From left to right: Vice Governor Gottfried Haber, Governor Robert Holzmann,
Executive Director Eduard Schock, Executive Director Thomas Steiner

The OeNB’s organization

The OeNB contributes to safeguarding price stability and financial stability

Two years into the pandemic, Eurosystem monetary policy remains ­accommodative

Nonstandard measures remain in place in 2021, but step-by-step reduction ­announced for 2022

Crude oil prices, for instance, jumped from around EUR 40 per barrel in early 2021 ¹ to more than EUR 70 per barrel in October 2021, or by 75%, due to the surprisingly strong economic rebound. This development was exacerbated by the fact that the 13 member countries of the Organization of the Petroleum Exporting Countries (OPEC) and their 10 allies including Russia (OPEC+) were slow to unwind the output caps imposed in 2020. Restarting oil rigs that were idled in 2020 took its time, and investing in new rigs has been controversial given climate-driven policies to reduce the ­carbon footprint. Prices were also sharply on the rise for many other raw materials and intermediate goods, which ultimately added to consumer price inflation pressures.

The OeNB implements the measures ­adopted by the Governing Council of the ECB

The existing expanded asset purchase programme (APP) was kept up in 2021 with a monthly ­purchase volume of EUR 20 billion. All in all, the Eurosystem bought securities ­issued in the euro area worth EUR 214.4 billion. These operations were carried out both centrally by the European Central Bank (ECB) and in a decentralized fashion by all 19 national central banks of the Eurosystem. In this context, the OeNB mobilized close to EUR 4.4 billion to buy ­Austrian public sector bonds and covered bonds issued by Austrian banks. Together with the ­assets purchased since 2015, the assets bought in 2021 enlarged the APP-related ­segment of the OeNB’s balance sheet to EUR 71.3 billion at the end of 2021 (chart 1).

In addition, the Euro­system bought securities worth EUR 827 billion under its pandemic emergency purchase programme (PEPP) in 2021, to which the OeNB contributed EUR 19 billion. As a result, the OeNB’s PEPP portfolio totaled EUR 36.1 billion at the end of 2021. While PEPP purchases are essentially subject to the same ­requirements as APP purchases, the PEPP ­programme is also open for purchases of public sector bonds with a remaining maturity of less than one year (but more than 70 days). The national central banks continue to buy only their respective public sector bonds and not those of other jurisdictions. In other words, the OeNB buys only Austrian government bonds and bonds issued by Austrian agencies, such as the two agencies operating the domestic rail ­infrastructures (ÖBB-Infra­struktur) and highways ­(ASFINAG). Moreover, purchases of ­public sector bonds across euro area countries are guided by the Eurosystem capital key, which spells out the contributions of the ­national central banks to the ECB’s capital. Compared with APP purchases, PEPP purchases are subject to a higher degree of flexibility over time, across asset classes and among ­jurisdictions. Also, under the PEPP, the ECB and the Greek central bank buy Greek government bonds, which are not ­eligible for APP purchases for reasons of credit­worthiness.

The other key pillar of the Eurosystem’s ­policy of monetary accommodation in 2021 was the provision of liquidity through the, by now, third series of targeted longer-term refinancing operations (TLTROs III). Under the TLTROs, commercial banks eligible for refinancing with the Eurosystem gained access to central bank credit with a maturity of up to three years. These loans are subject to variable “discrete” or “blended” interest rates lying somewhere ­between the average rate applied to the Eurosystem’s main refinancing operations over the life of the respective operation and the ­average interest rate on the deposit facility. The rates applied depend on the extent to which the lending ­patterns of the individual banks fulfill specific requirements stipulated by the ECB. In response to the COVID-19 pandemic, the applicable ­interest rates were lowered by another 50 basis points for the period between June 2020 and June 2022, making an interest rate of –1% ­possible. The underlying goal was to stimulate bank lending to the real economy amid the ­crisis, above all loans to small and medium-­sized enterprises and to households for consumption purposes (excluding mortgage loans).

In 2021, four new TLTRO III lending rounds were offered. The bids received from banks across the euro area in these four additional operations totaled EUR 589.9 billion. Like asset purchases, these refinancing operations are handled by the national central banks of the Eurosystem. Austrian banks took out new TLTRO III funding worth EUR 20.6 billion from the OeNB in 2021, which corresponds to some 3.5% of all funds provided in this period. Compared with their European peers, Austrian banks thus exhibited above-average demand (relative to total assets). Since September 2021, banks have had an early repayment option starting 12 months after the settlement of the individual TLTRO III operations. Repayment may be made at quarterly intervals in full or in part. In 2021, banks made only limited use of this option; in the euro area as a whole, early repayment balances totaled EUR 139.4 billion; in Austria EUR 0.2 billion were paid back early to the OeNB. The cumulative volume of TLTRO III funding provided by the OeNB totaled EUR 87.2 billion at the end of 2021. All in all, ten TLTRO III operations were conducted; ­starting in 2019 and 2020 and most recently in December 2021, with the maturity period of the final operation running to December 2024 (chart 2).

In 2021, the ECB also continued to offer pandemic emergency longer-term refinancing operations (PELTROs), which were introduced in 2020 to provide an effective backstop against liquidity shortages. 2021 saw the unwinding of the first seven PELTROs and the implementation of four new PELTROs. While Austrian banks paid back EUR 242 million to the OeNB in ­operations maturing in 2021, the OeNB provided new liquidity totaling EUR 245 million with a maturity of between 12 and 13 months. Like all other operations, the PELTROs were conducted as fixed rate tender procedures with full allotment. The interest rate applied to PELTROs was 25 basis points below the interest rate on the main refinancing operations prevailing over the life of the respective PELTRO, i.e. –0.25% in 2021. These conditions were not subject to any constraints. The final PELTRO was offered in December 2021 and will run to January 2023.

In view of the comparatively cheaper refinancing available through TLTRO III and ­PELTRO operations, demand for the regular refinancing operations with a maturity of one week or three months was very limited both in the euro area as a whole and in Austria. The ­interest rate for the weekly main refinancing operations remained unchanged in 2021 at 0%. Likewise, the interest rate for the marginal lending ­facility was left unchanged at 0.25%, and the interest rate for the deposit facility ­remained at –0.50%.

Monetary policy decision-making reflects strategy overhaul

Economic conditions improved much faster across the euro area in 2021 than had been ­anticipated. Following the rollout of COVID-19 vaccines and the ensuing gradual unwinding of lockdown measures, the economy revived ­visibly. Moreover, robust export demand and fiscal support provided under the NextGenerationEU initiative helped overcome the recession in the euro area fast. Based on preliminary Eurostat data, the euro area’s real gross domestic ­product (GDP) increased by 5.2% in 2021. Eurosystem staff projections of December 2021 expect GDP growth to remain elevated also in 2022 (+4.2%) and 2023 (+2.9%).

HICP inflation also rose much more strongly than expected. Close to 1% in early 2021, inflation climbed to 5.0% until ­year-end, which translated into an annual average of 2.6%. The increase was largely driven by the surge in commodity prices (above all energy prices). Other factors that added to the rise in inflation were the freeing of pent-up demand following the unwinding of lockdown ­measures, mounting producer prices fueled by global supply shortages and increased transport costs. Base effects related to the discontinuation of value-­added tax cuts in Germany also played a role. Last but not least, measurement issues – above all in the first year of the pandemic, when many shops were closed and when prices were difficult to collect – may have led to a bias in inflation measurement in 2021. All inflation forecasts for the euro area anticipate that the elevated ­inflation rates are going to be a largely temporary phenomenon, and that inflation rates will go down steadily in 2022. The Eurosystem’s December 2021 projections for 2022 point to the gradual resolution of supply bottlenecks and a modest easing of many commodity prices, given the downward-sloping profile of futures prices. Specifically, inflation is expected to ­total 3.2% in 2022 and decline to 1.8% in 2023 and 2024.

Governing Council of the ECB announces step-by-step reduction in the pace of asset purchases

To cushion the withdrawal of market presence because of the end of PEPP purchases, the pace of monthly net asset purchases under the APP will be increased temporarily in 2022 – to EUR 40 billion in the second quarter and to EUR 30 billion in the third quarter – before being brought back to EUR 20 billion per month from October 2022 onward. At this level, net asset purchases under the APP would be maintained for as long as necessary to reinforce the accommodative impact of the policy rates. The ECB also continued to anticipate that net asset purchases would end shortly before key ECB interest rates started to be raised. The reinvestment policy would be retained for an extended period past the date when the ECB starts raising its policy interest rates.

The last of the pandemic-related longer-­term refinancing operations (TLTROs III and PELTROs; see above) were conducted as planned in December 2021. The special conditions ­applicable under TLTRO III operations are ­expected to end in June 2022, as announced. There are no plans to extend these operations. At the same time, the Governing Council of the ECB will continue to monitor bank funding conditions and ensure that the maturing of funds does not hamper the smooth ­transmission of monetary policy. This applies to TLTRO III funds in particular, as maturing TLTRO III funding would withdraw large amounts of ­liquidity from the banking sector. In addition, there is a need to assess the appropriate calibration of the two-tier system for ­reserve remuneration so that the negative interest rate policy does not limit the intermediation capacity of the banking system in an environment of ample excess liquidity.

How the pandemic changed the Austrian economy in 2021

Lockdown impact weakens but remains significant

Austrian economy grows by 4.7% in 2021

These developments are broadly mirrored by demand-side indicators of GDP (chart 5). Private consumption, which accounts for ­almost half of GDP in Austria, had been ­characterized by very strong growth rates in ­mid-2020. This compares with strong setbacks in the first and fourth quarters of 2021, when shops, restaurants and hotels were shut down for several weeks.

Unlike household consumption, business investment continued to increase at a fairly ­robust pace in early 2021. Investment growth was driven by government support in the form of investment premiums and by hopes that the pandemic would soon be brought under control following the rising rollout of COVID-19 ­vaccines. However, as the year progressed, the momentum of investment slowed down, largely on the back of disruptions in the supply chains of intermediate goods. Added to that, the ­uncertain outlook for early 2022 had a weakening effect toward the end of the year.

