Foreword by the President

In the current environment, we need to strengthen the economy. The ECB’s influence on structural developments in the countries of the euro area is limited, as its mandate and instruments are primarily geared toward monetary policy. Structural challenges require solutions at national and EU level. National governments are responsible for sustainable public finances. They must create a framework for strategic investments and growth-promoting structural reforms, so they can sustainably strengthen productivity, competitiveness and resilience.

We must push ahead with capital market integration. The savings and investment union can create better financial opportunities for people and businesses. With the digital euro, we aim to create a central bank digital currency that will strengthen Europe’s strategic autonomy by making it less dependent on non-European payment systems. The legislative basis for the digital euro project is currently being negotiated between the European Parliament and the Council.

Geopolitical uncertainties and sudden financial market corrections imply risks. Euro area banks, however, are robust: They have strong capital and liquidity ratios, solid asset quality and stable earnings. Macro­prudential policies, i.e. measures to ensure the stability of the entire financial system, remain an important line of defense against the emergence of vulnerabilities in the financial sector.

Between December 2024 and September 2025, three new members took office on the Governing Board of the Oesterreichische Nationalbank, and the fourth member was reappointed. With effect from September 1, 2025, the division of responsibilities among the different Executive Directorates was changed to pool specialist expertise more effectively. Work on the OeNB’s future strategy is currently under way and should be finalized in the first quarter of 2026.

I took over as President of the General Council on January 1, 2026. I would like to thank the Federal Government for the trust it has placed in me – I will perform this responsible task with the utmost care. Together with the OeNB’s Governing Board and staff, I will devote all my energy to working toward our tasks as Austria’s central bank. In doing so, I will make sure to add a European perspective. After all, current geopolitical developments clearly show the crucial importance of coordinating cooperation between the economy, society as a whole, policymakers and institutions.

Foreword by the Governor

Likewise, inflation in the euro area was on an overall stable path in 2025 at an annual average of 2.1%. Thus, the inflation target of 2% is considered to have been met. Although inflation in Austria was too high in 2025 (3.6%), it should continue to come down in 2026, approaching the euro area level at just over 2%. As inflation declined, the ECB Governing Council eased its monetary policy stance and lowered its key interest rates in eight steps between 2024 and 2025. As of June 2025, the interest rate for the deposit facility was 2.00%, the interest rate for the main refinancing operations was 2.15% and the interest rate for the marginal lending facility was 2.40%. The Eurosystem was also able to reduce its consolidated balance sheet further.

For 2025, the OeNB recorded an operating loss of one billion euro. As in previous years, this loss ­resulted from negative net interest income from the single monetary policy: The OeNB had to pay more interest on deposits by Austrian banks than it could earn from bonds that had been purchased several years ago for monetary policy purposes. This mismatch gives rise to a negative result overall. However, this result has improved significantly compared to the previous year due to lower key interest rates and the reduction in bond holdings. This development is expected to continue into 2026. In a positive financial market ­environment, the OeNB’s reserves increased in value in the reporting year.

The operating loss resulted in a balance sheet loss of EUR 5.2 billion for the OeNB, which also includes the balance sheet losses from previous years. The result will be carried forward to 2026. This in no way changes the effectiveness of monetary policy in the euro area or the independence of the OeNB or the European Central Bank. We stand ready to fulfill all our tasks within the Eurosystem – without restriction and at all times. After all, losses are only temporary and must be seen against the background of the ­benefits reaped from the years of accommodative monetary policy. For example, Austria saved a high billion amount in the double digits between 2012 and 2022 because of low interest payments.

I would like to take this opportunity to thank the President and Vice President, the General Council, my fellow Governing Board members and, above all, the staff members of the OeNB – for their extraordinary commitment and outstanding work over the past year. We are well prepared for the challenges that lie ahead. That is why I am optimistic about the future. Together, we can lay the foundations for stable and strong economic development. This is a prerequisite for implementing the structural reforms in the euro area and in Austria that are necessary to secure prosperity for us all.

The OeNB at a glance

The Austrian economy – key figures

The OeNB’s tasks and strategy

When OeNB Governor Martin Kocher took office on September 1, 2025, our new Governing Board was complete. This marked the start of a strategy process at the OeNB. In various workshops with broad participation by members of our Governing Board, management and staff, we defined our priorities for the next three years. Part of the strategy is a program designed to cut personnel and material costs.

Euro area meets price stability target

Economy proves resilient amid multiple global crises – both in the euro area and in Austria

Global economic growth was supported by investment in the technology sector, including AI, in 2025. There are hopes that the rapid progress of digitalization and AI development could result in productivity gains in the medium term. At the same time, climate risks and natural disasters continue to threaten ­economic stability.

The euro area economy also proved resilient in 2025 despite the difficult conditions. At 1.5% ­(Eurostat), growth was slightly stronger than in previous years. Like global growth, euro area GDP growth also came in stronger than anticipated in the spring (see ECB macroeconomic projections of December ). This was ­initially due to an increase in exports in the run-up to the announced tariff increases, but investment in equipment and intangible assets also grew more strongly than expected. Moreover, the recovery in ­consumption continued, supported by rising real incomes and relatively stable labor markets.

Economic growth in the euro area is expected to remain largely constant at over 1% in the coming years. In Austria, economic activity was weaker than in the euro area in the first half of 2025. In box 2, we take a closer look at the economic situation in Austria.

Box 2

Box 2: Austria has come out of recession

Emerging from a two-year recession, the Austrian economy expanded at a weak 0.6% in 2025. The recovery began at the turn of the year, with quarterly growth rates remaining volatile in the course of the year, though, and just below average overall. In other words, the upswing has been subdued and lagging behind euro area growth.

The slightly positive momentum of the past few quarters masks a more differentiated reality:

• Domestic demand has been contributing to economic growth since mid-2024.
• The negative trend in exports continued in 2025. Its causes are well known: lacking demand, losses in price competitiveness and high uncertainty because of trade conflicts.

On the output side, industry made a positive contribution to value added. Before that, in 2023–24, industry output had declined sharply. In addition, strong public services output supported economic activity. In contrast, construction contracted, as in previous years, and retail, transport as well as food and beverage services also remained weak throughout the year.

The OeNB expects the recovery to continue in the coming years. According to its Economic Outlook of December 2025 , GDP will grow by 0.8% in 2026 and by 1.1% in 2027. This means that economic growth in Austria will remain below euro area growth over the forecast horizon. There are still significant downside risks to the outlook, including further losses in export market shares, weak investment and additional fiscal consolidation measures. Austria’s budget deficit will exceed 4% of GDP in both 2026 and 2027 unless additional consolidation measures are implemented. At the same time, sentiment may improve faster and a stronger decline in the saving rate could have positive effects on private ­consumption, thereby boosting growth.

End of Box2.

Just like the real economy, inflation was also on an overall stable path in the euro area in 2025, with the annual average rate coming in at 2.1%. This meant that euro area inflation was back on target, after years of higher rates. In 2022 and 2023, inflation in the euro area was still high at 8.4% and 5.4%, respectively; in 2024, it stood at 2.4%, already getting close to the 2% target.

The decline in inflation in 2025 was primarily attributable to the core components, i. e. prices for services and industrial goods excluding energy. In services, the pressure from labor costs was declining, thereby dampening price growth. In addition, the effects of past supply chain and energy price shocks had largely subsided. Energy prices even had an inflation-reducing effect during much of the year. Industrial goods inflation (excluding energy) was weakening thanks to the appreciation of the euro, among other things.

