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3. Abstract Redux. As a guideline, let’s use minimal post processing. Shoot something that shows the world in a different way.

Take a Class with Dave and Dave

Surely the England team were not visiting the Winchester market ? Whoever had this for their private hire must have been impressed. Guideline Coaches from Kent.

Photographed in Cambridge on July 23rd

New as FA12ENG to Guideline Coaches of Battersea. Then operated by AVA Coaches of Leyland, AVAcabs Ltd.

"L'opinion publique est un faible tyran comparée à notre propre opinion privée"

H. Thoreau

Back in black

 

Qora is taking it’s inspiration from the “age d’or” of coach builders, using the same vision. Elegance, simplicity and pureness are guideline notions for the designers team. The result came to life : a Triumph 1200 Bobber dressed up with a deep piano black dress.

Objective was to get-off motorcycle’s standards, breaking up with codes, and go further than the crowd of builders. An interesting game appears with the opposition of the classical aspect at first sight, and the refinement of every parts in details. Straight cut of the rear fender, flat side of the new fuel tank or invisible front mudguard are few particularities of the Qora. Pushing forward a bit and the double texturing smooth/blunt below the alloy 3D printed saddle structure and headlight ring will even blow your mind. After a step back, the real stance of the bike is revealed. All is tilted in the front, in order to find an aggressive attitude, as a beast barreling the roads.

No visual obstruction on elements of the motorcycle is creating a duality between the engine/frame assembly and all others parts. A smooth arch is appearing on top of that, coming from the fork cover and reaching the rear fender.

Concerning specifications, just improvements of the Bobber. Upgraded brakes with two tailor-made braking disk by Beringer, lenticular milled rims, and a tight rework of the saddle, to couple the driver with his machine.

Badass black beauty !

 

Engine : Triumph

1.200 cc

Twin Cylinder

77 hp @ 6.100 rpm

106 Nm @ 4.000 rpm

 

Chantilly Arts & Elegance Richard Mille

Château de Chantilly

Chantilly

France - Frankrijk

September 2017

(further pictures and information about Vienna are available at the end of page by copying the corresponding link!)

 

Annexation 1938

Propaganda for the by Schuschnigg planned plebiscite - © Christian Brandstätter Verlag Gesellschaft mbH

Propaganda for the by Schuschnigg planned plebiscite.

Campaign advertising of Fatherland Front. Departure from Josef place.

10/11 March 1938. Photo: Leo Ernst - Albert Hilscher

from "Hans Petschar; Anschluss - A Chronology of pictures"

© Christian Brandstätter Verlag Gesellschaft mbH

 

The "Anschluss" represents itself as a triple assumption of power:

... as massive military threat by the invasion of the Wehrmacht, accompanied by an yet earlier onset of police action by Himmler's Gestapo; as a takeover by local Nazis and sympathizers who were already in lower as well as higher positions of the "corporate state (Ständestaat)"; and as demonstrative takeover "from below" by threatening street demonstrations, open deployment of previously banned party formations and symbolic actions.

Spontaneous victory celebrations of the National Socialists in Vienna - © Christian Brandstätter Verlag Gesellschaft mbH

Spontaneous victory celebrations of the National Socialists in Vienna.

NS-squad on a truck. 11/12 March 1938. Photo: Dietrich

from "Hans Petschar; Anschluss - A Chronology of pictures"

© Christian Brandstätter Verlag Gesellschaft mbH

 

The propaganda on this occasion took on a key role. Its effectiveness resulted from the confluence of staging and fascination. Propaganda replaced real power where it not yet could be exercised, intimidated political opponents and raised hopes among supporters. The structure of the necessary propaganda apparatus created simultaneously the foundations for the future party apparatus of the NSDAP as an organization penetrating the society as a whole.

 

Hitler Youth marched in Vienna. 11/12 March 1938. Photo: Albert Hirscher - © Christian Brandstätter Verlag Gesellschaft mbH

Hitler Youth marched in Vienna. 11/12 March 1938. Photo: Albert Hirscher

from "Hans Petschar; Connection - A Chronology of pictures"

© Christian Brandstätter Verlag Gesellschaft mbH

 

Even children were mobilized to support the "Anschluss" propagandistically, they were as bearers of hopes of the new era addressees of Nazi propaganda. National Socialism in Austria also meant a significant change in the school system, which itself unresistingly and quite readily adapted to the new conditions.

Marching in of troops of the German Wehrmacht in Vienna - © Christian Brandstätter Verlag Gesellschaft mbH

 

Marching in of troops of the German Wehrmacht in Vienna.

An armored car is visited by Wiener youth.

13 March 1938. Photo: Albert Hilscher

from "Hans Petschar; Anschluss - A Chronology of pictures"

© Christian Brandstätter Verlag Gesellschaft mbH

 

Orientated toward the capturing of the "whole" person, the individual as less as possible should be given individual leeway. Personal decisions about connotations of one's life and insight into overall socio-political correlations were not even allowed to arise. Despite the apparent devotion to the children, was this state-imposed education determined by an inhuman ideology of humiliation (Erniedrigungsideologie), which found its expression in racial anti-Semitism, the doctrine of life unworthy of being lived and the devaluation of everything foreign. Companionable acting in the sense of solidarity with the weak, in this system of education had no place. In its place came the mutual monitoring and disciplining for unscrupulous execution of commands given from "above.

 

Demonstration of the HJ with Baldur von Schirach at Heldenplatz in Vienna.

13 March 1938. Photo: Dietrich

from "Hans Petschar; Annexation - A Chronology of pictures"

© Christian Brandstätter Verlag Gesellschaft mbH

 

Central guideline of the National Socialist policy in the cultural sector was the exclusion of Jewish artists, which was marked out in Germany since 1933 through a series of bureaucratic measures: compulsory membership in the corresponding professional chambers of the Reich Chamber of Culture as an absolute professional requirement, while rejection of "non-Aryans"; total political supervision of the theater of the spoken word and music theater, but also of the literature and publishing industry as well as the film production by the Reich Ministry for Public Enlightenment and Propaganda headed by Joseph Goebbels.

 

Hitler in Vienna - © Christian Brandstätter Verlag Gesellschaft mbH

Hitler in Vienna. Driving on the ring road.

14 March 1938. Photo: Albert Hilscher

from "Hans Petschar; Anschluss - A Chronology of pictures"

© Christian Brandstätter Verlag Gesellschaft mbH

 

Politically "unreliable and unsuitable" as communists, socialists, conservatives with an anti-Nazi attitude, religious activists and homosexuals were also "as parasites of culture" eliminated. Simultaneously, the advanced civilization operation should be exploited for the stabilization of leadership (Herrschaftsstablisierung), ultimately no new "essentially German" ("blood and soil") cultural movement being created, but the bourgeois approaches to the classics forced (under exclusion of the heritage of dead and living Jewish artists). The high representatives of the regime were satisfied to document toward the inside and abroad that the apparently revolutionary Nazi regime stood in the succession of civil and monarchical rulers. More intense became the Nazi commitment in the entertainment industry, especially in the film, in which the "Wien-Film" productions full of platitudinous operetta bliss further succeeded. Entertainment was a psychologically skilfully orchestrated attempt to divert attention from political repression and massive racist persecution. Artists (females and males), for the time being - with a few exceptions of resistance - rapidly in the new polictical system fell into line, partly too because the working and production conditions at the moment due to increased government spending were much better than in the times of high unemployment.

 

Parade in Vienna - © Christian Brandstätter Publishing company mbH

Parade in Vienna. German armored vehicles in University Street;

in the background right, the Votive Church. 03/15/1938

from "Hans Petschar; Connection - A Chronology of pictures"

© Christian Brandstätter Verlag Gesellschaft mbH

 

Political instrumentalization mostly only in the private sector and occasionally assistance for persecuted colleagues was opposed. The National Socialist state sought immediately after the "Anschluss" also to win over the women. The propaganda especially the mothers put in the center. This pretended respect of motherhood should serve to encourage women for giving birth as much as possible of "racially valuable" children to counteract the purportedly looming descent of the German people by falling fertility rates.

 

A symbolic poster.

The men are at the front;

the women produce weapons.

Title page of exhibition catalog to exhibition "Degenerate Music".

 

Women, preferably, should be restricted to the household or social care professions. However, during the war there was an acute shortage of manpower, so that also mothers as workers were forced in the defense industry. The education of girls was clearly targeted at household and motherhood. In the "mandatory year" young girls had to work unpaid in agriculture, in large families or in homes of high-ranking Nazis. In this way, they should practice their future work as a housewife and mother.

 

Göring at the Heldenplatz - © Christian Brandstätter Verlag Gesellschaft mbH

Göring at the Heldenplatz. 27 March 1938

from "Hans Petschar; Anschluss - A Chronology of pictures"

© Christian Brandstätter Verlag Gesellschaft mbH

 

In political terms, however, women were excluded from any participation, the National Socialist Women's Organization at all levels was subordinated male functionaries. Many women nevertheless found it exciting now being courted propagandistically, and complied with the Nazi standards. Women also participated in acts of persecution and thus became co-participants in the National Socialist crimes. The appreciation but went only to aligned women and corresponding to racist standards. Those who opposed the regime were as ruthlessly persecuted as women who built relationships with Jews, prisoners of war or foreign workers. Despite the threat of persecution, many women offered resistance against Nazism. They were detained in prisons or concentration camps; even young mothers were executed. From Eastern Europe as forced laborers in the German Empire brought women were deprived of all their rights; them it was even forbidden to have children, and with them forced abortions were carried out, if they became pregnant just the same.

In the Nazi propaganda the "national" motives of the "Anschluss" stood in the foreground.

 

March of the Austrian Legion by the gate Heldentor - © Christian Brandstätter Verlag Gesellschaft mbH

March of the Austrian Legion by the Heldentor.

01 April 1938. Photo: Albert Hilscher

from "Hans Petschar; Connection - A Chronology of pictures"

© Christian Brandstätter Verlag Gesellschaft mbH

 

But the real reason for the invasion of Austria was another one, 1938 the German armaments industry reached the limit of its capacity. The continuation of the rearmament seemed questioned. Because there was a lack of raw materials, labor force, free industrial capacities and - not least - of foreign exchange for imports of goods essential for armament. Not the highway construction or other job-creation measures had since 1933 reduced unemployment in the German Reich, but the preparation of a new war.

 

Glue action of HJ - © Christian Brandstätter Verlag Gesellschaft mbH

Glue action of the HJ. March 1938

from "Hans Petschar; Anschluss - A Chronology of pictures"

© Christian Brandstätter Verlag Gesellschaft mbH

 

The "blitzkrieg" concept Germany should enable to incorporate one country after another into its sphere of influence and with the so obtained increase in economic power to eliminate the each next opponent. In the framework of the second four-year plan, which in 1936 was elaborated under the leadership of Hermann Göring, in addition to the development of substitutes (eg for rubber and oil), the securing of the access to non-substitutable goods (such as the iron ore from the Styrian Erzberg) had top priority.

It is therefore no coincidence that Austria and the so-called Sudeten German areas of Czechoslovakia with their rich economic resources yet before 1938 were in the field of view of National Socialism and that those countries then were "annexed" the first. Of interest in Austria next to the Erzberg were the unused water forces, the oil deposits in the March field, heavy industry, mechanical engineering and the gold and currency reserves of the Austrian National Bank, which exceeded those of the German Reichsbank in 1938 by a multiple.

www.wien-vienna.at/index.php?ID=102

The B-52 Victory Museum in central Hanoi displays the crashed remains of an American B-52H Stratofortress bomber which was shot down over Christmas 1972 whilst attempting to bomb the largely civilian population. In addition there is another MiG-21 on display together with a selection of anti-aircraft guns and SAM-2 missiles. The tail section of another B-52 may be seen still residing in a nearby lake...

Seen here at the Memorial Gardens York.

The extremely high loss rate of early F-100 Super Sabres led the USAF to request a two-seat conversion trainer, which originally had not been planned. An F-100C was returned to North American for conversion into the TF-100C, which involved extending the fuselage and the canopy slightly to provide for a second cockpit with a full set of flight controls. The crash of the only TF-100C in April 1957 did not interrupt work on the project, as the USAF had requested the two-seater be combat capable and incorporate all of the modifications made to the baseline Super Sabre. As a result, the F-100F two-seater was built from the F-100D tactical fighter bomber, and differed in performance only in the deletion of two of the four 20mm cannon; a few F-100Fs were subsequently modified to carry the AGM-12 Bullpup air-to-surface missile, while a few also had better navigational equipment than the standard Super Sabres—these aircraft were specifically intended for Pacific-based F-100 units. The F-100F entered service in January 1958.

 

The F-100F’s otherwise unremarkable career as a conversion trainer was to be changed by the Vietnam War, by two projects: the Wild Weasel suppression of enemy air defenses (SEAD) campaign and the Misty “fast FAC” forward air control program.

 

The Wild Weasel campaign began in response to increasing losses by USAF aircraft to North Vietnamese SA-2 Guideline (S-75 Dvina) surface-to-air missiles. Unable to attack the SAM sites before they were made operational due to Rules of Engagement restrictions, something had to be done to defend the strike forces from SAM attacks: while scoring comparatively few kills at first, the SAM sites were forcing American aircraft out of previously-safe high and medium altitudes into the murderous low-altitude North Vietnamese antiaircraft defenses. Wild Weasel was intended to not only provide early warning of SAM launches, but also to attack and destroy SAM sites and their attendant radars.

 

The F-100F was determined to be the best platform for what became known as Wild Weasel I, as it was readily available in Southeast Asia and would need a minimum of conversion. Wild Weasel I F-100Fs were equipped with a comprehensive warning and detection suite originally developed for the U-2 spyplane, allowing the Weasels to detect Fansong, Firecan, and Spin Scan guidance radars—those used by SA-2s, radar-guided antiaircraft guns, and MiG-21 fighters. The intent was that a single F-100F would lead the way into the target area accompanied by three or four F-105D Thunderchiefs, with the F-100 using rockets to mark any sites for the accompanying F-105s, or strafing the sites themselves; later, the Weasels would be equipped with AGM-45 Shrike antiradar missiles designed to destroy the radars directly. The F-100F Weasels flew their first combat mission in April 1966, and while successful, showed one shortcoming: the F-100 simply could not keep up with the F-105. Once the Thuds had dropped their ordnance, they would rapidly leave the slower F-100 behind. Moreover, the comparative low speed of the Super Sabre made it very vulnerable to the deadly air defenses around the Hanoi area. Subsequently, the USAF made the decision to withdraw the F-100F Weasels in favor of modified F-105F Wild Weasel II aircraft in late 1966.

 

The Misty FAC program—officially known as Commando Sabre—had similar origins. Prior to 1967, the antiaircraft threat in South Vietnam and southern North Vietnam was relatively low. This began to change, with a resultant spike in losses among forward air control (FAC) pilots. FACs were flying propeller-driven O-1 Birddogs and O-2 Skymasters, which were highly vulnerable to medium-altitude antiaircraft fire, especially around Mu Gia Pass, the northern “terminus” of the Ho Chi Minh Trail. The USAF began looking into the “fast FAC” role, using two-seat jets. Two-seat F-105Fs were in short supply and were needed for Wild Weasels in the north; there were not yet enough F-4 Phantom IIs to go around to both strike and fighter units. The F-100F again seemed tailor made to the role, and the USAF began Project Commando Sabre in June 1967, with the unit designated as Detachment 1 of the 612th Tactical Fighter Squadron, based at Phu Cat, South Vietnam.

 

Major George “Bud” Day was put in command of Commando Sabre, due to his experience with both the F-100 and South Vietnam; Day selected the callsign “Misty” based on a song by the same name, and handpicked the crews. Each crew had to have at least 100 missions in Southeast Asia and 1000 flying hours in the F-100. Misty F-100Fs were identical to the baseline F-100F, with the only modifications being more radios to speak with strike units and a strike camera installed in the lower fuselage. While Commando Sabre was originally intended as fast FACs, Day expanded the program to include hunter-killer teams directly attacking North Vietnamese antiaircraft sites, reconnaissance, rescue force escort, and artillery spotting in the I Corps sector of South Vietnam.

 

If anything, Misty loss rates were worse than the F-100 Wild Weasels had been: 42 Misty F-100s were shot down, nearly thirty percent losses. This included Day, who was shot down and captured in August 1967; he was joined by three others in the next few years, and eight men were killed on Misty operations. Losses were so high that a Misty tour of duty was reduced to 60 missions rather than the standard 100. Once a Misty finished a tour of duty, they returned to a “safer” unit flying close air support missions. The threat level increased around Mu Gia and Ban Karai Passes until even the Mistys could no longer operate there and were replaced by F-4 Wolf FACs. The program ended in May 1970 and the surviving F-100Fs withdrawn from Vietnam.

 

Like all F-100Fs, they were allocated to Air National Guard units by 1972, and withdrawn completely by 1978, though foreign operated F-100Fs were flown until 1988, and a handful continued in civilian hands as aggressor and target-towing aircraft, operated by the Tracor Corporation, until 1998. 339 F-100Fs were built and a quarter were lost to enemy action and accidents; eleven are known to survive, with four aircraft still flyable.

 

F-100F 56-3730 was delivered to the USAF's 50th Tactical Fighter Wing at Toul-Rosieres, France in 1957, and hadn't been there long when it performed the mission that would lead to its preservation. On the 30th anniversary of Charles Lindbergh's famous transatlantic solo flight, 56-3730 retraced the route in six and a half hours--less than a third of Lindbergh's time. The pilot was Major Robinson Risner, already well-known in USAF circles as an eight-kill Korean War ace. He would become better known worldwide as one of the USAF's finest combat leaders of the Vietnam War, as well as one of the highest-ranking prisoners of war at the notorious Hanoi Hilton; for his actions while a POW, Risner would later be awarded two Air Force Crosses. The aircraft would be named "Spirit of St. Louis II" in honor of the flight--a name it would keep.

 

56-3730 left the 50th TFW in 1960, and was assigned to the 140th TFG (Colorado ANG) at Buckley ANGB, Colorado; as elements of the 140th were sent to South Vietnam, 56-3730 might have seen combat there. It would remain in Colorado until 1970, when the aircraft was transferred to the 178th TFG (Ohio ANG) at Springfield. It would be "Spirit of St. Louis II"'s last career assignment, as it was retired in 1979. Because of the Lindbergh mission and as one of Risner's aircraft, 56-3730 was chosen for preservation, and eventually made its way to the US Air Force Academy, where it was displayed in front of the USAFA's Preparation School.

 

Dad and I roamed around the USAFA several times when I was a kid in the 1980s, but I don't remember seeing a F-100; then again, we generally stuck to the parade ground area. I wasn't aware of the existence of 56-3730 until a few days before I left on my trip to the Southwest in June 2022. My friend and I were able to find it without too much trouble. Though there is a low fence with "authorized personnel only" signs on it, it is possible to get some good pictures from the legal side of the fence. (The USAFA parade ground was closed to visitors due to class being in session. I will admit I was strongly tempted to break the law, but no aircraft picture is worth being arrested!)

 

When 56-3730 initially went on display, it was painted in Southeast Asia camouflage; the scheme was accurate but the markings were not. The USAFA later refinished it in the colors 56-3730 wore when Risner made the Lindbergh flight, while it was with the 50th TFW. The name "Spirit of St. Louis II" is barely legible on the nose.

