Legal framework
The OeNB operates within a specific legal framework reflecting its role as Austria’s central bank. Its activities are governed primarily by the Federal Act on the Oesterreichische Nationalbank 1984 (Nationalbank Act), as amended. The Treaty on the Functioning of the European Union (TFEU) and the Protocol on the Statute of the European System of Central Banks (ESCB) and of the European Central Bank (ECB) also form part of this legal framework.
Organisation
The OeNB is organised as a stock corporation under the Nationalbank Act. Its share capital amounts to EUR 12 million and is held in its entirety by the Republic of Austria (see also Article 9 Nationalbank Act). The shareholders’ rights are exercised at the General Meeting by the Federal Minister of Finance. The General Meeting is responsible, among other things, for approving the annual financial statements, deciding on the appropriation of profit, including the dividend to be distributed to the sole shareholder, and granting discharge to the members of the General Council and of the Governing Board of the OeNB.
The OeNB as an integral part of the ESCB
With Austria entering the third stage of Economic and Monetary Union (EMU) on 1 January 1999, the OeNB became an integral part of the European System of Central Banks (ESCB), which consists of the European Central Bank (ECB) and the national central banks of the EU member states (see also Article 1 Nationalbank Act). As a member of the ESCB; the OeNB acts in accordance with the guidelines and decisions of the ECB.
The ESCB is headed by the decision-making bodies of the ECB – the Executive Board, the Governing Council and the General Council. The governor of the OeNB has a seat and a vote both on the Governing Council and the General Council, thereby contributing to the governance of the entire ESCB. In performing this function, the OeNB governor acts an independent member of the relevant ECB body and is not bound by instructions from the OeNB.
The primary objective of the ESCB is to maintain price stability. As part of the ESCB, the OeNB contributes to the fulfilment of its tasks and must use all the means at its disposal, within the framework of EU law, to safeguard price stability. To the extent that this does not interfere with the objective of price stability, the OeNB needs of the national economy with regard to economic growth and employment trends shall be taken into account.
An independent central bank
The OeNB is an independent national central bank. In pursuing the objectives and tasks of the ESCB set out above, neither the OeNB nor a member of its bodies may seek or take instructions from EU institutions, the governments of member states or any other body. Likewise, the bodies and institutions of the EU and the governments of member states must respect this principle and must not seek to influence the members of ECB bodies or national central bank representatives in the performance of their tasks within the ESCB.
Limiting the terms of office for the members of the OeNB General Council and the OeNB Governing Board to five and six years, respectively, as stipulated in the Nationalbank Act, is another safeguard of the OeNB’s independence. The members of the General Council and the Governing Board may be removed from office only for reasons set out in the Nationalbank Act.
European legal framework
The functioning and objectives of the ESCB are set out in Article 127 et seq. of the Treaty on the Functioning of the European Union (TFEU) and in the Statute of the European System of Central Banks and of the European Central Bank ( Statute of the ESCB), which is annexed to the TFEU as Protocol No. 4.
Selected Austrian federal legislation
Legislation of primary relevance to the Oesterreichische Nationalbank (OeNB)
Monetary and currency legislation
Other legislation
Additional legislation relevant to the financial sectors is available on the website of the Austrian Financial Market Authority (FMA).
The full text of Austrian law can be accessed through the Legal Information System of the Republic of Austria (RIS).
Related links
Regulations
The texts provided are unofficial versions. The OeNB endeavours to provide the most up-to-date versions of the regulations listed below or to refer users to the latest available versions. However, the OeNB accepts no liability for any discrepancies.
Please note that the regulations available for download below are provided in German only.
Regulations under the Foreign Exchange Act
Capital and payment restrictions to combat terrorism
Pursuant to section 16 of the Sanctions Act 2010 (SanktG), OeNB Regulation DL 2/2002, as amended by OeNB Regulation DL 1/2009, is deemed to constitute a regulation under section 2(1) of the Sanctions Act and applies to all assets held by the persons named therein.
Foreign Exchange Statistics Reporting System
Regulations currently in force
Regulations no longer in force
- Meldeverordnung ZABIL Dienstleistungsverkehr 1/2022 – nicht mehr gültig (PDF, 449 KB)
- Meldeverordnung ZABIL Kapitalverkehr 1/2013 - Novelle 1/20216 – nicht mehr gültig (PDF, 1014 KB)
- Meldeverordnung ZABIL Kapitalverkehr 1/2013 (Nachfolgeverordnung für ZABIL KV 1/2004) – nicht mehr gültig (PDF, 493 KB)
- Meldeverordnung ZABIL Dienstleistungsverkehr 1/2012 (Nachfolgeverordnung für ZABIL DL 1/2009) – nicht mehr gültig (PDF, 444 KB)
- Meldeverordnung ZABIL Kapitalverkehr 2/2009 (Änderung der Meldeverordnung ZABIL KV 1/2004) – nicht mehr gültig (PDF, 551 KB)
- Meldeverordnung ZABIL Kapitalverkehr 1/2009 – nicht mehr gültig (PDF, 200 KB)
- Meldeverordnung ZABIL Kapitalverkehr 1/2004 – nicht mehr gültig (PDF, 1 MB)
- Meldeverordnung ZABIL Dienstleistungsverkehr 1/2009 – nicht mehr gültig (PDF, 127 KB)
The OeNB’s terms and conditions for payment services govern the legal framework as well as the fees and conditions applicable between the OeNB and its business partners. They specify, in particular, the charges applicable to the processing of the OeNB’s transactions in euro and foreign currencies.
The OeNB reserves the right to determine what types and volumes of payment transactions it conducts and to restrict access to specific participants.