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Toni Straka

The Oesterreichische Nationalbank (OeNB) is the central bank of the Republic of Austria and, as such, an integral part of both the European System of Central Banks (ESCB) and the Eurosystem. In the public interest, the OeNB contributes to monetary and economic policy decision making in Austria and in the euro area. In line with the Federal Act on the Oesterreichische Nationalbank (1984 Nationalbank Act – NBG), the OeNB is a stock corporation. Given its status as a central bank, it is, however, governed by a number of special provisions, as laid down in the Nationalbank Act. The OeNB’s capital totals EUR 12 million, 70% of which is held by the federal government and 30% of which is owned by employer and employee organizations as well as banks and insurance corporations.

At the end of 2008 the OeNB held gold and gold receivables with a value of €5.595 billion or 6,67% of the total balance sum.

Board Changes On September 1, 2008

On September 1, 2008, the OeNB saw some changes on its executive board.

Ewald Nowotny became governor. Nowotny said in his first press conference on September 5, 2008, that he stands for continuity at the central bank. His predecessor Klaus Liebscher had been regarded as a hawk.

Wolfgang Duchatczek became vice governor and Andreas Ittner executive board member. Executive Peter Zöllner was reelected. All hold 5-year contracts.

Results 2008

The OeNB recorded a steep decline in its profits in 2008 while its balance sheet grew an explosive 35% to €83,8 billion. According to its own figures [1] net operating profit tumbled almost 90% to a negligible €47 million in 2008. Net profits for the year sank 82% to €3.15 million. Most important contribution to the balance sheet was a €480 million book profit on its gold holdings of 280 tons. The OeNB did not sell anymore gold in 2008 after dishoarding around 500 tons under the Central Bank Gold Sales Agreement in this millennium.

In order to stay in the black the OeNB also had to sell off credit card processor Austria Card in 2008.

Its most important subsidiary is the Austrian Mint which earns record profits due to exploding demand for its bullion coins. The Philharmonic has become the best selling bullion coin in the world.