Unlike in 2020, Austrian exporters were not affected by border closures in 2021. ­Exports of goods continued to recover strongly and ­exceeded pre-crisis levels already in early 2021. Exports of services, by contrast, felt the marked decline of tourism demand. In sum, exports of goods and services rose by more than 10%, however, in 2021.

Looking ahead, the outlook is clouded by high levels of uncertainty in view of the rapid spreading of Omicron, the latest coronavirus variant at the time of writing.

Loss of tourist travel income sends the current account into deficit

HICP inflation rises strongly in late 2021

Given the pandemic-related economic contraction amid low inflation rates, the wage ­increases for 2021 negotiated by the social ­partners in the fall of 2020 had remained rather moderate at 1.7%. In the fall of 2021, robust economic growth and the comparatively high inflation rates supported higher wage settlements for 2022 (+3.2%). At the same time, these wage settlements are broadly in line with distribution-neutral wage increases, defined as the sum total of productivity gains and inflation. Hence, we assume that wage developments will not be adding to price pressures ahead.

Labor market conditions improve in 2021

COVID-19 measures continue to burden the budget in 2021

Real estate prices heavily on the rise in 2021

Receding COVID-19 pandemic fuels growth and inflation in Central, Eastern and Southeastern Europe

The economic momentum also fed through to labor market conditions in CESEE, causing ­unemployment rates in late 2021 to revert to the historically low levels of 2019.

Yet, new COVID-19 infection waves, the emergence of the Omicron variant and persistent bottlenecks in global value and supply chains eventually increased the risks to growth again toward the end of the reporting year. At the same time, inflation rates went higher and higher, culminating in the highest average rate measured in CESEE since 2008 in December 2021 (7.2%). These developments were driven by both international factors, including rising energy and commodity prices, and domestic factors. The latter included pent-up consumer demand, the normalization of prices in sectors hit hard by the lockdowns, adjustments of ­regulated prices and ­post-lockdown frictional losses, e.g. on account of short-term staff or supply shortages.

The inflation-targeting central banks in the CESEE area responded to the rising prices with minor or major interest rate hikes, thus abandoning the monetary policy easing that was called for during the pandemic in 2020. At the end of 2021, policy rates had been raised to the following levels: 1.75% in Romania (+25 basis points); 1.75% in Poland (a cumulative +165 basis points), 2.4% in Hungary (+180 basis points in total) and 3.75% in Czechia (­ultimately +350 basis points).

European and international monetary and financial policy developments

IMF contributes to overcoming the ­economic consequences of the pandemic

When the SDR allocation came into effect on August 23, 2021, the OeNB received SDR 3.77 billion (or EUR 4.56 billion with the exchange rate of August 23, 2021), in proportion to Austria’s quota share in the IMF. This raised the OeNB’s cumulative SDR allocation from SDR 1.74 billion to SDR 5.51 billion (or EUR 6.80 billion using the exchange rate for December 31, 2021).

The IMF’s annual Article IV consultations with Austria were held from May 26 to June 15, 2021. In its report published on September 9, 2021, the IMF acknowledged the fast and ­effective response of Austria to the COVID-19 pandemic, underlining that fiscal policymakers had struck an adequate balance between supporting sectors hit particularly hard and getting the economy going again. While attesting to the resilience of the Austrian banking sector amid the COVID-19 pandemic, the IMF did recommend the use of borrower-based instruments for residential mortgages (see section Forward-­looking macroprudential measures contribute to strengthening financial stability in Austria).

In a decision adopted by written procedure in October 2021, OeNB Governor Robert Holzmann, who serves as the IMF Governor for Austria, and the IMF Governor for Bhutan, were elected as Vice Chairs of the IMF’s Board of Governors until the close of the IMF’s ­Annual Meetings in October 2022. The chairmanship, which also rotates annually among the IMF Governors, will be held by the IMF Governor for Egypt until that date.

International role of the euro confirmed in turbulent times

Recent research by the ECB suggests that between 30% and 50% of the value of euro banknotes is held outside the euro area. The decline in shipments of euro area banknotes was found to be mainly attributable to the ­pandemic-related setback of tourism. Among other things, the report shows that the euro ­remained a key currency in international green bond markets. Over half of the green bonds ­issued globally over the review period were ­denominated in euro. A special feature of the report on the international role of the euro ­examined the potential impact of a central bank-issued digital euro. Finally, the report ­underlined the role of Eurosystem swap and repo facilities for non-euro area countries.

Access to euro liquidity also became an ­issue during the COVID-19 pandemic. The ­policy of the Eurosystem has been to also provide smaller non-euro area central banks with euro liquidity. The geographical focus of the swap and repo lines has been on EU countries ­outside the euro area and on the Western Balkans. The central banks of ­Albania, Croatia, Hungary, North Macedonia, ­Romania, San Marino and Serbia took up the ECB’s offer of February 2021 to prolong the existing transactions for nine months until March 2022.

Management of reserve assets amid mixed economic recovery

The OeNB’s investment portfolio is well diversified

Financial markets benefit from economic recovery

This situation was mirrored, in particular, by stock markets and by the sharp rally of the leading stock market indices of the western world. The corporate sector – US companies in particular – continued to benefit from the highly supportive fiscal policies, which enabled excellent corporate results despite the many challenges, including the pandemic, supply-chain problems or surging input prices. In this environment, the US stock exchange index Standard & Poor’s (S&P) 500 jumped by 26.9% in 2021. The euro area index EURO STOXX 50 also climbed by 21.0%, while the Japanese Nikkei Stock Average (Nikkei 225) added 4.9% (expressed in local currencies). The stock ­markets of emerging economies, in contrast, suffered from the sluggish rollout of COVID-19 vaccines and monetary tightening in view of mounting inflation, which led to a 4.6% decline in stock prices (expressed in US dollar terms).

Progress made in containing the pandemic in combination with rising economic growth and climbing inflation rates translated into a burden for government bond markets, which are generally seen as safe havens. Thus, most government bond markets experienced losses in 2021. Yields were rising for many government bonds, not least because markets anticipated that, inter alia, the world’s two leading central banks, the US Federal Reserve (Fed) and the ECB, would begin to wind down their massive monetary stimulus measures. For instance, the yield of German ten-year government bonds increased by 39 basis points to –0.18% in 2021, while the yield of US ten-year treasuries mounted by 60 basis points to 1.51%.

The resulting widening of the interest rate differential between the USA and the euro area was also mirrored by exchange rate ­movements. The US dollar appreciated by 7.5% against the euro, benefiting from the strength of the US economy and the Fed’s faster pace of monetary policy tightening. In a similar vein, the British pound appreciated 6.5% against the euro. The Japanese yen, in contrast, depreciated by 3.5% against the euro in 2021, reflecting rather ­moderate economic growth and below-average inflation rates in Japan. The depreciation against the euro was even more pronounced for many emerging economy currencies, including the Turkish lira and the Argentine peso. Accordingly, J.P. Morgan’s Emerging Market Currency index dropped more than 9% against the US dollar.

The main winner of the cyclical upturn were crude oil prices, soaring by close to 59% in the reporting year. The key driver for this price hike was the release of pent-up demand as economies reopened after lockdowns, contrasting with an only moderate increase of supply volumes amid the restrictive crude oil production regime of the OPEC+ countries. Last but not least, the price of gold stopped going higher in 2021, given increased risk-taking among ­investors, and actually dropped by 3.4% against the US dollar.

OeNB reserve management subject to risk reduction measures

The challenges created by the pandemic and the protracted period of low interest rates have, yet again, highlighted the relevance of a balanced allocation of the OeNB’s reserve assets. In 2021, major diversification benefits came above all from non-euro assets. While euro-denominated government bonds generated a negative performance on account of rising yields, the foreign currency portfolios benefited from the euro’s weakness. As the OeNB’s own reserve assets are invested in a mix of euro- and foreign currency-denominated bonds, this portfolio generated a clear performance gain (around 1.3%).

The OeNB’s externally managed portfolios showed a solid positive performance with a performance gain of more than 11% in 2021, thus significantly driving up valuation gains.

Finally, the value of the OeNB’s gold ­reserves rose to more than EUR 14 billion due to the strong performance of gold compared with the euro, topping last year’s record result by some 4% (chart 11).

Beyond profit: in pursuit of sustainability in investing

• building sustainability criteria more firmly into the investment process;
• integrating SRI/ESG criteria more widely into IT systems and reporting;
• investing more heavily in green, sustainable bonds.

The OeNB actively seeks to ensure financial stability

Banking sector resilience is the focal point of supervision

Austrian banks benefit from economic ­upturn

However, the improvement in operating profits (excluding risk costs) was strongly driven by valuation adjustments and one-off ­effects. Given the persistently low interest rates, banks’ interest income rose by just 1.1% year on year in November 2021, even though the growth rate of lending to nonbanks remained strong (+4.5%).

Loan asset quality continued to be stable at high levels. Nonperforming loans accounted for a historically low share of 1.8% of the loan portfolio in September 2021. At the same time, credit risk measures with leading indicator properties imply emerging challenges ahead. Cases in point are the level of forbearance ­activities and the share of assets classified as IFRS 9 Stage 2 under the International ­Financial Reporting Standards (see chart 15). The outlook is also clouded by the growing number of firms that became insolvent in the second half of 2021 (see section National and European ­banking supervisors join forces in safeguarding banking sector resilience).

A similar picture emerges for Austrian banks’ subsidiaries in Central, Eastern and South­eastern Europe (CESEE). ⁴ They achieved an ­aggregate period ­result (after taxes) of EUR 2.3 billion for the first three quarters of 2021 (+44% year on year), largely thanks to the ­decline in risk costs.

The lending activity of Austrian banks continued to be driven by mortgage lending to ­domestic households. In November 2021, the mortgage lending pace increased to 6.8% year on year (with outstanding loans climbing to EUR 128.8 billion), thus exceeding the growth rate of corporate loans, which had started to accelerate of late (+5.5% year on year; outstanding loans of EUR 180.6 billion).