Overall, we see that inflation has been easing. According to current forecasts, euro area inflation will remain close to 2% over the next few years (see ECB macroeconomic projections of December ): Specifically, average annual inflation is expected to fall from 2.1% in 2025 to 1.9% in 2026 and further to 1.8% in 2027 before settling at the ECBʼs medium-term target of 2% in 2028.

ECB Governing Council cuts interest rates further

The current key interest rate level of 2% in the euro area is likely to correspond to what is known as the neutral interest rate. According to theory, at the neutral rate of interest, monetary policy neither stimulates nor contracts the economy. The economy grows close to potential, and inflation remains stable at 2%. One caveat of the concept is, however, that the neutral rate of interest cannot be directly observed; it can only be estimated. Also, the neutral interest rate may change over time. These uncertainties notwithstanding, there are estimates that suggest that the nominal neutral interest rate for the euro area is currently in a range from 1½% to 2½% (see e. g. ECB Economic Bulletin 1/2025 ). This implies that starting from the current interest rate level, monetary policy should be able to move quickly in both directions, depending on what kind of shock occurs.

The Eurosystem continued to reduce its balance sheet in 2025. Because of the measures taken by the Eurosystem in response to the crises of recent years, the consolidated balance sheet of the Eurosystem had expanded to EUR 8.8 trillion by 2022. These measures included targeted longer-term refinancing operations (TLTROs) to stimulate bank lending. Since 2022, the balance sheet has contracted by around EUR 2.7 trillion as banks have paid back funds borrowed under the third TLTRO series and the Eurosystem has reduced its holdings of securities. Given that the TLTRO III repayments were made mainly in 2023–24, the Eurosystem balance sheet shrank much more slowly in 2025, from EUR 6.42 trillion to EUR 6.29 trillion. This decline was primarily attributable to reductions in monetary policy portfolio holdings. The monetary policy portfolios in the OeNB’s balance sheet also decreased further. For more details see “ Monetary policy operations and reserve management .”

As far as future interest rate decisions are concerned, the ECB Governing Council, in which the OeNB is represented by Governor Martin Kocher, will remain committed to the successful approach adopted in 2022: The Governing Council does not commit itself in advance to a certain interest rate path but determines the appropriate monetary policy stance on a data-dependent, meeting-by-meeting basis. This strategy is highly effective in a situation as fraught with uncertainty as the current one. For instance, euro area inflation could be lower than projected if weaker export demand, a stronger euro and heightened uncertainty in financial markets dampened demand. Conversely, inflation could turn out higher than ­expected due to increasingly fragmented supply chains, rising import prices and sustained wage pressures. In addition, ­extreme weather events could significantly increase food prices. This is why monetary policy must be able to respond in a flexible manner to be effective.

Stable growth in CESEE in challenging external environment

Yet, despite these complex challenges, the CESEE countries performed comparatively well. Real GDP growth averaged just over 2% in 2025, according to initial estimates, reaching a level similar to that recorded in 2024. CESEE’s growth advantage over the euro area also remained constant at around 1 percentage point. Economic activity benefited in particular from robust labor markets and rising wages, which stimulated consumption. On the other hand, the external sector had a dampening effect on growth, reflecting not only weak international demand but also price competitiveness issues: As a result of high wage settlements, unit labor costs in the industrial sector have risen – in part sharply – in CESEE in recent years.

Average inflation in the CESEE EU member states was relatively stable at around 4% throughout 2025. The main inflation drivers were rising services and food prices, while industrial goods and energy contributed only moderately. In Czechia, inflation was close to the target of 2%, therefore the Czech central bank cut its key interest rate by 25 basis points each in February and May 2025 to 3.5%. In Poland, inflation declined and was also close to the inflation target of 2.5% in the second half of the year. The Polish central bank hence lowered its key interest rate in six steps by a total of 175 basis points to 4%. In Romania, by contrast, price pressures increased significantly in the second half of 2025. As the inflation rate was above 8% from August, the Romanian central bank kept the interest rate level at a constant 6.5% throughout the year.

Bulgaria adopted the euro on January 1, 2026, becoming the 21st member of the euro area. Overall, almost 360 million EU citizens are now using the euro as their official currency. The ECB and the European Commission assessed in June 2025 that Bulgaria fulfilled all the necessary criteria for adopting the euro. The formal decision for Bulgaria to join the euro area was taken by the economic and finance ministers from all member states at the Ecofin meeting on July 8, 2025. This was also when the conversion rate for the Bulgarian lev was set at 1.95583 levs per euro.

OeNB Governor Kocher takes over Austrian Chair on IMF Board of Governors

The IMF mission team visited Austria twice in 2025 to assess its economic, monetary and financial policies. The Article IV consultation in spring was followed by a staff visit at the end of September. ­According to the Article IV report , the Austrian economy is facing a challenging environment following two years of recession. The IMF stressed that Austria’s strong institutions equip the country to deal with these challenges, and recommends, among other things, fiscal consolidation (bringing the budget deficit below 2% of GDP) and structural reforms, e. g. in the labor market. The next consultations are scheduled for the first half of 2026.

In the fall of 2025, the IMF started a mandatory, in-depth analysis of the Austrian financial sector under the Financial Sector Assessment Program (FSAP). The evaluations under the FSAP cover 1) main risks to macrofinancial stability, 2) the regulatory financial stability framework, and 3) national institutions’ capacity for coping with a financial stability crisis. The focus of the current FSAP mission in Austria is on macroprudential policies, the microprudential supervision of less significant institutions (LSIs), stress tests, mutual funds, insurance firms and crisis management. The aim is also to utilize synergies from the euro area FSAP concluded in 2025. In the summer of 2026, the IMF will publish the key findings in its Financial System Stability Assessment.

At the IMF, the implementation of the quota increase approved under the 16th General Review of Quotas is still pending. Once implemented, the reform will proportionally raise IMF member quotas by 50%. However, as of January 16, 2026, only 142 IMF members, including Austria, had agreed to the ­reform. This corresponds to 76% of the quota shares. For the reform to come into force, 85% are required. The deadline for member states’ individual consent was last extended to May 15, 2026. In order to ensure that the IMF’s lending capacity is maintained at its current level, transitional arrangements have been adopted. They remain in force until the reform becomes effective. The New Arrangements to Borrow (NAB) were renewed from 2026 to 2030, with Austria being one of the participants. In addition, the term of the OeNB’s Bilateral Borrowing Agreement with the IMF was extended until December 31, 2027, at the latest.

OeNB experts share knowledge and experience with other central banks

This exchange of experience and knowledge with OeNB experts includes specific bilateral cooperation, especially under EU-funded programs. In addition, we actively contribute our expertise to seminars and workshops at the Joint Vienna Institute (JVI). The JVI was established in 1992 and serves not only as a venue for sharing knowledge but also as an international forum for exchanging opinions and experiences and a basis for long-term networking. The JVI is primarily funded by the IMF and the Republic of Austria, represented by the OeNB and the Federal Ministry of Finance.

Positive reserve management performance

OeNB reserve investments benefit from buoyant financial markets

The OeNB’s gold holdings have been constant since 2007. As the price of gold has risen over the past few years, the relative share of gold in the OeNB’s reserves has increased significantly: Gold now ­accounts for around two-thirds (chart 3). In addition, our reserves are invested across different currencies and ­regions. They mainly consist of debt securities (around 23%), but also equities (around 10%). Diversification into corporate bonds and ­equities helps to improve the risk-return ratio. The predominant currencies are convertible currencies of countries with excellent credit ratings. The bonds in our reserves are mainly bonds issued by governments, agencies and supranational institutions, as well as covered bonds.

