Austrian National Bank

Austrian National Bank

 

(Österreichische National-bank), a state central bank of credit and issue, with branches in the capitals of all the federated provinces and in the city of Villach (in Carinthia) and with its main office in Vienna. In 1922 it grew out of the Austro-Hungarian Bank. After the Anschluss and the occupation of Austria by Germany in 1938, it merged with the German Reichsbank. It was reestablished after the country was liberated and resumed its activity in July 1945.

The bank has a fixed capital of 150 million schillings (150,000 registered securities of 1,000 schillings each). One-half of its fixed capital is owned directly by the state, and the remaining block of securities is shared between concerns and individuals. The Austrian National Bank is required to issue bank notes, regulate currency and credit, supervise the activity of commercial banks (it sets the minimum for their reserves, a part of which—up to 15 percent—must be kept on account with the Austrian National Bank), back the exchange rate of the Austrian schilling, carry out foreign exchange transactions, and so forth. Notes issued by the bank are not required by law to have gold backing. To enable it to regulate the currency and credit, the Austrian National Bank has been authorized to make loans (mainly to commercial banks), fix and change the interest rates on its discount and other transactions, determine the percentage of obligatory reserves of commercial banks, and carry out operations on the open securities market.

On Apr. 23, 1969, the balance of the Austrian National Bank comprised, in schillings: revenues, 50.3 billion; reserves, 4.6 billion; bank note issues, 28.2 million; and gold and foreign exchange, 33.2 billion. Of the last amount, 14.8 billion schillings was in gold.

M. G. POLIAKOV

References in periodicals archive ?
the austrian national bank (hereinafter: Ag) plans to award services in the area of "organization and production of classic cds" within the framework of this award procedure.
On Monday, the Austrian National Bank reduced its real gross domestic product (GDP) growth forecasts for 2016 and 2017 by 0.
The Austrian National Bank forecast last month that HICP would hold steady at 1.
Disclosures: This study was funded by the Austrian Society of Senology, the Austrian National Bank "Jubilaumsfond," and the Medical Scientific Fund of the Mayor of Vienna.
WASHINGTON, Oct 12 (KUNA) -- Austrian National Bank Governor Ewald Nowotny stressed Saturday that policy uncertainty in the US was "yet again at the forefront" and "threatens the promising private sector-led rebound in activity.
Project Syndicate Franz Nauschnigg is head of division, European Affairs and International Financial Organisations, at the Austrian National Bank.
Financial organizations with operations in Austria are expected to meet the growing requirements of the country's three regulators - Austrian National Bank, Financial Market Supervisory Authority and Insurance Supervisory Authority.
Summary: TEHRAN (FNA)- Austrian National Bank Ewald Nowotny claimed that the economy in the eurozone had slipped into recession, saying that 2013 will be difficult.
9) In particular, the Austrian financial authorities (the Austrian National Bank and the Austrian Financial Market Authority [Finanzmarktaufsicht]) have assumed a key role in persuading commercial banks in Austria to seek access to the Swiss repo system.
Ala-Eldine Hallak, to the office of Austrian Chancellor Werner Faymann, to expel the Syrian ambassador from Austria, to freeze the current economic relations with Syrian regime and the immediate halt of the printing of Syrian money, which is done by the Austrian National Bank under an agreement with the Syrian regime, about 8 million Lirah (2 million US Dollars), the third tranche of which is supposed to be shipped to Syrian in middle of August 2011.
According to Austrian National Bank Governor, Ewald Nowotny, banks in the nation would need up to EUR18bn to meet new norms under Basel III.
In 17 papers from a November 2009 conference in Vienna sponsored by the Austrian National Bank, bankers and economists ponder the impact of the financial crisis on the adoption of the euro by some of the less strong economies in Europe, and what steps would be best to take now.

Full browser ?