As a result of banks’ efforts and microprudential and macroprudential measures adopted in the past, capital ratios in the banking sector have gone up and Austria’s financial system has become more resilient. Thus, the banking sector has been an anchor of stability during the COVID-19 pandemic, ensuring the provision of liquidity to the Austrian corporate sector. In the first nine months of 2021, Banks’ consolidated common equity tier 1 ratio (CET1) climbed to 15.8% (+0.18 percentage points compared with September 2020), reflecting among other things supervisory guidance to refrain from or limit ­dividend payouts (see section Measures to mitigate the impact of ­COVID-19 on the banking sector are lifted). The combined leverage ratio of Austrian banks reached 7.6% in September 2021 (+46 basis points). Furthermore, their liquidity situation is solid, supported by the favorable terms for Eurosystem credit operations, which also benefited profitability. Austrian banks’ subsidiaries in CESEE continue to increasingly rely on local stable funding, in line with supervisory guidance ( Sustainability Package ). Having declined further, foreign currency loans in both Austria and CESEE do not constitute any systemic risks.

These positive developments did not go ­unnoticed by international financial institutions and rating agencies. As a case in point, the ­International Monetary Fund (IMF) concluded in its 2021 Article IV consultations that the Austrian financial sector had remained resilient throughout the pandemic.

Uncertainty and structural challenges ­continue to call for prudent behavior

Thus, banks will need to continue to exercise restraint on dividend payouts to keep strengthening and sustaining their capital ratios. Such prudent behavior will help ensure that the banking sector remains resilient and is able to fulfill its core task of providing the real economy with loans and financial services even in an environment of crisis. Applying sustainable lending standards, especially in housing mortgage lending, is crucial in this respect. ⁵

Forward-looking macroprudential ­measures help strengthen financial stability in Austria

If a real estate crisis were to emerge, the financial system might face disruptions that could trigger negative repercussions for the real economy. The adequate way forward, from the OeNB’s perspective, would be legally-binding borrower-based measures for preventing the further buildup of systemic risks arising from housing mortgages. The use of such measures in Austria has been evaluated and advised also by European and international organizations such as the European Systemic Risk Board ­(ESRB), ⁶ the Organisation for Economic Co-operation and Development (OECD) and the IMF (see also box 6).

Furthermore, the OeNB has stepped up its monitoring activities with regard to banks’ commercial real estate exposures. As a starting point, a new OeNB reporting regulation known by its German acronym “GIMPI” is set to ­improve data availability. The data to be collected will, in particular, enable the OeNB to calculate commercial property price indicators. It will, however, take a few years until meaningful time series for compiling the indicators become available.

Acting on the OeNB’s annual review of banks identified as other systemically important institutions (O-SIIs), the FMSB also renewed its recommendation on the O-SII buffer for Austrian banks. Compared with 2020, the list of institutions identified as O-SIIs and the ­buffer levels remained broadly unchanged. The O-SII buffer addresses risks arising for the ­financial system and the real economy from the malfunctioning of a systemically important ­institution. Specifically, the FMSB advised the Austrian Financial Market Authority (FMA) to require O-SII buffers for seven Austrian banks both on a consolidated and on an unconsolidated level.

The systemic risk buffer (SyRB) addressing the vulnerability of the Austrian banking system to imbalances in the ­financial system, last reviewed in 2020, was not subject to adjustments in 2021. Following the implementation, as of May 29, 2021, of the EU’s revised Capital Requirements Directive (CRD V), the O-SII buffer and the SyRB have become additive, while until then the higher of the two had applied. ⁷

Last but not least, supervisors also need to keep an eye on cyclical risks that may arise for the Austrian banking system. The countercyclical capital buffer (CCyB) developed for this purpose was left at 0% of risk-weighted assets in 2021 as advised by the FMSB. While the gap between the credit-to-GDP ratio and its trend remained positive, it narrowed in the second quarter of 2021 as the economy recovered (chart 14). Other indicators likewise imply risk mispricings, though. Any future decision on whether the FMSB should advise a higher CCyB requirement will depend on whether the CCyB-relevant indicators continue to see a ­sustained improvement as the economy ­recovers, and whether borrower-based measures are ­effective in reducing the risks from the credit cycle.

National and European banking ­supervisors join forces in safeguarding the stability of the banking sector

Under the prevailing pandemic conditions, significant Austrian and European banks alike continued to enhance their capital ratios as their balance sheets likewise increased (see ­section Austrian banks benefit from economic ­upturn). Given the measures adopted to ­support the real economy, the traditional indicators (such as nonperforming loans) have not been signaling a pandemic-related heightening of credit risk at Austria’s significant institutions. At the same time, one of the leading indicators of loan quality – the three-stage IFRS 9 impairment model – shows that credit exposures ­categorized into Stage 2 under IFRS 9 account for a significantly larger share among Austria’s significant institutions than among their peers in other EU countries (chart 15; data for the third quarter of 2021). Stage 2 loans are ­defined as loans that are not credit impaired but have seen a significant increase in credit risk since initial recognition; accordingly, banks have to recognize expected credit losses for such exposures. The comparatively high share of Stage 2 loans among Austrian significant institutions may reflect above all conservative risk assessments, as the cost of credit risk and the ratio of nonperforming loans are low at the Austrian institutions whereas risk provisions are higher than average.

On-site inspections focus on credit risk

OeNB and FMA jointly define ­supervisory priorities

Enhanced regulatory framework for the financial sector

As envisaged in the European Commission’s legislative proposals, the CRR III framework will start to apply from January 1, 2025. However, numerous exemptions and transitional provisions will postpone the full rollout in the EU until 2030 and 2033, respectively. The ­European Commission expects its legislative proposals for implementing the latest Basel III rules, which also reflect a number of EU-­specific rules, to lead to an increase in EU banks’ minimum levels of capital requirements of between 0.7% and 2.7% by 2025 and of ­between 6.4% and 8.4% by 2030. OeNB calculations suggest that Austrian banks are likely to be somewhat less strongly affected by these ­Basel III-induced effects than their EU peers.

Moreover, the legislative proposals provide for an enhanced monitoring of ESG risks, as a result of which reporting requirements, stress testing procedures and the supervisory review and evaluation process (SREP) will have to be adjusted accordingly. In early July 2021, the European Commission published its new ­strategy for financing the transition to a ­sustainable economy, which has high regulatory relevance and will guide future EU initiatives. Furthermore, the Central Banks and Super­visors Network for Greening the Financial ­System (NGFS) issued a declaration on the ­occasion of the UN Climate Change Conference in Glasgow (COP26) in November 2021. As NGFS members, the OeNB and the FMA pledged to support this cause in a separate joint declaration, outlining their approach to climate risk supervision (see box 5).

The need to enhance regulation also relates to the ongoing digital transformation of the ­financial sector. The European Commission ­responded to this need by presenting a digital finance package in September 2020, aimed at providing a regulatory framework for innovative financial services while safeguarding the EU’s global competitiveness in this area. This package includes a number of legislative proposals: (1) a proposal for a regulation on ­markets in crypto-assets (MiCA), which was motivated by the intention to harmonize the regulation of crypto markets and the respective service providers across the EU; (2) a proposal for a distributed ledger technology pilot ­regime, which is a first attempt at regulating decentralized digital market infrastructures, including blockchain-type transactions and settlements; and (3) a proposal for a financial services digital operational resilience act (DORA), which is aimed at contributing to the operational ­stability and resilience of digital systems in the financial system. Having been agreed on by the Council of the European Union in November 2021, these legislative proposals are already ­being discussed in interinstitutional ­negotiations at the EU level, so-called trilogues, between the Council of the EU, the European Parliament and the European Commission. The new rules are expected to take effect in 2023.

Given the rapid pace of technological ­progress in payments, the Eurosystem has also been enhancing the supervisory framework for payments. In November 2021, the Governing Council of the ECB adopted a new oversight framework for electronic payment ­instruments, schemes and arrangements (PISA). This framework follows up on initial guidance on managing and overseeing the operational resilience of financial market infrastructures that had been applicable since 2019: the ECB’s cyber resilience oversight expectations (CROE) for financial market infrastructures. The new framework extends the oversight principles that have already existed for card-based payment systems (e.g. VISA, MasterCard) and credit transfer schemes (e.g. SEPA) to innovative instruments (e.g. electronic wallets or crypto asset-related payment services).

Austria’s deposit guarantee scheme continued to prove its reliability and stability in 2021 given the third payout event ⁹ since spring 2020, when economic uncertainty started to increase amid the COVID-19 pandemic. These three payout events, which were unconnected and driven by idiosyncratic factors, created neither uncertainty among savers nor negative spillovers onto other banks. Beyond Austria’s ­central ­deposit insurance scheme (Einlagensicherung AUSTRIA – ESA), two institutional deposit ­insurance and investor protection schemes are in place in Austria, covering the savings bank (Sparkassen) sector (S-Haftung) and – since December 2021 – all Raiffeisen cooperative banks (Österreichische Raiffeisen Sicherungseinrichtung – ÖRS).

Measures to mitigate the impact of COVID-19 on the banking sector are lifted

The recommendations made by the ESRB and the ECB for SSM-supervised banks to ­refrain from or limit dividend payouts applied until September 30, 2021. The reduced scope of recovery plan reporting in the SSM ­continued to apply throughout 2021. The leverage ratio relief provided by the ECB and the FMA, under which banks were allowed to temporarily ­exclude certain central bank exposures from the leverage ratio, is set to expire at the end of March 2022. The temporary framework ­adopted by the European Commission to enable EU countries to use the full flexibility of state aid rules was prolonged ­until June 30, 2022.

Confirmed by EU-wide and OeNB stress tests: the risk-bearing capacity of ­Austrian banks remains solid

Under the auspices of the EBA, EU-wide stress tests are carried out every other year for significant institutions. Following the postponement of the 2020 exercise due to the COVID-19 pandemic, another EU-wide stress test was performed in 2021. The underlying macroeconomic scenarios reflected different pandemic-related narratives. While the assumption of the baseline scenario was a rapid economic recovery, the adverse scenario ­expected the pandemic to continue in 2021 and until 2023, accompanied by sweeping public containment measures and a deepening of the economic contraction compared with 2020. The results show that the European banking sector would withstand the adverse scenario, subject to a decline of the aggregated CET1 ­ratio by 4.9 percentage points to 10.2%. Compared with their European peers, the Austrian banks that were tested in this exercise ranked neither high nor low.

