Oesterreichische Nationalbank
Corporate brand
UnclaimedAustria’s central bank and a member of the Eurosystem.
Last updated October 14, 2026
Overview
The Oesterreichische Nationalbank, commonly referred to in English as the Austrian National Bank or OeNB, is the central bank of Austria and part of the Eurosystem. Although the institution’s historical lineage reaches back to a bank founded in 1816, the modern national central bank began operations on 1 January 1923 as the monetary authority of the First Austrian Republic. It was created in the aftermath of the collapse of the Austro-Hungarian monetary and political order and under the stabilization arrangements organized by the League of Nations. The new bank assumed the Austrian-territory operations of the former Austro-Hungarian Bank. The bank’s early history was shaped by currency instability, fiscal pressure and the banking crisis of 1931. Under President Viktor Kienböck, the institution pursued a strongly stability-oriented and orthodox currency policy, defending the value of the Austrian schilling even as the currency became substantially overvalued. This policy helped preserve monetary credibility but also contributed to a severe contraction in Austrian economic output during the interwar crisis. Following the Anschluss in March 1938, the OeNB was dissolved and its functions, reserves and much of its balance sheet were absorbed into the German Reichsbank. The Reichsmark replaced the schilling by decree, and the former national bank became the Reichsbank’s Vienna branch. The institution was re-established by the Second Austrian Republic through the Central Bank Transition Act of 3 July 1945. The Austrian schilling returned as legal tender on 21 December 1945. During the postwar period, the OeNB again served as the country’s monetary authority, managing currency issuance, reserves and payment arrangements while supporting economic reconstruction. Austria retained the schilling until the transition to the euro. From 1923 to 1938 and from 1945 to 1998, the bank issued Austrian schilling banknotes and coins; since the introduction of the euro, it has participated in the shared monetary framework rather than independently controlling the national currency. Today the OeNB contributes to the Eurosystem’s stability-oriented monetary policy, supports the implementation of European Central Bank decisions in Austria, and supplies the Austrian economy with euro cash. Its responsibilities also include managing Austria’s monetary reserves, conducting economic research and analysis, compiling financial and economic statistics, overseeing payment systems, supporting cash quality and anti-counterfeiting, and promoting national and international financial-stability efforts. The OeNB participates in European banking supervision through the ECB’s Supervisory Board together with Austria’s Financial Market Authority, but it is not itself Austria’s standalone financial-market supervisory authority. It also participates in the European Systemic Risk Board and other international organizations. Legally, the bank is a joint-stock company (Aktiengesellschaft) organized under special statutory rules. Since May 2010, the Austrian federal government has owned all of its shares, with shareholder rights exercised by the Federal Minister of Finance. Before that, ownership was shared between the state and representatives of employer and employee organizations, banks and insurance companies. Its public profile is primarily institutional rather than consumer-facing: the OeNB provides monetary, payment, statistical and financial-stability infrastructure rather than retail banking products.