Oesterreichische Nationalbank

Logo of the Austrian National Bank

Headquarters Vienna, Austria

Central Bank of Austria

Currency€

To ISO 4217 EUR

website

www.oenb.at/

Previous Austro- Hungarian Bank

List of Central Banks

Oesterreichische Nationalbank, at Otto-Wagner -Platz No. 3, Vienna

The Austrian National Bank (OeNB), Austria's central bank as an integral part of the European System of Central Banks (ESCB) and the Eurosystem. It is instrumental in the design of the economic development in Austria and in the euro area. Legally, the OeNB is a public limited company.. However, it is also subject to further enshrined in the National Bank Act regulations resulting from its separate position as a central bank. In the framework of the Eurosystem, the OeNB contributes to a stability-oriented monetary policy. At the national level, it cares about the preservation of financial stability and the money supply and manage foreign exchange reserves to hedge against the euro in times of crisis. The guideline values in terms of the tasks of the Austrian National Bank are "security, stability and trust".

Contents

1 History

1.1 1816 to 1818

1.2 1818 to 1878

1.3 1878 to 1922

1.4 1922 to 1938

1.5 1938 to 1945

1.6 1945 to 1998

1.7 From 1999

2 The OeNB as a modern central bank

3 Legal form and organs

3.1 Legal framework

3.2 organs

3.2.1 General

3.2.2 General

3.2.3 Board of Directors

4 Tasks

4.1 Monetary policy strategies and monetary policy decision-making process

4.1.1 Economic analysis

4.1.2 Production of statistical information

4.1.3 Contribute to international organizations

4.2 Implementation of monetary policy

4.2.1 use of monetary policy instruments

4.2.2 Reserve Management

4.2.3 Money Supply

4.3 Communication of monetary policy

4.4 ensure financial stability

4.4.1 Financial Stability

4.4.2 Payment System Stability and payments

5 The OeNB in the European System of National Banks

6 President / Governors

7 See also

8 Literature

9 links

10 Notes and references

History

1816-1818

As long as 50 years before the founding of the National Bank the Habsburgs carried out first experiments with securities in the form of paper money. Finally, in the 18th Century the issue of banknotes transferred to a state independent institution, while the issue of paper money called "Banco notes," founded in 1705 by the "Vienna City Bank" took place in 1762.

In wartime governance took back control of the money issue, so there was an inflation of Banco-Zettel 1796-1810. The state ordered the forced acceptance of paper money in private transport, which led to a fast-growing discount on bills in the market. 1799 was therefore one for 100 guilders paper money only 92 guilders in silver coins, and at the end of 1810 the value of the paper florin had fallen to 15 % of the nominal value of the Banco-Zettel. Later, the Habsburgs declared a devaluation of the Banco-Zettel in the ratio of 5:1. This act was considered by the business community as a sovereign default, which the paper money experienced a rapid devaluation.

At the end of the Napoleonic wars the Habsburg multinational state ( → Habsburg Monarchy) faced a new challenge: the restoration of a European balance. Church, the nobility, the army and the bureaucracy as elements in the Ancien Régime were not sufficient to solve this problem, a well -founded economic situation was needed. Moreover, one could not ignore readily the laws of supply and demand.

In this regard, were the first June 1816 by Emperor Francis I two patents issued (later to distinguish the "main patent" or "bank patent"), the "privileged Austrian National Bank", conceived as a public company, had to constitute itself as soon a possible, propose the emperor three of its directors for selection of the governor and take up their activity provisionally on 1 July 1816.

The National Bank had henceforth a monopoly on the issuance of paper money, which led to a slowdown in the Austrian monetary system and an increase in the value of paper money. The economy was again a solid source of money keeping constant the value of money regardless of the spending plans of the State. The equity of the Bank justified this by share issues.

Initially comprised the activities of the bank - under temporary management - the redemption of paper money and the issuance of shares. The full effectiveness attained the National Bank until after the issue of 1,000 shares and the associated possibility of shareholders to set the management themselves.

1818-1878

On 15 July 1817 recieved the National Bank as the "first Bankprivilegium" the exclusive right to unrestricted issue of banknotes and in this context a special position in terms of Rediskontgeschäfts (rediscount business). Beginning of 1818 the definitive bank management was ready. Part of it were among leading figures of Viennese society, including the banker Johann Heinrich von Geymüller and Bernard of Eskeles. From 1830 to 1837 the Office of the Governor was held by Adrian Nicholas Baron Barbier.

In the countries of the Habsburg Monarchy, which were characterized in large part by an agricultural oriented activity pattern, some regions showed a lively commercial-industrial growth. The goal now was to create a system of economic exchange between these areas. Successively established the National Bank branch network and thus guaranteed a uniform money and credit supply. From its headquarters in Vienna this network extended over early industrial areas and commercial centers in Eastern and Central Europe to the northern Mediterranean.

Trade bills and coins were preferred assets of the National Bank, less the supply of money to the state. With the exchange transactions, the National Bank supported the economic growth of the monarchy and secured at the same time the supply of silver coins in the event that the need for these increases in exchange for bank notes, contrary to expectations. 1818 was the National Bank, however, by increasing public debt, due to high spending in times of crisis, not spared to make an increase in the government debt positions on the asset side of its balance sheet.

The patent provisions of the founding of the National Bank not sufficiently secured against the autonomy of governance. At the center of the struggle for independence, this was the question of the extent to which the issue of banknotes must be made on the basis of government bonds. In 1841, a renewal of Bankprivilegiums got a weakening of the independence by pushing back the influence of the shareholders in favor of the state administration. During the revolution of 1848/49 followers of constitutional goals received great support from senior figures in the National Bank. For about a hundred years, the Austrian branch of the Rothschild bank (from which from 1855, the "Royal Privileged Austrian Credit-Institute for Commerce and Industry", the later Creditanstalt, was born) was playing a leading role in the banking center of Vienna. Salomon Mayer von Rothschild was involved during the pre-March in all major transactions of the National Bank for the rehabilitation of the state budget.

Special focus the National Bank was putting on the development of the premium that was payable at the exchange of banknotes into silver money in business dealings. The increase, which corresponded to a depreciation of the notes issued by the Bank should be prevented. From an overall state perspective, the increase of the silver premium means a deterioration in terms of the exchange ratio towards foreign countries, influencing the price competitiveness of the Austrian foreign trade adversely. The stabilization of the premium were set some limits. Although the height of the emission activitiy was depending on the Bank, but also the price of silver and the potential effects of increased government debt materially affected the silver premium. Especially the 1848 revolution and conflicts in the following years caused an increasement of the silver premium.

Mid-century, the private banking and wholesale houses were no longer able to cope with the rapidly growing financial intermediation of the Habsburg monarchy. New forms of capital formation were required. From an initiative of the House of Rothschild, the first by the government approved and private joint-stock bank was created. This formation was followed in 1863 and 1864 by two other joint-stock banks, whose major shareholders included important personalities of the aristocracy, who possessed large liquid funds. Overall, grew with these banks the money creation potential of the "financial center of Vienna".

The central bank faced another difficult task: with its limited resources it had to secure sufficient liquidity on the one hand and on the other hand prevent the inflationary expansion of the money supply. Through close contacts with the shareholders of Vienna was a financial center (informal) ballot, especially in times of crisis, easily dealt out. In contrast, it gave differences of opinion in the Fed Board, which required enforcement of decisions.

In 1861, Friedrich Schey Koromla became director of the National Bank. On 27 December 1862 experienced the Bankprivilegium another innovation. The independence of the National Bank of the State was restored and anchored. Furthermore, was introduced the direct allocation of banknotes in circulation by the system of "Peel'schen Bank Act", which states that the fixed budget of 200 million guilders exceeding circulation of banknotes must be covered by silver coins. In 1866, when the German war ended in defeat for Austria, the compliance of the system was no longer met. The state felt itself forced to pay compensation for breach of privilege. This balance was supported by a law of 1872, after the National Bank may issue notes up to a maximum of 200 million guilders and each additional payment must be fully backed by gold or silver.

1873 the economic boom of the Habsburg monarchy was represented in a long-lasting rise in the share price. A now to be expecting break could by the behavior of the Vienna Stock not be intercepted, so it came to the "Great Crash of 1873". The in 1872 fixed restrictions of the circulation of notes for a short time have been suspended. Contrary to expectations, the money supply in crisis peak but only outgrew by nearly 1% the prescribed limit in the bank acts. The banks and the industrial and commercial companies survived the crash without major losses, although the share prices significantly lay below the initial level.

The years with high growth were followed by a period of stagnation.

1878-1922

As part of the compensation negotiations between Austria and Hungary in 1867, the National Bank was able to exercise fully their Privilegialrechte, the Kingdom of Hungary but now had the certified right, every ten years exercisable, to found an own central bank (bank note). As resulted from the first 10 -year period that furthermore none of the two parts of the monarchy wanted to build an independent money-issuing bank (Zettelbank), was built on 28 June 1878, initially to 31 December 1887 limited, an Austro-Hungarian Bank, and equipped with the Fed privilege. The first privilege of the new bank was a compromise in which on the one hand, regulations on liability for national debts as well as regulations limiting the influence of the government on banking businesses were included. 1878 Gustav Leonhardt was Secretary of the Bank.

The General Assembly and the General Council formed the unit of the bank management. Two directorates and major institutions - in Vienna and Budapest - represented the dual nature of the bank. 1892-1900 followed a long discussion finally the currency conversion from guilders (silver currency) to the crown (gold standard) with "Gold Crown" said coins.

Since the new banknotes were very popular in the public, now many gold coins piled up in the vaults of the Austro-Hungarian Bank. This period was characterized by a balanced combination of price growth and damping, the "per capita national product" grew while prices remained mostly stable. Against this background, it was easy for the Fed to encourage a new wave of industrialization.

With a third privilege in 1899 conditions were established under which the bank could be put into the financial services of the two countries, on the other hand there have been important innovations that paved a good exchange policy. By 1914, the exchange ratio of the Austro-Hungarian currency was unchanged with only minor fluctuations. In contrast, was the by conflicts marked political development.

The expansive foreign policy quickly led to high costs from which had to be shouldered by the central bank a significant part. The stability of the currency was in danger. Shortly after the beginning of World War I in 1914, laid down the Military Command to indemnify any seized property with double the price. There was an increasing scarcity of goods, connected with an ongoing expansion of the money supply and finally the increase in the price level on the 16-fold.

The resulting cost of the war of the Dual Monarchy were covered to 40% on central bank loans and 60% through war bonds. Over the duration of the war, the power force built up in recent decades has been frozen at the end of the conflict in 1918, the real income of the workers had fallen to one-fifth of the last year of peace.

With the end of the war the end for the old order had come, too. The decay of Cisleithania and Transleithania caused in several successor states, despite the efforts of the central bank to maintain the order, a currency separation (see Crown Currency in the decay of the monarchy, successor states). First, a separate "Austrian management" of the bank was introduced. It was encouraged to shoulder the shortcomings of the state budget of the Republic of Austria founded in 1918.

The new South Slav state began in January 1919 stamping its crown banknotes. The newly founded Czechoslovak Republic retained the crown currency (to date), but their printed banknotes in circulation as of February 1919 with indications that now these ar Czechoslovak crowns. (The country could an inflation as experienced by Austria avoide.) In March 1919, German Austria began to stamp its crown banknotes.

The Treaty of Saint-Germain-en-Laye of 10 September 1919, by Austria on 25 October 1919 ratified and which on 16 July 1920 came into force, determined the cancellation and replacement of all crown banknotes of all successor states of Austria-Hungary as well as the complete liquidation of the Austro-Hungarian Bank under the supervision of the war winners. The last meetings of the Bank took place mid 1921 and at the end of 1922.

After a period of overvaluation of the crown the dollar rate rose from 1919 again. 1921, had to be paid over 5,000 Austrian crowns per dollar. In addition to the significant drop in the external value existed in Austria rising inflation. End of 1922 was ultimately a rehabilitation program with foreign assistance - the "Geneva Protocol" - passed which slowed down the inflation.

1922-1938

With Federal Law of 24 July 1922 the Minister of Finance was commissioned to build a central bank, which had to take over the entire note circulation plus current liabilities of the Austrian management of the Austro-Hungarian Bank. With Federal Law of 14 November 1922, certain provisions of the law were amended and promulgated the statutes of the Austrian National Bank. By order of the Federal Government Seipel I 29 December 1922, the Board of the Austrian Austro-Hungarian Bank issued authorization for the central bank union activity with 1 January 1923 have been declared extinct and was made ​​known the commencement of operations of the Oesterreichische Nationalbank this day.

The statutes of the Austrian National Bank (OeNB) secured the independence from the state, the independence of the Bank under exclusion of external influences and the corresponding equity. First, the stabilization of the Austrian currency was at the forefront. With the Schilling Act of 20 December 1924 was the schilling currency (First Republic) with 1 Introduced in March 1925, it replaced the crown currency. For 10,000 crowns now you got a shilling.

As an important personality in terms of the order of the state budget, Dr. Victor Kienböck has to be mentioned. He was in the time from 1922 to 1924 and from 1926 to 1929 finance minister of the First Republic and from 1932 to 1938 President of the Austrian National Bank. Through his work remained the Austrian Schilling, also beyound the global economy crisis, stable. Under this condition, the Fed was able to cope with the large number of bank failures of the past.

1938-1945

According to the on 13th March issued Anschlussgesetz (annexation law) , the Reichsmark with order of the Fuehrer and Chancellor of 17 was March 1938 introduced in the country Austria and determines the course: A Reichsmark is equal to one shilling fifty pence. On the same day, the Chancellor ordered that the management of the to be liquidated National Bank was transferred to the Reichsbank.

With regulation of three ministers of the German Reich of 23 April 1938, the National Bank was established as a property of the Reichsbank and its banknotes the quality as legal tender by 25 April 1938 withdrawn; public funds had Schilling banknotes until 15th of may in 1938 to accept. All the gold and foreign exchange reserves were transferred to Berlin.

The Second World War weakened the Austrian economy to a great extent, the production force after the war corresponded to only 40% of that of 1937 (see also air raids on Austria). To finance the war, the Reichsbank brought to a high degree banknotes in circulation, which only a great victory of the kingdom (Reich) actual values ​​would have been opposable. Since prices were strictly regulated, inflation virtually could be "banned" during the war.

1945-1998

In occupied postwar Austria about 10 billion shillings by Allied military occupying powers were initially printed, which contributed to significant price increases.

With the re-establishment of the Republic of Austria by the Austrian declaration of independence of 27 April 1945, it came to the resumption of activities of the Oesterreichische Nationalbank. By the "Fed Transition Act" of July 1945 preliminary legal regulations for the operations of the Bank have been established. The restoration of the Austrian currency was their first big job. The goal was the summary of all currencies, which at the time were in circulation, and their secondment to a new Austrian currency. The "Schilling Act" of November 1945, the basis for the re-introduction of the Schilling (Second Republic) as legal tender in Austria. The next step was to reduce excess liquidity to make necessary funds for new business investment available and to make the external value of the shilling for the development of the economy competitive. First, however, less changed the inflationary situation and also the shilling was still significantly undervalued in relation to other currencies.

The "Currency Protection Act" of 1947 brought a significant change in the monetary overhang. Some deposits have been deleted without replacement, others converted into claims against the Federal Treasury. The following exchange operations also significantly reduced the amount of cash: banknotes from 1945 were canceled and exchanged for new schilling notes in the ratio 1:3. Only 150 shillings per person could go 1-1.

To control inflation, the social partners came to the foreground. The associations of employers and employees set in 1947 prices for supplies, wages were also raised. This was the first of the five "wage-price agreements" of the social partners. In 1952, inflation was held back by limiting the use of monetary policy instruments by the National Bank. Also, the external sector slowly relaxed after the end of the Korean War.

In 1955, the Austrian National Bank was re-established by the new National Bank Act as a corporation and the by the National Bank Transition of Authorities Act (Nationalbank-Überleitungsgesetz) established provisional arragement abolished. The National Bank Act stipulated that each half of the capital should be situated at the federal government and private shareholders. In addition to the independence of bank loans of the state, the new National Bank Act also contained an order that the central bank must watch within their monetary and credit policies on the economic policies of the federal government. From now on also included within the instruments of the National Bank were the areas open market and minimum reserve policy.

The Austrian economy increasingly stabilized, through good fiscal and monetary policy a high growth could be attained, with low inflation and long-term maintenance of external equilibrium.

1960, Austria joined the European Free Trade Association and participated in the European integration.

In the sixties came the international monetary system based on gold-dollar convertibility into currency fluctuations and political reforms were necessary. First, the loosening of exchange rate adjustments between several states was an option. However, U.S. balance of payments problems brought with it restrictions on capital movements, and then the Euro-Dollar market was born. In 1971, the convertibility of the U.S. dollar was lifted.

1975 interrupted a recession increasing growth time. International unbalanced ayments caused very extensive foreign exchange movements, whereby the intervention force of Austrian monetary policy has been strongly challenged. Their task now was to control the effect of foreign exchange on domestic economic activities to stabilize the shilling in the context of constantly shifting exchange rates and to control the price rise appropriately. Since the inflow of foreign funds reached to high proportions, so that the economic stability has been compromised, the policy went the way of the independent course design in a pool of selected European currencies.

The collapse of the economy forced the policy makers to a new course with active mutual credit control, subdued wage growth, financial impulses in supply and demand, and interest rates are kept low. This system of regulation, however, kept back the need for structural change, so it had to be given up in 1979. In the same year a fire destroyed large parts of the main building of the Austrian National Bank in Vienna. The repairs lasted until 1985.

Target in the eighties was to strengthen the economic performance using a competitive power comparison. The findings from the seventies stimulated the Austrian monetary policy to align the Schilling course at the Deutsche Mark to ensure price stability in the country. In addition, the structural change was initiated by inclusion in a large area. Stable, if not necessarily comfortable environment of monetary policy was a prerequisite, to secure the companies long-term productivity gains and thus safeguard their position in the economy.

Initially, this development stood a high level of unemployment in the way. Growth until the second half of the decade increased, at the same time increased the competitiveness and current accounts could be kept in balance.

In the nineties, the annexation of Austria took place in the European Community. 1995 Austria became a member of the European Union (EU) and joined the exchange rate mechanism of the European Monetary System. In 1998, the Central Banks (ESCB) have established the independence of institutions or bodies of the European Community and the governments of the EU Member States through an amendment to the National Bank Act of the Austrian National Bank to implement the goals and tasks of the European System. Thus, the legal basis for the participation of Austria in the third stage of Economic and Monetary Union (EMU) was created in 1999.

As of 1999

The Austrian National Bank, and other national central banks including the European Central Bank ( ECB), belongs to the European System of Central Banks.

On 1 January 1999 was introduced in the third stage of Economic and Monetary Union in Austria and ten other EU Member States, the euro as a common currency. The European Central Bank is henceforth responsible for monetary and currency policy, decisions in this regard will be taken in accordance with the Council of the European Central Bank.

Since May 2010, the OeNB is in full possession of the Republic of Austria, after originally lobbies, banks and insurance companies were involved with 50 % of the share capital in it. In 2011, the National Bank Act was adapted by an amendment (Federal Law Gazette I No. 50 /2011) in this circumstance, a renewed privatization is thus excluded by law.

The OeNB as a modern central bank

With the withdrawal from the retail business in the sixties as well as the first major internationalization and implementation of a strategic management in the seventies, the OeNB went on the way to a future-oriented central bank. Another major reform of banking began at the end of the eighties.

In terms of global development, the OeNB established in 1988 as a service company and expanded its guiding values ​​- "security, stability and trust" - to the principles of " fficiency" and "cost-consciousness". The business center was optimized and strategic business experienced through targeted improvements a reinforcement. Be mentioned as examples are intensifying domestic cooperation in the area of ​​payments by encouraging the creation of the Society for the Study co-payments (STUZZA), the liberalization of capital movements, the professional management of foreign exchange reserves, the improvement of the supply of money through the construction of the money center and the internationalization of business activities through the establishment of representative offices in Brussels (European Union), Paris (OECD) and the financial center of New York.

