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OeNB Austrian National Bank

Austrian Central Bank Presents Safety Measures on New EUR 50 bill

Austria’s central bank (OeNB) has presented a report on counterfeit money in Austria in H1 2016, as a side event to the EU-wide presentation of the new EUR 50 bill. OeNB notes that, after a strong hike in H1 2015, authorities have secured 6,150 fake bills, i.e. less than the 9,765 found in H1 2015. The OeNB attributes the drop in counterfeit EUR 20 bills to the introduction of a new bill on 25 November 2016.

July 5, 2016

Nowotny Thinks Insurers in Danger in Face of Low Interest Rates

OeNB governor Ewald Nowotny is cautioning about a "doubtlessly substantial stability aspect” which low interest rates have on insurers and funded pension insurance system. He reckons the issue should be discussed.

July 1, 2016

Imminent Deflation Risks in Euro-Zone Overcome - OeNB Governor

The eurozone is no longer facing any imminent deflation risks, Austria's central bank OeNB governor Ewald Nowotny said.

June 7, 2016

OeNB Cuts Austria's GDP Forecast for 2016

Central bank OeNB has reduced the growth forecast for Austria for 2016 and 2017, compared to its December estimates, by 0.3 percentage points, to 1.6 and 1.5 percent, respectively. However in 2018 the central bank anticipates a hike of the GDP by 1.5 percent. The tax reform and refugee spending will have a positive impact on economic growth, the analysts of OeNB believe.

June 6, 2016

Central Bank Governor Fully Supports ECB Monetary Policy

Austria's central bank governor Ewald Nowotny expressed his full support for the ECB current monetary policy in an interview with the daily Presse.

June 1, 2016

Harald Mahrer Pans Planned Abolition of EUR 500 Banknote

Austria’s State Secretary at the Federal Ministry of Science, Research and Economics Harald Mahrer (Austrian People’s Party) pans the planned abolition of the EUR 500 banknote, agreed by the ECB council. The originators of the plan say it is an important step in the fight against money-laundering, corruption and terrorism, but, as central bank OeNB’s director Kurt Pribil explained on Wednesday evening, there is no evidence that the abolition of the 500-banknote can reduce those crimes.

May 6, 2016

Volksbanken Merger: Schelling Calls Emergency Meeting

Finance Minister Hans Jörg Schelling announced a crisis meeting for Monday, 10:30, with regard to the merger in the Volksbank banking sector, daily Oberösterreichischen Nachrichten (OÖN) reports in its Friday issue. The heads of three rebellious banks, the units for Almtal (Upper Austria), Gmünd (Carinthia) and Osttirol-Westkärnten have been summoned to Vienna.

May 15, 2015

ECB Unleashes Quantitative Easing - How does it work?

Today, the ECB finally commenced on a large scale sovereign bond-buying programme. The €60bn monthly asset purchases include covered bonds and asset backed securities. Due to the flood of cheap money, the DAX was boosted. The index increased by up to one per cent to a record high of 10,399.67 points. Quantitative easing is a monetary policy where a central bank creates new money electronically to buy financial assets. The aim is to stimulate an economy when standard monetary policy has become ineffective. How does it work?

January 22, 2015

Forecast for CESEE Countries (Webinar)

Central, Eastern and Southeastern Europe (CESEE) have been strongly affected by the economic crisis. However now there are signs of an improving economic climate and growth rates will again be above the EU average. The current situation in the Ukraine and potential difficulties between the EU and Russia constitute a downside risk.

June 24, 2014

Hanna Kordik Awarded the Prize for Outstanding Economic Journalism

Hanna Kordik was awarded the prestigious Horst Knapp Prize in a ceremony. The eulogy was delivered by Ewald Nowotny, Governor of Oesterreichische Nationalbank, in his capacity as chairman of an independent jury. The speaker at the award ceremony was the industrialist Hannes Androsch.

June 10, 2014