History
The Oesterreichische Nationalbank has a historical connection to the Austrian central-banking institution founded in 1816, but its modern form emerged after the dissolution of the Habsburg monetary system. The Austro-Hungarian Bank operated across the former empire until the political settlement following the First World War. Its Austrian-territory branches and operations were subsequently separated during the liquidation process required by the Treaty of Saint-Germain-en-Laye. The modern OeNB was established under Austria’s stabilization program of 1922–1923. The League of Nations’ Economic and Financial Organization helped coordinate an international stabilization loan, while the League’s Financial Committee participated in drafting the bank’s statutes. Austrian legislation enacted those statutes on 14 November 1922, and the new institution began operating on 1 January 1923 as the central bank of the First Austrian Republic. Its creation was intended to provide a more stable monetary foundation for a country facing postwar inflation, fiscal weakness and the loss of the imperial economic area. The interwar institution issued the Austrian schilling and attempted to defend monetary stability during a difficult banking and economic environment. The banking crisis of 1931 placed intense pressure on Austria’s financial system. Viktor Kienböck, who led the bank during this period, pursued a rigorous currency-defense policy. While this approach supported the defense of the schilling, it also reinforced deflationary pressures and was associated with a pronounced contraction in Austrian output. The episode illustrates the tension between central-bank credibility, external currency constraints and domestic economic activity during the interwar gold-standard era. The OeNB’s first existence ended after the Anschluss in March 1938. The bank was liquidated, shareholders were compelled to accept German government bonds for their shares, and its gold and foreign-exchange reserves were transferred to the Reichsbank. The institution’s former organization became the Reichsbank’s Vienna branch, while the Reichsmark replaced the Austrian schilling by German decree on 17 March 1938. The reorganization was directed in part by Karl Blessing, then a Reichsbank official who later became president of the Deutsche Bundesbank. After the restoration of Austrian independence, the OeNB was recreated under the Central Bank Transition Act of 3 July 1945. The schilling was restored on 21 December 1945, replacing the Reichsmark. In the early postwar period, parts of the bank’s headquarters were used by the American occupation authorities as their Austrian headquarters from 1945 to 1951. The re-established central bank subsequently resumed responsibility for currency, reserves, payment arrangements and monetary policy as Austria rebuilt its economy. The OeNB continued issuing the schilling until Austria adopted the euro. From 1923 to 1938 and again from 1945 to 1998, it issued Austrian schilling currency. With the euro changeover, its role shifted from managing a national currency independently to participating in the Eurosystem’s common monetary policy and euro cash infrastructure. The bank now implements Eurosystem responsibilities in Austria, contributes to European monetary-policy analysis and supports the distribution and integrity of euro banknotes and coins. Institutionally, the OeNB is an Aktiengesellschaft subject to special statutory rules. Its ownership structure changed substantially in May 2010, when the Austrian federal government became its sole owner. Before that date, half of the capital was held by employer and employee organizations and by banks and insurance companies, while the remaining ownership was associated with the state. The Federal Minister of Finance exercises the state’s shareholder rights. The contemporary OeNB combines national and European functions. It contributes to Eurosystem monetary policy, manages reserve assets, performs economic research, compiles statistical information, oversees payment systems and works on financial stability. It participates in European banking supervision through the European Central Bank’s Supervisory Board together with the Financial Market Authority, although it is not itself the country’s independent financial-market supervisory authority. It also participates in the European Systemic Risk Board and maintains relationships with international financial institutions.
- 2010
Full state ownership
[1]The Austrian federal government became the OeNB’s sole owner in May 2010, with shareholder rights exercised by the Minister of Finance.
- 1998
End of schilling issuance
[1]The period during which the OeNB issued Austrian schilling currency ended before Austria’s transition to the euro.
- 1945
Central bank re-established
[1]The Second Austrian Republic re-established the OeNB through the Central Bank Transition Act of 3 July 1945.
- 1945
Schilling restored
[1]The Austrian schilling returned as Austria’s currency on 21 December 1945, replacing the Reichsmark.
- 1938
Liquidation after the Anschluss
[1]Following the Anschluss, the OeNB was liquidated, its reserves were taken over by the Reichsbank, and its former organization became the Reichsbank’s Vienna branch.
- 1931
Banking crisis and currency defense
[1]During Austria’s banking crisis, President Viktor Kienböck led a strict policy aimed at defending the schilling and maintaining monetary stability.
- 1923
Modern OeNB begins operations
[1]The Oesterreichische Nationalbank began operating on 1 January 1923 as the central bank of the First Austrian Republic.
- 1922
League of Nations stabilization framework
[1]The Economic and Financial Organization of the League of Nations helped organize Austria’s stabilization arrangements and contributed to the design of the new central bank.
- 1922
Bank statutes enacted
[1]Austria enacted the statutes of the new national bank on 14 November 1922.
- 1816
Historical predecessor established
[1]The institution’s historical lineage is associated with a central-banking entity founded in 1816, whose legacy was later recalled by the modern Austrian national bank.
Products and positioning
Austria’s statutory central bank, Eurosystem member and public monetary institution focused on price and financial stability, cash supply, reserves, payments, statistics and economic knowledge.
