Organization

The OeNB is a stock corporation under the Federal Act on the Oesterreichische Nationalbank 1984 (Nationalbank Act). Given its status as a central bank, it is governed by a range of special provisions set out in the Nationalbank Act. The capital of the OeNB is EUR 12 million and is held by a sole shareholder, the federal government (Article 9 Nationalbank Act). The shareholder rights of the federal government are exercised by the Federal Minister of Finance.

In carrying out its tasks, the OeNB is fully independent and not bound by any instructions. This principle applies to the entire Eurosystem – the ECB and all national central banks of the euro area – and is enshrined in the Treaty on the Functioning of the European Union.

The Governing Board is responsible for the overall running of the OeNB, the General Council for its supervision. The OeNB applies the guiding principles “stability and security” to all its activities.

Decision-making bodies

The General Meeting

The Republic of Austria is the sole shareholder of the OeNB. The shareholder rights are exercised by the Federal Minister of Finance at the regular General Meeting. The tasks of the General Meeting include approving the annual financial statements, deciding on the appropriation of the profit reported in the annual financial statements, including the dividend to be distributed to the sole shareholder, and granting discharge to the members of the General Council and of the Governing Board of the OeNB.

General Council

The General Council is the supervisory board of the OeNB. It advises the Governing Board on matters relating to management and monetary policy and oversees those operations which do not fall within the remit of the European System of Central Banks (ESCB).

The General Council consists of the President, the Vice President and eight other members. General Council members are appointed by the federal government for a term of five years and may be reappointed.

Governing Board

The Governing Board is responsible for the overall running of the OeNB and for conducting its business. In pursuing the objectives and tasks of the ESCB, the Governing Board must act in accordance with the guidelines and instructions of the ECB. The Governing Board is composed of the Governor, the Vice Governor and two other members, all of whom are appointed for a period of six years by the Federal President of Austria acting on a proposal from the federal government. Current members of the Governing Board may be reappointed. The Governor of the OeNB is a member of the Governing Council and of the General Council of the ECB. In performing these functions, the Governor and the Governor’s deputy are not bound by the decisions of the Governing Board or by those of the General Council, nor are they subject to any other instructions.