In addition, the OeNB conducted a national stress test of its own, as it does every year. The OeNB’s stress test covered the Austrian banks that have been classified as significant and the Austrian banking system as a whole, focusing on risk to capital as well as on liquidity and spillover risks. The results likewise confirmed the strong resilience of Austrian banks.

In sum, the exercise identified an aggregate stress test impact of 5.1 percentage points for the Austrian banking sector (chart 16), which was mostly driven by heightened loan defaults. With a CET1 ratio of 11%, the capitalization ratio for the end of the forecasting horizon still exceeds the ratio that had been measured ­before the financial crisis of 2008 and 2009, as banks have been strengthening capitalization in recent years. Beyond that, banks have been benefiting indirectly from public action taken to support the economy, because measures to mitigate loan defaults have lowered the need for risk provisions.

Improved services with enhanced financial statistics

The OeNB supplies solid statistical data

New data governance framework ­improves access to data and data ­usability

Further progress in integrating the ­European reporting framework

Early in 2021, the OeNB started a two-year myData subproject, aimed specifically at technically upgrading the integrated reporting data model to improve access to related documentation and make further upgrades and maintenance easier to handle. All reporting items are to be migrated to a new, tailor-made application that enables both interactive data evaluation and high-quality analyses.

Innovations in supervisory statistics

Also in 2021, great efforts were made to ­finalize the EBA’s feasibility study on how to establish an integrated reporting system combining statistical, resolution and supervisory reporting, which currently are separate reporting areas. This study evaluated the creation of a common standard data dictionary, the establish­ment of a joint committee on developing and coordinating an integrated reporting system and the feasibility and potential design of a ­central data warehouse with the aim of making multi-agency data sharing more efficient.

In the reporting year, the ESCB’s Working Group on AnaCredit, which is chaired by the OeNB, concentrated in particular on data ­quality assurance, on making available harmonized granular euro area credit and credit risk data to users from all areas of central banking and ­supervision and on providing optimum support to authorized parties.

As part of a multi-year project dealing with the technology-assisted detection of atypical developments in the banking sector, in 2021 the OeNB examined how, in going beyond the identification of banks at risk and the major sources of risk, patterns indicating major mismatches at banks in general could be ­detected more easily. In this exercise, we aim at developing adequate procedures, models and ­algorithms for evaluating all – including the most recent – available data. Complementing this approach, the OeNB and FMA together successfully ­applied for technical support in tapping additional data sources under the European Commission’s Technical Support Instrument (TSI). The issue at question here was which new, publicly available data might be used to unveil ­implausible and atypical developments at banks with innovative statistical procedures (i.a. machine learning).

Recent developments in external statistics

In the field of external statistics ­compilation, we were able to secure a five-year contract (2022 to 2026) with Statistics Austria concerning current account data. The contract focuses on data covering current developments such as digital advancement and globalization. The OeNB also explores integrating big data (such as mobile positioning data) or employing ­enhanced data collection in payments statistics, in particular in the calculation of travel and tourism revenues and expenditures as these are of key interest for Austria.

The OeNB leads efforts to enhance credit assessments and related models

Secure and efficient payments are the cornerstone of economic activity

Demand for cash is on the rise

Demand for euro cash has been increasing steadily. A total of 28.19 billion euro banknotes were in circulation at end-2021, worth EUR 1,544.37 billion. This corresponds to an annual rise of 6.5% in terms of numbers and 7.7% in terms of value (chart 17). Once again, the EUR 200 banknote recorded the highest annual growth rate (+34% in 2021), followed by the EUR 100 banknote (+9%). The rise in cash ­demand has not been linear; significant ­seasonal peaks toward year-end indicate Christmas sales. Times of high uncertainty have had a ­considerable and lasting impact on the use of banknotes and coins, which is mirrored by strong annual growth of cash in circulation during crisis events. Cases in point are the outbreak of the coronavirus pandemic in 2020, the marked depreciation of the Russian ruble in 2015 and the financial crisis of 2008 and 2009. What determines the demand for cash most nowadays is therefore its use as a store of value.

Transaction-related cash demand only ­accounts for part of the overall demand for bank­notes and coins. As options for consumption were restricted during coronavirus lockdowns in 2021, the share of cash used for ­payment transactions in total cash in circulation ­decreased throughout the year. Private and banking sector cash holdings continued to ­increase in Austria, by contrast, totaling around EUR 23 billion in 2021. What is particularly remarkable is that the euro cash holdings of Austrian banks went up sharply from EUR 3.0 billion at end-2016 to EUR 12.2 billion on ­December 31, 2021. This corresponds to an annual growth rate of 32.5%.

The number and value of euro coins in ­circulation also continue to trend upward. The issuance of euro coins is the responsibility of the individual euro area countries. In Austria, this responsibility rests with MÜNZE, a wholly owned subsidiary of the OeNB. As on December 31, 2021, 8.3 billion Austrian euro coins worth EUR 1.8 billion were in circulation – a year-on-year rise by 219.9 million coins or EUR 48.2 million in value (chart 18). Circulation figures in 2021 went up for coins of all ­denominations. As coins are mainly used for payment transactions, their higher circulation signals continually rising cash demand.

The OeNB ensures cash security

Like in 2020, the number of counterfeit euro banknotes recovered from circulation in Austria went down in the reporting year. During cash processing in Austria, a total of 4,456 counterfeit euro banknotes were ­recovered from circulation in 2021 (2020: 6,321) (chart 19).

Counterfeits of the EUR 50 banknote topped the list in the year under review (1,914 counterfeit banknotes recovered), followed by counterfeits of the EUR 20 banknote (1,140) and of the EUR 100 banknote (632). Together, these three denominations accounted for 82.7% of all counterfeit euro banknotes recovered in Austria in 2021. The situation across Europe was rather similar, with counterfeits of the EUR 50, EUR 20 and EUR 10 banknotes together accounting for 81.6% of all counterfeits recovered.

Most incidences of counterfeit banknotes in Austria continued to be recorded in Vienna (40.9%), followed by Upper Austria (13.2%) and Lower Austria (12.5%). In 2021, the overall damage caused by euro counterfeits in Austria came to EUR 272,515 (2020: EUR 320,190). At 1.3%, Austria’s share in the total volume of counterfeits recovered from circulation in the euro area remained relatively low. This means that most people still have only a minimal chance of coming across counterfeit banknotes in Austria.

Access to and acceptance of cash

Although access to cash was found to be good, in general, in most countries covered, there are concerns that cash supply by banks has been increasingly deteriorating at least in certain areas of some countries. At the same time, a wide range of initiatives in individual countries aims at ensuring access to cash. In the euro area, access to cash continues to be provided mostly via ATMs and the branch ­network of commercial banks. The distance people have to travel to reach these cash access points as well as the capacities of these facilities have become topics of major interest in many member states. Some countries have started to issue nonbinding national action plans with a view to maintaining or improving access to cash. Sustained access to cash services requires that all participants in the cash cycle cooperate closely.

Should such initiatives fail to yield the ­desired results, additional measures may be taken. If necessary, this may even mean imposing a legal requirement to establish and maintain a minimum network of cash access points. With regard to the acceptance of cash, the ­report found that cash is widely accepted as a reliable payment instrument in retail trade as long as the corresponding infrastructure that ensures cash lodgment and withdrawal is available within a reasonable distance and at adequate cost. The ERPB working group considers it advisable to regularly evaluate the access to and acceptance of cash to ensure that cash, alongside digital retail payment means, will ­remain an inclusive, efficient and sustainable means of pay­ment for consumers in line with the Eurosystem’s cash strategy .

Cash remains highly popular in Austria, says recent OeNB study on payment ­instruments

According to the survey results, cash transactions at the point of sale (POS), which made up some 66% of all POS transactions, went down by 13 percentage points in the 2020 to 2021 observation period when compared with 2019. This notwithstanding, cash remains the most popular means of payment in Austria. Yet, people use cash less frequently in everyday payments because of the general trend toward electronic payments and, most prominently, because of changes triggered by the COVID-19 pandemic. Such changes appear to have amplified consumers’ tendency to pay by card. Moreover, pandemic-related restrictions affected cash-intensive activities such as travel, recreation and cultural activities. Also, in supermarkets, consumers were specifically asked to use cards and contactless payment options. In this context, respondents said they chose cashless payments because they felt that using banknotes and coins carried the risk of contracting the coronavirus. Almost one-fourth of respondents of the recent survey said that they had changed their payment behavior since the beginning of the pandemic in March 2020. An OeNB study ¹⁵ examining the relation between the decrease in cash payments and the contagion risk arising from cash use as subjectively perceived by ­survey ­respondents shows that respondents tended to pay less frequently in cash the higher they thought the related contagion risk would be. According to the study, perceived contagion risk often tended to be strongly overrated. In fact, many scientific studies have shown that the risk of contracting the coronavirus from ­using cash is very low.

Compared with 2019 figures, debit card transactions went up by 10 percentage points to 29% of POS payments while credit cards were used for no more than 2% of POS payments. At 44% in the observation period, the share of contactless debit card payments without PIN verification rose by a marked 16 percentage points compared with ECB data from 2019 (28%). During the pandemic the transaction limit for contactless payments was raised from EUR 25 to EUR 50, and this is more likely to have caused the surge in such payments than the perceived contagion risk arising from cash.

What likewise rose significantly during the pandemic is the share of online sales in total consumption. Around 30% of survey respondents said that they had shopped more on the internet during the observation period than ­before. Unlike in over-the-counter trade, the most popular means of payment on the internet is payment by credit transfer (31%).