Equity markets saw high price gains in 2025, while price movements in bond markets were mixed. ­Major foreign currencies lost against the euro. Despite heightened trade and geopolitical uncertainties, financial market sentiment was mostly positive. The main contributing factors ­included falling inflation and interest rates as well as good corporate earnings.

The strong performance of the Austrian equity market stood out: At +45.4%, the ATX gained ­significantly more than the euro area EURO STOXX 50 index at +18.3% (chart 4). Austrian companies benefited from the announcement of an infrastructure program in Germany, among ­other things. The US equity market gained +16.4%, with technology stock prices rising particularly strongly.

The performance of government bonds was mixed. US government bonds with an average duration of just under six years gained +6.3%, benefiting from the Federal Reserve’s interest rate cuts. By contrast, German and Austrian government bonds suffered moderate losses of -1.6% and -1.2%, respectively. The German government’s announcement that it would take on more debt had a negative impact.

The euro benefited from heightened geopolitical uncertainty and increased fiscal stimulus in Germany. The US dollar lost -11.8% of its value against the euro. The Japanese yen and the pound sterling also weakened against the euro, by -11.5% and -5.2% respectively.

The gold price surged by +64.7% (in US dollars), which has been the largest rally since 1979, driven by heightened uncertainty and falling key interest rates.

Our investment portfolio (excluding gold) gained +4.7% in 2025, while the market value of our gold reserves increased by +46.1%.

Monetary policy normalization and balance sheet reduction in the euro area

The holdings under the security purchase programmes continued to decline in 2025. Securities were redeemed at maturity and removed from the balance sheet. The portfolio under the asset purchase programme (APP) has been gradually reduced since 2023. Reinvestments under the pandemic emergency purchase programme (PEPP) were discontinued at the end of 2024. The holdings of securities under the APP and the PEPP declined by around EUR 10 billion in Austria and by EUR 537 billion in the Eurosystem in 2025. This corresponds to around 12% of total holdings in Austria and 14% of total holdings in the ­Eurosystem. The holdings of securities acquired under the asset purchase programmes that are still on the OeNB’s and the Eurosystem’s balance sheet will continue to be reduced in the coming years.

Standard instruments – tender operations

Interest rates on refinancing instruments

Changes in key interest rates

The corridor enables the Eurosystem to steer short-term money market rates, i.e. those rates at which banks borrow or lend short-term (overnight) liquidity among each other. The interest rate corridor thus creates an upper and lower bound for the overnight interest rates on the interbank market. The corresponding transactions on the unsecured money market provide the basis for the €STR (Euro Short-Term Rate). The €STR is the most important benchmark rate for the euro money market and is published daily by the ECB. The relationship between supply of and demand for central bank liquidity has a direct impact on the interbank interest rate. If the liquidity that the Eurosystem puts into circulation matches banks’ demand, short-term money market interest rates will be right in the middle of the key interest rate corridor.

In 2025, excess liquidity in the banking sector was still high. As a result, short-term money market interest rates have remained below the deposit facility rate, i.e. at the lower end of the key interest rate corridor. The deposit facility rate is also the interest rate relevant to the money market (see chart 2 in “ ECB Governing Council cuts interest rates further ”).

Operational framework ensures adequate supply of central bank liquidity

Providing liquidity in US dollars

Minimum reserves

OeNB’s negative operating result halved compared to the previous year

At the OeNB, the operating loss results in a balance sheet loss of -EUR 5.2 billion. This amount includes last year’s balance sheet loss of -EUR 4.2 billion (as loss carried forward). The 2025 result will be carried forward to 2026.

The OeNB remains independent and capable of operating effectively despite negative equity

Gold price increases the OeNBʼs balance sheet total

Will the OeNB record profits or losses in the coming years?

The OeNB actively contributes to financial stability

Resilient banking sector supports economic recovery

Austrian banks have recorded high profits in recent years. In the first three quarters of 2025, their profits totaled EUR 8.2 billion, with the CESEE subsidiaries accounting for EUR 3.6 billion of this amount. Compared to the same period in 2024, however, profits were down almost 25% (chart 7). The reasons for this were falling interest income, higher credit risk costs and one-off effects (e.g. in connection with activities in Russia).

The common equity tier 1 (CET1) capital of the Austrian banking sector increased by EUR 4.6 billion to EUR 105 billion between the end of 2024 and September 2025. The CET1 ratio rose to a historically high level of 18.4% (chart 8). The CET1 ratio shows the relationship between CET1 capital and risk-weighted assets. A high ratio strengthens banks' resilience and gives them more scope for lending. Liquidity levels in the Austrian banking sector have remained solid. The relevant indicators are well above the regulatory requirements and good by European standards. There is some variance between individual banks, however.

The OeNB 2025 stress test confirmed the risk-bearing capacity of the banking sector. We simulated a sharp economic downturn, combined with geopolitical tensions, a short-term rise in inflation and high interest rates in the longer term. Our results show that even in this adverse scenario, the Austrian banking system as a whole is still stable. The CET1 ratio drops considerably but remains at a solid level overall. However, some banks are more at risk, especially those with many commercial real estate loans. Also, interest income, which has been high recently, will decrease in the future.

The European Banking Authority (EBA) and the ECB conducted an EU-wide stress test in cooperation with the national supervisory institutions in 2025. It shows that all five Austrian banks tested meet the regulatory requirements. The results vary from bank to bank; overall, the domestic banks are in the European midfield. The five Austrian banks covered by the EU-wide stress test are: Addiko Bank AG, Erste Group Bank AG, Raiffeisen Bank International AG, Raiffeisenbankengruppe OÖ Verbund eGen and Volksbank Wien AG.

The credit quality of Austrian banks remained largely stable in the first three quarters of 2025 (chart 9). Credit quality is measured by the share of nonperforming loans (NPLs) in total loans. The NPL ratio of the Austrian banking sector was 3.0% from January to September 2025. In commercial real ­estate financing, we did not see an improvement in credit quality in 2025, but the negative momentum seen previously weakened. The credit quality of Austrian banking subsidiaries in CESEE has remained largely stable in recent years, so that the NPL ratio there is now lower than in Austria. Between 2022 and 2024, the domestic banking sector saw an increase in the NPL ratio, attributable mostly to the higher interest level, weak economic activity in Austria and difficult conditions in the commercial real estate market.

Credit growth in Austria picked up somewhat, to 2%, from September 2024 to September 2025. This moderate uptick was driven primarily by higher demand for residential real estate loans and a mild recovery in lending to firms. This trend remains highly dependent on economic activity, with lower interest rates also supporting the recovery.

External assessments of Austrian banks have been positive. Rating agencies continued to assign top ratings but see weak domestic economic activity as a challenge. Also, the increase in loan defaults has been critically pointed out. The future path of credit quality is considered as central to how rating agencies will assess banks going forward. Austrian banks’ CESEE activities ensure diversification, thereby generating positive effects. The IMF also found the domestic financial sector to be healthy and macroprudential measures to be adequate. This was the result of the IMF’s most recent Article IV consultation with Austria. At present, the IMF is conducting a mission under the Financial Sector Assessment Program (FSAP) in Austria. The FSAP is a mandatory in-depth financial sector assessment carried out at regular intervals (see also “ Monetary policy and the economy ”).

