The Oesterreichische Nationalbank (OeNB) is the
central bank of
Austria and, as such, an integral part of both the
European System of Central Banks
The European System of Central Banks (ESCB) is an institution that comprises the European Central Bank (ECB) and the national central banks (NCBs) of all 27 member states of the European Union (EU). Its objective is to ensure price stability t ...
(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 (german: privilegirte oesterreichische National-Bank). In the public interest, the Oesterreichische Nationalbank contributes to monetary and
economic policy
The economy of governments covers the systems for setting levels of taxation, government budgets, the money supply and interest rates as well as the labour market, national ownership, and many other areas of government interventions into the e ...
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
A joint-stock company is a business entity in which shares of the company's stock
In finance, stock (also capital stock) consists of all the shares by which ownership of a corporation or company is divided.Longman Business English Dicti ...
. 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 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.
History
The Oesterreichisch Nationalbank started operations on . It succeeded 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 .
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
{{Authority control
European System of Central Banks
Austria
Banking in Austria
Buildings and structures in Alsergrund
Banks established in 1816
1816 establishments in the Austrian Empire
Francis II, Holy Roman Emperor