View source for Austrian National Bank

{{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}}
{{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 = [[Martin Kocher]]
| bank_of = [[Austria]]
| ownership = 100% [[state ownership]]<ref name="dnbinfo">{{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}}</ref>
| currency = [[Euro]]
| currency_iso = EUR
| reserves = 9 620 million USD<ref name="dnbinfo"/>
<!--DO NOT add info on currency, rates, printer or mints, as these are controlled by ECB -->| website = {{URL|https://www.oenb.at/en/|oenb.at/en/}}
| preceded = [[Austro-Hungarian Bank]]
| succeeded = [[European Central Bank]] (1999)<sup>1</sup>
| footnotes = <sup>1</sup> The Oesterreichische Nationalbank still exists but many functions have been taken over by the ECB.
}}
The '''{{langr|de-AT|Oesterreichische Nationalbank}}''' ({{IPA|de-AT|ˈøːstɐraɪçɪʃə natsi̯oˈnaːlˌbaŋk}}, {{lit|Austrian National Bank}}, abbr. '''{{langr|de-AT|OeNB}}''') is the [[National central bank (Eurosystem)|national central bank]] for [[Austria]] within the [[Eurosystem]]. 

Neither the bank itself nor the European Central Bank use the name ''Austrian National Bank'', but use the name ''Oesterreichische Nationalbank'' in their English communications. The Austrian National Bank started operations on {{date|1923/01/01}} as [[central bank]] of the newly formed [[First Austrian Republic]], uner the economic assistance provided to Austria by the [[Economic and Financial Organization of the League of Nations]]. It thus succeeded the [[Austro-Hungarian Bank]] on Austrian territory, 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. From 1923 to 1938 and again from 1945 to 1998, it issued the [[Austrian schilling]]. 

It is an [[Aktiengesellschaft]] governed by special legislative provision, fully owned by the Austrian federal government since May 2010 with shareholder rights exercised by the Minister of Finance.<ref>{{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}}</ref> 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}}

The Austrian National Bank is not itself a [[financial supervisory authority]] but participates in [[European banking supervision]] as a member of the [[Supervisory Board of the European Central Bank]], alongside the [[Financial Market Authority (Austria)|Financial Market Authority]].<ref>{{cite web |url=https://www.ecb.europa.eu/ecb/orga/decisions/ssm/html/index.en.html |title=Supervisory Board |accessdate={{date|2025-11-21}} |website=European Central Bank}}</ref> It is also a member of the [[European Systemic Risk Board]] (ESRB).<ref>{{cite web |website=European Systemic Risk Board |date={{date|2025-11-21}} |url=https://www.esrb.europa.eu/about/orga/list/html/index.en.html |title=List of ESRB Members and National Macroprudential Authorities}}</ref>

==History==
[[File:Oesterreichische Nationalbank 1922.jpg|thumb|A quarter of a founder's share of the Oesterreichische Nationalbank, issued 22. December 1922]]
The Oesterreichische Nationalbank was established under the conditions of the stabilization loan coordinated by the [[Economic and Financial Organization of the League of Nations|Economic and Financial Organization]] of the [[League of Nations]] in 1922–23.<ref>{{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 }}</ref> 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}}.<ref>{{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 }}</ref> 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 (1919)|Treaty of Saint-Germain-en-Laye]] signed on {{date|1919/09/10}}, and whose Governing Council last met on {{date|1922/12/15}}.<ref>{{cite web |website=Oesterreichische Nationalbank |title=1878–1922: The Austro-Hungarian Bank |url=https://www.oenb.at/en/About-Us/History/1878-1922.html }}</ref>

Following the [[European banking crisis of 1931|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.<ref>{{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|url-access=subscription }}</ref> 

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.<ref name=HandbookAT>{{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 }}</ref>{{rp|70}} Most of its assets and liabilities, including gold reserves, were taken over by the [[Reichsbank]]; [[Karl Blessing]], by then a junior Reichsbank official and future President of the [[Deutsche Bundesbank]], directed the restructuring.<ref name=LeBor>{{cite book |author=Adam LeBor |title=Tower of Basel: The Shadowy History of the Secret Bank That Runs the World |location=New York |publisher=Public Affairs |year=2013}}</ref>{{rp|53, 182}} The former Austrian National Bank became the Reichsbank'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.<ref>{{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}}</ref> 

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 [[Allied-occupied Austria|American occupation forces in Austria]] from 1945 to 1951.<ref>{{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}}</ref>

==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"
|+ Governing Board<ref>{{Cite web |url=https://www.oenb.at/en/About-Us/Organization/Decision-Making-Bodies/Governing-Board.html |title=Governing Board |access-date=22 February 2018 |archive-url=https://web.archive.org/web/20160512214049/https://www.oenb.at/en/About-Us/Organization/Decision-Making-Bodies/Governing-Board.html |archive-date=12 May 2016 |url-status=dead }}</ref>
|- class="hintergrundfarbe5"
!Name!!Function
|-
| Martin Kocher  || Governor
|-
| Gottfried Haber || Vice Governor
|-
| Eduard Schock || Executive Director
|-
| Thomas Steiner || Executive Director
|}

