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. 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 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.

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.

Oesterreichische Nationalbank


HeadquartersVienna
Established1 June 1816 (1816-06-01)
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 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.[3]

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.

Governing Board[4]
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[5]
Ewald NowotnyGovernor September 2008 – August 2019[6]
Harald MahrerPresident since 1 September 2018[5]
Robert Holzmann[7] Governor from 1 September 2019[8]

See also

References
  1. https://d-nb.info/1138787981/34
  2. "Organization - Oesterreichische Nationalbank (OeNB)". OeNB. Archived from the original on 2 July 2017. Retrieved 21 January 2016.
  3. "Foundation of the bank and provisional governance". Archived from the original on 23 February 2018. Retrieved 22 February 2018.
  4. "Governing Board". Archived from the original on 12 May 2016. Retrieved 22 February 2018.
  5. orf.at: Neubesetzungen im Aufsichtsratsgremium. 22 August 2018, accessed 22 August 2018.
  6. Neue Nationalbank-Führung fix. Bei: derstandard.at.
  7. Ministerrat nominiert neues OeNB-Direktorium. Bundesministerium für Finanzen, 30 January 2019.
  8. Salzburger Nachrichten: Robert Holzmann als neuer Nationalbank-Gouverneur fixiert. 29 January 2019, accessed 2 February 2019.

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