Risk-oriented supervision takes targeted action

Risks and measures in real estate financing

Box 5: The OeNB – a center of excellence for real estate market analysis in Austria

New interactive residential real estate dashboard

The OeNB has established a real estate hub (“Immo-Hub”) to provide the public with high-quality data on, and sound analyses of, developments in the Austrian residential and commercial real estate markets. The hub’s first output was the creation of a residential real estate dashboard , which integrates around ten different data sources and offers around 70 volume- and price-related indicators, including a number of sub-indicators at the level of the Austrian provinces, intuitive visualizations and the bundling of comprehensive data. The indicators capture information about supply and demand, the residential real estate market and macroprudential analysis. By creating this dashboard, the OeNB contributes to more transparency in the Austrian residential real estate market. Moreover, we place the data within the context of financial stability to reflect the close links between the residential real estate market and the financial market; after all, a significant proportion of Austrian banks’ credit portfolios consists of residential real estate loans.

The data and analyses of the “Immo-Hub” can help us, for instance, to identify unsustainable market dynamics and potential systemic risks early on. We also aim to strengthen the stability of the real estate market through communicating real estate market topics and information about any macroprudential measures implemented. Finally, we can contribute to Austria’s external ratings remaining excellent and take an active part in shaping research. Serving as a central point of contact, the “Immo-Hub” is open to all stakeholders, including rating agencies, journalists and researchers.

End of Box5.

Hence, the FMSB recommended on December 12, 2025, that the sectoral systemic risk buffer be raised in two steps: from 1% to 2% as of July 1, 2026, and to 3.5% one year later. Financing granted to limited- or non-profit developers will continue to be exempt because there is no systemic risk associated with such credit. The OeNB expects the impact of the buffer on credit costs, lending and the real economy to be small. Most banks have sufficient free capital even after the buffer increase, and profits make it possible to further build up capital. Experience shows that higher buffers hardly restrict lending. The buffer ensures that banks have capital that they can use to absorb losses if necessary. Hence, increasing the buffer is a targeted measure to strengthen banks’ resilience.

Targeted ongoing supervision with a focus on credit risks

The risk environment prevailing in 2025 determined supervisors’ priorities in their on-site inspections and off-site analyses: credit risk, liquidity risk, interest rate risk and IT risk.

Supervisory activities aim to ensure that banks adequately represent their credit risks and reduce nonperforming loans in a timely and sustainable manner. This helps banks secure their lending capacity and maintain trust in their stability. Banks with a heightened share of NPLs are subject to enhanced monitoring. Supervisors assess whether banks create credit risk provisions in a timely fashion and ensure adequate collateral valuations. Banks with an NPL ratio of over 5% must additionally undergo a review of their plans for reducing NPLs. On-site credit risk examinations recently continued to show that there is still a need for improvement. In particular, banks need to refine their classification and risk management processes for commercial real estate loans. In addition, supervisors examined internal ratings-based models for calculating credit risk (IRB approach), specifically looking into risk systems, processes and the calculation of banks’ risk parameters.

Liquidity and financing risks were also a key area of supervisory activities in 2025. In particular, the OeNB reviewed contingency and funding plans and banks’ calculations of key liquidity indicators. Interest rate and credit spread risks in the banking book were also analyzed in more detail.

The OeNB further developed its method for assessing procyclical systemic risks in 2025. Such risks can arise, for example, from excessive lending during booms and a slump in lending during a recession. Our new method more closely links credit developments and real economic activity in order to identify ­systemic risks at an early stage. All indicators are integrated in a publicly accessible data dashboard . One instrument for addressing procyclical systemic risks is the countercyclical capital buffer. In 2025, it ­remained unchanged at 0%. The other systemically important institutions (O-SII) buffer and the systemic risk buffer also remained broadly unchanged in 2025. The requirements resulting from these two buffers also aim at reducing systemic risks.

Supervisory priorities for 2026

• strengthening the resilience of the banking sector, in particular with a view to geopolitical uncertainties, existing real estate risks and relatively weak economic activity;
• strengthening the security of information and communication technologies (ICT);
• exchanging information with banks regarding specific applications of AI;
• giving due consideration to environmental, social and governance (ESG) risks (see also “ Promoting sustainability across all business areas ”); and
• increasing efficiency in regulation and supervisory processes.

More communication and future-proof organization

The OeNB reorganized its banking supervision function in 2025 to reflect the changed risk environment and new digital challenges. The new structure strengthens cooperation and facilitates a more flexible use of resources and pooling of expertise, enabling us to respond faster and better to new challenges.

Following the principles of a matrix organization, we are systematically pooling expert knowledge from different areas (“horizontal topics” like credit and liquidity risk) and using it in banking supervision. This helps us to use supervisory resources efficiently and in a risk-oriented manner while maintaining a holistic view of each individual bank. The expert-group approach has been strengthened and institutionalized. The expert groups are central knowledge and coordination hubs.

IT know-how in the supervisory function has been pooled, in particular so that we can evaluate technological risks and fintech innovations more efficiently. A new IT hub consolidates information about on-site examinations of IT issues at Austrian banks and third ICT service providers and coordinates and accompanies real-world cyber attack simulations.

Regulatory developments should lead to simplification

The ECB and the EBA have already launched initiatives, proposing the following measures: simplifying the reporting framework for banks, evaluating the EBA's regulatory mandates, providing for more proportionate regulation and supervision for smaller banks, adopting a holistic approach to evaluating capital levels, and completing the savings and investments union.

The discussion about the regulation and supervision of smaller banks is particularly relevant for Austria, given that its banking sector consists of many small banks with traditional business models based on loans and deposits. The OeNB welcomes simplifications and proactively contributes to European initiatives. That said, simplifications must not negatively affect the stability of the financial market or compliance with the standards of the Basel Committee on Banking Supervision. Finally, the OeNB also looks into how increased automation and AI applications could make supervision even more efficient.

The OeNB provides reliable data and statistics to support sound decisions

Politics, industry, research and society benefit from enhanced statistical support

To make our data as useful as possible, we consistently work to expand our support for decision-makers, researchers, the business community and journalists. Thanks to an internal reorganization in 2025, we can now provide our data users with tailored data products, services and expertise in an even more ­targeted manner. The OeNB has thus created a reliable basis for fact-based decision-making in an ­increasingly complex environment.

Our Research Desk offers researchers access to high-quality microdata from statistical surveys, in particular on Austrian banks and enterprises. By cooperating in a newly established ESCB network, we also benefit from international perspectives. The findings gained from this cooperation not only strengthen research activities but also reinforce Austria’s position as a competitive, knowledge-based business location.

Sustainable finance requires robust climate indicators

Work on these data sets continues with the aim of further improving the quality of data and data breakdowns. Going forward, our efforts will make these climate-related data even more easily accessible to analysts and end users.

AI applications make statistical analyses more efficient

Moreover, we have worked on developing a statistical in-house credit assessment system to assess the creditworthiness of nonfinancial corporations in connection with monetary policy operations. The system is applied to small enterprises and micro businesses and comprises the automatic recording and processing of their published and machine-readable financial statements. It supplements the OeNB’s long-standing in-house credit assessment system, which comprises additional expert analysis. Both systems are in line with Eurosystem specifications ( S-ICAS ) and have been developed jointly with the Deutsche Bundesbank.

EU central banks and supervisory authorities take steps to
modernize reporting

A first step in this direction is to harmonize the present statistical reporting system ( Integrated Reporting Framework – IReF ). A next step will be to bridge the gap between authorities’ data requirements and banks’ data management. To this end, the ESCB has been working closely with the banking sector on the Banks’ Integrated Reporting Dictionary (BIRD) . BIRD is based on a uniform data model that defines and describes without redundancy all the concepts underlying the reporting requirements. Using BIRD will make it easier for banks to decide which data to extract from their in-house systems and how to process them in order to fulfill their reporting ­requirements.

