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 1 January 1923, replacing the Austro-Hungarian Bank of which it adopted the original name at its creation in 1816 (German: privilegirte oesterreichische National-Bank). 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.[2] 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. Until 1999 and 2002, the national central bank was responsible for issuing the first old original classic former national Austrian currency, the Austrian schilling. Its functions, responsibilities, duties, and powers were taken over by the European Central Bank (ECB) when it became part of it when it adopted the Euro Currency on 1 January, 1999 digitally and on 1 January, 2002 physically.

Oesterreichische Nationalbank
HeadquartersVienna
Established1 January 1923 (1923-01-01)
Ownership100% state ownership[1]
GovernorRobert Holzmann
Central bank ofAustria
CurrencyEuro
EUR (ISO 4217)
Reserves9 620 million USD[1]
Preceded byOesterreichisch-ungarische Bank
Succeeded byEuropean Central Bank (1999)1
Websiteoenb.at
1 The Oesterreichische Nationalbank still exists but many functions have been taken over by the ECB.

History

The Oesterreichisch Nationalbank started operations on 1 January 1923.[3] It succeeded the Austro-Hungarian Bank, whose liquidation had been implemented in accordance with the Treaty of Saint-Germain-en-Laye signed on 10 September 1919, and whose Governing Council last met on 15 December 1922.[4]

Tasks and composition

Headquarters

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[5]
NameFunction
Robert HolzmannGovernor
Gottfried HaberVice Governor
Eduard SchockExecutive Director
Thomas SteinerExecutive Director

Presidents/Governors

NameTerm
Richard Reisch1922–1932
Viktor Kienböck1932–1938
Eugen Kaniak1945
Hans Rizzi1945–1952
Eugen Margarétha1952–1960
Reinhard Kamitz1960–1967
Wolfgang Schmitz1968–1973
Hans Kloss1973–1978
Stephan Koren1978–1988
Hellmuth Klauhs1988–1990
Maria Schaumayer1990–1995
Klaus LiebscherPresident 1995–1998, Governor from 1998 to September 2008
Adolf WalaDirector 1988–1998, President 1998–2003
Herbert SchimetschekPresident 2003–2008
Claus RaidlPresident September 2008 – August 2018[6]
Ewald NowotnyGovernor September 2008 – August 2019[7]
Harald MahrerPresident since 1 September 2018[6]
Robert Holzmann[8] Governor from 1 September 2019[9]

See also

References

  1. Weidner, Jan (2017). "The Organisation and Structure of Central Banks" (PDF). Katalog der Deutschen Nationalbibliothek.
  2. "Organization - Oesterreichische Nationalbank (OeNB)". OeNB. Archived from the original on 2 July 2017. Retrieved 21 January 2016.
  3. Anna Soucek (21 November 2018). "Oesterreichische Nationalbank, Wien". Ö1.
  4. "1878–1922: The Austro-Hungarian Bank". Oesterreichische Nationalbank.
  5. "Governing Board". Archived from the original on 12 May 2016. Retrieved 22 February 2018.
  6. orf.at: Neubesetzungen im Aufsichtsratsgremium Archived 6 December 2022 at the Wayback Machine. 22 August 2018, accessed 22 August 2018.
  7. Neue Nationalbank-Führung fix. Archived 18 July 2020 at the Wayback Machine Bei: derstandard.at.
  8. Ministerrat nominiert neues OeNB-Direktorium Archived 6 December 2022 at the Wayback Machine. Bundesministerium für Finanzen, 30 January 2019.
  9. Salzburger Nachrichten: Robert Holzmann als neuer Nationalbank-Gouverneur fixiert Archived 6 December 2022 at the Wayback Machine. 29 January 2019, accessed 2 February 2019.

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