After Austria's accession to the EU in 1995, the OeNB participated in the European Monetary System (EMS ) and its Exchange Rate Mechanism. The integration in the third stage of Economic and Monetary Union (EMU) was the next step towards further development of policy stability. Since the conclusion of the Maastricht Treaty, the Austrian National Bank has very fully considered its role in the ESCB and created a basis for inclusion in the community. The profound economic and monetary policy of Austria was also a reference that qualified the OeNB to actively participate in the monetary future of Europe, a greater harmonization of the statistical framework and monetary policy instruments with a view to the euro system, the preparation of the issue of European banknotes, and the establishment of operational processes and organizational integration of business processes within the ESCB being specific objectives of the OeNB.

In the following, it came, inter alia, to the establishement of an economic study department, of an education or training initiative and to strengthen the position of payment transactions through the TARGET system.

A in 1996 created "OeNB master plan" provided important points for the upcoming transition to the euro.

In May 1998, a new pension system came into force, by which new employees were incorporated into a two-pillar model.

1999, Austria's participation in the third stage of EMU was manifest. The Austrian National Bank - as part of the ESCB - became the owner of the European Central Bank and received new powers in this context in the sense of participation in the monetary policy decision-making at the level of the European Community. With the introduction of the euro, monetary policy functions of the General Council have been transferred to the Governing Council. However, the implementation remains the responsibility of national central banks.

Activities of the Oesterreichische Nationalbank were or are, for example, the further professionalization of asset management, the expansion of the network of representative offices by opening a representative office in the financial center of London, preparation of the smooth introduction of euro cash in 2002 and the participation of the OeNB on the creation of the "A-SIT" (Center for secure Information Technology Center - Austria) and the "A-Trust" (society of electronic security systems in traffic GmbH ) in order to promote security in information technology.

de.wikipedia.org/wiki/Oesterreichische_Nationalbank

Jachthuis Sint Hubertus, Hoge Veluwe NL.

The building is a design of architect H.P. Berlage from 1915 – 1920. The legend of Saint Hubertus served as a guideline for the design. It was built for Anton Kröller (who liked to hunt) and Helene Kröller – Müller (who was interested in the mystical aspect of the Hubertus legend). This legend tells the story of the conversion of Hubertus who in his youth had been a keen hunter. He repented, especially following a vision of a Red Deer with a luminous cross between its antlers and a voice that told him to better his life if he wanted to avoid hell. After having taken on the cross from the deer’s antlers - figuratively speaking - Hubertus retired to a monastery. Hubertus finally died in 727 as the bishop of Liege and Maastricht, and the Catholic Church later named him patron saint of the hunters. Architect Berlage and the artists who worked with him have expressed the legend in the Jachthuis using a lot of symbolic, which was quite normal for art styles of around 1900.

 

As the plan shows, the building is shaped like antlers. The tower with the cross incorporated in the masonry symbolizes the luminous cross between the antlers. Berlage was an architect who designed in the style of the New Objectivity. This style allowed artists to show the individual beauty of constructive elements. As Berlage designed most of the interior as well as many implements, the whole thing was perfectly geared to each other. This is enhanced by the repeated use of certain materials and shapes. In his time, Berlage was a modern architect. The building is full of technical tours de force, such as central heating, a central clock system, a central vacuum system, an electric lift and Pullmann sliding windows.

A.C. Travel used a small yard at the bottom of Factory Road in Northfleet. This was formerly the home of wellknown independent H.T. Horlock & Son. Seen at this location during October 1989 is Plaxton 'Supreme' bodied Ford R1114 VBH 597S. This coach was one of a pair new in November 1977 to Guideline, London SW16. Previously owned by Pilchers of Strood it had been stripped for spares with little remaining of any use.

Fiktion Studio's official business card design.

Typography Compeition Entry:

 

This was a live competition from PSDTUTS. The only guideline I was given was to use the quote 'What we do in life, echoe's in eternity'. I had complete freedom over everything else.

Spring and summer are great times for getting out there and networking, but more often than not, I find myself with less and less quality time to do some real, productive shooting.

 

Such an opportunity presented itself last Friday, while out in New Jersey visitng my good buddy Michael Raso of the Film Photography Project:

 

www.filmphotographyproject.com

 

Michael was kind enough to tour me around a local treasure, the Ringwood State Park, in Ringwood, NJ. Having only a boatload of Efke IR film on hand, I had to make the most of out of these clear skies, and green surroundings! I'd say we spend a good 6-7 hours out shooting together, and it was one of the best day's I've had in a long time!

 

Today's image just goes to show how light meters, unless specially modified, can only serve as a rough guideline for exposure. What I thought was gross underexposure turned out to be a pleasantly contrasty surprise when it emerged from the fixer!

 

Eastman Commercial B 8x10

Fujinon W 210mm f/5.6 + #87 filter

5 sec @ f/8ish + front shift & tilts (tripod and back tilt)

Efke IR 820c @ ASA 1.5

Obsidian Aqua, 1:500 SS in hangers & tanks

 

www.matmarrash.com

Monument to President Kim Il Sung's speech at a rally to welcome him on his triumphant return to the homeland.

________________________________________

Mural "Cheers of Whole Nation"

Pyongyang, October 13 (KCNA) -- A stream of people are visiting the Monument to President Kim Il Sung's Handwritings from His Address at a Rally to Welcome Him on His Triumphant Return to the Homeland and the mural "Cheers of Whole Nation" standing in the Arch of Triumph Square in Pyongyang. Through the visit, they recollect the immortal feats performed by the President in the liberation of the country. A lot of working people from all strata, youth and students, and nearly 90,000 foreigners and overseas Koreans have visited the place over the last five years.

The monumental edifices, built in Juche 76 (1987), convey the President's revolutionary history of triumphant return to the homeland and reflect the unanimous desire of the Korean people to add brilliance to his revolutionary exploits down through generations.

Engraved in the monument are some parts from his autography address at a rally held in welcome of his triumphal return home. And the mural "Cheers of Whole Nation" reflects on a high ideological and artistic standard the image of the President waving his hand high on the rostrum as a token of his thanks to the cheering crowds.

The President, who had made a triumphant return home after accomplishing the historic cause of national liberation through the 20-year bloody anti-Japanese revolutionary struggle, had an emotion-charged meeting with people at the rally of Pyongyang citizens held on October 14, 1945.

He delivered the historic speech "Every Effort for the Building of a New, Democratic Korea" at the rally.

In the speech, he called upon those with strength to give strength, those with knowledge to give knowledge and those with money to give money to the nation-building work. His speech served as an important guideline in closely rallying the people, the master of the country and the very one in charge of building a rich and powerful, independent and sovereign country, who had groaned as colonial slaves, and in arousing them to the building of a new Korea.

The mosaic mural reflecting the august image of the President built in the open-air is the first of its kind in Korea.

Oesterreichische Nationalbank

Logo of the Austrian National Bank

Headquarters Vienna, Austria

Central Bank of Austria

Currency€

To ISO 4217 EUR

website

www.oenb.at/

Previous Austro- Hungarian Bank

List of Central Banks

Oesterreichische Nationalbank, at Otto-Wagner -Platz No. 3, Vienna

The Austrian National Bank (OeNB), Austria's central bank as an integral part of the European System of Central Banks (ESCB) and the Eurosystem. It is instrumental in the design of the economic development in Austria and in the euro area. Legally, the OeNB is a public limited company.. However, it is also subject to further enshrined in the National Bank Act regulations resulting from its separate position as a central bank. In the framework of the Eurosystem, the OeNB contributes to a stability-oriented monetary policy. At the national level, it cares about the preservation of financial stability and the money supply and manage foreign exchange reserves to hedge against the euro in times of crisis. The guideline values in terms of the tasks of the Austrian National Bank are "security, stability and trust".

Contents

1 History

1.1 1816 to 1818

1.2 1818 to 1878

1.3 1878 to 1922

1.4 1922 to 1938

1.5 1938 to 1945

1.6 1945 to 1998

1.7 From 1999

2 The OeNB as a modern central bank

3 Legal form and organs

3.1 Legal framework

3.2 organs

3.2.1 General

3.2.2 General

3.2.3 Board of Directors

4 Tasks

4.1 Monetary policy strategies and monetary policy decision-making process

4.1.1 Economic analysis

4.1.2 Production of statistical information

4.1.3 Contribute to international organizations

4.2 Implementation of monetary policy

4.2.1 use of monetary policy instruments

4.2.2 Reserve Management

4.2.3 Money Supply

4.3 Communication of monetary policy

4.4 ensure financial stability

4.4.1 Financial Stability

4.4.2 Payment System Stability and payments

5 The OeNB in the European System of National Banks

6 President / Governors

7 See also

8 Literature

9 links

10 Notes and references

History

1816-1818

As long as 50 years before the founding of the National Bank the Habsburgs carried out first experiments with securities in the form of paper money. Finally, in the 18th Century the issue of banknotes transferred to a state independent institution, while the issue of paper money called "Banco notes," founded in 1705 by the "Vienna City Bank" took place in 1762.

In wartime governance took back control of the money issue, so there was an inflation of Banco-Zettel 1796-1810. The state ordered the forced acceptance of paper money in private transport, which led to a fast-growing discount on bills in the market. 1799 was therefore one for 100 guilders paper money only 92 guilders in silver coins, and at the end of 1810 the value of the paper florin had fallen to 15 % of the nominal value of the Banco-Zettel. Later, the Habsburgs declared a devaluation of the Banco-Zettel in the ratio of 5:1. This act was considered by the business community as a sovereign default, which the paper money experienced a rapid devaluation.

At the end of the Napoleonic wars the Habsburg multinational state ( → Habsburg Monarchy) faced a new challenge: the restoration of a European balance. Church, the nobility, the army and the bureaucracy as elements in the Ancien Régime were not sufficient to solve this problem, a well -founded economic situation was needed. Moreover, one could not ignore readily the laws of supply and demand.

In this regard, were the first June 1816 by Emperor Francis I two patents issued (later to distinguish the "main patent" or "bank patent"), the "privileged Austrian National Bank", conceived as a public company, had to constitute itself as soon a possible, propose the emperor three of its directors for selection of the governor and take up their activity provisionally on 1 July 1816.

The National Bank had henceforth a monopoly on the issuance of paper money, which led to a slowdown in the Austrian monetary system and an increase in the value of paper money. The economy was again a solid source of money keeping constant the value of money regardless of the spending plans of the State. The equity of the Bank justified this by share issues.

Initially comprised the activities of the bank - under temporary management - the redemption of paper money and the issuance of shares. The full effectiveness attained the National Bank until after the issue of 1,000 shares and the associated possibility of shareholders to set the management themselves.

1818-1878

On 15 July 1817 recieved the National Bank as the "first Bankprivilegium" the exclusive right to unrestricted issue of banknotes and in this context a special position in terms of Rediskontgeschäfts (rediscount business). Beginning of 1818 the definitive bank management was ready. Part of it were among leading figures of Viennese society, including the banker Johann Heinrich von Geymüller and Bernard of Eskeles. From 1830 to 1837 the Office of the Governor was held by Adrian Nicholas Baron Barbier.

In the countries of the Habsburg Monarchy, which were characterized in large part by an agricultural oriented activity pattern, some regions showed a lively commercial-industrial growth. The goal now was to create a system of economic exchange between these areas. Successively established the National Bank branch network and thus guaranteed a uniform money and credit supply. From its headquarters in Vienna this network extended over early industrial areas and commercial centers in Eastern and Central Europe to the northern Mediterranean.

Trade bills and coins were preferred assets of the National Bank, less the supply of money to the state. With the exchange transactions, the National Bank supported the economic growth of the monarchy and secured at the same time the supply of silver coins in the event that the need for these increases in exchange for bank notes, contrary to expectations. 1818 was the National Bank, however, by increasing public debt, due to high spending in times of crisis, not spared to make an increase in the government debt positions on the asset side of its balance sheet.

The patent provisions of the founding of the National Bank not sufficiently secured against the autonomy of governance. At the center of the struggle for independence, this was the question of the extent to which the issue of banknotes must be made on the basis of government bonds. In 1841, a renewal of Bankprivilegiums got a weakening of the independence by pushing back the influence of the shareholders in favor of the state administration. During the revolution of 1848/49 followers of constitutional goals received great support from senior figures in the National Bank. For about a hundred years, the Austrian branch of the Rothschild bank (from which from 1855, the "Royal Privileged Austrian Credit-Institute for Commerce and Industry", the later Creditanstalt, was born) was playing a leading role in the banking center of Vienna. Salomon Mayer von Rothschild was involved during the pre-March in all major transactions of the National Bank for the rehabilitation of the state budget.

Special focus the National Bank was putting on the development of the premium that was payable at the exchange of banknotes into silver money in business dealings. The increase, which corresponded to a depreciation of the notes issued by the Bank should be prevented. From an overall state perspective, the increase of the silver premium means a deterioration in terms of the exchange ratio towards foreign countries, influencing the price competitiveness of the Austrian foreign trade adversely. The stabilization of the premium were set some limits. Although the height of the emission activitiy was depending on the Bank, but also the price of silver and the potential effects of increased government debt materially affected the silver premium. Especially the 1848 revolution and conflicts in the following years caused an increasement of the silver premium.

Mid-century, the private banking and wholesale houses were no longer able to cope with the rapidly growing financial intermediation of the Habsburg monarchy. New forms of capital formation were required. From an initiative of the House of Rothschild, the first by the government approved and private joint-stock bank was created. This formation was followed in 1863 and 1864 by two other joint-stock banks, whose major shareholders included important personalities of the aristocracy, who possessed large liquid funds. Overall, grew with these banks the money creation potential of the "financial center of Vienna".

The central bank faced another difficult task: with its limited resources it had to secure sufficient liquidity on the one hand and on the other hand prevent the inflationary expansion of the money supply. Through close contacts with the shareholders of Vienna was a financial center (informal) ballot, especially in times of crisis, easily dealt out. In contrast, it gave differences of opinion in the Fed Board, which required enforcement of decisions.

In 1861, Friedrich Schey Koromla became director of the National Bank. On 27 December 1862 experienced the Bankprivilegium another innovation. The independence of the National Bank of the State was restored and anchored. Furthermore, was introduced the direct allocation of banknotes in circulation by the system of "Peel'schen Bank Act", which states that the fixed budget of 200 million guilders exceeding circulation of banknotes must be covered by silver coins. In 1866, when the German war ended in defeat for Austria, the compliance of the system was no longer met. The state felt itself forced to pay compensation for breach of privilege. This balance was supported by a law of 1872, after the National Bank may issue notes up to a maximum of 200 million guilders and each additional payment must be fully backed by gold or silver.

1873 the economic boom of the Habsburg monarchy was represented in a long-lasting rise in the share price. A now to be expecting break could by the behavior of the Vienna Stock not be intercepted, so it came to the "Great Crash of 1873". The in 1872 fixed restrictions of the circulation of notes for a short time have been suspended. Contrary to expectations, the money supply in crisis peak but only outgrew by nearly 1% the prescribed limit in the bank acts. The banks and the industrial and commercial companies survived the crash without major losses, although the share prices significantly lay below the initial level.

The years with high growth were followed by a period of stagnation.

1878-1922

As part of the compensation negotiations between Austria and Hungary in 1867, the National Bank was able to exercise fully their Privilegialrechte, the Kingdom of Hungary but now had the certified right, every ten years exercisable, to found an own central bank (bank note). As resulted from the first 10 -year period that furthermore none of the two parts of the monarchy wanted to build an independent money-issuing bank (Zettelbank), was built on 28 June 1878, initially to 31 December 1887 limited, an Austro-Hungarian Bank, and equipped with the Fed privilege. The first privilege of the new bank was a compromise in which on the one hand, regulations on liability for national debts as well as regulations limiting the influence of the government on banking businesses were included. 1878 Gustav Leonhardt was Secretary of the Bank.

The General Assembly and the General Council formed the unit of the bank management. Two directorates and major institutions - in Vienna and Budapest - represented the dual nature of the bank. 1892-1900 followed a long discussion finally the currency conversion from guilders (silver currency) to the crown (gold standard) with "Gold Crown" said coins.

Since the new banknotes were very popular in the public, now many gold coins piled up in the vaults of the Austro-Hungarian Bank. This period was characterized by a balanced combination of price growth and damping, the "per capita national product" grew while prices remained mostly stable. Against this background, it was easy for the Fed to encourage a new wave of industrialization.

With a third privilege in 1899 conditions were established under which the bank could be put into the financial services of the two countries, on the other hand there have been important innovations that paved a good exchange policy. By 1914, the exchange ratio of the Austro-Hungarian currency was unchanged with only minor fluctuations. In contrast, was the by conflicts marked political development.

The expansive foreign policy quickly led to high costs from which had to be shouldered by the central bank a significant part. The stability of the currency was in danger. Shortly after the beginning of World War I in 1914, laid down the Military Command to indemnify any seized property with double the price. There was an increasing scarcity of goods, connected with an ongoing expansion of the money supply and finally the increase in the price level on the 16-fold.

The resulting cost of the war of the Dual Monarchy were covered to 40% on central bank loans and 60% through war bonds. Over the duration of the war, the power force built up in recent decades has been frozen at the end of the conflict in 1918, the real income of the workers had fallen to one-fifth of the last year of peace.

With the end of the war the end for the old order had come, too. The decay of Cisleithania and Transleithania caused in several successor states, despite the efforts of the central bank to maintain the order, a currency separation (see Crown Currency in the decay of the monarchy, successor states). First, a separate "Austrian management" of the bank was introduced. It was encouraged to shoulder the shortcomings of the state budget of the Republic of Austria founded in 1918.

The new South Slav state began in January 1919 stamping its crown banknotes. The newly founded Czechoslovak Republic retained the crown currency (to date), but their printed banknotes in circulation as of February 1919 with indications that now these ar Czechoslovak crowns. (The country could an inflation as experienced by Austria avoide.) In March 1919, German Austria began to stamp its crown banknotes.

The Treaty of Saint-Germain-en-Laye of 10 September 1919, by Austria on 25 October 1919 ratified and which on 16 July 1920 came into force, determined the cancellation and replacement of all crown banknotes of all successor states of Austria-Hungary as well as the complete liquidation of the Austro-Hungarian Bank under the supervision of the war winners. The last meetings of the Bank took place mid 1921 and at the end of 1922.

After a period of overvaluation of the crown the dollar rate rose from 1919 again. 1921, had to be paid over 5,000 Austrian crowns per dollar. In addition to the significant drop in the external value existed in Austria rising inflation. End of 1922 was ultimately a rehabilitation program with foreign assistance - the "Geneva Protocol" - passed which slowed down the inflation.

1922-1938

With Federal Law of 24 July 1922 the Minister of Finance was commissioned to build a central bank, which had to take over the entire note circulation plus current liabilities of the Austrian management of the Austro-Hungarian Bank. With Federal Law of 14 November 1922, certain provisions of the law were amended and promulgated the statutes of the Austrian National Bank. By order of the Federal Government Seipel I 29 December 1922, the Board of the Austrian Austro-Hungarian Bank issued authorization for the central bank union activity with 1 January 1923 have been declared extinct and was made ​​known the commencement of operations of the Oesterreichische Nationalbank this day.

The statutes of the Austrian National Bank (OeNB) secured the independence from the state, the independence of the Bank under exclusion of external influences and the corresponding equity. First, the stabilization of the Austrian currency was at the forefront. With the Schilling Act of 20 December 1924 was the schilling currency (First Republic) with 1 Introduced in March 1925, it replaced the crown currency. For 10,000 crowns now you got a shilling.