Another aim is to harmonize reporting between different sectors (banks, insurance companies and pension funds, investment funds). At the OeNB, an efficient integrated reporting system has been in place for many years. It was implemented in cooperation with banks and is continuously being refined ( Integrated Reporting Data Model ).

OeNB experts play a significant role in developing the above initiatives – not least because our ­integrated reporting system for Austria has set European standards.

New data catalog makes economic and financial statistics more easily accessible

The data catalog is also an important building block of the OeNB’s new internal platform for storing and analyzing data. This platform enables the use of modern tools and AI to cope with both the rapid growth in data and users’ increasing and more complex data needs.

Reinventing cash – the OeNB is setting the course

The OeNB guarantees access to cash

Cash is an essential component of our modern-day freedom of payment. It is the only noncommercial means of payment that is widely available and generally accepted. As such, it plays a key role in strengthening social participation and economic stability. This is why it is vital to actively secure cash infrastructures, especially in an increasingly digital world.

The OeNB ensures easy and reliable access to cash across Austria. We monitor the current cash supply situation and provide timely data on the accessibility of automated teller machines (ATMs) at the municipality level. Together with our subsidiary GELDSERVICE AUSTRIA (GSA), we are working on efficient and regionally optimized solutions for the cash cycle. We maintain a regular exchange of information with banks and are thus able to offer customized service packages and sustainable cash logistics.

In general, cash accessibility in Austria is already very high; this notwithstanding, the OeNB is working to close remaining gaps in cash supply. We aim to install up to 120 additional ATMs across Austria, primarily in rural areas. As of February 10, 2026, 39 of these additional ATMs were already in operation throughout the country. In this project, the OeNB works together with the Austrian Association of Cities and Towns and the Austrian Association of Municipalities to ensure access to cash in previously underserved areas and to strengthen financial inclusion. For this initiative, the OeNB was awarded the title of “Best CashTech Innovator” at the CashTech Innovation Awards 2025.

Cash as an indispensable means of payment

People in Austria continue to attach great importance to cash, appreciating it as a reliable, practical and widely accepted means of payment. The vast majority of the population considers it safe, easy to use, helpful in keeping track of their spending and a great option when it comes to making payments independently while safeguarding their privacy. Many people continue to rely on cash as an integral part of their daily payments and use it regularly to pay both smaller and larger amounts.

In retail, cash is accepted almost everywhere, even though individual sectors occasionally apply restrictions. Cash continues to be easily accessible for most people as cash access points are easy to reach. Overall, it is apparent that cash is important across all age groups and that it remains an indispensable component of financial empowerment for many people.

New series of euro banknotes: secure, modern and innovative

The theme “Rivers and birds” highlights the resilience and diversity of nature. The theme “European culture” celebrates the cultural spaces we share in Europe and pays tribute to iconic European personalities. If this theme is chosen, an Austrian woman will be depicted on the front of the EUR 200 banknote: Bertha von Suttner, the first woman ever to receive the Nobel Peace Prize. This would send a strong ­signal both for peace and for the important role of women in Europe. Whatever theme is ultimately chosen – be it “European culture” or “Rivers and birds” – the new euro banknotes will reflect Europe’s common heritage and values.

By working toward launching the third banknote series since the introduction of the euro, the ECB and the national central banks of the Eurosystem are reaffirming the importance of cash. In doing so, they are sending out a clear signal: Cash remains important – even in the digital age.

The digital euro: Eurosystem moves to next phase of technical preparation as planned

The uncertain global situation shows clearly why Europe needs an independent, reliable infrastructure for digital payments. As a critical infrastructure, the digital euro would strengthen Europe’s strategic ­autonomy vis-à-vis non-European payment systems and private crypto assets with a payment function such as stablecoins (on the chances and risks associated with stablecoins, see the related study published by the OeNB and Boston Consulting Group). In this respect, the digital euro would help make Europe more independent, competitive and resilient.

Benefits for people, banks and businesses

Progress in technical and legal preparations

The Eurosystem concluded the two-year digital euro preparation phase in October 2025 as scheduled. In November 2025, it moved to the next phase of the digital euro project , which will run until the end of 2027 and focus on three main areas: technical readiness, market engagement and support of the EU ­legislative process.

The latter made significant progress in 2025. A key milestone was reached at end-December when the Council of the European Union agreed on a negotiating position on the digital euro. Based on this agreed position, the EU co-legislators (the European Parliament and the Council) will have to reach an agreement with the European Commission on the legislative proposals laid down in the Single Currency Package of June 28, 2023. The package includes proposals to safeguard the role of euro cash and to establish the legal framework for the digital euro. An agreement might be reached already in the course of 2026. As soon as legislation is in place, the Eurosystem will be able to quickly progress in testing the digital euro and working toward its implementation. A pilot exercise could start in 2027, and the Eurosystem should be ready for a potential first issuance of the digital euro during 2029.

The OeNB takes an active part in the digital euro project

In 2025, this was one of the project’s priorities: Innovation partners from across the euro area – over 70 banks, ­fintechs, retailers, universities and companies (eight of them from Austria) – took part in exploring innovative and practical applications for the digital euro. After all, the digital euro should be inclusive and easy to use for everyone – like euro cash, its analog twin.

In this respect, the OeNB has been a pioneer within the Eurosystem: Since the start of the digital euro project, we have reached out to and directly involved people exposed to financial and/or digital exclusion in the design of the digital euro. Moreover, we maintain a regular exchange of information with Austrian market participants, representatives of the banking industry, retailers and the transport and tourism industries as well as with interest groups and with the general public.

In addition, the OeNB joined forces with five other Eurosystem central banks in establishing the ­Alliance for the Digital Euro. Our partners in the alliance are the Deutsche Bundesbank , the Banque de France , the Banco de España , the Banca d’Italia and Lietuvos bankas , the Lithuanian central bank. In a joint effort, this alliance will develop central components for processing payments in digital euro. Thanks to its involvement, the OeNB has the opportunity to build up the relevant expertise and help shape a ­successful and future-proof payments ecosystem in Austria and Europe. The other components, e.g. those for the offline function of the digital euro, are being developed by private providers from across Europe, which were selected in a public tender in 2025.

The digital euro from a financial stability perspective

Related analyses, i.a. by the ECB and the OeNB , find that financial stability can also be maintained if the digital euro is used for everyday payments. Potential systemic risks in certain crisis situations will be addressed by establishing clearly defined and research-based digital euro holding limits. The analyses also reveal, however, that effects may vary greatly depending on banks’ business models.

From the perspective of financial stability, it is the payment function of the digital euro that should be paramount – not its store-of-value function. In designing the digital euro, the Eurosystem takes into ­account financial stability considerations. It is able to set and adjust the parameters that are relevant for maintaining financial stability (in particular holding limits), drawing on important findings from quantitative analyses that consider the financial stability perspective.

The OeNB as a diverse company

Promoting sustainability across all business areas

Sustainability is relevant in a broad range of areas and thus interdisciplinary by nature. Various stakeholders at the OeNB are in charge of environmental and social sustainability as well as responsible corporate governance. We perform our ESG tasks not only within the OeNB but also in international bodies.

