The Central Bank of Austria, in Austria referred to as the Oesterreichische Nationalbank (OeNB), is an independent government institution. It manages the local monetary policy and currency in collaboration with the European Central Bank. The core functions of the Central Bank of Austria support the economy and labour market, maintain confidence of the financial system and stability of the payment system, and acts as a banker and supervisor to the commercial banking system. In addition, it holds an exclusive position to support and increase the currency base of the country.
Collaboration with other local regulators allows the Central Bank to focus on its objectives while leaving other important tasks, such as the regulation of the financial markets, to the Financial Market Authority (FMA). The FMA that acts as an integrated supervisory authority, contributes to financial stability by regulation and supervision while they sanction regulatory violations. The third important institution is the Ministry of Finance (BMF) that together with the OeNB develops and defines the legal framework that ultimately results in legislation.
Public interest is one of the core drivers of the OeNB. As a result their tasks include the oversight of local payment systems and managing the monetary reserves. The OeNB also draws up economic analysis and compiles statistical data that contributes to policy making. Being part of the Eurosystem, the OeNB follows the objectives of the single market and the Eurosystem. Price stability in the Eurozone is the core objective of the ECB. It can therefore assist the central banks in the member states with measures to stimulate low inflation and quantitative easing. Individual central banks can therewith obtain liquidity from the ECB against their own sovereign bonds.
The OeNB has a seat in the Financial Market Stability Board that strengthens collaboration in macroprudential issues while supporting financial market stability. Hazards of the local financial system are identified and analysed so that the appropriate regulator can act accordingly. This may address shortcomings in individual financial institutions or in the market as a whole to ensure timely and relevant intervention when and where necessary.
Central Bank of Austria – OeNB Head Office
1090 Vienna (PO Box 61, 1011 Vienna)
Phone: (+43-1) 404 20-0
Fax: (+43-1) 404 20-042399