Austrian National Bank

The Oesterreichische Nationalbank stands in Vienna as the national central bank of Austria within the Eurosystem. It occupies a prominent building in the city centre, continuing a tradition that began in 1816 with the predecessor of the Austro-Hungarian Bank. After the First World War the institution was reorganised under League of Nations supervision and reopened in 1923. It was dissolved during the Second World War and re-established in 1945, taking up its present role in the Second Republic. The bank issues euro banknotes and coins for Austria and manages the country’s gold and foreign exchange reserves. The bank’s history reflects Austria’s economic turning points. Under President Viktor Kienböck it defended the schilling during the 1931 banking crisis, though this policy later contributed to a fall in national output. After the Anschluss in 1938 the bank was liquidated and its assets transferred to the Reichsbank, with Karl Blessing overseeing the change. When the Second Republic was formed in 1945, the bank resumed operations and reintroduced the schilling. Today it supports European banking supervision and compiles economic statistics for Austria. Visitors to the building find a classical façade that once housed American occupation headquarters from 1945 to 1951. Inside, the bank’s museum displays historical banknotes, coins and gold bars alongside exhibits on monetary policy. Guided tours explain how the bank safeguards financial stability and produces secure euro cash. The institution also publishes regular analyses of Austria’s economy and participates in international forums. Its public information centre offers clear explanations of the Eurosystem’s work.