It will remain to be seen whether the changes in people’s payment behavior observed during the pandemic both at the POS and on the internet will have a lasting influence on payments in the long term once pandemic-­related restrictions (e.g. temporary closure of certain industries, tightening of opening and closing hours, registration obligation as well as obligation to provide proof of vaccination, ­negative test or recovery, hygiene measures and travel restrictions) have been fully lifted and both economic and social life will gradually ­return to normal. Another factor will be to what extent retailers actually provide digital payment options such as PayPal or Apple Pay.

In the first half of 2021, the vast majority of respondents (93%) wanted cash to remain available also in the future; most of them (65%) would prefer if cash kept its current form. Only 5% of all respondents said they would not mind if cash disappeared altogether. ¹⁶ It is the OeNB’s ­declared aim to ensure that people in Austria have a free choice of payment instruments also in the future. Essential prerequisites for meeting this objective are both the nationwide supply with cash and its unlimited acceptance in retail trade.

The OeNB acts as cofounder of the ­Austrian Payments Board

T2-T2S consolidation soon to be ­completed

From November 2022, a dedicated Central Liquidity Management (CLM) module will be in place for central bank and liquidity management operations. The CLM module will hold main cash accounts (MCAs) as a central source of ­liquidity for subordinate services – large-value payments (T2), instant payments (TIPS) and securities settlement (T2S) (figure 1).

The Eurosystem Collateral ­Management System – a joint service for Europe

OeNB subsidiaries respond to current challenges with innovation

Within European monetary union, MÜNZE is the official mint of the Republic of Austria. Its exclusive right to mint and issue coins in Austria is laid down in the provisions of the Coinage Act. In 2021, MÜNZE supplied the OeNB with a total of 122.5 million euro coins with a face value of EUR 30.6 million. Moreover, MÜNZE continually develops new and innovative product lines, e.g. various coin ­series and gold investment products, to meet ­customers’ rising demand for precious metals. MÜNZE has successfully maintained its global position as a reliable producer also in times of crisis.

The OeBS conducts R&D activities and produces banknotes for the Eurosystem and for international customers. On behalf of the OeNB, the OeBS produces the share of annual euro banknote production volumes allocated to Austria on the basis of the OeNB’s share in the ECB’s capital key. In 2021, the OeBS produced roughly 190 million EUR 5 banknotes. Cooperation at the central bank level continued with the OeBS producing euro banknotes for the Belgian central bank. Banknote production at the OeBS also helps the OeNB meet the ­logistical requirements resulting from Austria’s strategic position as a cash supply hub in ­Central Europe. Despite the challenging conditions created by the COVID-19 pandemic, the OeBS has continued to develop and expand its role as a competence center for securities printing and detectors by relying on innovation, sustainability and in-house technical developments.

The GSA provides services in the fields of cash logistics and processing for the OeNB, banks, payment service providers and trading companies. The GSA’s regional cash centers in Vienna, Graz, Linz, Salzburg, Innsbruck, ­Klagenfurt and Bregenz support the OeNB in its task of supplying euro cash all over Austria; in doing so, they contribute to ensuring the high quality of cash in circulation. The GSA uses state-of-the-art counting and sorting ­machines for banknotes and coins. In supplying cash across Austria, the GSA has proved a ­reliable and flexible partner also during the COVID-19 pandemic.

The OeNPAY Financial Innovation HUB GmbH (OeNPAY) began operations in 2021. It runs a competency network that supports ­efforts to implement digital payments across Austria and promotes financial innovations in cooperation with all stakeholders in payment services. Its objective is to ensure easy, stable and safe payments for all. To this end, the OeNPAY relies on trend scouting, among other techniques, giving consideration to both mega and technological trends when identifying and preparing relevant new developments to make them accessible to all stakeholders. Being a wholly-­owned subsidiary of the OeNB, the OeNPAY has taken care to adopt a neutral ­market position.

The real estate investment group IG-Immobilien Gruppe serves to optimally manage the OeNB’s real estate investments. It is, inter alia, responsible for preserving and sustainably ­improving the value of OeNB real estate holdings and for optimizing current earnings on the ­individual properties.

The premises management group BLM ­Betriebs-Liegenschafts-Management GmbH is in charge, in particular, of providing premises the OeNB or its subsidiaries require to carry out their business activities.

On their websites, the OeNB’s subsidiaries publish annual reports pursuant to the Federal Public Corporate Governance Code adopted by the Austrian federal government on October 30, 2012. Table 12 provides a comprehensive list of the OeNB’s direct and indirect equity ­interests.

Sustainability as a corporate strategy

Green light for new OeNB projects

The OeNB initiates a change in ­corporate culture

The guiding principle of human resources development at the OeNB is to make the OeNB a leading central bank within the ESCB, not least with regard to innovation. This is only possible, however, if we can continue to rely on the expertise of our staff, keep attracting new talent and strictly focus on this guiding principle in our incentive and consequence management and our recruiting policies.

To this end, the OeNB’s Governing Board in cooperation with the OeNB’s General Council initiated a project in 2021 to bring about a change in corporate culture that will help the OeNB remain attractive for new talents and that will further improve performance orientation. A set of specific measures was developed and began to be implemented in 2022.

The following target areas were identified:

• transparency and commitment;
• further development and feedback;
• leadership and career;
• incentive and consequence management.

Another focus apart from strengthening the culture of discussion and communication has been on examining and adjusting present arrange­ments and fringe benefits.

Preserving and promoting the health of our staff – both at the individual and the organizational level – is one of the OeNB’s priorities. This is why we regularly evaluate and adjust ­existing measures supporting sports and health activities. In this spirit, we plan to offer our employees enhanced access to full medical checkups as our contribution to promoting ­preventive health care.

During the COVID-19 crisis, most of our staff switched to working from home, at least temporarily; with this measure, the OeNB was able to keep up the operation of its critical ­infrastructure and functions while ­contributing to social distancing and thus to preventing new infections. Both our staff and the OeNB as an organization have gained sound experience with remote work during this exceptional ­situation that has now lasted for close to two years. Based on this experience, arrangements have been made to allow staff to continue to work remotely for up to 40% of their normal working hours once the pandemic is over.

The OeNB’s COVID-19 crisis ­management has stood the test

Coronavirus task force continues to provide valuable expertise

Number of virtual meetings goes up as ­people increasingly work from home

Table 1: Trends in Webex, Skype and MS Teams meetings  

	Q4 20	Q1 21	Q2 21	Q3 21	Q4 21
Webex meetings, number	3,824	3,154	2,646	1,500	1,228
Participants, number	16,314	13,002	12,645	7,480	5,645
Overall duration, minutes	178,298	154,678	136,389	78,341	63,264
Skype meetings, number	25,426	28,295	27,916	16,001	21,292
Participants, number	98,052	106,248	107,377	59,811	83,005
Overall duration, minutes	883,121	1,060,514	1,058,495	565,584	728,265
MS Teams meetings, number	x	x	x	871	2,790
Participants, number	x	x	x	1,019	3,580
Source: OeNB.

Business continuity planning in the spotlight

A new platform for suggesting ­improvements

Continuous optimization of ­infrastructure for hybrid meetings and video production

The second project comprises setting up a modern video and recording studio with state-of-the-art lighting, video and sound equipment and a choice of background designs, much like a TV studio. This will allow for greater flexibility in meeting a wide range of requirements for professional presentations and appearances in a cost-effective manner. The new studio can be used e.g. for press conferences, trainings and webinars as well as for conferences that take place as webcasts or webinars only. Moreover, the studio will also serve to produce digital content for in-house and external audiences and provide an adequate setting for participating in meetings, press conferences and interviews organized by third parties.

Table 2: Indicators of knowledge-based processes  

	Unit	2018	2019	2020	2021
Process efficiency
Certified areas	number	10	10	10	10
Entries in the OeNB’s terminology database	number	22,901	23,308	23,748	24,178
Error-free payment transactions	%	99.95	99.88	99.91	99.87
Staff suggestions for improvements	number	48	41	19	581
Technical infrastructure
IT services for the ESCB/Eurosystem	number	3	3	3	3
Major IT projects	number	6	5	5	7
Source: OeNB.
1 22 suggestions for improvements + 36 ideas submitted in an in-house competition for climate change projects.

Human resources management in year two of the pandemic

Going digital and working from home

The OeNB introduces a new talent ­management scheme and successfully passes ­“workandfamily” recertification audit

An additional factor contributing to the OeNB’s position as an attractive employer is the fact that we regularly participate in the “ workandfamily ” audit to be certified as a ­family-friendly employer. In 2021, another three-year audit period was concluded. Over this period, we successfully implemented a number of measures such as improving our meeting practices with a focus on convening at family-friendly hours, expanding our offer of holiday camps for children of staff, adapting working arrangements to enable care for family members, and organizing a seminar for working parents on how to balance work and family life. At the end of 2021, the OeNB was successfully recertified for the next three years under “workandfamily” standards. During the present audit period, the OeNB will focus on strengthening health promotion, fostering paternity leave, supporting hybrid working and virtual leadership and implementing a mentoring program.

The OeNB is an equal opportunity and ­diversity supporter

Table 3: Share of women in expert career track and management positions by career levels  

	Share of women
	%
Expert career track
Level 1	36.8
Level 2	41.5
Level 3	29.7
Level 4	42.9
Total	36.9
Management positions
Head of unit	26.8
Deputy head of division	28.6
Head of division	28.2
Director of department	30.0
Total	27.9
Source: OeNB.
Note: As at December 31, 2021.

Apart from fostering gender equality, the OeNB also takes action to promote diversity and inclusion. In the reporting year, we continued to participate in the myAbility Talent program , which connects enterprises and highly qualified students with disabilities or chronic conditions. Under this program, students have a chance to experience everyday working life while enterprises can meet talented young people with a wide variety of potentials. As a result, the OeNB was happy to offer two internships to program participants in 2021. For its successful five-year cooperation with myAbility, the OeNB was awarded “gold partner” status.

On the International Day of Persons with Disabilities in 2021, the OeNB again participated in the #PurpleLightUp movement by lighting up its main building purple as a sign of solidarity with the concerns of persons with disabilities.

