Austrian National Bank

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.^[5] The bank's statutes were drafted by the League's Financial Committee and enacted in Austrian legislation on 14 November 1922. The new institution started operations on 1 January 1923.^[6] 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 10 September 1919, and whose Governing Council last met on 15 December 1922.^[7]

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.^[8]

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.^[9]: 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.^{[10]: 53, 182} The former Austrian National Bank became the Reichsbank's Vienna branch, and the Reichsmark became Austria's currency by German decree of 17 March 1938. The former National Bank's gold holdings and foreign currency reserves were moved to Berlin.^[11]

The Oesterreichische Nationalbank was re-established by the Central Bank Transition Act of 3 July 1945 of the Second Austrian Republic. The Austrian schilling came back to replace the Reichsmark on 21 December 1945. Much of the head office building served as headquarters of the American occupation forces in Austria from 1945 to 1951.^[12]

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.

• Fritz Weber^[19]: DIE GESCHICHTE DER OESTERREICHISCHEN NATIONALBANK von 1938 bis 1979. 504 p, PDF online. Written on behalf of the Austrian National Bank.

• Economy of Austria
• Austrian schilling
• List of central banks
• List of banks in Austria

• Oesterreichische Nationalbank (in English)
• Clippings about Austrian National Bank in the 20th Century Press Archives of the ZBW