Environmental sustainability – new initiatives and milestones

In 2025, saving energy was a priority. That is why we replaced old windows in the main building and are currently renovating and sealing the facade of one of the other office buildings. We generate sustainable energy from photovoltaics on our roofs and heat our Innsbruck branch using district heating.

All information on our environmental management is available on the OeNB website, including our Environmental Statement .

The OeNB makes annual climate-related financial disclosures outlining the sustainability of its non-­monetary policy portfolios as part of an effort coordinated within the Eurosystem.

In banking supervision, the OeNB is contributing to the development of new requirements that make it mandatory for banks to take ESG risks into account more strongly. For example, we are involved in the work of the European Banking Authority on technical standards regarding prudential disclosures on ESG risks. As part of an SSM-wide thematic review, the assessment of climate risks at significant institutions was finalized. The results, including best practices, were discussed with the individual banks. Climate risks remain a central focus of European banking supervision within the framework of the SSM. Another ­central element is the implementation of transition planning, which is essential for a change toward a sustainable economy.

In Austria, we are working on efficiently advancing the treatment of ESG risks in our supervision of less significant institutions. Our efforts are guided by the principle of proportionality, and we aim to communicate clear supervisory expectations to the banks. For example, we have been integrating ESG issues into the Supervisory Review and Evaluation Process (SREP); in addition, we have refined our ESG dashboard and prepared the related horizontal analysis. A workshop for banks was also held in 2025 to promote the ­exchange of information on ESG risks.

The OeNB is also involved in an SSM working group for the voluntary development of uniform supervisory approaches and methods regarding ESG issues. In the reporting year, we also dealt with physical risks in particular. Specifically, we linked risks related to low-to-no-snow winters with detailed credit data; the results were published in an OeNB blog post .

In the area of statistics, we concentrated our efforts on the European level: We contributed to shaping future reporting content for banks and tapped into new data sources. We also contributed to the improvement of the methodology underlying the ECB climate change-related indicators (see also “ Sustainable finance requires robust climate indicators ”). In accordance with ECB requirements, we analyze the climate risks of nonfinancial corporations; these are relevant for credit ­ratings in connection with the execution of monetary policy operations.

Our economic analysis and research provides analyses on the opportunities and risks of decarbonization for the economy and monetary policy. In our assessments of risks to price stability and financial stability, we also take physical risks into account. In 2025, we organized a series of public debates on the energy transition with lively public participation. We also hosted two courses on green finance for international regulators and central banks at the Joint Vienna Institute and published topical studies and blog posts . OeNB economists regularly engage in public consultations regarding related Austrian and European ­legislative initiatives. The 2025 Green Finance Conference , which was organized jointly with the Environment Agency Austria and hosted at the OeNB, was a highlight that generated considerable public attention.

As part of our internal risk management, we carried out a climate stress test for the nonmonetary policy portfolio in 2025. The aim was to simulate the development of key risk indicators and loss potentials in two adverse scenarios compared to their development in a baseline scenario. Based on this stress test, we ­estimated immediate and direct financial consequences for the OeNB’s nonmonetary policy portfolio. The scenarios used were developed by the Network for Greening the Financial System (NGFS), a voluntary association of central banks and supervisory bodies.

In NGFS working groups, the OeNB works on recommendations and best practices, benefiting from a lively exchange of knowledge with other central banks.

Milestones in equal treatment and diversity at the OeNB

Bundling the above-mentioned tasks in a separate organizational unit allows us to implement strategic measures in a way that is holistic, coordinated and, above all, effective. With these measures, we aim to establish diversity and equality as a cross-sectional task in all areas of the OeNB and to show their relevance now and in the future. This not only fulfills the requirements of the Federal Equal Treatment Act but also prepares us for the EU directive on standards for equality bodies that will apply from June 2026. We are also consciously setting an example to the outside world and are clearly committed to diversity and equal opportunities. When the OeNB embodies diversity that is visible on the inside and the outside, we are not only strengthening our credibility; we are creating structures that are fairer, more sustainable and closer to the reality of our society.

We implemented the first and strongest measure when we established the new section: As of September 2025, the head of Diversity and Equality has been closely involved in the entire process for allocating expert and management career positions. The second measure proposed by Diversity and Equality and adopted by the Governing Board is our response to the currently low proportion of women on OeNB bodies: In future, a voluntary commitment will ensure that committees, panels, hearings, working groups and projects are diverse. In concrete terms, the aim is to achieve a balanced gender mix – or to have at least one-third of the members be female. We already recorded great successes in 2025: The share of women newly appointed to management positions reached 50% for the first time.

#TeamOeNB – spotlight on our employees

Employer branding – walking the walk

Our work counts.

The OeNB as a reliable partner to its employees

Table 1: Attractive working conditions – key figures for 2025  

Share of part-time employees in %	24.8
Days worked from home per employee	67.1
Staff on sabbatical	21
Training days per employee	4.7
Mobility rate in %1	8.6
Fluctuation rate in %	2.8
Average period of service (years)	13.7
1 Share of employees seconded to national or international organizations for temporary assignments or employees participating in the OeNB’s internal job rotation scheme. This also includes employees participating in cross-border missions in the context of European banking ­supervision.
Note: Reference date: December 31, 2025.
Source: OeNB.

Boost for diversity and equal treatment

Table 2: Women’s share in expert or management career tracks in 2025  

	%
Expert career track	39.5
Management career track	30.1
of which:
Head of Unit	20.8
Deputy Head of Division	31.3
Head of Division	40.5
Director	33.3
Note: Reference date: December 31, 2025.
Source: OeNB.

With the establishment of a new section – ­Diversity and Equality – we created a centralized, specialized contact point for diversity, equal treatment and inclusion. These issues have been key elements of our personnel development for many years. Our Diversity and Equality team maintains close regular exchanges with our People and Culture division in order to further enhance measures in a coordinated manner and to promote them throughout the OeNB. In this context, the responsibility for organizing the OeNB’s participation in the “myAbility” program and the “Inclusive Business & DEI Excellence Summit” was officially transferred from our human resources division to the new Diversity and Equality section (see ­“ Milestones in equal treatment and diversity at the OeNB ”).

Several awards for being an attractive employer

Our aim as an employer is to attract experts who are a good fit, to support them in the long term and to offer them an environment in which meaningful tasks and real development prospects inspire them. In this way, we are creating the basis for a strong, future-oriented OeNB, where committed employees work together to make an impact.

High ethical standards and effective control systems

The CO is part of the Ethics and Compliance Committee of the European System of Central Banks (ESCB). As such, it supported various initiatives in 2025, for example an ECB awareness campaign. This campaign took the form of a compliance quiz in which teams from all ESCB central banks took part. The CO also ensures that ethical standards are translated into practice in a consistent manner across the OeNB and all its subsidiaries.

Internal Audit is the OeNB’s independent auditing and advisory body; it works in accordance with ­international and European professional standards. With risk-oriented audits, our Internal Audit team makes an important contribution to the functioning of the internal control and management system. ­Ongoing methodological innovation also allows us to increasingly focus on efficient business processes and ­optimization potential.

Internal Audit’s work is closely integrated into the structures of the Eurosystem, the ESCB and the SSM via the Internal Auditors Committee (IAC). On the IAC, the year 2025 was also characterized by innovation and methodological enhancements. As an innovation pioneer on the IAC, our Internal Audit is involved in these developments and, for example, heads the ESCB-wide task force on the use of AI in audit work.

By applying innovative methods such as quantitative data analysis, machine learning and process analysis, Internal Audit acts as a forward-looking audit organization within the OeNB. These fields of innovation and the related thematic leadership on the IAC were greatly expanded in 2025 and also represent our Internal Audit’s strategic priorities for 2026.

