The Austrian central bank AG (OeNB) is acted as central bank of Austria an integral component of the euro system and/or the European system of the central banks (ESZB) and due to national and international regulations (e.g. EEC contract, EZB status, central bank law).

History

The Austrian central bank goes on the 1816 created "“privilege. Austrian central bank"” back, which had been created for the re-organization of the currency nature in Austria as the first, Austrian issuing bank. In addition it received the exclusive right to the expenditure from notes. 1878 were converted the central bank in accordance with reconciliation into the "“Austrian-Hungarian bank"”, which was replaced 1923 from the "“Austrian central bank"”.

Legal form and organs

Legal form

The OeNB is a corporation of own kind (sui generis), i.e. the regulations of the law on limited companies is to be used only to that extent, as far as by the EEC contract, the ESZB/EZB statute or the central bank law different one is not determined. It stood originally ever to the half in the property of the Republic of Austria and from protections of interests as well as banks and insurance. Since the BAWAG P.S.K. - Scandal stands it to 70.2% in the property of the Republic of Austria, since the BAWAG P.S.K and the surrendered its portions to the Republic of Austria.

Organs of the OeNB are the general assembly, the general council and board of directors.

General assembly

The shareholders exercise their rights in the general assembly, which takes place over resolution of the general council in the first four months of each financial year. The general assembly has in particular the following tasks:

• Receipt of the report of the general council over the management
• Permission of the end-of-year procedure and discharge of the general council and the board of directors
• Adoption of resolutions over the distribution of profits
• Agreement on share transfer
• Choice of the members of the general council and the invoice controller
• Adoption of resolutions over requests of the shareholders

General council

The monitoring of those business, which does not fall into the field European system central banks (ESZB, is incumbent on the general council). The general council is thus comparable with the supervisory board of a corporation.

The general council consists of 14 members. The president, the vice-president and six further members are appointed by the Federal Government. The remaining six members are selected by the general assembly. The function duration amounts to five years.

Among the tasks of the general council rank in particular:

• Agreement to the acquisition and sale of real estate properties and participation
• Adoption of resolutions over the permission of the end-of-year procedure for collecting main to the Generalversammung
• Right to nominate to the Federal Government for the appointment of the members of the board of directors

Board of directors

Board of directors leads the business of the OeNB. With the pursuit of the goals of the ESZB that is bound board of directors to the instructions of the EZB.

Board of directors consists of the governor (at present Dr. Klaus Liebscher), vice-governor and two further members. The appointment of the members of the board of directors takes place via the Federal President on suggestion of the Federal Government, that receives again a suggestion of the general council. The function period amounts to five years.

As a member of the EZB advice and/or the extended advice of the EZB the governor is perfectly instruction-free.

Tasks

With the integration of the OeNB into the system of the European central banks (ESZB) a majority of their tasks was transferred to the EZB. To the tasks of the OeNB therefore in particular co-operation at the monetary policy counts in the context of the ESZB, whose principal purpose is the preservation of the price stability.

Further tasks are:

• the safety device of national financial market stability (by co-operation at the state supervision of the banks)
• Expenditure of notes (in accordance with condition of the permission of the EZB)
• Supply of the business banks with cash (in particular by the conclusion of loan business with the banks)
• Bereistellung of an exchange system (TARGET (transnational) and ARTIS (between OeNB and business banks))
• Employment monetary political instrument (if and so far it decided the EZB advice)
• Production of statistics and analyses

Further the OeNB is to be operated entitled banking transactions of all kinds.

President/governors

• Richard Reisch (1922-32)
• Viktor (1932-38)
• Eugen Kaniak (1945)
• Hans Rizzi (1945-52)
• Eugen (1952-60)
• Pure hard Kamitz (1960-67)
• Wolfgang Schmitz (1968-73)
• Hans Kloss (1973-78)
• Stephan Koren (1978-88)
• Hellmuth Klauhs (1988-90)
• Maria Schaumayer (1990-95)
• Klaus Liebscher (1995-98 president, since 1998 governor).
• Adolf Wala (1988-1998 general manager, 1998-2003 president)
• Herbert Schimetschek (since 2003)

Related links

• www.oenb.at

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