Central banking
Monetary policy and Eurosystem implementation
The OeNB contributes to the Eurosystem’s common monetary policy and supports the implementation of European Central Bank decisions in Austria. Its work includes economic analysis, policy preparation, communication and participation in the institutional processes that support price stability across the euro area. Since Austria no longer has an independent national currency, this function is exercised within the shared euro framework rather than through a separate Austrian interest-rate regime.
Currency services
Euro cash supply
The bank supplies the Austrian economy with euro banknotes and coins and works to maintain the quality, availability and authenticity of cash. Its cash-related responsibilities include supporting distribution channels, handling currency operations and promoting protection against counterfeiting. This is the contemporary successor to the OeNB’s historical role as issuer of Austrian schilling notes and coins.
Reserve management
Reserve-asset management
The OeNB manages Austria’s reserve assets, including gold and foreign-exchange holdings, within the institutional framework of the Eurosystem. These assets contribute to confidence in the monetary system and provide resources relevant to resilience during periods of financial or external stress.
Research and statistics
Statistics and economic research
The OeNB produces economic analyses and compiles monetary, financial and other statistical information. These outputs support central-bank decision-making, public institutions, researchers, market participants and the broader public. Research and communication are also used to improve understanding of monetary policy, financial conditions and the Austrian economy.
Payments infrastructure
Payment-system oversight
The bank operates or supports euro payment arrangements and oversees payment systems relevant to Austria. This function is intended to promote secure, efficient and reliable movement of funds, while connecting Austria’s financial infrastructure with the wider European payments environment.
Financial stability
Financial-stability work
The OeNB monitors financial conditions and contributes to the protection of financial stability in Austria and Europe. It participates in European banking supervision through the ECB Supervisory Board and is involved in the European Systemic Risk Board. The OeNB is not itself Austria’s standalone financial-market supervisory authority, a role associated with the Financial Market Authority.
Brand decisions
2010
Conversion to full federal ownershipOtherBackground
The OeNB had previously included private and institutional shareholders alongside the Austrian state.
Action taken
In May 2010, the Austrian federal government became the sole owner of the bank, with shareholder rights exercised by the Minister of Finance.
Aftermath
The OeNB remained a statutory Aktiengesellschaft while operating as a wholly state-owned central bank.
1999
Transition to the euro frameworkGeneration changeBackground
Austria joined the euro monetary system, replacing the national-currency framework centered on the Austrian schilling.
Action taken
The OeNB moved from independent schilling issuance and national monetary policy toward participation in the Eurosystem and euro cash infrastructure.
Aftermath
The bank continued as Austria’s central bank while monetary policy became a shared European responsibility.
1945
Re-establishment under the Second Austrian RepublicStrategyBackground
The restoration of Austrian state institutions after the war required a national monetary authority and a replacement for the Reichsmark.
Action taken
The Central Bank Transition Act of 3 July 1945 recreated the OeNB, and the Austrian schilling was restored on 21 December 1945.
Aftermath
The bank resumed its central-banking functions during Austria’s postwar reconstruction and continued issuing the schilling until the euro transition.
1938
Liquidation and absorption into the ReichsbankOtherBackground
The Anschluss brought Austria into Nazi Germany and ended the independent Austrian monetary institution.
Action taken
The OeNB was liquidated, its reserves and other assets were transferred to the Reichsbank, and the Reichsmark replaced the schilling.
Aftermath
The former national bank organization operated as the Reichsbank’s Vienna branch until the OeNB was restored after the Second World War.
1923
Establishment as the central bank of the First Austrian RepublicStrategyBackground
Austria faced postwar monetary and fiscal instability after the collapse of the Austro-Hungarian monetary system. The League of Nations stabilization program provided the international framework for creating a new national central bank.
Action taken
The OeNB began operations on 1 January 1923 and assumed Austrian-territory operations associated with the former Austro-Hungarian Bank.
Aftermath
The institution became Austria’s principal monetary authority and issued the Austrian schilling during the interwar period.
Sources2 sources
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