The Oesterreichische Nationalbank is obligated (under Article 67 paragraph 2 of the Federal Act on the Oesterreichische Nationalbank 1984 as amended and as promulgated in Federal Law Gazette I No. 108/2007 – Nationalbank Act)1 to prepare its balance sheet and its profit and loss account in conformity with the provisions established by the Governing Council of the ECB under Article 26.4 of the Statute of the European System of Central Banks and of the European Central Bank (Statute of the ESCB and of the ECB). These rules are laid down in the recast accounting guideline adopted by the Governing Council of the ECB on November 11, 2010.2 The OeNB’s financial statements for the year 2010 were prepared fully in line with the provisions set forth in this guideline. Cases not covered by the guideline have been covered by the generally accepted accounting principles referred to in Article 67 paragraph 2 second sentence Nationalbank Act and in Article 67 paragraph 3 as regards the applicability of the provisions of the third volume of the Unternehmensgesetzbuch (Commercial Code). The OeNB is exempt from Article 243 paragraph 2 last sentence of the Commercial Code and from preparing consolidated financial statements as required under Article 244 et seq. Commercial Code.
1 The Nationalbank Act was amended with effect from January 1, 2008, with a view to clarifying responsibility for ensuring financial stability.
2 Guideline of the European Central Bank of 11 November 2010 on the legal framework for accounting and financial reporting in the European System of Central Banks (recast) (ECB/2010/20).