History of the OeNB

Foundation of the Bank and Temporary Measures

The foundation of the central bank of Austria dates back to the early 19th century. However, the Habsburgs, the ruling dynasty in the old Austro-Hungarian Empire, had started experimenting with the issuance of paper money already 50 years before: a separate …

The "privilegirte oesterreichische National-Bank"

The imperial patent of July 15, 1817, gave the privilegirte oesterreichische National-Bank the exclusive right to distribute banknotes unrestrictedly. Moreover, this issuing right (1. Privilegium) also gave the OeNB certain rights to conduct discount transactions.

The Austro-Hungarian Bank

During the negotiations on the compensation between Austria and Hungary in 1867, the question of the central bank was not touched to prevent further complications and to maintain the present conditions up until an agreement on a future legal regulation was reached. …

The Oesterreichische Nationalbank in the First Republic

Since the start of the liquidation of the Austro-Hungarian bank, it was clear that Austria, like the remaining successor states, had to have a bank of issue of its own. But first of all it was necessary to create order in the national budget. The Geneva Protocol of …

The Central Bank in the Third Reich

After the end of World War I, it was not possible for the Austrian society to return to a coherent social order. Camps were formed in all areas, and these imposed their interests with fraud, force and arms, if necessary. The corporative state, which was isolated in …

The Oesterreichische Nationalbank during the Second Republic

The disastrous years after World War II had taught society and politicians how important nonpartisan team work was as the basic principle of an Austria for all citizens. Nobody doubted that reconstruction was possible. With the European Recovery Programme …

The Oesterreichische Nationalbank as a Part of the European System of Central Banks

On January 1, 1999, the beginning of the Stage Three of Economic and Monetary Union, the euro as a single currency was introduced in Austria and ten other member states. The Oesterreichische Nationalbank transferred its responsibility in matters of monetary policy to …