Oesterreichische Nationalbank

Oesterreichische Nationalbank
The Oesterreichische Nationalbank (OeNB) is the central bank of Austria and, as such, an integral part of both the European System of Central Banks (ESCB) and the Eurozone. It started operations on , replacing the Austro-Hungarian Bank of which it adopted the original name at its creation in 1816. It was liquidated following the Anschluss in March 1938, and re-established in July 1945.
In the public interest, the Oesterreichische Nationalbank contributes to monetary and economic policy decision-making in Austria and in the Euro area. In line with the Federal Act on the Oesterreichische Nationalbank, the OeNB is a stock corporation. Given its status as a central bank, it is, however, governed by a number of special provisions, as laid down in the Nationalbank Act. The OeNB's capital totals €12 million and is held by a sole shareholder, the federal government. The shareholder rights of the federal government are exercised by the Minister of Finance. Since May 2010, this capital has been entirely held by the Austrian state. Previously half of the capital was in the hands of employer and employee organizations as well as banks and insurance corporations.
Until January 1999, when Austria adopted the euro, the bank was responsible for the former national currency, the Austrian schilling.
History
The Oesterreichisch Nationalbank was established under the conditions of the stabilization loan coordinated by the Economic and Financial Organization of the League of Nations in 1922-1923. The bank's statutes were drafted by the League's Financial Committee and enacted in Austrian legislation of . The new institution started operations on . It took over the former Austrian-territory branches and operations of the Austro-Hungarian Bank, whose liquidation had been implemented in accordance with the Treaty of Saint-Germain-en-Laye signed on , and whose Governing Council last met on .
Following the Anschluss in 1938, the Austrian National Bank's operations were merged into the Reichsbank, the institution itself was liquidated, and the Reichsmark became Austria's currency by German decree of . Its gold holdings and foreign currency reserves were moved to Berlin. The Oesterreichische Nationalbank was re-established by the Central Bank Transition Act of of the Second Austrian Republic. The Austrian schilling came back to replace the Reichsmark on . Much of the head office building served as headquarters of the American occupation forces in Austria from 1945 to 1951.
Tasks and composition
The main tasks of the OeNB center on contributing to a stability-oriented monetary policy within the Eurozone, safeguarding financial stability in Austria and supplying the general public and the business community in Austria with high-quality, i.e. counterfeit-proof, cash. In addition, the OeNB manages reserve assets, i.e. gold and foreign exchange holdings, with a view to backing the euro in times of crisis, draws up economic analyses, compiles statistical data, is active in international organizations and is responsible for payment systems oversight. Furthermore, the OeNB operates a payment system for the euro, promotes knowledge and understanding among the general public and decision makers owing to its comprehensive communication policy, and supports research in Austria.
Presidents/Governors
See also
Economy of Austria
Euro
Austrian schilling
External links
Oesterreichische Nationalbank
References
European System of Central Banks
Austria
Banking in Austria
Buildings and structures in Alsergrund
Banks established in 1923
1816 establishments in the Austrian Empire
Francis II, Holy Roman Emperor
19th-century architecture in Austria