Our efforts to create optimal conditions for our staff and to prove a reliable employer have been effective. The staff fluctuation rate, which had already been at low levels, declined further in the reporting year, to 1.7%, and the various flexible working arrangements and opportunities for job mobility continue to be well received (table 4).

Table 4: Indicators of investment in knowledge-based capital  

	Unit	2018	2019	2020	2021
Staff structure
Full-time equivalent staff (year-end)1	number	1,079.3	1,069.6	1,097.5	1,133.2
aged up to 30 years	%	9	7	7	9
aged 31 to 40 years	%	29	29	29	28
aged 41 years or older	%	62	64	64	63
Fluctuation rate	%	2.8	2.6	2.1	1.7
Share of university graduates in total staff	%	64.9	65.8	67.4	69.9
Staff-to-manager ratio	number	7.0	7.1	7.6	7.7
Flexible working arrangements
Part-time arrangements	%	16.0	18.3	18.6	20.8
Teleworking arrangements	%	11.2	12.8	12.9	7.1
Remote work (annual average per employee)2	days	x	x	131.9	157.4
Sabbaticals	number	6	5	3	7
Gender management
Share of women in total staff	%	38.8	39.3	39.6	39.7
Share of women in management positions	%	27.9	28.8	26.3	27.9
Share of women in expert career track	%	37.9	36.2	35.2	36.9
Share of women in part-time jobs	%	x	72.9	72.7	62.5
Share of women in teleworking jobs	%	x	47.6	47.3	45.3
Share of women in education and training participation rate	%	x	x	41.0	39.2
Mobility
Participants in in-house job rotation program	number	40	30	23	43
Working visits to national and international organizations (external job rotation)	number	56	57	43	45
Working visits to the OeNB (incoming)	number	32	31	5	2
Internships	number	75	77	70	79
Knowledge acquisition
Education and training days (annual average per employee)	days	4.1	3.9	1.7	3.2
Education and training participation rate (share of employees who attended at least one training event per year)	%	82.2	82.2	61.9	63.4
Source: OeNB.
1 Figures include part-time employees on a pro rata basis.
2 Unlike long-term teleworking arrangements, remote work arrangements are possible at short notice as the need arises.

Digital communication is advancing steadily

OeNB communication rises to meet new challenges

In 2021, the OeNB organized a series of events to promote the exchange of opinions on monetary and economic policy issues, which met with strong interest from national and ­international experts. Because of the pandemic, most of these conferences, jours fixes, press conferences, workshops and seminars were held as hybrid or purely virtual events, much like in 2020. The events that attracted the ­largest audiences of several hundreds of participants each were the OeNB’s Economics Conference on “Gender, money and finance,” the conference on “Climate protection: state of play, division of labor, steps forward” and the OeNB’s Conference on European Economic ­Integration (CEEI) on “Recalibrating ­tomorrow’s global value chains – prospects for CESEE.” A total of more than 1,500 participants joined the events organized to inform external sector ­reporting agents on the new reporting ­structure and reporting application for balance of payments data.

Enhanced cooperation in financial ­education activities

Toward the end of 2021 the round table ­series on financial education in Austria came to an end. After five years of successful exchange and interesting discussions with noncommercial providers of financial education, this working group will now continue its activities within the framework of Austria’s financial education strategy. The initiatives presented at the round table discussions repeatedly sparked new ­projects and fruitful cooperations.

2021 also saw the fifth anniversary of our cooperation with the Institute for Business ­Education at Vienna University of Economics and Business. The respective cooperation agree­ment to promote financial education in Austria was signed in 2016. It focuses on joint research, teaching and events. Under this agreement, OeNB representatives have been holding ­various seminars at the Institute for Business Education. Moreover, the OeNB has expanded its ­activities to a number of other universities in Austria, supporting them in the fields of teacher training and continuing education.

The OeNB is a founding member of Stiftung Wirtschaftsbildung, a national foundation for economic education that started operations in early 2021, and in its cooperation with the foundation has also relied on its expertise in impact analysis and assessment. Currently, we cooperate in implementing a school pilot ­project testing how to enhance economic ­education in lower secondary education at 30 ­Austrian schools. There are also plans to ­develop a toolkit based on scientific standards and ­requirements for evaluating the quality of financial education measures, which we will share with other institutions to support them in evidence-based ­decision-making and ­evaluation.

Even though the OeNB’s Money Museum had to remain closed for 14 weeks in 2021 in line with pandemic-related restrictions, it ­welcomed 2,995 visitors in the reporting year. The special exhibition “FUNNY MONEY. Money in caricature” was extended for one year until the summer of 2022 and opened, as a smaller ­version, at OeNB – Western Austria in Innsbruck on October 1, 2021. A special highlight in the reporting year was the Museum Night on October 1, 2021, that was organized by the Austrian Broadcasting Corporation ORF and took place under strict conditions in response to the pandemic. 800 persons visited the Money Museum during the Museum Night.

A major contribution to the Money Museum’s collection was made by incorporating thousands of historical banknote counterfeits that had been submitted to the OeNB’s ­Cashier’s Division. Last but not least, the Money Museum supported the Austrian State Archives by providing visual materials to their exhibition presenting historically relevant ­Austrian documents at the Federal Chancellery under the heading “Österreich in Europa. ­Dokumente aus dem Staatsarchiv, die Ge­schichte schrieben.”

The Joint Vienna Institute continues its online courses

The pandemic continues to pose great challenges to the JVI, however. Resuming face-to-face teaching was not possible in the reporting year, but unlike in 2020, when the number of courses held had dropped dramatically, 94% of planned JVI courses (115 weeks of training courses) did take place in a virtual setting in 2021. The OeNB offered seven weeks of training in the following subject areas: supervision and financial stability, European integration, ­financial education, climate change and green finance as well as diversity and inclusion. Three courses were rescheduled for 2022 for reasons of didactics. The number of course participants has gone down by about one-third since before the pandemic as group sizes have been reduced. The number of registrations for JVI courses has halved. Still, feedback from course participants shows that satisfaction with courses offered at the JVI and related learning effects continue to be high. Many participants state, however, that they had to perform other tasks while participating in online courses and that the virtual setting created concentration challenges and technical issues. What they miss most are peer learning and networking opportunities. The advantages of virtual courses, on the other hand, are greater flexibility and lower costs.

The JVI also developed a successful webinar series during the pandemic: Its 34 webinars in 2021 reached 3,043 participants. The OeNB contributed its expertise to this series as well.

Regional program for EU candidates and potential candidates concluded amid challenging conditions

Table 5: Indicators of knowledge-based output  

	Unit	2018	2019	2020	2021
Cooperation and networks
National bodies with OeNB representatives	number	84	85	79	75
International and European bodies with OeNB representatives (ESCB, etc.)	number	356	323	331	345
Technical assistance activities with CESEE and CIS central banks	days	451	4941	345	376
Joint Vienna Institute (JVI) course participants	number	2,282	2,410	756	1,578
OeNB-hosted national and international events	days	209	200	43	120
Lectures delivered by OeNB staff to external audiences	number	870	879	474	659
Communication and information
Queries to OeNB hotlines	number	12,449	11,432	9,756	7,337
Research cooperation projects with external partners	number	100	150	126	106
Money Museum visitors	number	11,482	11,019	2,790	2,995
Cash training course participants (including Euro Shop Tour)	number	5,979	16,939	3,354	1,562
Children and teachers reached through school outreach activities	number	29,252	27,914	12,172	9,850
Seminars for teachers	number	21	25	27	51
Contacts during the Euro Info Tour	number	30,208	19,189	x2	x
Press conferences	number	13	20	9	8
Press releases	number	187	114	114	101
Publications
Articles published by OeNB staff	number	119	79	72	98
of which: refereed papers	number	30	36	27	32
Source: OeNB.
1 Corrected figure.
2 The Euro Info Tour was discontinued in 2020.

The OeNB is committed to its social responsibility

The OeNB is active as a reliable partner and promoter in six different areas

Business development

Research funding

Guided by these strategic considerations, the Governing Board of the OeNB approved funding totaling around EUR 6.5 million for 34 Anniversary Fund research projects in 2021. Most of these funds (EUR 1.45 million) went to Vienna University of Economics and ­Business for seven approved projects; the University of Vienna received EUR 1.04 million for six approved projects.

Independent economic research in Austria

In the first quarter of 2022, our new funding program for Austrian economic research institutions will invite tenders for a slightly higher budget of EUR 12 million in total for a three-year funding period from 2022 to 2024. In ­September 2022, the OeNB’s Governing Board and General Council will allocate the funding budget to the eligible institutions in a transparent manner according to clearly defined criteria (eligible projects must be scientific, analytical, application oriented, informative and/or ­instructive). In their decision-making, the OeNB’s Governing Board and General Council will be supported by independent assessments from ­international experts.

Arts and culture

The OeNB is proud of its commitment to promoting the arts and culture. By purchasing major artworks – like the painting “Himmel und Wolken” (Sky and clouds) by Max Weiler in 2021 – we contribute to keeping Austria’s cultural assets in the country. Moreover, we particularly focus on supporting young ­Austrian artists by purchasing their works for our art collection. In this segment, our activities ­concentrate on abstract art. To make part of our collection accessible to the public, we loaned selected works to exhibitions in Graz, Innsbruck and Krems in the reporting year. Moreover, a number of paintings from the OeNB’s collection are on permanent loan to the Albertina Museum, the Leopold Museum and Schönbrunn Palace in Vienna and Bruck Castle in Lienz, East Tyrol.

The Shoah Wall of Names Memorial

The memorial was built in Ostarrichi Park in front of the OeNB’s main building. Covering a total of around 2,500 square meters, it is partly located on OeNB property. A corresponding easement contract has been concluded between the OeNB, the City of Vienna and the Association for the Building of a Wall of Names Memorial dedicated to the Jewish Children, Women and Men of Austria who were murdered in the Shoah.

The OeNB supported the construction of the memorial by carrying out preparatory ­measures in a project led by our Facilities and Security Management Division and was also ­involved in organizing the opening ceremony on November 9, 2021.