As an important personality in terms of the order of the state budget, Dr. Victor Kienböck has to be mentioned. He was in the time from 1922 to 1924 and from 1926 to 1929 finance minister of the First Republic and from 1932 to 1938 President of the Austrian National Bank. Through his work remained the Austrian Schilling, also beyound the global economy crisis, stable. Under this condition, the Fed was able to cope with the large number of bank failures of the past.

1938-1945

According to the on 13th March issued Anschlussgesetz (annexation law) , the Reichsmark with order of the Fuehrer and Chancellor of 17 was March 1938 introduced in the country Austria and determines the course: A Reichsmark is equal to one shilling fifty pence. On the same day, the Chancellor ordered that the management of the to be liquidated National Bank was transferred to the Reichsbank.

With regulation of three ministers of the German Reich of 23 April 1938, the National Bank was established as a property of the Reichsbank and its banknotes the quality as legal tender by 25 April 1938 withdrawn; public funds had Schilling banknotes until 15th of may in 1938 to accept. All the gold and foreign exchange reserves were transferred to Berlin.

The Second World War weakened the Austrian economy to a great extent, the production force after the war corresponded to only 40% of that of 1937 (see also air raids on Austria). To finance the war, the Reichsbank brought to a high degree banknotes in circulation, which only a great victory of the kingdom (Reich) actual values ​​would have been opposable. Since prices were strictly regulated, inflation virtually could be "banned" during the war.

1945-1998

In occupied postwar Austria about 10 billion shillings by Allied military occupying powers were initially printed, which contributed to significant price increases.

With the re-establishment of the Republic of Austria by the Austrian declaration of independence of 27 April 1945, it came to the resumption of activities of the Oesterreichische Nationalbank. By the "Fed Transition Act" of July 1945 preliminary legal regulations for the operations of the Bank have been established. The restoration of the Austrian currency was their first big job. The goal was the summary of all currencies, which at the time were in circulation, and their secondment to a new Austrian currency. The "Schilling Act" of November 1945, the basis for the re-introduction of the Schilling (Second Republic) as legal tender in Austria. The next step was to reduce excess liquidity to make necessary funds for new business investment available and to make the external value of the shilling for the development of the economy competitive. First, however, less changed the inflationary situation and also the shilling was still significantly undervalued in relation to other currencies.

The "Currency Protection Act" of 1947 brought a significant change in the monetary overhang. Some deposits have been deleted without replacement, others converted into claims against the Federal Treasury. The following exchange operations also significantly reduced the amount of cash: banknotes from 1945 were canceled and exchanged for new schilling notes in the ratio 1:3. Only 150 shillings per person could go 1-1.

To control inflation, the social partners came to the foreground. The associations of employers and employees set in 1947 prices for supplies, wages were also raised. This was the first of the five "wage-price agreements" of the social partners. In 1952, inflation was held back by limiting the use of monetary policy instruments by the National Bank. Also, the external sector slowly relaxed after the end of the Korean War.

In 1955, the Austrian National Bank was re-established by the new National Bank Act as a corporation and the by the National Bank Transition of Authorities Act (Nationalbank-Überleitungsgesetz) established provisional arragement abolished. The National Bank Act stipulated that each half of the capital should be situated at the federal government and private shareholders. In addition to the independence of bank loans of the state, the new National Bank Act also contained an order that the central bank must watch within their monetary and credit policies on the economic policies of the federal government. From now on also included within the instruments of the National Bank were the areas open market and minimum reserve policy.

The Austrian economy increasingly stabilized, through good fiscal and monetary policy a high growth could be attained, with low inflation and long-term maintenance of external equilibrium.

1960, Austria joined the European Free Trade Association and participated in the European integration.

In the sixties came the international monetary system based on gold-dollar convertibility into currency fluctuations and political reforms were necessary. First, the loosening of exchange rate adjustments between several states was an option. However, U.S. balance of payments problems brought with it restrictions on capital movements, and then the Euro-Dollar market was born. In 1971, the convertibility of the U.S. dollar was lifted.

1975 interrupted a recession increasing growth time. International unbalanced ayments caused very extensive foreign exchange movements, whereby the intervention force of Austrian monetary policy has been strongly challenged. Their task now was to control the effect of foreign exchange on domestic economic activities to stabilize the shilling in the context of constantly shifting exchange rates and to control the price rise appropriately. Since the inflow of foreign funds reached to high proportions, so that the economic stability has been compromised, the policy went the way of the independent course design in a pool of selected European currencies.

The collapse of the economy forced the policy makers to a new course with active mutual credit control, subdued wage growth, financial impulses in supply and demand, and interest rates are kept low. This system of regulation, however, kept back the need for structural change, so it had to be given up in 1979. In the same year a fire destroyed large parts of the main building of the Austrian National Bank in Vienna. The repairs lasted until 1985.

Target in the eighties was to strengthen the economic performance using a competitive power comparison. The findings from the seventies stimulated the Austrian monetary policy to align the Schilling course at the Deutsche Mark to ensure price stability in the country. In addition, the structural change was initiated by inclusion in a large area. Stable, if not necessarily comfortable environment of monetary policy was a prerequisite, to secure the companies long-term productivity gains and thus safeguard their position in the economy.

Initially, this development stood a high level of unemployment in the way. Growth until the second half of the decade increased, at the same time increased the competitiveness and current accounts could be kept in balance.

In the nineties, the annexation of Austria took place in the European Community. 1995 Austria became a member of the European Union (EU) and joined the exchange rate mechanism of the European Monetary System. In 1998, the Central Banks (ESCB) have established the independence of institutions or bodies of the European Community and the governments of the EU Member States through an amendment to the National Bank Act of the Austrian National Bank to implement the goals and tasks of the European System. Thus, the legal basis for the participation of Austria in the third stage of Economic and Monetary Union (EMU) was created in 1999.

As of 1999

The Austrian National Bank, and other national central banks including the European Central Bank ( ECB), belongs to the European System of Central Banks.

On 1 January 1999 was introduced in the third stage of Economic and Monetary Union in Austria and ten other EU Member States, the euro as a common currency. The European Central Bank is henceforth responsible for monetary and currency policy, decisions in this regard will be taken in accordance with the Council of the European Central Bank.

Since May 2010, the OeNB is in full possession of the Republic of Austria, after originally lobbies, banks and insurance companies were involved with 50 % of the share capital in it. In 2011, the National Bank Act was adapted by an amendment (Federal Law Gazette I No. 50 /2011) in this circumstance, a renewed privatization is thus excluded by law.

The OeNB as a modern central bank

With the withdrawal from the retail business in the sixties as well as the first major internationalization and implementation of a strategic management in the seventies, the OeNB went on the way to a future-oriented central bank. Another major reform of banking began at the end of the eighties.

In terms of global development, the OeNB established in 1988 as a service company and expanded its guiding values ​​- "security, stability and trust" - to the principles of " fficiency" and "cost-consciousness". The business center was optimized and strategic business experienced through targeted improvements a reinforcement. Be mentioned as examples are intensifying domestic cooperation in the area of ​​payments by encouraging the creation of the Society for the Study co-payments (STUZZA), the liberalization of capital movements, the professional management of foreign exchange reserves, the improvement of the supply of money through the construction of the money center and the internationalization of business activities through the establishment of representative offices in Brussels (European Union), Paris (OECD) and the financial center of New York.

After Austria's accession to the EU in 1995, the OeNB participated in the European Monetary System (EMS ) and its Exchange Rate Mechanism. The integration in the third stage of Economic and Monetary Union (EMU) was the next step towards further development of policy stability. Since the conclusion of the Maastricht Treaty, the Austrian National Bank has very fully considered its role in the ESCB and created a basis for inclusion in the community. The profound economic and monetary policy of Austria was also a reference that qualified the OeNB to actively participate in the monetary future of Europe, a greater harmonization of the statistical framework and monetary policy instruments with a view to the euro system, the preparation of the issue of European banknotes, and the establishment of operational processes and organizational integration of business processes within the ESCB being specific objectives of the OeNB.

In the following, it came, inter alia, to the establishement of an economic study department, of an education or training initiative and to strengthen the position of payment transactions through the TARGET system.

A in 1996 created "OeNB master plan" provided important points for the upcoming transition to the euro.

In May 1998, a new pension system came into force, by which new employees were incorporated into a two-pillar model.

1999, Austria's participation in the third stage of EMU was manifest. The Austrian National Bank - as part of the ESCB - became the owner of the European Central Bank and received new powers in this context in the sense of participation in the monetary policy decision-making at the level of the European Community. With the introduction of the euro, monetary policy functions of the General Council have been transferred to the Governing Council. However, the implementation remains the responsibility of national central banks.

Activities of the Oesterreichische Nationalbank were or are, for example, the further professionalization of asset management, the expansion of the network of representative offices by opening a representative office in the financial center of London, preparation of the smooth introduction of euro cash in 2002 and the participation of the OeNB on the creation of the "A-SIT" (Center for secure Information Technology Center - Austria) and the "A-Trust" (society of electronic security systems in traffic GmbH ) in order to promote security in information technology.

de.wikipedia.org/wiki/Oesterreichische_Nationalbank

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Please to enjoy: "Happy Feet": A whole article about keeping your feet healthy at every stage of your life. What-evs. "Yoga for Your Jiggly Bits": The title alone makes me smile. Very nice yoga moves that just about anyone can benefit from. "Your Best Gyno Visit Ever": I like Dr. Wu but my visits with her don't have to be the best. (Actually a good heaping of advice for the Gyno phobes that exist out there. Good on you Health magazine editors!) Overall Grade: A solid B. Love the cover model shopping_yahoo_the-5-outfits-guys-secretly-hope-youll-wear www.imdb.com/name/nm2835841/#Self good advice throughout . Could have done without the lame "car" story or the "bouncing back fast" feature which is a little rote by now, no? Posted at 06:35 AM in Celebrity, Diet, Fitness, Health | Permalink | Comments (0) Technorati Tags: Bethenny Frankel, Health magazine, Mariska Hargitay, Michelle Obama Reblog (0) Favorite Digg This Save to del.icio.us Tweet Share bit.ly/9zuWlb on Twitter The URL bit.ly/9zuWlb has been shared 0 times.View these Tweets. Like " "04/29/2010 What Did We Learn This Month Dick Smothers? American Fitness magazine May/June 2010 American Fitness magazine; May/June 2010 The official magazine for members of the American Fitness Association of America {A.F.A.A.} (That's right Bitches! I am certified to teach!) Cover Model: They don't need underfed starlets or any Hollywood beefcake at American Fitness. Not when you can get Dick Mother-Fuckin' Smothers as the exclusive! Look out, we are gonna party like it's 1969! What Does Dick Eat or Do to Stay a Silver-Haired Fox? Dick Smothers shopping_yahoo_the-5-outfits-guys-secretly-hope-youll-wear www.imdb.com/name/nm2835841/#Self his brother Tommy were a comedy duo popular with the counterculture movement in the 1960s shopping_yahoo_the-5-outfits-guys-secretly-hope-youll-wear www.imdb.com/name/nm2835841/#Self therefore were probably dirty hippies in my gr shopping_yahoo_the-5-outfits-guys-secretly-hope-youll-wear www.imdb.com/name/nm2835841/#Self father's eyes. Dick is now 72 shopping_yahoo_the-5-outfits-guys-secretly-hope-youll-wear www.imdb.com/name/nm2835841/#Self is looking hot shopping_yahoo_the-5-outfits-guys-secretly-hope-youll-wear www.imdb.com/name/nm2835841/#Self sexy because he spins (!), does resistance training shopping_yahoo_the-5-outfits-guys-secretly-hope-youll-wear www.imdb.com/name/nm2835841/#Self is a personal fitness trainer to boot. (Get his ass on Dancing With the Stars, stat!) Unappealing Real Cover Line: "Teaching Clients: There is Always Time to Exercise." ("People Get Thirsty Sometimes: Show Them Where the Water Fountain Is") Yes the sentence is technically true but you can't make it sound just a little snazzier? It's a cover line for fuck's sakes! Good Advice Given a Shitty Spot: Vitamin D is one of the few supplements we really SHOULD add to our regimen every day. In fact most of us should get at least 2,000 IU per day when the current U.S. guideline is 400 IU. This should not be hidden on the back page American Fitness layout people! (I will get to you in a minute.) Big "Stretch" Story: Stretching good. Not stretching--probably bad. They have a side-bar on different kinds of stretching for different activities but when I tell you how fugly shopping_yahoo_the-5-outfits-guys-secretly-hope-youll-wear www.imdb.com/name/nm2835841/#Self jive the layouts are in this magazine--PU! I will show you. Look at this ugly nonsense, can you even read it? What is this fuckery? Is anyone even looking at it before it goes to print? Sheesh! 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(68 calories per hour if you have a frisky pooch who needs a stroll around the block.) Overall Grade: B- Some good solid information throughout but seriously, get a real designer to put it together. {Apologies to the person who has the job now. I'm an asshole.} Posted at 05:52 AM in Celebrity, Diet, Fitness, Health, Science | Permalink | Comments (1) Technorati Tags: AFAA, American Fitness magazine, Tommy Smothers, Trek Desk Reblog (0) Favorite Digg This Save to del.icio.us Tweet Share bit.ly/bv3ylR on Twitter The URL bit.ly/bv3ylR has been shared 0 times.View these Tweets. 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Like " "04/26/2010 What Did We Learn This Week: US Weekly April 26, 2010 US Weekly magazine; April 26, 2010 Cover Story: Justin is cheating on Jessica with Cameron. (Yeah, I need to know about this. Yawn.) Big Diet Story: Ruby Gettinger (star of Style Network's Ruby) talks about her diet "journey" going from 700 pounds to just over 300. This article discusses the fact she has virtually no memory of her life before the age of 13. (I will write my own "Ruby" rant one day but for those of us who watch her show--this is playing things out way too long. You see she doesn't remember shopping_yahoo_the-5-outfits-guys-secretly-hope-youll-wear www.imdb.com/name/nm2835841/#Self she can't recall. For over two seasons now. Hire a private eye already!) DWTS Hot Body Secrets: Basically nice photos of the Dancing with the Stars cast shopping_yahoo_the-5-outfits-guys-secretly-hope-youll-wear www.imdb.com/name/nm2835841/#Self how hot their bodies are now. I admit it makes me want to learn the fox trot! Hedi Montag Story: Something about her big boobs in Vegas. "Jersey Shore Glam?"Snooki, J-Wow Rihanna Sam Botta

It's January and not Thanksgiving, but apparently that's more of a guideline than a rule.

Tea room in Jachthuis Sint Hubertus. The building is a design of architect H.P. Berlage from 1915 – 1920. The legend of Saint Hubertus served as a guideline for the design. It was built for Anton Kröller (who liked to hunt) and Helene Kröller – Müller (who was interested in the mystical aspect of the Hubertus legend). This legend tells the story of the conversion of Hubertus who in his youth had been a keen hunter. He repented, especially following a vision of a Red Deer with a luminous cross between its antlers and a voice that told him to better his life if he wanted to avoid hell. After having taken on the cross from the deer’s antlers - figuratively speaking - Hubertus retired to a monastery. Hubertus finally died in 727 as the bishop of Liege and Maastricht, and the Catholic Church later named him patron saint of the hunters. Architect Berlage and the artists who worked with him have expressed the legend in the Jachthuis using a lot of symbolic, which was quite normal for art styles of around 1900.

 

As the plan shows, the building is shaped like antlers. The tower with the cross incorporated in the masonry symbolizes the luminous cross between the antlers. Berlage was an architect who designed in the style of the New Objectivity. This style allowed artists to show the individual beauty of constructive elements. As Berlage designed most of the interior as well as many implements, the whole thing was perfectly geared to each other. This is enhanced by the repeated use of certain materials and shapes. In his time, Berlage was a modern architect. The building is full of technical tours de force, such as central heating, a central clock system, a central vacuum system, an electric lift and Pullmann sliding windows.

Focus on Eldercare's response to COVID-19

 

At the purpose when the noxious impacts of COVID-19 showed first in Wuhan, the entire city and therefore the entire of Hubei Province ground to a halt. The lockdown of Wuhan brought remarkable torment and threatening difficulties for several individual occupants therein first focus. Presently, COVID-19 represents those equivalent difficulties for individuals and social welfare frameworks all-inclusive. Especially, it tests our aggregate endeavors to believe one another, particularly the foremost defenseless among us.

 

As a populace, individuals quite 70 will generally have more fragile insusceptible frameworks and progressively fundamental conditions that obstruct their capacity to battle the infection. They're likewise sure to dwell on bunch day to day environments, nearby people. Floods of COVID-19 passings in nursing homes — first within the Seattle territory, at that time on the brink of Sacramento and now during the country — have underscored this inauspicious reality. Up until now, Californians quite 65 have made up, at any rate, a fourth of the state's affirmed instances of COVID-19.

 

Be that because it may, guidelines, especially for helping living offices, are unsafely failing to satisfy the expectations in protecting California's older folks from this infection. Luck, Gov. Gavin Newsom's plan on Aging activity, as of now ongoing, presents an opportunity to forcefully address this peril and find how to secure an enormous number of more seasoned Americans.

 

Helped living focuses are an aid to the Eldercare business and therefore the enormous corporate proprietors that currently command the market. Simultaneously, in any case, an absence of guideline and oversight of staffing levels and capabilities — particularly prerequisites for on-location doctors and much prepared clinical experts — has left the business defenseless against misuse and unfortunate results. One glaring issue that has got to be tended to: helped living focuses are directed by the state Department of Social Services rather than the Department of Public Health.

 

In any case, it helped to measure maybe a piece of social welfare and clinical consideration conveyance framework, not only a direction for living. Propelled a year ago, Newsom's plan on Aging has framed a warning advisory group, is holding open gatherings and within the fall is planned to offer a 10-year plan which will address issues from lodging and vagrancy to crisis readiness to manhandle and disrespect. The venture has made a "Value Committee" to urge a contribution from a progressively differing gathering of residents and associations, including agents of the crippled network, Native Americans and other ethnic minorities.

 

Considering the spreading coronavirus general wellbeing emerging, it's basic that the representative's plan on Aging takes on an expansive and genuine open arrangement job. We weren't bothered with elevated level clichés for tending to the wants of the old. We'd like solid arrangements, solid guidelines with implementation teeth and a guarantee to continued oversight.

 

The Age of COVID-19

 

Older people who get themselves out of the blue alone without authority over their conditions are at specific hazards for an assortment of serious, even hazardous, physical and psychological well-being conditions, including a subjective decrease. Limitations on the opportunity of development ought to be proportionate and not founded solely on age.

 

COVID-19, as different irresistible melodies, represents a higher hazard to populaces that live in nearness. This hazard is especially intense in nursing or matured consideration offices, where the infection can spread quickly and has just brought about numerous passings. About 1.5 million older people individuals live in the nursing homes in the US, barring helped living offices and different settings making nearness.

 

Twenty-three individuals kicked the bucket in a flare-up at an office in Washington State in February and March, and the US Centers for Disease Control detailed 400 additional cases in offices as of April 1. On March 31, wellbeing experts in the Grand East district of France detailed 570 passings of older people in nursing homes.

 

Older people often end up in nursing homes due to governments' inability to offer adequate social types of assistance for individuals to live freely in the network, approaches that have put millions at included danger of getting the infection as a result of their organization. Governments ought to guarantee the progression of network-based administrations with the goal that individuals don't wind up in organizations without different alternatives.

 

Expound now on the roles played via care laborers in continuing the lives of the old during that emergency, and who, however dreadful themselves, by and by remain day in and outing inside the bounds of their wards to offer fundamental consideration.

