed for herself: Aegor in the Gift not only had no need for concern, but was free, at ease, and connected everywhere. “Besides missing you terribly, my Lord, the main purpose of my visit is to explain in person: we are all glad for your election as Commander, but the Night’s Watch Industry can no longer provide larger cash flows to the Watch as celebration or support. I have brought the records and accounts of the past two years. There are some losses from corruption and poor judgment, which I have marked clearly. If you still have questions, you may ask, and I can explain them all.”

“I will read them when I have time, just leave them in my room.” Aegor nodded, then flicked Nina’s nose. “But I must correct a small mistake. When you say you miss me very much, put it in a separate sentence. Do not bury it among other words, trying to slip it past me.”

Nina’s face, which had only just recovered, turned red again. In front of the man she admired and worshipped, finding the familiar closeness again, she dropped her disguise and acted spoiled. “I know… Isn’t it enough that you heard it?”

---

After the important report was finished, the two exchanged a few sweet words, but considering that Crown Town was filled with men, it was not fitting to scatter affection everywhere. They left the endless whispers for the evening.

Aegor understood that Nina’s visit, besides her feelings, was mostly for propriety’s sake. As the leader of the Night’s Watch and the master behind the Night’s Watch Industry, when money was needed most, the Industry could not provide more. In such an awkward situation, as the "CEO," she could not simply write a letter or send word. Both in emotion and reason, she had to come explain in person.

He was neither surprised nor disheartened.

The Night’s Watch Industry was a unique group in Westeros, among the greatest commercial entities in the world of Ice and Fire. But its reputation as a “giant” was only relative to individuals. When it came to great matters, it was still small. Just as giant companies in other worlds, no matter how rich, could not maintain fleets and armies, so the Night’s Watch Industry, however profitable, could never support armies and industries on its own.

For a few hundred or even a few thousand brothers at the Wall, the Industry could cover arms, food, and clothing without strain. But now there were thousands of mountain clansmen and more settlers in the New Gift. Food was handled, but Aegor meant to arm these people, even build a modern military industry and a loyal force of his own. The start-up, research, mass production, and costs of winning loyalty were far beyond the Industry’s meager profits.

Whether King’s Landing sent dozens or hundreds more gold dragons each month mattered little. Aegor was already planning new sources of funding.

“Everything in the Gift has only just begun. For now there is enough. But as the scale expands, the funds I will need will grow exponentially… no, explosively. Such sums would equal selling the entire Industry, and still not suffice.” Aegor did not hide anything from Nina. “I already mortgaged the Night’s Watch’s share of the Industry when I negotiated with the Iron Bank, so I cannot sell the same thing twice. Therefore, I plan to continue borrowing.”

“Borrow?”

“When the Northern lords attacked the Westerlands, they seized vast wealth. Likely several hundred thousand, perhaps millions, of gold dragons. Useless, sitting in their castles. When I am less busy, I will visit them myself, and see how much I can borrow from each house.” Aegor explained plainly, then shifted the topic. “Also, I hear Tyrion has founded something called the Lannister Bank in the Westerlands. It seems quite capable. I cannot learn details at the Wall, but you are well informed in King’s Landing. Tell me, what do you know?”

“Oh, no problem. Because of funds and trade, I have kept contact with Lord Tyrion since you left.” Nina’s color returned, and her voice grew smooth and light. “It is quite interesting. No one expected the Westerlands to recover so quickly from war, but some things are simply strange. And it all begins with how different the Westerlands are from the other six kingdoms…”


---

The Riverlands, Stormlands, North, Vale, Dorne, and even the Crownlands all share a similar structure: a great lord at the top, beneath him powerful bannermen, and beneath them countless lesser families.

But the Westerlands are different, with House Lannister dominating entirely, and the other families circling them like stars about the moon.

This was not natural. For centuries the Lannisters were strong, but not strong enough to crush their vassals. That changed with Lord Tywin.

The tale of him bypassing his father Tytos to deal with rebellious houses is well known, but his rule after becoming Lord of the Westerlands is less often told.

In short: he kept deterrence, gathered strength, and suppressed his vassals.

The first two are not disputed. The third made him controversial and hated. None objected when he destroyed disloyal vassals, but even those houses that were loyal and obedient lived stunted lives under him. Their growth was stifled, their strength suppressed, until on the stage of Westeros they had no presence, overshadowed completely by their liege lord.

Tywin never openly broke feudal bonds, but he carried out “centralization” in all but name. Relying on the terror of the Rains of Castamere, he cut them down piece by piece, boiling the frog slowly. Over decades he weakened his vassals systematically, until all of them together could not match the strength of House Lannister alone.

Robert’s war against the lions pushed this process to its peak. Armies of five kingdoms plundered the Westerlands, devastating all but House Lannister. Before they could besiege Lannisport and Casterly Rock, Robert’s death and the struggle of his brothers halted the war. Only House Lannister remained intact, and in this environment Tyrion founded the Lannister Bank.


---

After the war, House Lannister pursued a shocking reconstruction. They gave no aid to their vassals, instead dragging them to Lannisport for “soft imprisonment.” While their vassals starved, they seized every gold mine in the Westerlands, turning “gold control” into “economic control,” spreading it from Lannisport to the entire region.

By paying tribute and currying favor with the new king, Tywin bought breathing space. While Stannis and Aegon Targaryen fought in the South, the Westerlands quietly transformed. Vassals kept their castles in name, but lost all real power over their lands.

Though the Westerlands as a whole weakened, Tywin achieved his plan with ruthless precision. With the help of Robert’s summoned armies, he cut down his vassals, leaving House Lannister a vertically managed power, the first centralized ruler in Westeros.

It was a dangerous, irreversible path. In peacetime, such rule-breaking would invite intervention and rebellion. Once weakened, they might be destroyed entirely. But for now, and perhaps decades, House Lannister would be the strongest single family in the realm.

As the financial tool of this new centralized system, Tyrion and his Lannister Bank grew swiftly. Their profits might not match the Night’s Watch Industry, but in terms of sheer capital, they were unmatched.

At the very least, they could certainly provide the sums Aegor sought to borrow.

(To be continued.)