Oesterreichische Nationalbank
{{Short description|Central Bank of Austria}}
{{About|the central bank of the Republic of Austria|the central bank of the Habsburg Monarchy|Austro-Hungarian Bank}}
{{Use dmy dates|date=February 2021}}
{{DISPLAYTITLE:{{lang|de|Oesterreichische Nationalbank|nocat=y}}}}
{{Infobox Central bank
| name = Oesterreichische Nationalbank
| logo = Oesterreichische_Nationalbank_Logo.svg
| image = ÖNB Vienna June 2006 562 corrected perspective.jpg
| headquarters = Vienna
| established = {{Start date and age|1923|1|1|df=yes}}
| executive_title = Governor
| executive = Robert Holzmann
| bank_of = Austria
| ownership = 100% state ownership{{cite web |last1=Weidner |first1=Jan |title=The Organisation and Structure of Central Banks |url=https://d-nb.info/1138787981/34 |website=Katalog der Deutschen Nationalbibliothek|year=2017|format=PDF}}
| currency = Euro
| currency_iso = EUR
| reserves = 9 620 million USD
| website = {{URL|https://www.oenb.at/en/|oenb.at/en/}}
| preceded = Austro-Hungarian Bank
| succeeded = European Central Bank (1999)1
| footnotes = 1 The Oesterreichische Nationalbank still exists but many functions have been taken over by the ECB.
}}
The {{lang|de|Oesterreichische Nationalbank}} ({{IPA|de|ˌøːstəʁaɪ̯çɪʃə natsi̯oˈnaːlˌbaŋk}}, {{lit|Austrian National Bank}}, abbr. {{lang|de|OeNB}}) is the central bank of Austria and the Austrian member of the Eurosystem. It was the monetary authority for Austria from 1923 to 1938 and from 1945 to 1998, issuing the Austrian schilling.
It started operations on {{date|1923/01/01}} under the economic assistance provided to Austria by the Economic and Financial Organization of the League of Nations, replacing the Austro-Hungarian Bank with its name recalling that of the Austro-Hungarian Bank's predecessor entity founded in 1816. It was liquidated following the Anschluss in March 1938, and re-established in July 1945.
The OeNB is a joint-stock corporation governed by special legislative provision. Its entire capital of €12 million has been held by the Austrian federal government since May 2010, with shareholder rights exercised by the Minister of Finance.{{Cite web|title = Organization - Oesterreichische Nationalbank (OeNB)|url = https://www.oenb.at/en/About-Us/Organization.html|website = OeNB|access-date = 21 January 2016|archive-url = https://web.archive.org/web/20170702080226/https://www.oenb.at/en/About-Us/Organization.html|archive-date = 2 July 2017|url-status = dead}} Before 2010, half of the capital was in the hands of employer and employee organizations as well as banks and insurance corporations.{{cn|date=November 2023}}
History
File:Oesterreichische Nationalbank 1922.jpg
The Oesterreichische Nationalbank was established under the conditions of the stabilization loan coordinated by the Economic and Financial Organization of the League of Nations in 1922–23.{{citation |title=Les conseillers étrangers à la Banque nationale d'Autriche 1923-1929 : contrôle ou coopération ? |author=Nathan Marcus |journal=Histoire, économie & société |volume=35 |year=2016 |issue=4 |pages=8–20 |url=https://www.cairn.info/revue-histoire-economie-et-societe-2016-4-page-8.htm }} The bank's statutes were drafted by the League's Financial Committee and enacted in Austrian legislation on {{date|1922/11/14}}. The new institution started operations on {{date|1923/01/01}}.{{cite web |website=Ö1 |title=Oesterreichische Nationalbank, Wien |author=Anna Soucek |date={{date|2018/11/21}} |url=https://oe1.orf.at/artikel/644770/Oesterreichische-Nationalbank-Wien }} It took over the former Austrian-territory branches and operations of the Austro-Hungarian Bank, whose liquidation had been implemented in accordance with the Treaty of Saint-Germain-en-Laye signed on {{date|1919/09/10}}, and whose Governing Council last met on {{date|1922/12/15}}.{{cite web |website=Oesterreichische Nationalbank |title=1878–1922: The Austro-Hungarian Bank |url=https://www.oenb.at/en/About-Us/History/1878-1922.html }}
Following the banking crisis of 1931, Austrian National Bank President Viktor Kienböck oversaw an orthodox economic policy paradigm in which he rigorously defended the currency in the face of growing overvaluation. This contributed to a substantial contraction in Austrian GDP.{{Citation |last=Kernbauer |first=Hans |title=Central Bank Policy under Foreign Control: The Austrian National Bank in the 1920s |date=2023 |url=https://www.cambridge.org/core/books/spread-of-the-modern-central-bank-and-global-cooperation/central-bank-policy-under-foreign-control/48DD9C79216B577E54F2B25359973C91 |work=The Spread of the Modern Central Bank and Global Cooperation: 1919–1939 |pages=105–138 |editor-last=Kakridis |editor-first=Andreas |series=Studies in Macroeconomic History |publisher=Cambridge University Press |doi=10.1017/9781009367578.008 |isbn=978-1-009-36757-8 |editor2-last=Eichengreen |editor2-first=Barry}}
Following the Anschluss in 1938, the Austrian National Bank's was liquidated, and its shareholders were forced to accept German government bonds in exchange for their shares.{{citation |title=Army Service Forces Manual M360-5 / Civil Affairs Handbook Austria - Section 5: Money and Banking |publisher=U.S. Army Service Forces |location=Washington DC |author=Federal Reserve Board |date=November 1943 |url=https://books.google.com/books?id=5ilWzgEACAAJ }}{{rp|70}} Its operations were taken over by the Reichsbank and became the latter's Vienna branch, and the Reichsmark became Austria's currency by German decree of {{date|1938/03/17}}. The former National Bank's gold holdings and foreign currency reserves were moved to Berlin.{{cite web |website=Oesterreichische Nationalbank |url=https://www.oenb.at/en/About-Us/History/1938-1945.html |title=1938-1945: The central bank during the Third Reich}}
The Oesterreichische Nationalbank was re-established by the Central Bank Transition Act of {{date|1945/07/03}} of the Second Austrian Republic. The Austrian schilling came back to replace the Reichsmark on {{date|1945/12/21}}. Much of the head office building served as headquarters of the American occupation forces in Austria from 1945 to 1951.{{cite web |website=Oesterreichische Nationalbank |url=https://www.oenb.at/en/About-Us/History/1945-1998.html |title=1945-1998: The Oesterreichische Nationalbank during the Second Republic}}
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.
| class="wikitable centered" | |
| class="hintergrundfarbe5"
!Name!!Function | |
| Robert Holzmann | Governor |
| Gottfried Haber | Vice Governor |
| Eduard Schock | Executive Director |
| Thomas Steiner | Executive Director |
Presidents/Governors
See also
{{Portal|Banks}}
External links
- [https://www.oenb.at/en/ Oesterreichische Nationalbank] {{in lang|en}}
- {{PM20|FID=co/043471|TEXT=Clippings about|NAME=}}
References
{{Reflist}}
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{{Central banks of the European Union}}
{{Central banks}}
{{Members of Euro Banking Association}}
{{Authority control}}
Category:Buildings and structures in Alsergrund
Category:Banks established in 1923
Category:1816 establishments in the Austrian Empire
Category:Francis II, Holy Roman Emperor