 

Care supervisor Chang, the woman in charge of the consideration laborers among whom I led my hands-on work, coordinated the change of her ward into a self-sufficient fixed of a unit of care. The passage to her floor is carefully monitored; just fundamental conveyances are permitted, for instance, nourishment and clothing. Since nobody can enter or leave the structure, the flask for the older was transformed into a dozing region for care laborers. Despite the very fact that a lot of consideration laborers have their circle of relatives to require care of, they put that piece of their life under the control of others. Care specialist Lin, whose spouse died at the start of the pandemic, did not have the chance to completely grieve his passing due to incessant understaffing at Sunlight. She came back to figure following the burial service, despite realizing that she not, at now expected to figure at Sunlight to hide her significant other's clinical costs. Lin's arrival says much regarding her promise to her calling, to her colleagues, and to the old she had come to understand so well. My examination with care laborers recommends that it's an enthusiastic association and an awareness of other's expectations that propels them to remain the end of the day in care work. This is often borne out immediately.

 

Carefully add China is often seen as being grimy and unfortunate, thanks to an excellent extension to its nearby hook up with the realistic consideration required by slight, skilled bodies. Chinese consideration laborers are for the foremost part provincial to urban transients or urban specialists laid far away from previous state-claimed processing plants. In any case, direct consideration is intricate. In any case, its unpredictability goes unrecognized, or maybe disregarded by institutional powers that organize benefits and generalize the old as bodies to chip away at, to the disregard of their social-passionate necessities. As is valid with Sunlight, things which might typically undermine the keenness of care laborers, for instance, the absence of institutional acknowledgment for his or her enthusiastic work, are required to be postponed. Care specialists are currently centered around a shared objective: ensuring the gift assistance of the older. COVID-19 propels care laborers to consider what kind of care is required and the way to offer that care. It fills in as a channel through which the elemental beliefs of care are observed. Care is about common human weakness and our intrinsic association. Care laborers at Sunlight, in their aggregate every minute of everyday endeavors to secure the older, typify this ethic through their consideration. May the respectful regard, they hold of the older in their consideration redound on them and everyone consideration laborers overall who are fighting this pandemic on the bleeding edge!

 

Like the consideration laborers at Sunlight, the laborers in numerous nations are regarded human life so that we cannot be embarrassed to return clean with the leading edge about ourselves. Salute the spearheading staff who salutes our purposeful endeavors to handle the pandemic in numerous settings around the globe, within the daylight, yet additionally to ensure that veterans are appropriately treated, took care of and washed.

 

We all hope and pray that the coronavirus will soon be controlled and subdued. And that when the crisis is behind us, that we continue the important work of protecting the elderly and other vulnerable segments of our citizenry.

 

DONATE paypal.me/pools/c/8obn2hcLVG

 

How Can I Contribute in Times of COVID-19?

 

Write your testimony about the concequences from the time of Corona virus (COVID-19). Here is a great knowledge base about the effects of the Corona virus. Thank you for your story! article-directory.org/article/717/40/Emergency-Situations...

Some background:

The VF-1 was developed by Stonewell/Bellcom/Shinnakasu for the U.N. Spacy by using alien Overtechnology obtained from the SDF-1 Macross alien spaceship. It was preceded into production by an aerodynamic proving version of its airframe, the VF-X. Unlike all later VF vehicles, the VF-X was strictly a jet aircraft, built to demonstrate that a jet fighter with the features necessary to convert to Battroid mode was aerodynamically feasible.

 

After the VF-X's testing was finished, an advanced concept atmospheric-only prototype, the VF-0 Phoenix, was flight-tested from 2005 to 2007 and briefly served as an active-duty fighter from 2007 to the VF-1's rollout in late 2008, while the bugs were being worked out of the full-up VF-1 prototype (VF-X-1).

 

The space-capable VF-1's combat debut was on February 7, 2009, during the Battle of South Ataria Island - the first battle of Space War I, and was the mainstay fighter of the U.N. Spacy for the entire conflict. Introduced in 2008, the VF-1 would be out of frontline service just five years later.

 

The VF-1 proved to be an extremely capable craft, successfully combating a variety of Zentraedi mecha even in most sorties, which saw UN Spacy forces significantly outnumbered. The versatility of the Valkyrie design enabled the variable fighter to act as both large-scale infantry and as air/space superiority fighter. The signature skills of U.N. Spacy ace pilot Maximilian Jenius exemplified the effectiveness of the variable systems as he near-constantly transformed the Valkyrie in battle to seize advantages of each mode as combat conditions changed from moment to moment.

The basic VF-1 was deployed in four minor variants (designated A, D, J, and S) with constant updates and several sub-variants during its long and successful career. Its success was increased by the GBP-1S "Armored" Valkyrie and FAST Pack "Super" Valkyrie weapon systems, the latter enabling the fighter to operate in space.

After the end of Space War I, the VF-1A continued to be manufactured both in the Sol system (notably on the Lunar facility Apollo Base) and throughout the UNG space colonies. Although the VF-1 would eventually be replaced as the primary VF of the UN Spacy by the more capable, but also much bigger, VF-4 Lightning III in 2020, a long service record and continued production after the war proved the lasting worth of the design.

 

One notable operator of the VF-1 was the U.N. Spacy's Zentraedi Fleet, namely SVF-789, which was founded in 2012 as a cultural integration and training squadron with two flights of VF-1 at Tefé in Brazil. This mixed all-Zentraedi/Meltraedi unit was the first in the UN Spacy’s Zentraedi Fleet to be completely equipped with the 1st generation Valkyrie (other units, like SVF-122, which was made up exclusively from Zentraedi loyalists, kept a mixed lot of vehicles).

 

SVF-789’s flight leaders and some of its instructors were all former Quadrono Battalion aces (under the command of the famous Milia Fallyna, later married with aforementioned Maximilian Jenius), e. g. the Meltraedi pilot Taqisha T’saqeel. Almost all future Zentraedi and Meltradi pilots for the U.N. Spacy received their training at Tefé, and the squadron was soon expanded to a total of five flights. During this early phase of the squadron's long career the VF-1s carried a characteristic dark-green wrap-around scheme, frequently decorated with colorful trim, reflecting the unit’s Zentraedi/Meltraedi heritage (the squadron’s motto and title “Dar es Carrack” meant “Victory is everywhere”) and boldly representing the individual flights.

 

In late 2013 the unit embarked upon Breetai Kridanik’s Nupetiet-Vergnitzs-Class Fleet Command Battleship, and the machines received a standard all-grey livery, even though some typical decoration (e. g. the squadron code in Zentraedi symbols) remained.

 

When the UN Spacy eventually mothballed the majority of its legacy Zentraedi ships, the unit was re-assigned to the Tokugawa-class Super Dimensional Carrier UES Xerxes. In 2022, SVF-789 left the Sol System as part of the Pioneer Mission. By this time it had been made part of the Expeditionary Marine Corps and re-equipped with VAF-6 Alphas.

 

The VF-1 was without doubt the most recognizable variable fighter of Space War I and was seen as a vibrant symbol of the U.N. Spacy even into the first year of the New Era 0001 in 2013. At the end of 2015 the final rollout of the VF-1 was celebrated at a special ceremony, commemorating this most famous of variable fighters.

 

The VF-1 Valkryie was built from 2006 to 2013 with a total production of 5,459 VF-1 variable fighters with several variants (VF-1A = 5,093, VF-1D = 85, VF-1J = 49, VF-1S = 30, VF-1G = 12, VE-1 = 122, VT-1 = 68)

However, the fighter remained active in many second line units and continued to show its worthiness years later, e. g. through Milia Jenius who would use her old VF-1 fighter in defense of the colonization fleet - 35 years after the type's service introduction!

 

General characteristics:

Equipment Type: all-environment variable fighter and tactical combat battroid

Government: U.N. Spacy, U.N. Navy, U.N. Space Air Force

 

Accommodation: pilot only in Marty & Beck Mk-7 zero/zero ejection seat

Dimensions:

Fighter Mode:

Length 14.23 meters

Wingspan 14.78 meters (fully extended)

Height 3.84 meters

Battroid Mode:

Height 12.68 meters

Width 7.3 meters

Length 4.0 meters

Empty weight: 13.25 metric tons;

Standard T-O mass: 18.5 metric tons;

MTOW: 37.0 metric tons

 

Powerplant:

2x Shinnakasu Heavy Industry/P&W/Roice FF-2001 thermonuclear reaction turbine engines, output 650 MW each, rated at 11,500 kg in standard or in overboost (225.63 kN x 2)

4 x Shinnakasu Heavy Industry NBS-1 high-thrust vernier thrusters (1 x counter reverse vernier thruster nozzle mounted on the side of each leg nacelle/air intake, 1 x wing thruster roll control system on each wingtip);

18 x P&W LHP04 low-thrust vernier thrusters beneath multipurpose hook/handles

Performance:

Battroid Mode: maximum walking speed 160 km/h

Fighter Mode: at 10,000 m Mach 2.71; at 30,000+ m Mach 3.87

g limit: in space +7

Thrust-to-weight ratio: empty 3.47; standard T-O 2.49; maximum T-O 1.24

 

Design features:

3-mode variable transformation; variable geometry wing; vertical take-off and landing; control-configurable vehicle; single-axis thrust vectoring; three "magic hand" manipulators for maintenance use; retractable canopy shield for Battroid mode and atmospheric reentry; option of GBP-1S system, atmospheric-escape booster, or FAST Pack system

Transformation:

Standard time from Fighter to Battroid (automated): under 5 sec.

Minimum time from Fighter to Battroid (manual): 0.9 sec.

Armament:

1 x internal Mauler RÖV-20 anti-aircraft laser cannon, firing 6,000 pulses per minute

1 x Howard GU-11 55 mm three-barrel Gatling gun pod with 200 rds fired at 1,200 rds/min

4 x underwing hard points for a wide variety of ordnance, including

- 12x AMM-1 hybrid guided multipurpose missiles (3/point), or

- 12x MK-82 LDGB conventional bombs (3/point), or

- 6x RMS-1 large anti-ship reaction missiles (2/outboard point, 1/inboard point), or

- 4x UUM-7 micro-missile pods (1/point), each carrying 15x Bifors HMM-01 micro-missiles,

or a combination of above load-outs

Optional Armament:

Shinnakasu Heavy Industry GBP-1S ground-combat protector weapon system, or

Shinnakasu Heavy Industry FAST Pack augmentative space weapon system

  

The kit and its assembly:

Another vintage 1:100 ARII VF-1, but part of a model series around the canonical SVF-789 squadron. This one was inspired by a profile of such a machine in the “Macross Variable Fighter Master File: VF-1 Valkyrie Part 1” Art Book – true robot porn and full of valuable detail and background material for anyone who’d consider building a VF-1.

 

The SVF-789 machine shown in the book is a simple VF-1A, but with Zentraedi language markings and in a rather unusual livery in all dark green, yellow and black trim and grey low-viz roundels. While this does IMHO not really look sexy, I found the idea of a squadron, manned by former (alien) enemies very interesting. And so I took up the idea and started fleshing it out – including the idea of SVF-789’s initial base deep in the Amazonian jungle (justifying somehow the all-green livery!?).

 

The small VF-1A kit was built OOB, with the landing gear tucked up and the usual additions of some blade antennae, a pilot figure and a custom display stand in/under the ventral cannon pod. Even the ordnance of a dozen AMM-1 missiles on the four underwing pylons is OOB. Nothing fancy.

  

Painting and markings:

I used the profile from the book as a guideline, but did not want to copy it – also because of technical problems I just took the overall style and created something that would just be a machine from another flight.

 

The overall concept of an all-green livery with a white nose tip was kept, together with the yellow trim on wings, fins and the stabilizer fins on the Valkyrie’s legs. Zentraedi vehicles tend to be rather colorful, so the tones I chose for painting were rather bright. For instance, the initial idea for the green was FS 34079, a tone which also comes close to the printed profile in the book. But it looked IMHO too militaristic, or too little anime-esque, so I eventually settled for something brighter and used Humbrol 195 (Dark Satin Green, actually RAL 6020, Chromoxyd Grün, a color used on German railway wagons during and after WWII), later shaded with black ink for the engravings and Humbrol 76 (Uniform Green) for highlights.

The nose became pure white, the leading edge trim was painted with Revell 310 (Lufthansa Gelb, RAL 1028), a deep and rich tone that stands out well from the murky green.

 

Anyway, I found the original black trim on the green basis to be a bit dull, lacking contrast to the murky green. So I replaced it with a Zentraedi-esque pale blue (RLM 65/FS35414) and added more of this color e. g. to the fin tips, the VF-1’s head, the shoulder covers and as stripes along the legs, the cockpit flanks and a chevron on the breastplate. Instead of masking and painting these trim lines by hand, I used blank decal sheet and painted the thinned enamel onto it, so that the stripes are actually self-made, cut-out decals. Experimental, yes, but it works.

 

The cockpit interior was, according to Macross references, painted in Dark Gull Grey. The seat received brown cushions and the pilot figure was turned into a micronized Zentraedi with a colorful jumpsuit in violet and white, a white and red helmet – and bright green skin! As another weirdo idea, the gun pod became dark blue (in fact new Humbrol 112, Field Blue), and the AAM-1 missiles received a pale grey basis instead of harsh white.

 

In order to add some more color contrast the U.N. Spacy roundels were applied in standard full color versions, the squadron emblem/symbol on the fin was painted with a brush. Since I can not print white letters onto clear decal sheet at home, the aircraft’s tactical code ‘415’ was created with letters from the human alphabet. A simplification and deviation from the original concept, but I found the only alternative of painting tiny and delicate Zentraedi codes by brush and hand just to be too risky.

 

Finally the small kit was sealed with a sheen acrylic varnish – with the many, contrasting colors a pure matt finish somehow did not appear right.

  

Building was simple, but the blue trim took some time to create and apply. This Zentraedi-style VF-1 looks very different, though - if not odd. And there’s more in the creative pipeline from SVF-789 – including another VF-1, this time a flight leader’s mount (with even more bright and exotic colors!) and a large scale character figure, a converted resin garage kit.

Scania K360EB6 Irizar i6

It is real hero of Vietnam - the S-75 Soviet Air Defense guided missile (NATO's code SA-2 Guideline) on the transporter. During Vietnam war 2000+ American combat aircrafts were shot down by this missiles, including 60+ Boeing B-52 Stratofortress American strategic bombers. This missiles played a great role in Americans' retreat from Vietnam. They were most widely used air defence missiles in the World being delivered to 40+ countries. Naturally today it is obsolete being used only for training purposes

 

Настоящий Герой Вьетнама - советская зенитная ракета С-75 на транспортёре. Во время Вьетнамской войны такими ракетами сбито свыше 2000 американских боевых самолётов, включая свыше 60 стратегических бомбардировщиков Б-52. Это - наиболее широко использовавшиеся зенитные ракеты за всю историю. Поставлялись более, чем в 40 стран. Естественно, сегодня - это устаревший образец, используемый только в учебных целях

Strawberry Cheesecake. It was either End of the Rainbow or this name but I like Strawberry Cheesecake more.

 

Hope you guys like it too! Made it using the actions tool in Photoshop.

Oesterreichische Nationalbank

Logo of the Austrian National Bank

Headquarters Vienna, Austria

Central Bank of Austria

Currency€

To ISO 4217 EUR

website

www.oenb.at/

Previous Austro- Hungarian Bank

List of Central Banks

Oesterreichische Nationalbank, at Otto-Wagner -Platz No. 3, Vienna

The Austrian National Bank (OeNB), Austria's central bank as an integral part of the European System of Central Banks (ESCB) and the Eurosystem. It is instrumental in the design of the economic development in Austria and in the euro area. Legally, the OeNB is a public limited company.. However, it is also subject to further enshrined in the National Bank Act regulations resulting from its separate position as a central bank. In the framework of the Eurosystem, the OeNB contributes to a stability-oriented monetary policy. At the national level, it cares about the preservation of financial stability and the money supply and manage foreign exchange reserves to hedge against the euro in times of crisis. The guideline values in terms of the tasks of the Austrian National Bank are "security, stability and trust".

Contents

1 History

1.1 1816 to 1818

1.2 1818 to 1878

1.3 1878 to 1922

1.4 1922 to 1938

1.5 1938 to 1945

1.6 1945 to 1998

1.7 From 1999

2 The OeNB as a modern central bank

3 Legal form and organs

3.1 Legal framework

3.2 organs

3.2.1 General

3.2.2 General

3.2.3 Board of Directors

4 Tasks

4.1 Monetary policy strategies and monetary policy decision-making process

4.1.1 Economic analysis

4.1.2 Production of statistical information

4.1.3 Contribute to international organizations

4.2 Implementation of monetary policy

4.2.1 use of monetary policy instruments

4.2.2 Reserve Management

4.2.3 Money Supply

4.3 Communication of monetary policy

4.4 ensure financial stability

4.4.1 Financial Stability

4.4.2 Payment System Stability and payments

5 The OeNB in the European System of National Banks

6 President / Governors

7 See also

8 Literature

9 links

10 Notes and references

History

1816-1818

As long as 50 years before the founding of the National Bank the Habsburgs carried out first experiments with securities in the form of paper money. Finally, in the 18th Century the issue of banknotes transferred to a state independent institution, while the issue of paper money called "Banco notes," founded in 1705 by the "Vienna City Bank" took place in 1762.

In wartime governance took back control of the money issue, so there was an inflation of Banco-Zettel 1796-1810. The state ordered the forced acceptance of paper money in private transport, which led to a fast-growing discount on bills in the market. 1799 was therefore one for 100 guilders paper money only 92 guilders in silver coins, and at the end of 1810 the value of the paper florin had fallen to 15 % of the nominal value of the Banco-Zettel. Later, the Habsburgs declared a devaluation of the Banco-Zettel in the ratio of 5:1. This act was considered by the business community as a sovereign default, which the paper money experienced a rapid devaluation.

At the end of the Napoleonic wars the Habsburg multinational state ( → Habsburg Monarchy) faced a new challenge: the restoration of a European balance. Church, the nobility, the army and the bureaucracy as elements in the Ancien Régime were not sufficient to solve this problem, a well -founded economic situation was needed. Moreover, one could not ignore readily the laws of supply and demand.

In this regard, were the first June 1816 by Emperor Francis I two patents issued (later to distinguish the "main patent" or "bank patent"), the "privileged Austrian National Bank", conceived as a public company, had to constitute itself as soon a possible, propose the emperor three of its directors for selection of the governor and take up their activity provisionally on 1 July 1816.

The National Bank had henceforth a monopoly on the issuance of paper money, which led to a slowdown in the Austrian monetary system and an increase in the value of paper money. The economy was again a solid source of money keeping constant the value of money regardless of the spending plans of the State. The equity of the Bank justified this by share issues.

Initially comprised the activities of the bank - under temporary management - the redemption of paper money and the issuance of shares. The full effectiveness attained the National Bank until after the issue of 1,000 shares and the associated possibility of shareholders to set the management themselves.

1818-1878

On 15 July 1817 recieved the National Bank as the "first Bankprivilegium" the exclusive right to unrestricted issue of banknotes and in this context a special position in terms of Rediskontgeschäfts (rediscount business). Beginning of 1818 the definitive bank management was ready. Part of it were among leading figures of Viennese society, including the banker Johann Heinrich von Geymüller and Bernard of Eskeles. From 1830 to 1837 the Office of the Governor was held by Adrian Nicholas Baron Barbier.

In the countries of the Habsburg Monarchy, which were characterized in large part by an agricultural oriented activity pattern, some regions showed a lively commercial-industrial growth. The goal now was to create a system of economic exchange between these areas. Successively established the National Bank branch network and thus guaranteed a uniform money and credit supply. From its headquarters in Vienna this network extended over early industrial areas and commercial centers in Eastern and Central Europe to the northern Mediterranean.