Development aid

Apart from eight projects in Africa and Asia that were suggested by OeNB staff in 2021, the group’s general meeting also chose to support a development aid club in Guatemala in its ­project helping indigenous people defend their ­ancestral lands against land theft by international corporations.

Enterprise risk management

Operational risk

Information security risk

To meet the cyber resilience oversight ­expectations (CROE) for financial market ­infrastructures adopted by the Governing Council of the ECB, the OeNB’s Governing Board included the issue of cyber resilience in the OeNB’s corporate strategy. Gaps identified in a preliminary examination will be closed ­under a targeted information security program covering the years up to 2025.

Financial risk

Market risk

Credit risk

Market liquidity risk

The OeNB’s Environmental Statement 2021

Comprehensive Environmental ­Statement in line with EMAS Regulation (EC) No 1221/2009

Meanwhile, environmental action must be seen, in particular, in the context of the European Green Deal, which the European Commission adopted in 2019. Its goal is to reduce the EU’s net greenhouse gas emissions to zero by 2050 and thus make Europe the first ­continent to become climate neutral. ¹⁷ To the extent that this is in line with its mandate, the OeNB is firmly committed to contributing its share to fighting climate change. To this end, we stepped up efforts in 2021 to become a ­climate-neutral enterprise that achieves net zero emissions, i.e. a balance between the amount of greenhouse gas emissions produced and those removed from the atmosphere. Achieving climate neutrality is a major milestone in reaching our sustainability target of continuously reducing our ecological footprint as an enterprise. The OeNB plans to reach net zero emissions by 2040 (box 10). In November 2021, the OeNB and the FMA acknowledged the objectives of the UN Climate Change ­Conference (COP26) in Glasgow, emphasizing their commitment to pursue ambitious ­operational ecology goals to comply with their high credibility standards. Going beyond in-house optimization, the OeNB also contributes, at both the national and European level, to generating expertise on the impact of ­climate change. To reach our climate goals, we first need to know how to effectively mitigate this impact on society, the economy and the ­financial system and what adjustments to make (box 5).

For the OeNB, the key to becoming ­climate neutral lies in combining continuous monitoring with reducing or offsetting emissions where these cannot be fully avoided.

• Monitoring emissions

Changes will only be possible if we are aware of our ecological footprint. Therefore, we need to consistently record all emissions we generate through our business activities, ranging from office operation to business trips and investments, taking care to continually enhance and fine-tune our monitoring procedures.

• Reducing emissions

Reducing emissions is essential in the fight against global warming. Since we adopted eco management under EMAS and, in particular, since we implemented energy management according to ISO 50001 in 2014, we have consistently strived to identify potential ways to save energy. According to our environmental policy, avoiding and ­reducing emissions has priority over offsetting them.

• Offsetting emissions

Under its compensation strategy and as an immediate step toward greater sustainability, the OeNB participates in climate projects promoting e.g. the regeneration of fauna and flora along dedicated sections of Austrian ­rivers such as the Traun, Inn and March and the implementation of corresponding flood control measures. In addition, our financial literacy activities have recently focused more closely on green finance.

Efficient environmental management according to EMAS

Developing the OeNB’s ecological strategy and practical guidelines based on its environmental management system is the job of the OeNB’s Environmental Officer. The OeNB’s environmental protection team (EPT) is ­responsible for implementing our ­environmental program, steadily improving our ­environmental performance and communicating ­environmental issues within the organization. The EPT ­consists of the Environmental Coordinator, experts for energy, waste, water and security matters as well as environmental controllers from ­individual business areas. Internal environmental ­audits are conducted by specially trained environmental auditors from among our staff who meet as a group to undergo ­further specialization and ­coordinate their ­approach. EPT members meet up monthly to keep each other informed and coordinate OeNB-wide green initiatives. These initiatives also include lectures and documentary film screenings that raise ecological awareness, ­provide specific training and spread green know-how.

The OeNB’s environmental management system relies on an environmental database which contains the documentation of environmental audits as required under EMAS and gives evidence of the OeNB’s compliance with legal provisions in this field. Corresponding task monitoring and all relevant activities are on schedule.

Promoting ecological awareness in ­publications and at events

A number of OeNB events in 2021 dealt with climate protection and related issues. An East Jour Fixe on June 3, 2021, discussed the second transition of the countries in Central, Eastern and Southeastern Europe (CESEE), namely the transition toward carbon neutrality. At an online conference on October 7, 2021, which the OeNB organized in cooperation with SUERF – The European Finance and Money Forum, Lord Nicholas Stern discussed effective climate protection strategies for monetary and fiscal policymakers and financial markets. Co-organized with The Vienna Institute for ­International Economic Studies (wiiw), the Global Economy Lecture 2021 took place on November 3, 2021. Keynote speaker Professor Sir Partha Dasgupta elaborated on the economic link between population, consumption and biodiversity. And finally, on November 22 and 23, 2021, the OeNB’s Conference on ­European Economic Integration (CEEI), which we organized together with the European ­Investment Bank (EIB), examined, inter alia, the ecological aspects of global value chains from a CESEE perspective.

Certified ISO 50001 energy ­management

For many years, we have exclusively procured electricity from renewable sources certified with the Austrian Ecolabel. Further measures to reduce greenhouse gas emissions ­include continued heat recovery, a photovoltaic system that was integrated into the building facade in 1998, the sustainable use of buildings, an optimized lighting concept (LED lighting), improved technical facilities (pump, sunblind and ventilation controls, district heating, district cooling, “free cooling” rooftop systems). Moreover, the OeNB strives to raise ecological awareness among employees, e.g. by encouraging the use of public transport both for getting to work and for business travel. The newly ­established environmental communication task force prepared contributions for the OeNB ­intranet and newspaper articles on questions of energy and environmental management. Moreover, plug-in ­hybrid vehicles with electric ­motors have been added to the OeNB’s company vehicle fleet and five electric bicycles have been made available to staff for errands around Vienna, which ­improved our green mobility score not least ­because we exclusively procure certified electricity from renewable sources. The fact that the OeNB has been certified ­under energy management standard ISO 50001 since 2014 underlines our commitment to ­energy efficiency.

The OeNB’s ecological indicators

Promoting environmental awareness among our staff

Some environmental impact scores and ecological indicators need to be ­improved

Table 6: The OeNB’s ecological indicators (2019–2021)  

	Unit	2019	2020	2021
Energy
Electricity consumption per FTE 1, 2	MWh	6.50	5.57	5.10
Heat consumption	kWh per m2	37	38	46
District cooling	kWh per m2	43	39	53
Total energy consumption (buildlings)3	MWh	14,249	13,143	12,813
of which: renewable energy 4	MWh	7,837	9,427	8,959
Total energy consumption including business travel	MWh	16,411	13,842	13,171
Water
Drinking water consumption per FTE	liters per day	x	x	16
Industrial water consumption per FTE	liters per day	x	x	15
Total water consumption per FTE5	liters per day	87	59	31
Consumption of materials and products
Total paper consumption per FTE6	kg	44	24	15
Consumption of printing/copying paper per FTE	sheets	4,967	4,072	2,307
Share of recycled copying paper	%	38	53	46
Consumption of cleaning agents 7	g per m2	16	7	5
Total CO2 emissions per FTE8	tons	1.5	0.7	0.4
Source: OeNB.
1 Number of employees (full-time equivalents – FTEs): 2019 = 1,069.6; 2020 = 1,087.5; 2021 = 1,133. The OeNB’s environmental management system according to EMAS covers the following locations: Vienna (main building, Otto-Wagner-Platz 3; northern office building, Rotenhausgasse 4; and the areas in the Money Center that are assigned to the OeNB, Garnisongasse 15; all 1090 Vienna) and OeNB – Western Austria (Adamgasse 2, 6020 Innsbruck). 2 All energy data on buildings include the Money Center but exclude the location OeNB – Western Austria and the Brussels Representative Office (around 20 FTEs). 3 Since 2020, lower energy consumption due to COVID-19 containment measures. 4 Since 2010, the OeNB has purchased green electricity from certified providers. 5 Excluding the location OeNB – Western Austria and the Brussels Representative Office; lower water consumption in 2021 due to COVID-19 containment measures. 6 Total consumption in 2021: 17,018 kg, based on paper purchased (i.e. including stocks). 7 Total consumption in 2021: 484 liters; lower consumption in 2021 due to COVID-19 containment measures. 8 Operation of facilities (including emergency generators) and business travel and transport; total in 2021: 405 tons, lower emissions due to COVID-19 containment measures; conversion factors according to the Environment Agency Austria, including indirect greenhouse gas emissions.
Note: Land used: 20,758 m2, sealed surface: 17,860 m2, green area: 4,520 m2 (including green roof areas). The following indicators required by EMAS are not provided in this table because of negligible values: emissions of greenhouse gases and air pollutants such as CH4, N2O, HFC, PFC, SF6 or SO2, NOx and fine dust.

Table 7  

Sources of greenhouse gas emissions at the
	2019		2020		2021
	Tons of CO21
Scope 1 emissions
Vehicle fleet	108.4		60.6		60.7
Cooling agents	3.6		0.0		5.0
Emergency generator tests	18.9		11.7		12.0
Subtotal	130.9		72.3		77.7
Scope 2 emissions
Electricity	95.4		107.9		79.3
District heating	69.2		91.0		73.2
District cooling	167.1		151.2		146.5
Subtotal	331.7		350.1		299.0
Scope 3 emissions
Business travel by airplane	1,032.7		282.7		61.0
Business travel by car	80.9		29.2		9.1
Business travel by train	3.2		0.7		0.3
Subtotal	1,116.8		312.6		70.4
Total	1,579.4		734.9		447.1
Source: OeNB.
1 Greenhouse gas emissions including indirect effects.
Note: Figures for 2019 were calculated ex post using current conversion factors.

Table 8: Transport mileage (2019–2021)  

	2019	2020	2021
Business travel by airplane, km	2,609,057	676,192	154,907
Business travel by car, km	356,642	117,300	39,933
Business travel by train, km	250,200	83,400	20,400
Fuels for transport, liters	34,879	20,123	19,768
Source: OeNB.

