National Bank of Austria
|Established||1 June 1816|
|Central bank of||Austria|
EUR (ISO 4217)
|Preceded by||Oesterreichisch-ungarische Bank|
|Succeeded by||European Central Bank (1999)1|
|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 the Republic 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 National Bank of Austria 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. Since May 2010 this capital is entirely held by the state of Austria. Previously half of the capital was in the hands of employer and employee organizations as well as banks and insurance corporations.
The Oesterreichische Nationalbank was started in 1816 by Johann Philipp Stadion, Count von Warthausen in the reign of Francis I (Franz I.), the first Emperor of Austria. The foundation of this bank followed a period of high currency devaluation in Austria during the war times when paper money was issued by the Habsburg state.
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.
|Andreas Ittner||Vice Governor|
- (German) (English) National Bank of Austria
- "Organization - Oesterreichische Nationalbank (OeNB)". OeNB. Retrieved 2016-01-21.
- Österreichische Nationalbank in: de.wikipedia, German, retrieved 12 February 2014.
- Direktorium OeNB, German, retrieved 12 February 2014.