Trade bills and coins were preferred assets of the National Bank, less the supply of money to the state. With the exchange transactions, the National Bank supported the economic growth of the monarchy and secured at the same time the supply of silver coins in the event that the need for these increases in exchange for bank notes, contrary to expectations. 1818 was the National Bank, however, by increasing public debt, due to high spending in times of crisis, not spared to make an increase in the government debt positions on the asset side of its balance sheet.

The patent provisions of the founding of the National Bank not sufficiently secured against the autonomy of governance. At the center of the struggle for independence, this was the question of the extent to which the issue of banknotes must be made on the basis of government bonds. In 1841, a renewal of Bankprivilegiums got a weakening of the independence by pushing back the influence of the shareholders in favor of the state administration. During the revolution of 1848/49 followers of constitutional goals received great support from senior figures in the National Bank. For about a hundred years, the Austrian branch of the Rothschild bank (from which from 1855, the "Royal Privileged Austrian Credit-Institute for Commerce and Industry", the later Creditanstalt, was born) was playing a leading role in the banking center of Vienna. Salomon Mayer von Rothschild was involved during the pre-March in all major transactions of the National Bank for the rehabilitation of the state budget.

Special focus the National Bank was putting on the development of the premium that was payable at the exchange of banknotes into silver money in business dealings. The increase, which corresponded to a depreciation of the notes issued by the Bank should be prevented. From an overall state perspective, the increase of the silver premium means a deterioration in terms of the exchange ratio towards foreign countries, influencing the price competitiveness of the Austrian foreign trade adversely. The stabilization of the premium were set some limits. Although the height of the emission activitiy was depending on the Bank, but also the price of silver and the potential effects of increased government debt materially affected the silver premium. Especially the 1848 revolution and conflicts in the following years caused an increasement of the silver premium.

Mid-century, the private banking and wholesale houses were no longer able to cope with the rapidly growing financial intermediation of the Habsburg monarchy. New forms of capital formation were required. From an initiative of the House of Rothschild, the first by the government approved and private joint-stock bank was created. This formation was followed in 1863 and 1864 by two other joint-stock banks, whose major shareholders included important personalities of the aristocracy, who possessed large liquid funds. Overall, grew with these banks the money creation potential of the "financial center of Vienna".

The central bank faced another difficult task: with its limited resources it had to secure sufficient liquidity on the one hand and on the other hand prevent the inflationary expansion of the money supply. Through close contacts with the shareholders of Vienna was a financial center (informal) ballot, especially in times of crisis, easily dealt out. In contrast, it gave differences of opinion in the Fed Board, which required enforcement of decisions.

In 1861, Friedrich Schey Koromla became director of the National Bank. On 27 December 1862 experienced the Bankprivilegium another innovation. The independence of the National Bank of the State was restored and anchored. Furthermore, was introduced the direct allocation of banknotes in circulation by the system of "Peel'schen Bank Act", which states that the fixed budget of 200 million guilders exceeding circulation of banknotes must be covered by silver coins. In 1866, when the German war ended in defeat for Austria, the compliance of the system was no longer met. The state felt itself forced to pay compensation for breach of privilege. This balance was supported by a law of 1872, after the National Bank may issue notes up to a maximum of 200 million guilders and each additional payment must be fully backed by gold or silver.

1873 the economic boom of the Habsburg monarchy was represented in a long-lasting rise in the share price. A now to be expecting break could by the behavior of the Vienna Stock not be intercepted, so it came to the "Great Crash of 1873". The in 1872 fixed restrictions of the circulation of notes for a short time have been suspended. Contrary to expectations, the money supply in crisis peak but only outgrew by nearly 1% the prescribed limit in the bank acts. The banks and the industrial and commercial companies survived the crash without major losses, although the share prices significantly lay below the initial level.

The years with high growth were followed by a period of stagnation.

1878-1922

As part of the compensation negotiations between Austria and Hungary in 1867, the National Bank was able to exercise fully their Privilegialrechte, the Kingdom of Hungary but now had the certified right, every ten years exercisable, to found an own central bank (bank note). As resulted from the first 10 -year period that furthermore none of the two parts of the monarchy wanted to build an independent money-issuing bank (Zettelbank), was built on 28 June 1878, initially to 31 December 1887 limited, an Austro-Hungarian Bank, and equipped with the Fed privilege. The first privilege of the new bank was a compromise in which on the one hand, regulations on liability for national debts as well as regulations limiting the influence of the government on banking businesses were included. 1878 Gustav Leonhardt was Secretary of the Bank.

The General Assembly and the General Council formed the unit of the bank management. Two directorates and major institutions - in Vienna and Budapest - represented the dual nature of the bank. 1892-1900 followed a long discussion finally the currency conversion from guilders (silver currency) to the crown (gold standard) with "Gold Crown" said coins.

Since the new banknotes were very popular in the public, now many gold coins piled up in the vaults of the Austro-Hungarian Bank. This period was characterized by a balanced combination of price growth and damping, the "per capita national product" grew while prices remained mostly stable. Against this background, it was easy for the Fed to encourage a new wave of industrialization.

With a third privilege in 1899 conditions were established under which the bank could be put into the financial services of the two countries, on the other hand there have been important innovations that paved a good exchange policy. By 1914, the exchange ratio of the Austro-Hungarian currency was unchanged with only minor fluctuations. In contrast, was the by conflicts marked political development.

The expansive foreign policy quickly led to high costs from which had to be shouldered by the central bank a significant part. The stability of the currency was in danger. Shortly after the beginning of World War I in 1914, laid down the Military Command to indemnify any seized property with double the price. There was an increasing scarcity of goods, connected with an ongoing expansion of the money supply and finally the increase in the price level on the 16-fold.

The resulting cost of the war of the Dual Monarchy were covered to 40% on central bank loans and 60% through war bonds. Over the duration of the war, the power force built up in recent decades has been frozen at the end of the conflict in 1918, the real income of the workers had fallen to one-fifth of the last year of peace.

With the end of the war the end for the old order had come, too. The decay of Cisleithania and Transleithania caused in several successor states, despite the efforts of the central bank to maintain the order, a currency separation (see Crown Currency in the decay of the monarchy, successor states). First, a separate "Austrian management" of the bank was introduced. It was encouraged to shoulder the shortcomings of the state budget of the Republic of Austria founded in 1918.

The new South Slav state began in January 1919 stamping its crown banknotes. The newly founded Czechoslovak Republic retained the crown currency (to date), but their printed banknotes in circulation as of February 1919 with indications that now these ar Czechoslovak crowns. (The country could an inflation as experienced by Austria avoide.) In March 1919, German Austria began to stamp its crown banknotes.

The Treaty of Saint-Germain-en-Laye of 10 September 1919, by Austria on 25 October 1919 ratified and which on 16 July 1920 came into force, determined the cancellation and replacement of all crown banknotes of all successor states of Austria-Hungary as well as the complete liquidation of the Austro-Hungarian Bank under the supervision of the war winners. The last meetings of the Bank took place mid 1921 and at the end of 1922.

After a period of overvaluation of the crown the dollar rate rose from 1919 again. 1921, had to be paid over 5,000 Austrian crowns per dollar. In addition to the significant drop in the external value existed in Austria rising inflation. End of 1922 was ultimately a rehabilitation program with foreign assistance - the "Geneva Protocol" - passed which slowed down the inflation.

1922-1938

With Federal Law of 24 July 1922 the Minister of Finance was commissioned to build a central bank, which had to take over the entire note circulation plus current liabilities of the Austrian management of the Austro-Hungarian Bank. With Federal Law of 14 November 1922, certain provisions of the law were amended and promulgated the statutes of the Austrian National Bank. By order of the Federal Government Seipel I 29 December 1922, the Board of the Austrian Austro-Hungarian Bank issued authorization for the central bank union activity with 1 January 1923 have been declared extinct and was made ​​known the commencement of operations of the Oesterreichische Nationalbank this day.

The statutes of the Austrian National Bank (OeNB) secured the independence from the state, the independence of the Bank under exclusion of external influences and the corresponding equity. First, the stabilization of the Austrian currency was at the forefront. With the Schilling Act of 20 December 1924 was the schilling currency (First Republic) with 1 Introduced in March 1925, it replaced the crown currency. For 10,000 crowns now you got a shilling.

As an important personality in terms of the order of the state budget, Dr. Victor Kienböck has to be mentioned. He was in the time from 1922 to 1924 and from 1926 to 1929 finance minister of the First Republic and from 1932 to 1938 President of the Austrian National Bank. Through his work remained the Austrian Schilling, also beyound the global economy crisis, stable. Under this condition, the Fed was able to cope with the large number of bank failures of the past.

1938-1945

According to the on 13th March issued Anschlussgesetz (annexation law) , the Reichsmark with order of the Fuehrer and Chancellor of 17 was March 1938 introduced in the country Austria and determines the course: A Reichsmark is equal to one shilling fifty pence. On the same day, the Chancellor ordered that the management of the to be liquidated National Bank was transferred to the Reichsbank.

With regulation of three ministers of the German Reich of 23 April 1938, the National Bank was established as a property of the Reichsbank and its banknotes the quality as legal tender by 25 April 1938 withdrawn; public funds had Schilling banknotes until 15th of may in 1938 to accept. All the gold and foreign exchange reserves were transferred to Berlin.

The Second World War weakened the Austrian economy to a great extent, the production force after the war corresponded to only 40% of that of 1937 (see also air raids on Austria). To finance the war, the Reichsbank brought to a high degree banknotes in circulation, which only a great victory of the kingdom (Reich) actual values ​​would have been opposable. Since prices were strictly regulated, inflation virtually could be "banned" during the war.

1945-1998

In occupied postwar Austria about 10 billion shillings by Allied military occupying powers were initially printed, which contributed to significant price increases.

With the re-establishment of the Republic of Austria by the Austrian declaration of independence of 27 April 1945, it came to the resumption of activities of the Oesterreichische Nationalbank. By the "Fed Transition Act" of July 1945 preliminary legal regulations for the operations of the Bank have been established. The restoration of the Austrian currency was their first big job. The goal was the summary of all currencies, which at the time were in circulation, and their secondment to a new Austrian currency. The "Schilling Act" of November 1945, the basis for the re-introduction of the Schilling (Second Republic) as legal tender in Austria. The next step was to reduce excess liquidity to make necessary funds for new business investment available and to make the external value of the shilling for the development of the economy competitive. First, however, less changed the inflationary situation and also the shilling was still significantly undervalued in relation to other currencies.

The "Currency Protection Act" of 1947 brought a significant change in the monetary overhang. Some deposits have been deleted without replacement, others converted into claims against the Federal Treasury. The following exchange operations also significantly reduced the amount of cash: banknotes from 1945 were canceled and exchanged for new schilling notes in the ratio 1:3. Only 150 shillings per person could go 1-1.

To control inflation, the social partners came to the foreground. The associations of employers and employees set in 1947 prices for supplies, wages were also raised. This was the first of the five "wage-price agreements" of the social partners. In 1952, inflation was held back by limiting the use of monetary policy instruments by the National Bank. Also, the external sector slowly relaxed after the end of the Korean War.

In 1955, the Austrian National Bank was re-established by the new National Bank Act as a corporation and the by the National Bank Transition of Authorities Act (Nationalbank-Überleitungsgesetz) established provisional arragement abolished. The National Bank Act stipulated that each half of the capital should be situated at the federal government and private shareholders. In addition to the independence of bank loans of the state, the new National Bank Act also contained an order that the central bank must watch within their monetary and credit policies on the economic policies of the federal government. From now on also included within the instruments of the National Bank were the areas open market and minimum reserve policy.

The Austrian economy increasingly stabilized, through good fiscal and monetary policy a high growth could be attained, with low inflation and long-term maintenance of external equilibrium.

1960, Austria joined the European Free Trade Association and participated in the European integration.

In the sixties came the international monetary system based on gold-dollar convertibility into currency fluctuations and political reforms were necessary. First, the loosening of exchange rate adjustments between several states was an option. However, U.S. balance of payments problems brought with it restrictions on capital movements, and then the Euro-Dollar market was born. In 1971, the convertibility of the U.S. dollar was lifted.

1975 interrupted a recession increasing growth time. International unbalanced ayments caused very extensive foreign exchange movements, whereby the intervention force of Austrian monetary policy has been strongly challenged. Their task now was to control the effect of foreign exchange on domestic economic activities to stabilize the shilling in the context of constantly shifting exchange rates and to control the price rise appropriately. Since the inflow of foreign funds reached to high proportions, so that the economic stability has been compromised, the policy went the way of the independent course design in a pool of selected European currencies.

The collapse of the economy forced the policy makers to a new course with active mutual credit control, subdued wage growth, financial impulses in supply and demand, and interest rates are kept low. This system of regulation, however, kept back the need for structural change, so it had to be given up in 1979. In the same year a fire destroyed large parts of the main building of the Austrian National Bank in Vienna. The repairs lasted until 1985.

Target in the eighties was to strengthen the economic performance using a competitive power comparison. The findings from the seventies stimulated the Austrian monetary policy to align the Schilling course at the Deutsche Mark to ensure price stability in the country. In addition, the structural change was initiated by inclusion in a large area. Stable, if not necessarily comfortable environment of monetary policy was a prerequisite, to secure the companies long-term productivity gains and thus safeguard their position in the economy.

Initially, this development stood a high level of unemployment in the way. Growth until the second half of the decade increased, at the same time increased the competitiveness and current accounts could be kept in balance.

In the nineties, the annexation of Austria took place in the European Community. 1995 Austria became a member of the European Union (EU) and joined the exchange rate mechanism of the European Monetary System. In 1998, the Central Banks (ESCB) have established the independence of institutions or bodies of the European Community and the governments of the EU Member States through an amendment to the National Bank Act of the Austrian National Bank to implement the goals and tasks of the European System. Thus, the legal basis for the participation of Austria in the third stage of Economic and Monetary Union (EMU) was created in 1999.

As of 1999

The Austrian National Bank, and other national central banks including the European Central Bank ( ECB), belongs to the European System of Central Banks.

On 1 January 1999 was introduced in the third stage of Economic and Monetary Union in Austria and ten other EU Member States, the euro as a common currency. The European Central Bank is henceforth responsible for monetary and currency policy, decisions in this regard will be taken in accordance with the Council of the European Central Bank.

Since May 2010, the OeNB is in full possession of the Republic of Austria, after originally lobbies, banks and insurance companies were involved with 50 % of the share capital in it. In 2011, the National Bank Act was adapted by an amendment (Federal Law Gazette I No. 50 /2011) in this circumstance, a renewed privatization is thus excluded by law.

The OeNB as a modern central bank

With the withdrawal from the retail business in the sixties as well as the first major internationalization and implementation of a strategic management in the seventies, the OeNB went on the way to a future-oriented central bank. Another major reform of banking began at the end of the eighties.

In terms of global development, the OeNB established in 1988 as a service company and expanded its guiding values ​​- "security, stability and trust" - to the principles of " fficiency" and "cost-consciousness". The business center was optimized and strategic business experienced through targeted improvements a reinforcement. Be mentioned as examples are intensifying domestic cooperation in the area of ​​payments by encouraging the creation of the Society for the Study co-payments (STUZZA), the liberalization of capital movements, the professional management of foreign exchange reserves, the improvement of the supply of money through the construction of the money center and the internationalization of business activities through the establishment of representative offices in Brussels (European Union), Paris (OECD) and the financial center of New York.

After Austria's accession to the EU in 1995, the OeNB participated in the European Monetary System (EMS ) and its Exchange Rate Mechanism. The integration in the third stage of Economic and Monetary Union (EMU) was the next step towards further development of policy stability. Since the conclusion of the Maastricht Treaty, the Austrian National Bank has very fully considered its role in the ESCB and created a basis for inclusion in the community. The profound economic and monetary policy of Austria was also a reference that qualified the OeNB to actively participate in the monetary future of Europe, a greater harmonization of the statistical framework and monetary policy instruments with a view to the euro system, the preparation of the issue of European banknotes, and the establishment of operational processes and organizational integration of business processes within the ESCB being specific objectives of the OeNB.

In the following, it came, inter alia, to the establishement of an economic study department, of an education or training initiative and to strengthen the position of payment transactions through the TARGET system.

A in 1996 created "OeNB master plan" provided important points for the upcoming transition to the euro.

In May 1998, a new pension system came into force, by which new employees were incorporated into a two-pillar model.

1999, Austria's participation in the third stage of EMU was manifest. The Austrian National Bank - as part of the ESCB - became the owner of the European Central Bank and received new powers in this context in the sense of participation in the monetary policy decision-making at the level of the European Community. With the introduction of the euro, monetary policy functions of the General Council have been transferred to the Governing Council. However, the implementation remains the responsibility of national central banks.

Activities of the Oesterreichische Nationalbank were or are, for example, the further professionalization of asset management, the expansion of the network of representative offices by opening a representative office in the financial center of London, preparation of the smooth introduction of euro cash in 2002 and the participation of the OeNB on the creation of the "A-SIT" (Center for secure Information Technology Center - Austria) and the "A-Trust" (society of electronic security systems in traffic GmbH ) in order to promote security in information technology.

de.wikipedia.org/wiki/Oesterreichische_Nationalbank

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Tenuous Link: street lamp

 

______________________________________________________

 

This is for the Fix My Pic Please group

from an awesome original by summergreens05, titled, www.summerdreams.co.za.

 

Here is a link to the original by summergreens05:

www.flickr.com/photos/adamsfamily-summergreens/2766045611...

 

I really liked the perspective in this shot. Such an ordinary object as a street lamp, but shot in an unusual way. Very Interesting. I first used the Distort Function to make the railing perfectly level. I pulled down a guideline for help. Once I had it level, I scaled it slightly so the center of the lamp was the center of the image...and then used the distort funtion again to adjust the perspective from this slight scaling, by pulling horizontally on the bottom left corner.

 

I used the move tool to slide the image down some in the frame. I had the railing hit the the bottom third of the frame, and the lamp was now centered in the top two-thirds. This helps follow the "rule of thirds". Once I had this set I used the Rectangular Marquee Tool and selected the image from the center line and all the way to the right. I copied this to a new layer and flipped it horizontally.....sliding it to the left too, so it became the second half of the image.

 

I created a new layer under the top two. I filled this layer with blue matched to the top portion of the sky. I used the eyedropper tool to choose the blue. There was a visible horizontal line where these met. I used the airbrush eraser with a brush of 100 pixels, and a pressure of 50%. I erased the visible line, and this allowed the blue from below to come through. Making the blending seamless.

 

I had a few guidelines on my image for the center, the lamp center, the railing, etc. I used the center guide line to drag out an ellipse using the Elliptical Marquee tool. I had a feather of 2 pixels, and selected the lamp head. I contrasted this some...then I used the Lighting Effects function and spotlit the image. I used the elliptical marquee tool again, this time with a feather of 122 pixels, and used the selection to add a lensflare to the light....which creates a little more glow.

 

Thank you summergreens05, for letting me work on your wonderful photo.

Oesterreichische Nationalbank

Logo of the Austrian National Bank

Headquarters Vienna, Austria

Central Bank of Austria

Currency€

To ISO 4217 EUR

website

www.oenb.at/

Previous Austro- Hungarian Bank

List of Central Banks

Oesterreichische Nationalbank, at Otto-Wagner -Platz No. 3, Vienna

The Austrian National Bank (OeNB), Austria's central bank as an integral part of the European System of Central Banks (ESCB) and the Eurosystem. It is instrumental in the design of the economic development in Austria and in the euro area. Legally, the OeNB is a public limited company.. However, it is also subject to further enshrined in the National Bank Act regulations resulting from its separate position as a central bank. In the framework of the Eurosystem, the OeNB contributes to a stability-oriented monetary policy. At the national level, it cares about the preservation of financial stability and the money supply and manage foreign exchange reserves to hedge against the euro in times of crisis. The guideline values in terms of the tasks of the Austrian National Bank are "security, stability and trust".