== Presidents/Governors ==
{| class="wikitable centered"

|- class="hintergrundfarbe5"
! width="30%"| Name !! width="70%" | Term
|-
| {{ill|Richard Reisch|de}}|| 1922–1932
|-
| {{ill|Viktor Kienböck|de}}|| 1932–1938
|-
| Eugen Kaniak|| 1945
|-
| {{ill|Hans Rizzi|de}}|| 1945–1952
|-
| {{ill|Eugen Margarétha|de}}|| 1952–1960
|-
| {{ill|Reinhard Kamitz|de}}|| 1960–1967
|-
| {{ill|Wolfgang Schmitz|de|Wolfgang Schmitz (Politiker, 1923)|lt=Wolfgang Schmitz}}|| 1968–1973
|-
| [[Hans Kloss (bank manager)|Hans Kloss]] || 1973–1978
|-
| {{ill|Stephan Koren|de}}|| 1978–1988
|-
| {{ill|Hellmuth Klauhs|de}}|| 1988–1990
|-
| [[Maria Schaumayer]]|| 1990–1995
|-
| {{ill|Klaus Liebscher|de}}|| President 1995–1998, Governor from 1998 to September 2008 
|-
| {{ill|Adolf Wala|de}}|| Director 1988–1998, President 1998–2003
|-
| {{ill|Herbert Schimetschek|de}}|| President 2003–2008
|-
| [[Claus Raidl]]|| President September 2008 – August 2018<ref name="orf2451919"/>
|-
| [[Ewald Nowotny]] || Governor September 2008 – August 2019<ref>''[http://derstandard.at/?url=/?id=3328641 Neue Nationalbank-Führung fix.] {{Webarchive|url=https://web.archive.org/web/20200718114349/https://apps.derstandard.at/privacywall/?url=%2F%3Fid%3D3328641 |date=18 July 2020 }}'' Bei: ''[[Der Standard|derstandard.at.]]''</ref>
|-
| {{ill|Harald Mahrer|de}}|| President since 1 September 2018<ref name="orf2451919">[https://orf.at/stories/2451919/2451921/ ''orf.at: Neubesetzungen im Aufsichtsratsgremium''] {{Webarchive|url=https://web.archive.org/web/20221206154133/https://orf.at/v2/stories/2451919 |date=6 December 2022 }}. 22 August 2018, accessed 22 August 2018.</ref>
|-
| [[Robert Holzmann]]<ref name="OTS_20190130_OTS0064">[https://www.ots.at/presseaussendung/OTS_20190130_OTS0064/ministerrat-nominiert-neues-oenb-direktorium ''Ministerrat nominiert neues OeNB-Direktorium''] {{Webarchive|url=https://web.archive.org/web/20221206154114/https://www.ots.at/presseaussendung/OTS_20190130_OTS0064/ministerrat-nominiert-neues-oenb-direktorium |date=6 December 2022 }}. Bundesministerium für Finanzen, 30 January 2019.</ref>
| Governor from 1 September 2019<ref>[https://www.sn.at/wirtschaft/oesterreich/robert-holzmann-als-neuer-nationalbank-gouverneur-fixiert-64892842 ''Salzburger Nachrichten: Robert Holzmann als neuer Nationalbank-Gouverneur fixiert''] {{Webarchive|url=https://web.archive.org/web/20221206154143/https://www.sn.at/wirtschaft/oesterreich/robert-holzmann-als-neuer-nationalbank-gouverneur-fixiert-64892842|date=6 December 2022}}. 29 January 2019, accessed 2 February 2019.</ref> – August 2025
|-
|[[Martin Kocher]]
|Governor since 1 September 2025<ref>{{Cite web | url=https://www.reuters.com/business/finance/austria-economy-minister-kocher-head-austrian-central-bank-apa-reports-2024-08-06/ | title=Austria taps economy minister Kocher to head central bank | author=Alexandra Schwarz-Goerlich | website=[[Reuters]]}}</ref>
|}

==See also==
{{Portal|Banks}}
* [[Economy of Austria]]
* [[Austrian schilling]]
* [[List of central banks]]
* [[List of banks in Austria]]

== External links ==
* [https://www.oenb.at/en/ Oesterreichische Nationalbank] {{in lang|en}} 
* {{PM20|FID=co/043471|TEXT=Clippings about|NAME=}}

==References==
{{Reflist}}

{{coord|48|12|58|N|16|21|15|E|region:AT_type:landmark|display=title}}
{{Central banks of the European Union}}
{{Central banks by country}}
{{Members of Euro Banking Association}}
{{Authority control}}

[[Category:European System of Central Banks|Austria]]
[[Category:Eurosystem|Austria]]
[[Category:Central banks|Austria]]
[[Category:Banking in Austria]]
[[Category:Buildings and structures in Alsergrund]]
[[Category:Banks established in 1923]]
[[Category:1816 establishments in the Austrian Empire]]
[[Category:Francis II, Holy Roman Emperor]]
[[Category:19th-century architecture in Austria]]
[[Category:Government-owned companies of Austria]]