Table 9: Waste generation by the OeNB (2019–2021)  

	2019	2020	2021	Waste code number
	kg
Nonhazardous materials	72,396	44,390	39,190
Commercial waste1	60,410	34,976	26,600	91101
Electronic scrap2	3,167	3,394	1,080	35202
Electrical applicances, large and small	165	344	2,356	35221, 53231
Bulky waste3	0	0	0	91401
Wood waste, treated and untreated3	7,380	5,676	8,800	17201, 17202
Fire extinguishers, with or without residual content	1,274	0	354	35105, 59802
Sand filter contents	0	0	0	94704
Nonhazardous waste per FTE	68	40	35
Hazardous materials	28,611	9,322	10,639
Waste paint, waste varnish, solvents, cleaning agents	0	14	0	55502, 59405
Refrigeration equipment	100	181	81	35205
Refrigerants containing CFCs	71	0	0	55205
Refrigeration and air-conditioning equipment	0	0	0	35206
Unsorted batteries, lithium and nickel-cadmium batteries	366	506	268	35338, 35337, 35323
Lead storage cells4	23,736	330	990	35322
Heating oil and fuels	0	0	0	54108
Oil separator contents5	2,980	4,280	8,600	54702
Visual display units, PCB-free capacitors	345	282	0	35210, 35339, 35209
Laboratory waste	0	0	0	59305
Large visual display units and electronic devices	837	609	700	35212, 35201, 35220
Solvent-water mixtures, other oil-water mixtures	0	0	0	55374, 54408
Filter materials and absorbents with harmful additives	3	0		31435
Cleaning agent and solvent waste6	0	0	0	59405, 55377
Gases in pressure containers, aerosol cans	173	2,160	0	59801, 59803
Plastic packaging material with hazardous residual content	0	0	0	57127
Asbestos cement	0	960	0	31412
Hazardous waste per FTE	27	8	9
Recyclables	102,210	90,990	87,965
Colored glas	2,790	4,290	5,500	31469
Clear glas	3,020	4,000	6,000	31468
Metal/cans	2,280	0	0	35315
Biodegradable waste7	11,290	11,300	11,300	91701
Plastic packaging material including PET waste, cans	6,160	9,800	9,800	57118, 57130 or 91207
Iron and steel waste8	19,330	10,570	13,160	35103, 35105
Waste paper9	57,190	35,250	28,970	18718
Styrofoam/polysterene	150	110	210	57108
Data carriers	0	0	50	57119
Waste paper and cardboard, coated9	0	15,670	12,975	18702
Recyclables per FTE	96	83	78
Total waste	203,217	144,702	137,794
Source: OeNB.
1 Reduction in this category is attributable to rigorous waste separation and reuse of recyclable materials in general and, from 2020, also to pandemic-related containment measures in particular.
2 Increase in 2020 due to more frequent and varied use (e.g. mobile devices, digital working environment).
3 Furniture is disassembled and disposed of with wood and metal waste, which keeps bulky waste volumes low most of the time.
4 Lead storage cells are required to ensure uninterrupted power supply; overhaul of the telephone system in 2021.
5 Oil separators in the parking garage.
6 Tank cleaning where required.
7 Including green waste (garden/park waste).
8 Metal containers had to be disposed of in 2019.
9 Fluctuations due to office moves and archive clearances.

Table 10: The OeNB’s environmental performance up to 2021 and environmental program for 2022  

	Year	S	Action
Further greening of procurement
Hiring a new cleaning contractor with EMAS certification	2022	to be continued	business area
Procuring office material according to ecological criteria	2022	to be continued	business area
Responsible resource use, reduction of emissions, further reduction of electricity consumption by 2% against 2014
Climate targets coordination project	2022	planned	business area
Implementing occupancy-based lighting at the workplace	2021	implemented	business area
Developing the mobility strategy further (e-bikes)	2021	implemented	EPT
Evaluating district heat connection of OeNB – Western Austria	2022	planned	IG Immobilien ­Management GmbH
Electricity saving projects
Switching to LED lighting on service floors (main building, northern office building)	2022	to be continued	business area
Modernizing plumbing, cooling and heating installations	2022	to be continued	business area
Planning project for energy-improvement of northern office building facade	2023	planned	business area
Replacing lighting in northern office building (mail room)	2022	planned	business area
Planning project for renewal of ventilation station (eastern top floor)	2022	planned	business area
Promoting environmental awareness, training
Promoting green mobility (bicycle use, including training for OeNBikes)	2022	to be continued	business area
Training new staff (including remote training)	2022	planned	EPT
Urban gardening, information: plants in the city	2022	to be continued	business area
Networking and communication
Membership in the Central Banks and Supervisors Network for Greening the Financial System (NGFS)	2022	to be continued	EPT
Information campaign, including lectures, more information on the intranet	2021	implemented	EPT
Cooperating with partners such as the Club of Rome, the WWF (World Wide Fund for Nature) and OEGUT (Austrian Society for Environment and Technology)	2022	to be continued	EPT
Auditing the waste disposal contractor	2022	planned	waste management officer
Greening the food offered at the OeNB further, reducing plastic material	2022	implemented	EPT
Source: OeNB.
Note: EPT = environmental protection team.

Table 11: Evaluation of environmental aspects at the OeNB (direct and indirect impact according to EMAS)  

	Electricity consump 1	Heat consumpti 1	District ­coolin 1	Water 2	Waste 3	Procurement1	Consumption of ­materials, e.g. paper4	Waste accumulation5	Mobilit s travel, transport
Environmental relevance	High	High	High	Medium	Low	High	Medium	High	High
Potential for improvement	Medium	Low	Low	Low	Low	Medium	Low	Medium	Medium
Source: OeNB.
1 Fundamental impact on resources and greenhouse gas emissions. 2 Fundamental impact on resources and ecosystems. 3 Fundamental impact on biodiversity and ecosystems. 4 Fundamental impact on resources, ecosystems and greenhouse gas emissions. 5 Fundamental impact on ecosystems, greenhouse gas emissions and land surfaces. 6 Fundamental impact on soil and air quality, resources, ecosystems and greenhouse gas emissions.

Direct and indirect equity interests

Table 12: Direct and indirect equity interests of the OeNB as on December 31, 2021  

Share in %	Company				Capital issued
100	Münze Österreich Aktiengesellschaft, Vienna (Austria)				EUR	6,000,000.00
	100	Schoeller Münzhandel GmbH, Vienna (Austria)			EUR	1,017,420.00
		(100)	100	Schoeller Münzhandel Deutschland GmbH, Hamburg (Germany)	EUR	6,000,000.00
	50	PRINT and MINT SERVICES GmbH, Vienna (Austria)			EUR	35,000.00
	22.25	proionic GmbH, Raaba-Grambach (Austria)			EUR	52,877.00
	16.67	World Money Fair Holding GmbH, Berlin (Germany)			EUR	30,000.00
		(16.67)	100	World Money Fair Berlin GmbH, Berlin (Germany)	EUR	25,000.00
		(16.67)	100	World Money Fair AG, Basel (Switzerland)	CHF	300,000.00
	12.28	Stirtec GmbH, Premstätten (Austria)			EUR	95,050.00
100	Oesterreichische Banknoten- und Sicherheitsdruck GmbH, Vienna (Austria)				EUR	10,000,000.00
	50	PRINT and MINT SERVICES GmbH, Vienna (Austria)			EUR	35,000.00
	0.25	Europafi S.A.S., Vic-le-Comte (France)			EUR	133,000,000.00
100	GELDSERVICE AUSTRIA Logistik für Wertgestionierung und Transportkoordination G.m.b.H., Vienna (Austria)				EUR	3,336,336.14
100	OeNPAY Financial Innovation HUB GmbH, Vienna (Austria)				EUR	35,000.00
100	IG Immobilien Invest GmbH, Vienna (Austria)				EUR	40,000.00
	100	Austrian House S.A., Brussels (Belgium)			EUR	5,841,610.91
	100	City Center Amstetten GmbH, Vienna (Austria)			EUR	72,000.00
	100	EKZ Tulln Errichtungs GmbH, Vienna (Austria)			EUR	36,000.00
	100	HW Hohe Warte Projektentwicklungs- und ErrichtungsgmbH, Vienna (Austria)			EUR	35,000.00
	100	IG Belgium S.A., Brussels (Belgium)			EUR	19,360,309.87
	100	IG Hungary Irodaközpont Kft., Budapest (Hungary)			EUR	11,852.00
	100	IG Immobilien Beteiligungs GmbH, Vienna (Austria)			EUR	40,000.00
	100	IG Immobilien M97 GmbH, Vienna (Austria)			EUR	120,000.00
	100	IG Immobilien Management GmbH, Vienna (Austria)			EUR	40,000.00
	100	IG Immobilien Mariahilfer Straße 99 GmbH, Vienna (Austria)			EUR	72,000.00
	100	IG Immobilien O20-H22 GmbH, Vienna (Austria)			EUR	110,000.00
	100	IG Netherlands N1 and N2 B.V., Uithoorn (Netherlands)			EUR	91,000.00
100	BLM Betriebs-Liegenschafts-Management GmbH, Vienna (Austria)				EUR	40,000.00
	100	BLM-IG Bauträger GmbH, Vienna (Austria)			EUR	35,000.00
		(100)	100	OWP5 Betriebs-Liegenschafts-Management GmbH, Vienna (Austria)	EUR	35,000.00
	100	BLM New York 43 West 61st Street LLC, New York (USA)			USD	10.00
Source: OeNB, subsidiaries.
Note: The OeNB’s share of the subscribed capital of the European Central Bank (ECB), Frankfurt (Germany), which totals EUR 10,825,007,069.61, amounted to 2.3804% as at December 31, 2021. The OeNB also holds 8,000 shares (at SDR 5,000 each) and 564 nonvoting shares in the Bank for International Settlements (BIS), Basel (Switzerland), as well as 56 shares (at EUR 125.00 each) in S.W.I.F.T. (Society for Worldwide Interbank Financial Telecommunication), La Hulpe (Belgium).