Contents

1 History

1.1 1816 to 1818

1.2 1818 to 1878

1.3 1878 to 1922

1.4 1922 to 1938

1.5 1938 to 1945

1.6 1945 to 1998

1.7 From 1999

2 The OeNB as a modern central bank

3 Legal form and organs

3.1 Legal framework

3.2 organs

3.2.1 General

3.2.2 General

3.2.3 Board of Directors

4 Tasks

4.1 Monetary policy strategies and monetary policy decision-making process

4.1.1 Economic analysis

4.1.2 Production of statistical information

4.1.3 Contribute to international organizations

4.2 Implementation of monetary policy

4.2.1 use of monetary policy instruments

4.2.2 Reserve Management

4.2.3 Money Supply

4.3 Communication of monetary policy

4.4 ensure financial stability

4.4.1 Financial Stability

4.4.2 Payment System Stability and payments

5 The OeNB in the European System of National Banks

6 President / Governors

7 See also

8 Literature

9 links

10 Notes and references

History

1816-1818

As long as 50 years before the founding of the National Bank the Habsburgs carried out first experiments with securities in the form of paper money. Finally, in the 18th Century the issue of banknotes transferred to a state independent institution, while the issue of paper money called "Banco notes," founded in 1705 by the "Vienna City Bank" took place in 1762.

In wartime governance took back control of the money issue, so there was an inflation of Banco-Zettel 1796-1810. The state ordered the forced acceptance of paper money in private transport, which led to a fast-growing discount on bills in the market. 1799 was therefore one for 100 guilders paper money only 92 guilders in silver coins, and at the end of 1810 the value of the paper florin had fallen to 15 % of the nominal value of the Banco-Zettel. Later, the Habsburgs declared a devaluation of the Banco-Zettel in the ratio of 5:1. This act was considered by the business community as a sovereign default, which the paper money experienced a rapid devaluation.

At the end of the Napoleonic wars the Habsburg multinational state ( → Habsburg Monarchy) faced a new challenge: the restoration of a European balance. Church, the nobility, the army and the bureaucracy as elements in the Ancien Régime were not sufficient to solve this problem, a well -founded economic situation was needed. Moreover, one could not ignore readily the laws of supply and demand.

In this regard, were the first June 1816 by Emperor Francis I two patents issued (later to distinguish the "main patent" or "bank patent"), the "privileged Austrian National Bank", conceived as a public company, had to constitute itself as soon a possible, propose the emperor three of its directors for selection of the governor and take up their activity provisionally on 1 July 1816.

The National Bank had henceforth a monopoly on the issuance of paper money, which led to a slowdown in the Austrian monetary system and an increase in the value of paper money. The economy was again a solid source of money keeping constant the value of money regardless of the spending plans of the State. The equity of the Bank justified this by share issues.

Initially comprised the activities of the bank - under temporary management - the redemption of paper money and the issuance of shares. The full effectiveness attained the National Bank until after the issue of 1,000 shares and the associated possibility of shareholders to set the management themselves.

1818-1878

On 15 July 1817 recieved the National Bank as the "first Bankprivilegium" the exclusive right to unrestricted issue of banknotes and in this context a special position in terms of Rediskontgeschäfts (rediscount business). Beginning of 1818 the definitive bank management was ready. Part of it were among leading figures of Viennese society, including the banker Johann Heinrich von Geymüller and Bernard of Eskeles. From 1830 to 1837 the Office of the Governor was held by Adrian Nicholas Baron Barbier.

In the countries of the Habsburg Monarchy, which were characterized in large part by an agricultural oriented activity pattern, some regions showed a lively commercial-industrial growth. The goal now was to create a system of economic exchange between these areas. Successively established the National Bank branch network and thus guaranteed a uniform money and credit supply. From its headquarters in Vienna this network extended over early industrial areas and commercial centers in Eastern and Central Europe to the northern Mediterranean.

Trade bills and coins were preferred assets of the National Bank, less the supply of money to the state. With the exchange transactions, the National Bank supported the economic growth of the monarchy and secured at the same time the supply of silver coins in the event that the need for these increases in exchange for bank notes, contrary to expectations. 1818 was the National Bank, however, by increasing public debt, due to high spending in times of crisis, not spared to make an increase in the government debt positions on the asset side of its balance sheet.

The patent provisions of the founding of the National Bank not sufficiently secured against the autonomy of governance. At the center of the struggle for independence, this was the question of the extent to which the issue of banknotes must be made on the basis of government bonds. In 1841, a renewal of Bankprivilegiums got a weakening of the independence by pushing back the influence of the shareholders in favor of the state administration. During the revolution of 1848/49 followers of constitutional goals received great support from senior figures in the National Bank. For about a hundred years, the Austrian branch of the Rothschild bank (from which from 1855, the "Royal Privileged Austrian Credit-Institute for Commerce and Industry", the later Creditanstalt, was born) was playing a leading role in the banking center of Vienna. Salomon Mayer von Rothschild was involved during the pre-March in all major transactions of the National Bank for the rehabilitation of the state budget.

Special focus the National Bank was putting on the development of the premium that was payable at the exchange of banknotes into silver money in business dealings. The increase, which corresponded to a depreciation of the notes issued by the Bank should be prevented. From an overall state perspective, the increase of the silver premium means a deterioration in terms of the exchange ratio towards foreign countries, influencing the price competitiveness of the Austrian foreign trade adversely. The stabilization of the premium were set some limits. Although the height of the emission activitiy was depending on the Bank, but also the price of silver and the potential effects of increased government debt materially affected the silver premium. Especially the 1848 revolution and conflicts in the following years caused an increasement of the silver premium.

Mid-century, the private banking and wholesale houses were no longer able to cope with the rapidly growing financial intermediation of the Habsburg monarchy. New forms of capital formation were required. From an initiative of the House of Rothschild, the first by the government approved and private joint-stock bank was created. This formation was followed in 1863 and 1864 by two other joint-stock banks, whose major shareholders included important personalities of the aristocracy, who possessed large liquid funds. Overall, grew with these banks the money creation potential of the "financial center of Vienna".

The central bank faced another difficult task: with its limited resources it had to secure sufficient liquidity on the one hand and on the other hand prevent the inflationary expansion of the money supply. Through close contacts with the shareholders of Vienna was a financial center (informal) ballot, especially in times of crisis, easily dealt out. In contrast, it gave differences of opinion in the Fed Board, which required enforcement of decisions.

In 1861, Friedrich Schey Koromla became director of the National Bank. On 27 December 1862 experienced the Bankprivilegium another innovation. The independence of the National Bank of the State was restored and anchored. Furthermore, was introduced the direct allocation of banknotes in circulation by the system of "Peel'schen Bank Act", which states that the fixed budget of 200 million guilders exceeding circulation of banknotes must be covered by silver coins. In 1866, when the German war ended in defeat for Austria, the compliance of the system was no longer met. The state felt itself forced to pay compensation for breach of privilege. This balance was supported by a law of 1872, after the National Bank may issue notes up to a maximum of 200 million guilders and each additional payment must be fully backed by gold or silver.

1873 the economic boom of the Habsburg monarchy was represented in a long-lasting rise in the share price. A now to be expecting break could by the behavior of the Vienna Stock not be intercepted, so it came to the "Great Crash of 1873". The in 1872 fixed restrictions of the circulation of notes for a short time have been suspended. Contrary to expectations, the money supply in crisis peak but only outgrew by nearly 1% the prescribed limit in the bank acts. The banks and the industrial and commercial companies survived the crash without major losses, although the share prices significantly lay below the initial level.

The years with high growth were followed by a period of stagnation.

1878-1922

As part of the compensation negotiations between Austria and Hungary in 1867, the National Bank was able to exercise fully their Privilegialrechte, the Kingdom of Hungary but now had the certified right, every ten years exercisable, to found an own central bank (bank note). As resulted from the first 10 -year period that furthermore none of the two parts of the monarchy wanted to build an independent money-issuing bank (Zettelbank), was built on 28 June 1878, initially to 31 December 1887 limited, an Austro-Hungarian Bank, and equipped with the Fed privilege. The first privilege of the new bank was a compromise in which on the one hand, regulations on liability for national debts as well as regulations limiting the influence of the government on banking businesses were included. 1878 Gustav Leonhardt was Secretary of the Bank.

The General Assembly and the General Council formed the unit of the bank management. Two directorates and major institutions - in Vienna and Budapest - represented the dual nature of the bank. 1892-1900 followed a long discussion finally the currency conversion from guilders (silver currency) to the crown (gold standard) with "Gold Crown" said coins.

Since the new banknotes were very popular in the public, now many gold coins piled up in the vaults of the Austro-Hungarian Bank. This period was characterized by a balanced combination of price growth and damping, the "per capita national product" grew while prices remained mostly stable. Against this background, it was easy for the Fed to encourage a new wave of industrialization.

With a third privilege in 1899 conditions were established under which the bank could be put into the financial services of the two countries, on the other hand there have been important innovations that paved a good exchange policy. By 1914, the exchange ratio of the Austro-Hungarian currency was unchanged with only minor fluctuations. In contrast, was the by conflicts marked political development.

The expansive foreign policy quickly led to high costs from which had to be shouldered by the central bank a significant part. The stability of the currency was in danger. Shortly after the beginning of World War I in 1914, laid down the Military Command to indemnify any seized property with double the price. There was an increasing scarcity of goods, connected with an ongoing expansion of the money supply and finally the increase in the price level on the 16-fold.

The resulting cost of the war of the Dual Monarchy were covered to 40% on central bank loans and 60% through war bonds. Over the duration of the war, the power force built up in recent decades has been frozen at the end of the conflict in 1918, the real income of the workers had fallen to one-fifth of the last year of peace.

With the end of the war the end for the old order had come, too. The decay of Cisleithania and Transleithania caused in several successor states, despite the efforts of the central bank to maintain the order, a currency separation (see Crown Currency in the decay of the monarchy, successor states). First, a separate "Austrian management" of the bank was introduced. It was encouraged to shoulder the shortcomings of the state budget of the Republic of Austria founded in 1918.

The new South Slav state began in January 1919 stamping its crown banknotes. The newly founded Czechoslovak Republic retained the crown currency (to date), but their printed banknotes in circulation as of February 1919 with indications that now these ar Czechoslovak crowns. (The country could an inflation as experienced by Austria avoide.) In March 1919, German Austria began to stamp its crown banknotes.

The Treaty of Saint-Germain-en-Laye of 10 September 1919, by Austria on 25 October 1919 ratified and which on 16 July 1920 came into force, determined the cancellation and replacement of all crown banknotes of all successor states of Austria-Hungary as well as the complete liquidation of the Austro-Hungarian Bank under the supervision of the war winners. The last meetings of the Bank took place mid 1921 and at the end of 1922.

After a period of overvaluation of the crown the dollar rate rose from 1919 again. 1921, had to be paid over 5,000 Austrian crowns per dollar. In addition to the significant drop in the external value existed in Austria rising inflation. End of 1922 was ultimately a rehabilitation program with foreign assistance - the "Geneva Protocol" - passed which slowed down the inflation.

1922-1938

With Federal Law of 24 July 1922 the Minister of Finance was commissioned to build a central bank, which had to take over the entire note circulation plus current liabilities of the Austrian management of the Austro-Hungarian Bank. With Federal Law of 14 November 1922, certain provisions of the law were amended and promulgated the statutes of the Austrian National Bank. By order of the Federal Government Seipel I 29 December 1922, the Board of the Austrian Austro-Hungarian Bank issued authorization for the central bank union activity with 1 January 1923 have been declared extinct and was made ​​known the commencement of operations of the Oesterreichische Nationalbank this day.

The statutes of the Austrian National Bank (OeNB) secured the independence from the state, the independence of the Bank under exclusion of external influences and the corresponding equity. First, the stabilization of the Austrian currency was at the forefront. With the Schilling Act of 20 December 1924 was the schilling currency (First Republic) with 1 Introduced in March 1925, it replaced the crown currency. For 10,000 crowns now you got a shilling.

As an important personality in terms of the order of the state budget, Dr. Victor Kienböck has to be mentioned. He was in the time from 1922 to 1924 and from 1926 to 1929 finance minister of the First Republic and from 1932 to 1938 President of the Austrian National Bank. Through his work remained the Austrian Schilling, also beyound the global economy crisis, stable. Under this condition, the Fed was able to cope with the large number of bank failures of the past.

1938-1945

According to the on 13th March issued Anschlussgesetz (annexation law) , the Reichsmark with order of the Fuehrer and Chancellor of 17 was March 1938 introduced in the country Austria and determines the course: A Reichsmark is equal to one shilling fifty pence. On the same day, the Chancellor ordered that the management of the to be liquidated National Bank was transferred to the Reichsbank.

With regulation of three ministers of the German Reich of 23 April 1938, the National Bank was established as a property of the Reichsbank and its banknotes the quality as legal tender by 25 April 1938 withdrawn; public funds had Schilling banknotes until 15th of may in 1938 to accept. All the gold and foreign exchange reserves were transferred to Berlin.

The Second World War weakened the Austrian economy to a great extent, the production force after the war corresponded to only 40% of that of 1937 (see also air raids on Austria). To finance the war, the Reichsbank brought to a high degree banknotes in circulation, which only a great victory of the kingdom (Reich) actual values ​​would have been opposable. Since prices were strictly regulated, inflation virtually could be "banned" during the war.

1945-1998

In occupied postwar Austria about 10 billion shillings by Allied military occupying powers were initially printed, which contributed to significant price increases.

With the re-establishment of the Republic of Austria by the Austrian declaration of independence of 27 April 1945, it came to the resumption of activities of the Oesterreichische Nationalbank. By the "Fed Transition Act" of July 1945 preliminary legal regulations for the operations of the Bank have been established. The restoration of the Austrian currency was their first big job. The goal was the summary of all currencies, which at the time were in circulation, and their secondment to a new Austrian currency. The "Schilling Act" of November 1945, the basis for the re-introduction of the Schilling (Second Republic) as legal tender in Austria. The next step was to reduce excess liquidity to make necessary funds for new business investment available and to make the external value of the shilling for the development of the economy competitive. First, however, less changed the inflationary situation and also the shilling was still significantly undervalued in relation to other currencies.

The "Currency Protection Act" of 1947 brought a significant change in the monetary overhang. Some deposits have been deleted without replacement, others converted into claims against the Federal Treasury. The following exchange operations also significantly reduced the amount of cash: banknotes from 1945 were canceled and exchanged for new schilling notes in the ratio 1:3. Only 150 shillings per person could go 1-1.

To control inflation, the social partners came to the foreground. The associations of employers and employees set in 1947 prices for supplies, wages were also raised. This was the first of the five "wage-price agreements" of the social partners. In 1952, inflation was held back by limiting the use of monetary policy instruments by the National Bank. Also, the external sector slowly relaxed after the end of the Korean War.

In 1955, the Austrian National Bank was re-established by the new National Bank Act as a corporation and the by the National Bank Transition of Authorities Act (Nationalbank-Überleitungsgesetz) established provisional arragement abolished. The National Bank Act stipulated that each half of the capital should be situated at the federal government and private shareholders. In addition to the independence of bank loans of the state, the new National Bank Act also contained an order that the central bank must watch within their monetary and credit policies on the economic policies of the federal government. From now on also included within the instruments of the National Bank were the areas open market and minimum reserve policy.

The Austrian economy increasingly stabilized, through good fiscal and monetary policy a high growth could be attained, with low inflation and long-term maintenance of external equilibrium.

1960, Austria joined the European Free Trade Association and participated in the European integration.

In the sixties came the international monetary system based on gold-dollar convertibility into currency fluctuations and political reforms were necessary. First, the loosening of exchange rate adjustments between several states was an option. However, U.S. balance of payments problems brought with it restrictions on capital movements, and then the Euro-Dollar market was born. In 1971, the convertibility of the U.S. dollar was lifted.

1975 interrupted a recession increasing growth time. International unbalanced ayments caused very extensive foreign exchange movements, whereby the intervention force of Austrian monetary policy has been strongly challenged. Their task now was to control the effect of foreign exchange on domestic economic activities to stabilize the shilling in the context of constantly shifting exchange rates and to control the price rise appropriately. Since the inflow of foreign funds reached to high proportions, so that the economic stability has been compromised, the policy went the way of the independent course design in a pool of selected European currencies.

The collapse of the economy forced the policy makers to a new course with active mutual credit control, subdued wage growth, financial impulses in supply and demand, and interest rates are kept low. This system of regulation, however, kept back the need for structural change, so it had to be given up in 1979. In the same year a fire destroyed large parts of the main building of the Austrian National Bank in Vienna. The repairs lasted until 1985.

Target in the eighties was to strengthen the economic performance using a competitive power comparison. The findings from the seventies stimulated the Austrian monetary policy to align the Schilling course at the Deutsche Mark to ensure price stability in the country. In addition, the structural change was initiated by inclusion in a large area. Stable, if not necessarily comfortable environment of monetary policy was a prerequisite, to secure the companies long-term productivity gains and thus safeguard their position in the economy.

Initially, this development stood a high level of unemployment in the way. Growth until the second half of the decade increased, at the same time increased the competitiveness and current accounts could be kept in balance.

In the nineties, the annexation of Austria took place in the European Community. 1995 Austria became a member of the European Union (EU) and joined the exchange rate mechanism of the European Monetary System. In 1998, the Central Banks (ESCB) have established the independence of institutions or bodies of the European Community and the governments of the EU Member States through an amendment to the National Bank Act of the Austrian National Bank to implement the goals and tasks of the European System. Thus, the legal basis for the participation of Austria in the third stage of Economic and Monetary Union (EMU) was created in 1999.

As of 1999

The Austrian National Bank, and other national central banks including the European Central Bank ( ECB), belongs to the European System of Central Banks.

On 1 January 1999 was introduced in the third stage of Economic and Monetary Union in Austria and ten other EU Member States, the euro as a common currency. The European Central Bank is henceforth responsible for monetary and currency policy, decisions in this regard will be taken in accordance with the Council of the European Central Bank.

Since May 2010, the OeNB is in full possession of the Republic of Austria, after originally lobbies, banks and insurance companies were involved with 50 % of the share capital in it. In 2011, the National Bank Act was adapted by an amendment (Federal Law Gazette I No. 50 /2011) in this circumstance, a renewed privatization is thus excluded by law.

The OeNB as a modern central bank

With the withdrawal from the retail business in the sixties as well as the first major internationalization and implementation of a strategic management in the seventies, the OeNB went on the way to a future-oriented central bank. Another major reform of banking began at the end of the eighties.

In terms of global development, the OeNB established in 1988 as a service company and expanded its guiding values ​​- "security, stability and trust" - to the principles of " fficiency" and "cost-consciousness". The business center was optimized and strategic business experienced through targeted improvements a reinforcement. Be mentioned as examples are intensifying domestic cooperation in the area of ​​payments by encouraging the creation of the Society for the Study co-payments (STUZZA), the liberalization of capital movements, the professional management of foreign exchange reserves, the improvement of the supply of money through the construction of the money center and the internationalization of business activities through the establishment of representative offices in Brussels (European Union), Paris (OECD) and the financial center of New York.