Financial education offer significantly expanded

Greater reach through new target groups

To complement person-to-person formats, we also offer digital formats to enable easy access to financial topics. With FinBasics e-learnings , the OeNB has developed readily accessible online financial education courses that convey basic financial knowledge in simple language, such as how to open a bank account (available in German). The courses have been successfully used in youth coaching, apprentice training and pre-vocational schools. They help us reach young people early on and in a practical way.

In many ways, taking care of one’s financial future is similar to regular training in sports – it all starts with clear goals. In a social media campaign, the OeNB highlighted the parallels between financial provision and training routine s. Our main message: Concrete goals, careful planning, patience and perseverance help us all to turn wishes into achievable goals.

More impact thanks to synergies and evaluation

2025 also saw the launch of Ready4Finance , a joint initiative to sustainably integrate financial education in the Austrian school system. With this new school label, the OeNB, together with the Federal ­Ministry of Education, the Federal Ministry of Finance and the Foundation for Economic Education, is supporting the further development of economic, financial and consumer education in secondary schools.

International networking increases the visibility and impact of financial literacy measures. At European level, the reporting year saw the launch of the Eurosystem Informal Financial Literacy Network , which is co-headed by the OeNB. Joint commitments like these are good for the visibility of financial literacy ­campaigns. They promote cooperation among national central banks and are creating a European data basis for financial literacy. Also, they facilitate new joint initiatives to support citizens in central life phases.

Impact assessment is an integral part of effective financial education. With the OeNB Financial Literacy Evaluation Series , we have made a central contribution to the evaluation of financial literacy measures. In 2025, eleven articles from this series were published in an anthology. The articles provide practical ­recommendations for evaluation studies and deal with quantitative, qualitative and mixed methods. We published further dedicated articles on the development of financial skills at school and in kindergarten . The insights generated by our research are continuously incorporated into our financial education work.

The OeNB’s communication channels: cutting-edge and consistent

We also implemented new measures in our publications: Every research publication is now preceded by an overview page that summarizes the core statements of the full-length article in easy-to-understand language. We also stepped up the publication of blog posts on current economic policy issues. With these measures, we want to expand our readership and increase interest in our topics.

The change in the OeNB’s Governing Board team, which was completed in September 2025, was ­accompanied by numerous internal and external communication activities. These were also broadly ­reflected in public media coverage. The regional cash supply initiative launched in 2025 with the Austrian Association of Municipalities was received very favorably, particularly in the regional media. The aim of the initiative is to close gaps in the cash supply in remote areas across Austria. In December 2025, the OeNB launched a media campaign to raise public awareness for secure means of payment, including cash. We used digital channels and regional print media to inform the public about the benefits, security and ­reliability of different payment methods.

The community that follows the OeNB on social media channels continued to grow in 2025. The OeNB’s three channels with the greatest reach are LinkedIn , Instagram and YouTube . The OeNB has also been active on Bluesky since February 2025. On Instagram, we regularly posted reels on financial education topics, among others – also in Austrian Sign Language. The OeNB communicated information about the design contest for the future euro banknotes via all social media channels. We also supported the Euro­system-wide digital euro project with internal and external communication measures. A fixture of the OeNB’s internal communications, our “OeNB einfach erklärt” lecture series continued to enjoy great popularity in 2025, offering simple explanations for complex issues to our staff.

For 2026, we are planning a relaunch of the OeNB website. With our new online presence, we want to offer improved user friendliness and state-of-the-art access to our content and services.

The OeNB has further enhanced its risk management

Enterprise risk management: improved processes through digitalization

Since late 2024, we have been using a new IT system for risk management at the OeNB. This system is continuously being developed and is also used by all subsidiaries in which the OeNB holds a majority interest. It allows us to manage and control our risks efficiently, especially nonfinancial risks. The new system has significantly increased the degree of automation and standardization.

We achieved further progress in digitalization in 2025 through the procurement of an IT system for calculating market and credit risk. In 2026, the focus will be on fully implementing this system. The aim is to replace the previous IT systems and deploy state-of-the-art IT solutions and processes in our risk reporting and risk management.

Financial risk management: target-oriented risk tolerance

The new risk management concept changes the foundation on which the Governing Board bases and justifies its risk appetite statement. Until now, potential risk appetite was limited by risk coverage ­capital – i.e. the capital available for the purpose of ensuring risk protection. While risk coverage capital remains an important variable, additional important components are taken into consideration. These include: the OeNB’s reputation, infrastructure and expert know-how. Together with risk coverage capital, these components represent the OeNB’s risk-bearing capacity. Subject to risk-bearing capacity, the financial risk appetite is determined on the basis of the target-oriented risk tolerance. This means that the OeNB only takes risks that are necessary to achieve its objectives, while we will avoid risks that do not serve them.

The OeNB has various investment segments with different objectives. The risk tolerance for each investment segment is defined individually in the risk appetite statement – depending on our current strategic orientation.

As a preparation for the risk appetite statement, the Governing Board is provided with a set of risk ­indicators as a basis for decision-making on OeNB investments. This indicator set takes into account the riskiness of the different asset classes and currencies and quantifies portfolio risks on the basis of a one-year horizon with a confidence level of 99% and on the basis of long-term horizons. For ongoing monitoring, certain threshold values are set, which, if exceeded, are relevant for risk treatment.

For the single monetary policy, risks are calculated for the Eurosystem as a whole and taken into account at the OeNB in proportion to the capital key. Risks arising from the single monetary policy include credit risks and earnings risks arising from different maturities on the asset and liability side of the balance sheet. These risks are also taken into account in the risk appetite statement, but cannot be controlled by the OeNB.

The new risk management concept will provide even better support in achieving the long-term objectives of the various investment segments.

The OeNB promotes science and research as well as the arts and culture

Promoting scientific research – the OeNB Anniversary Fund

Guided by these strategic considerations, the Governing Board of the OeNB approved funding totaling nearly EUR 5.8 million for 24 projects in 2025.

The OeNB supports independent economic research institutions in Austria

In the fall of 2021, we therefore thoroughly redesigned the OeNB’s core funding program for Austrian economic research institutions. In 2025, the OeNB’s new support program provided the following subsidies to domestic economic research institutions:

Table 3: Subsidies to Austrian economic research institutions in 2025  

	EUR
Austrian Institute of Economic Research (WIFO)	2,200,000
Institute for Advanced Studies (IHS)	1,440,000
The Vienna Institute for International Economic Studies (wiiw)	700,000
Complexity Science Hub Vienna (CSH)	290,000
EcoAustria	120,000
Source: OeNB.

The OeNB promotes the arts and culture

The OeNB’s art collection was expanded with purchases of works by Maximilian Reinitz, Oswald ­Oberhuber, Joannis Avramidis, Birgit Jürgenssen and many others. In addition, we were able to support several exhibitions in Austria and abroad with pieces from our collection, including: “Die Neue Sachlichkeit. Ein Jahrhundertjubiläum” at Kunsthalle Mannheim and “Radikal! Künstlerinnen* und Moderne 1910–1950” at the Vienna Belvedere.

