Oesterreichische Nationalbank

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Oesterreichische Nationalbank
Oesterreichische Nationalbank Logo.svg
Alsergrund (Wien) - Hauptgebäude der Österreichischen Nationalbank.JPG
Headquarters Vienna
Established 1 June 1816; 202 years ago (1816-06-01)
Governor Ewald Nowotny
Central bank of Austria
Currency Euro
EUR (ISO 4217)
Preceded by Oesterreichisch-ungarische Bank
Succeeded by European Central Bank (1999)1
Website oenb.at
1 The Oesterreichische Nationalbank still exists but many functions have been taken over by the ECB.

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. 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 EUR 12 million and is held by a sole shareholder, the federal government. The shareholder rights of the federal government are exercised by the Federal Minister of Finance.[1] Since May 2010 this capital is 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.

Count Johann Philipp von Stadion receives the charter for the foundation of the Oesterreichische Nationalbank from Francis I (Franz I.), the first Emperor of Austria, in Vienna. Bronze medal to the 100th Anniversary on 1 June 1916, obverse. Medallist Stefan Schwartz.

History[edit]

The Oesterreichische Nationalbank was founded in 1816 by Francis I, the first Emperor of Austria. The bank was founded after a period of high currency devaluation in Austria during war times, when paper money was issued by the Habsburg state.[2]

Tasks and composition[edit]

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.

Governing Board[3]
Name Function
Ewald Nowotny Governor
Andreas Ittner Vice Governor
Peter Mooslechner Executive Director
Kurt Pribil Executive Director

See also[edit]

External links[edit]

References[edit]

Coordinates: 48°12′58″N 16°21′15″E / 48.21611°N 16.35417°E / 48.21611; 16.35417