The OeNB’s Money Museum was represented in museums in Austria and abroad with several objects on loan in 2025, for example in the “Money Talks” exhibition at the Ashmolean Museum in Oxford or in “CASH. The value of money” at the Vienna Museum of Science and Technology. In addition, the Money Museum’s monetary history collections were significantly expanded through the purchase of the Ferrari-­Kellerhof collection, which comprises more than 1,100 numismatic objects. The collection consists mainly of coins from the Old Tyrol currency area (12th to 19th century). The OeNB’s Money Museum also provides free-of-charge tours and workshops, sharing knowledge about the history of money and the Austrian central bank with a broad audience. To reach even more people in the future, the OeNB plans to modernize its Money Museum.

Our Bank History Archives served as the main source informing research on historical blueprints and construction files for a project of the University of Innsbruck that is being subsidized by the OeNB Anniversary Fund. The research project looks into the construction activities of the Austrian central bank in the period from 1878 to 1938.

With our collection of valuable historical string instruments, we support the Austrian music scene by making instruments available to selected musicians free of charge. This partnership makes it possible to keep this unique cultural heritage alive and preserve the precious instruments’ distinct sound for future generations. In addition, our cooperation with the Vienna State Opera makes it possible to promote ­musical life in Austria at one of its central venues.

Strategic objectives of the OeNB’s subsidiaries –
cutting-edge cash competence

The OeNB and its subsidiaries aim to lastingly establish themselves as competitive and innovative ­providers in their core areas. This aim is pursued based on clear strategic principles: cost efficiency and resource conservation, the creation of value added through efficient processes and innovation, and the provision of secure cash for the Austrian population.

These principles are implemented through concrete measures:

With its modern cash centers and automated sorting and counting systems, GSA ensures fast, secure and resource-saving cash logistics. This benefits banks, payment service providers, retailers and consumers alike.

Münze Österreich AG combines tradition and innovation. Next to producing circulation coins, it regularly comes up with new product lines like collector coins and precious metal products. The Vienna Philharmonic gold coin is one of the world’s most important investment coins.

The OEBS has developed from a traditional banknote printing company into an international competence center for banknotes. It prints the share of euro banknotes allocated to Austria by the ECB, as well as a part of Belgium’s share. It also produces foreign currency banknotes for international customers. Strategic partnerships also play a decisive role in the success of the OEBS: These include its close cooperation with the central bank of France and its partnership with the central banks of Belgium and Portugal under the Euro Printing Inhouse Cooperation (EPIC).

The real estate investment group IG Immobilien manages the OeNB’s real estate investments. It aims at sustainably improving the value of OeNB real estate holdings. BLM Betriebs-Liegenschafts-Management GmbH provides the business premises for the OeNB and its subsidiaries.

After careful entrepreneurial and strategic consideration, the OeNB’s Governing Board decided to close the subsidiary OeNPAY Financial Innovation HUB GmbH (OeNPAY). The OeNPAY’s business operations were therefore discontinued after five years on December 31, 2025. We will continue to strategically and centrally promote innovations in payment processing at the OeNB.

The OeNB’s subsidiaries publish annual reports on their websites, pursuant to the Federal Public ­Corporate Governance Code. Table 4 provides an overview of the OeNB’s direct and indirect equity ­interests.

Direct and indirect equity interests

Table 4: Direct and indirect equity interests of the OeNB as on December 31, 2025  

Share in %	Company				Capital
2.4175	European Central Bank, Frankfurt (Germany)				EUR	10,825,007,069.61
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	6,400,000.00
	100	Rondoro GmbH, Vienna (Austria)			EUR	35,000.00
	51	PRINT and MINT SERVICES GmbH, Vienna (Austria)			EUR	35,000.00
	22.25	Proionic GmbH, Raaba-Grambach (Austria)			EUR	52,877.00
	24.87	PI-NB GmbH			EUR	310,000.00
		(1.3)	5.23	Naturbeads Ltd, Malmesbury (UK)	GBP	21,461.00
	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
	12.28	Stirtec GmbH, Kalsdorf (Austria)			EUR	101,067.00
100	Oesterreichische Banknoten- und Sicherheitsdruck GmbH, Vienna (Austria)				EUR	10,000,000.00
	29	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
	20	PRINT and MINT SERVICES GmbH, Vienna (Austria)			EUR	35,000.00
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	Cortenbergh 71 S.A., Brussels (Belgium)			EUR	12,471,349.70
	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 Management GmbH, Vienna (Austria)			EUR	40,000.00
	100	IG Immobilien Mariahilfer Straße 99 GmbH, Vienna (Austria)			EUR	72,000.00
	100	IG New Energy GmbH, Vienna (Austria)			EUR	35,000.00
	100	IG Immobilien O20-H22 GmbH, Vienna (Austria)			EUR	110,000.00
	100	IG Netherlands N1 and N2 B.V., Hoofddorp (Netherlands)			EUR	90,000.00
	100	OWP5 Betriebs-Liegenschafts-Management GmbH, Vienna (Austria)			EUR	35,000.00
	100	IG Immobilien Schwarzspanierstraße 18 GmbH, Vienna (Austria)			EUR	10,000.00
100	BLM Betriebs-Liegenschafts-Management GmbH, Vienna (Austria)				EUR	40,000.00
	100	IG Immobilien Active Living Langenzersdorf GmbH, Vienna (Austria)			EUR	10,000.00
	100	BLM New York 43 West 61st Street LLC, New York (USA)			USD	10.00
Note: 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) and 8 shares (at EUR 7,760.00 each) in Swift (Society for Worldwide Interbank Financial Telecommunication), La Hulpe (Belgium).
Source: OeNB, subsidiaries.

Ownership structure and decision-making bodies

General Meeting

General Council

Tasks

General Council approval is required for a number of management decisions, e.g. for starting and ­discontinuing lines of business, establishing and closing down branch offices, and acquiring and selling equity interests and real property. Also, the General Council must approve appointments of members of supervisory boards and executive bodies of companies in which the OeNB is a shareholder. Appointments of the second executive tier of the OeNB itself must likewise be approved by the General Council.

Moreover, the General Council has the exclusive right of decision on e.g. submitting a short list to the Austrian federal government proposing three candidates for appointments to the OeNB’s Governing Board by the Federal President, defining general operational principles in matters outside the remit of the ESCB, approving the annual accounts (financial statements) for submission to the General Meeting, and approving the cost account and investment plan for the next financial year.

Composition

Personnel changes

The terms of two General Council members, Erwin Hameseder and Susanne Riess-Hahn, ended on March 5, 2025. By resolution of the Austrian Council of Ministers on March 19, 2025, Erwin Hameseder was reappointed as General Council member, and Silvia Hruška-Frank was appointed as a General Council member. The decrees of appointment were issued retroactively on March 26, 2026.

Governing Board

The Governing Board consists of the OeNB’s Governor and Vice Governor and two other members, all of whom are appointed by the Federal President acting on a proposal from the federal government. ­Governing Board members are appointed for a term of six years and may be reappointed. The Governor of the OeNB is a member of the Governing Council of the ECB and of the General Council of the ECB. In performing these functions, the Governor and Vice Governor are neither bound by the decisions of the OeNB’s Governing Board nor by those of the OeNB’s General Council, nor are they subject to any other instructions. For additional information about the OeNB’s Governing Board, see www.oenb.at.

From left to right: Executive Director Thomas Steiner, Vice Governor Edeltraud Stiftinger, Governor Martin Kocher, Executive Director Josef Meichenitsch

Personnel changes

Rules of procedure

¹ Johannes Hahn was appointed by the federal government, with effect from January 1, 2026, as President of the OeNB’s General Council for a term of five years.

² Harald Mahrer resigned as President of the OeNB’s General Council with effect upon expiry of November 30, 2025.

Organization chart