After Austria's accession to the EU in 1995, the OeNB participated in the European Monetary System (EMS ) and its Exchange Rate Mechanism. The integration in the third stage of Economic and Monetary Union (EMU) was the next step towards further development of policy stability. Since the conclusion of the Maastricht Treaty, the Austrian National Bank has very fully considered its role in the ESCB and created a basis for inclusion in the community. The profound economic and monetary policy of Austria was also a reference that qualified the OeNB to actively participate in the monetary future of Europe, a greater harmonization of the statistical framework and monetary policy instruments with a view to the euro system, the preparation of the issue of European banknotes, and the establishment of operational processes and organizational integration of business processes within the ESCB being specific objectives of the OeNB.

In the following, it came, inter alia, to the establishement of an economic study department, of an education or training initiative and to strengthen the position of payment transactions through the TARGET system.

A in 1996 created "OeNB master plan" provided important points for the upcoming transition to the euro.

In May 1998, a new pension system came into force, by which new employees were incorporated into a two-pillar model.

1999, Austria's participation in the third stage of EMU was manifest. The Austrian National Bank - as part of the ESCB - became the owner of the European Central Bank and received new powers in this context in the sense of participation in the monetary policy decision-making at the level of the European Community. With the introduction of the euro, monetary policy functions of the General Council have been transferred to the Governing Council. However, the implementation remains the responsibility of national central banks.

Activities of the Oesterreichische Nationalbank were or are, for example, the further professionalization of asset management, the expansion of the network of representative offices by opening a representative office in the financial center of London, preparation of the smooth introduction of euro cash in 2002 and the participation of the OeNB on the creation of the "A-SIT" (Center for secure Information Technology Center - Austria) and the "A-Trust" (society of electronic security systems in traffic GmbH ) in order to promote security in information technology.

de.wikipedia.org/wiki/Oesterreichische_Nationalbank

Oesterreichische Nationalbank

Logo of the Austrian National Bank

Headquarters Vienna, Austria

Central Bank of Austria

Currency€

To ISO 4217 EUR

website

www.oenb.at/

Previous Austro- Hungarian Bank

List of Central Banks

Oesterreichische Nationalbank, at Otto-Wagner -Platz No. 3, Vienna

The Austrian National Bank (OeNB), Austria's central bank as an integral part of the European System of Central Banks (ESCB) and the Eurosystem. It is instrumental in the design of the economic development in Austria and in the euro area. Legally, the OeNB is a public limited company.. However, it is also subject to further enshrined in the National Bank Act regulations resulting from its separate position as a central bank. In the framework of the Eurosystem, the OeNB contributes to a stability-oriented monetary policy. At the national level, it cares about the preservation of financial stability and the money supply and manage foreign exchange reserves to hedge against the euro in times of crisis. The guideline values in terms of the tasks of the Austrian National Bank are "security, stability and trust".

Contents

1 History

1.1 1816 to 1818

1.2 1818 to 1878

1.3 1878 to 1922

1.4 1922 to 1938

1.5 1938 to 1945

1.6 1945 to 1998

1.7 From 1999

2 The OeNB as a modern central bank

3 Legal form and organs

3.1 Legal framework

3.2 organs

3.2.1 General

3.2.2 General

3.2.3 Board of Directors

4 Tasks

4.1 Monetary policy strategies and monetary policy decision-making process

4.1.1 Economic analysis

4.1.2 Production of statistical information

4.1.3 Contribute to international organizations

4.2 Implementation of monetary policy

4.2.1 use of monetary policy instruments

4.2.2 Reserve Management

4.2.3 Money Supply

4.3 Communication of monetary policy

4.4 ensure financial stability

4.4.1 Financial Stability

4.4.2 Payment System Stability and payments

5 The OeNB in the European System of National Banks

6 President / Governors

7 See also

8 Literature

9 links

10 Notes and references

History

1816-1818

As long as 50 years before the founding of the National Bank the Habsburgs carried out first experiments with securities in the form of paper money. Finally, in the 18th Century the issue of banknotes transferred to a state independent institution, while the issue of paper money called "Banco notes," founded in 1705 by the "Vienna City Bank" took place in 1762.

In wartime governance took back control of the money issue, so there was an inflation of Banco-Zettel 1796-1810. The state ordered the forced acceptance of paper money in private transport, which led to a fast-growing discount on bills in the market. 1799 was therefore one for 100 guilders paper money only 92 guilders in silver coins, and at the end of 1810 the value of the paper florin had fallen to 15 % of the nominal value of the Banco-Zettel. Later, the Habsburgs declared a devaluation of the Banco-Zettel in the ratio of 5:1. This act was considered by the business community as a sovereign default, which the paper money experienced a rapid devaluation.

At the end of the Napoleonic wars the Habsburg multinational state ( → Habsburg Monarchy) faced a new challenge: the restoration of a European balance. Church, the nobility, the army and the bureaucracy as elements in the Ancien Régime were not sufficient to solve this problem, a well -founded economic situation was needed. Moreover, one could not ignore readily the laws of supply and demand.

In this regard, were the first June 1816 by Emperor Francis I two patents issued (later to distinguish the "main patent" or "bank patent"), the "privileged Austrian National Bank", conceived as a public company, had to constitute itself as soon a possible, propose the emperor three of its directors for selection of the governor and take up their activity provisionally on 1 July 1816.

The National Bank had henceforth a monopoly on the issuance of paper money, which led to a slowdown in the Austrian monetary system and an increase in the value of paper money. The economy was again a solid source of money keeping constant the value of money regardless of the spending plans of the State. The equity of the Bank justified this by share issues.

Initially comprised the activities of the bank - under temporary management - the redemption of paper money and the issuance of shares. The full effectiveness attained the National Bank until after the issue of 1,000 shares and the associated possibility of shareholders to set the management themselves.

1818-1878

On 15 July 1817 recieved the National Bank as the "first Bankprivilegium" the exclusive right to unrestricted issue of banknotes and in this context a special position in terms of Rediskontgeschäfts (rediscount business). Beginning of 1818 the definitive bank management was ready. Part of it were among leading figures of Viennese society, including the banker Johann Heinrich von Geymüller and Bernard of Eskeles. From 1830 to 1837 the Office of the Governor was held by Adrian Nicholas Baron Barbier.

In the countries of the Habsburg Monarchy, which were characterized in large part by an agricultural oriented activity pattern, some regions showed a lively commercial-industrial growth. The goal now was to create a system of economic exchange between these areas. Successively established the National Bank branch network and thus guaranteed a uniform money and credit supply. From its headquarters in Vienna this network extended over early industrial areas and commercial centers in Eastern and Central Europe to the northern Mediterranean.

Trade bills and coins were preferred assets of the National Bank, less the supply of money to the state. With the exchange transactions, the National Bank supported the economic growth of the monarchy and secured at the same time the supply of silver coins in the event that the need for these increases in exchange for bank notes, contrary to expectations. 1818 was the National Bank, however, by increasing public debt, due to high spending in times of crisis, not spared to make an increase in the government debt positions on the asset side of its balance sheet.

The patent provisions of the founding of the National Bank not sufficiently secured against the autonomy of governance. At the center of the struggle for independence, this was the question of the extent to which the issue of banknotes must be made on the basis of government bonds. In 1841, a renewal of Bankprivilegiums got a weakening of the independence by pushing back the influence of the shareholders in favor of the state administration. During the revolution of 1848/49 followers of constitutional goals received great support from senior figures in the National Bank. For about a hundred years, the Austrian branch of the Rothschild bank (from which from 1855, the "Royal Privileged Austrian Credit-Institute for Commerce and Industry", the later Creditanstalt, was born) was playing a leading role in the banking center of Vienna. Salomon Mayer von Rothschild was involved during the pre-March in all major transactions of the National Bank for the rehabilitation of the state budget.

Special focus the National Bank was putting on the development of the premium that was payable at the exchange of banknotes into silver money in business dealings. The increase, which corresponded to a depreciation of the notes issued by the Bank should be prevented. From an overall state perspective, the increase of the silver premium means a deterioration in terms of the exchange ratio towards foreign countries, influencing the price competitiveness of the Austrian foreign trade adversely. The stabilization of the premium were set some limits. Although the height of the emission activitiy was depending on the Bank, but also the price of silver and the potential effects of increased government debt materially affected the silver premium. Especially the 1848 revolution and conflicts in the following years caused an increasement of the silver premium.

Mid-century, the private banking and wholesale houses were no longer able to cope with the rapidly growing financial intermediation of the Habsburg monarchy. New forms of capital formation were required. From an initiative of the House of Rothschild, the first by the government approved and private joint-stock bank was created. This formation was followed in 1863 and 1864 by two other joint-stock banks, whose major shareholders included important personalities of the aristocracy, who possessed large liquid funds. Overall, grew with these banks the money creation potential of the "financial center of Vienna".

The central bank faced another difficult task: with its limited resources it had to secure sufficient liquidity on the one hand and on the other hand prevent the inflationary expansion of the money supply. Through close contacts with the shareholders of Vienna was a financial center (informal) ballot, especially in times of crisis, easily dealt out. In contrast, it gave differences of opinion in the Fed Board, which required enforcement of decisions.

In 1861, Friedrich Schey Koromla became director of the National Bank. On 27 December 1862 experienced the Bankprivilegium another innovation. The independence of the National Bank of the State was restored and anchored. Furthermore, was introduced the direct allocation of banknotes in circulation by the system of "Peel'schen Bank Act", which states that the fixed budget of 200 million guilders exceeding circulation of banknotes must be covered by silver coins. In 1866, when the German war ended in defeat for Austria, the compliance of the system was no longer met. The state felt itself forced to pay compensation for breach of privilege. This balance was supported by a law of 1872, after the National Bank may issue notes up to a maximum of 200 million guilders and each additional payment must be fully backed by gold or silver.

1873 the economic boom of the Habsburg monarchy was represented in a long-lasting rise in the share price. A now to be expecting break could by the behavior of the Vienna Stock not be intercepted, so it came to the "Great Crash of 1873". The in 1872 fixed restrictions of the circulation of notes for a short time have been suspended. Contrary to expectations, the money supply in crisis peak but only outgrew by nearly 1% the prescribed limit in the bank acts. The banks and the industrial and commercial companies survived the crash without major losses, although the share prices significantly lay below the initial level.

The years with high growth were followed by a period of stagnation.

1878-1922

As part of the compensation negotiations between Austria and Hungary in 1867, the National Bank was able to exercise fully their Privilegialrechte, the Kingdom of Hungary but now had the certified right, every ten years exercisable, to found an own central bank (bank note). As resulted from the first 10 -year period that furthermore none of the two parts of the monarchy wanted to build an independent money-issuing bank (Zettelbank), was built on 28 June 1878, initially to 31 December 1887 limited, an Austro-Hungarian Bank, and equipped with the Fed privilege. The first privilege of the new bank was a compromise in which on the one hand, regulations on liability for national debts as well as regulations limiting the influence of the government on banking businesses were included. 1878 Gustav Leonhardt was Secretary of the Bank.

The General Assembly and the General Council formed the unit of the bank management. Two directorates and major institutions - in Vienna and Budapest - represented the dual nature of the bank. 1892-1900 followed a long discussion finally the currency conversion from guilders (silver currency) to the crown (gold standard) with "Gold Crown" said coins.

Since the new banknotes were very popular in the public, now many gold coins piled up in the vaults of the Austro-Hungarian Bank. This period was characterized by a balanced combination of price growth and damping, the "per capita national product" grew while prices remained mostly stable. Against this background, it was easy for the Fed to encourage a new wave of industrialization.

With a third privilege in 1899 conditions were established under which the bank could be put into the financial services of the two countries, on the other hand there have been important innovations that paved a good exchange policy. By 1914, the exchange ratio of the Austro-Hungarian currency was unchanged with only minor fluctuations. In contrast, was the by conflicts marked political development.

The expansive foreign policy quickly led to high costs from which had to be shouldered by the central bank a significant part. The stability of the currency was in danger. Shortly after the beginning of World War I in 1914, laid down the Military Command to indemnify any seized property with double the price. There was an increasing scarcity of goods, connected with an ongoing expansion of the money supply and finally the increase in the price level on the 16-fold.

The resulting cost of the war of the Dual Monarchy were covered to 40% on central bank loans and 60% through war bonds. Over the duration of the war, the power force built up in recent decades has been frozen at the end of the conflict in 1918, the real income of the workers had fallen to one-fifth of the last year of peace.

With the end of the war the end for the old order had come, too. The decay of Cisleithania and Transleithania caused in several successor states, despite the efforts of the central bank to maintain the order, a currency separation (see Crown Currency in the decay of the monarchy, successor states). First, a separate "Austrian management" of the bank was introduced. It was encouraged to shoulder the shortcomings of the state budget of the Republic of Austria founded in 1918.

The new South Slav state began in January 1919 stamping its crown banknotes. The newly founded Czechoslovak Republic retained the crown currency (to date), but their printed banknotes in circulation as of February 1919 with indications that now these ar Czechoslovak crowns. (The country could an inflation as experienced by Austria avoide.) In March 1919, German Austria began to stamp its crown banknotes.

The Treaty of Saint-Germain-en-Laye of 10 September 1919, by Austria on 25 October 1919 ratified and which on 16 July 1920 came into force, determined the cancellation and replacement of all crown banknotes of all successor states of Austria-Hungary as well as the complete liquidation of the Austro-Hungarian Bank under the supervision of the war winners. The last meetings of the Bank took place mid 1921 and at the end of 1922.

After a period of overvaluation of the crown the dollar rate rose from 1919 again. 1921, had to be paid over 5,000 Austrian crowns per dollar. In addition to the significant drop in the external value existed in Austria rising inflation. End of 1922 was ultimately a rehabilitation program with foreign assistance - the "Geneva Protocol" - passed which slowed down the inflation.

1922-1938

With Federal Law of 24 July 1922 the Minister of Finance was commissioned to build a central bank, which had to take over the entire note circulation plus current liabilities of the Austrian management of the Austro-Hungarian Bank. With Federal Law of 14 November 1922, certain provisions of the law were amended and promulgated the statutes of the Austrian National Bank. By order of the Federal Government Seipel I 29 December 1922, the Board of the Austrian Austro-Hungarian Bank issued authorization for the central bank union activity with 1 January 1923 have been declared extinct and was made ​​known the commencement of operations of the Oesterreichische Nationalbank this day.

The statutes of the Austrian National Bank (OeNB) secured the independence from the state, the independence of the Bank under exclusion of external influences and the corresponding equity. First, the stabilization of the Austrian currency was at the forefront. With the Schilling Act of 20 December 1924 was the schilling currency (First Republic) with 1 Introduced in March 1925, it replaced the crown currency. For 10,000 crowns now you got a shilling.

As an important personality in terms of the order of the state budget, Dr. Victor Kienböck has to be mentioned. He was in the time from 1922 to 1924 and from 1926 to 1929 finance minister of the First Republic and from 1932 to 1938 President of the Austrian National Bank. Through his work remained the Austrian Schilling, also beyound the global economy crisis, stable. Under this condition, the Fed was able to cope with the large number of bank failures of the past.

1938-1945

According to the on 13th March issued Anschlussgesetz (annexation law) , the Reichsmark with order of the Fuehrer and Chancellor of 17 was March 1938 introduced in the country Austria and determines the course: A Reichsmark is equal to one shilling fifty pence. On the same day, the Chancellor ordered that the management of the to be liquidated National Bank was transferred to the Reichsbank.

With regulation of three ministers of the German Reich of 23 April 1938, the National Bank was established as a property of the Reichsbank and its banknotes the quality as legal tender by 25 April 1938 withdrawn; public funds had Schilling banknotes until 15th of may in 1938 to accept. All the gold and foreign exchange reserves were transferred to Berlin.

The Second World War weakened the Austrian economy to a great extent, the production force after the war corresponded to only 40% of that of 1937 (see also air raids on Austria). To finance the war, the Reichsbank brought to a high degree banknotes in circulation, which only a great victory of the kingdom (Reich) actual values ​​would have been opposable. Since prices were strictly regulated, inflation virtually could be "banned" during the war.

1945-1998

In occupied postwar Austria about 10 billion shillings by Allied military occupying powers were initially printed, which contributed to significant price increases.

With the re-establishment of the Republic of Austria by the Austrian declaration of independence of 27 April 1945, it came to the resumption of activities of the Oesterreichische Nationalbank. By the "Fed Transition Act" of July 1945 preliminary legal regulations for the operations of the Bank have been established. The restoration of the Austrian currency was their first big job. The goal was the summary of all currencies, which at the time were in circulation, and their secondment to a new Austrian currency. The "Schilling Act" of November 1945, the basis for the re-introduction of the Schilling (Second Republic) as legal tender in Austria. The next step was to reduce excess liquidity to make necessary funds for new business investment available and to make the external value of the shilling for the development of the economy competitive. First, however, less changed the inflationary situation and also the shilling was still significantly undervalued in relation to other currencies.

The "Currency Protection Act" of 1947 brought a significant change in the monetary overhang. Some deposits have been deleted without replacement, others converted into claims against the Federal Treasury. The following exchange operations also significantly reduced the amount of cash: banknotes from 1945 were canceled and exchanged for new schilling notes in the ratio 1:3. Only 150 shillings per person could go 1-1.

To control inflation, the social partners came to the foreground. The associations of employers and employees set in 1947 prices for supplies, wages were also raised. This was the first of the five "wage-price agreements" of the social partners. In 1952, inflation was held back by limiting the use of monetary policy instruments by the National Bank. Also, the external sector slowly relaxed after the end of the Korean War.

In 1955, the Austrian National Bank was re-established by the new National Bank Act as a corporation and the by the National Bank Transition of Authorities Act (Nationalbank-Überleitungsgesetz) established provisional arragement abolished. The National Bank Act stipulated that each half of the capital should be situated at the federal government and private shareholders. In addition to the independence of bank loans of the state, the new National Bank Act also contained an order that the central bank must watch within their monetary and credit policies on the economic policies of the federal government. From now on also included within the instruments of the National Bank were the areas open market and minimum reserve policy.

The Austrian economy increasingly stabilized, through good fiscal and monetary policy a high growth could be attained, with low inflation and long-term maintenance of external equilibrium.

1960, Austria joined the European Free Trade Association and participated in the European integration.

In the sixties came the international monetary system based on gold-dollar convertibility into currency fluctuations and political reforms were necessary. First, the loosening of exchange rate adjustments between several states was an option. However, U.S. balance of payments problems brought with it restrictions on capital movements, and then the Euro-Dollar market was born. In 1971, the convertibility of the U.S. dollar was lifted.

1975 interrupted a recession increasing growth time. International unbalanced ayments caused very extensive foreign exchange movements, whereby the intervention force of Austrian monetary policy has been strongly challenged. Their task now was to control the effect of foreign exchange on domestic economic activities to stabilize the shilling in the context of constantly shifting exchange rates and to control the price rise appropriately. Since the inflow of foreign funds reached to high proportions, so that the economic stability has been compromised, the policy went the way of the independent course design in a pool of selected European currencies.

The collapse of the economy forced the policy makers to a new course with active mutual credit control, subdued wage growth, financial impulses in supply and demand, and interest rates are kept low. This system of regulation, however, kept back the need for structural change, so it had to be given up in 1979. In the same year a fire destroyed large parts of the main building of the Austrian National Bank in Vienna. The repairs lasted until 1985.

Target in the eighties was to strengthen the economic performance using a competitive power comparison. The findings from the seventies stimulated the Austrian monetary policy to align the Schilling course at the Deutsche Mark to ensure price stability in the country. In addition, the structural change was initiated by inclusion in a large area. Stable, if not necessarily comfortable environment of monetary policy was a prerequisite, to secure the companies long-term productivity gains and thus safeguard their position in the economy.

Initially, this development stood a high level of unemployment in the way. Growth until the second half of the decade increased, at the same time increased the competitiveness and current accounts could be kept in balance.

In the nineties, the annexation of Austria took place in the European Community. 1995 Austria became a member of the European Union (EU) and joined the exchange rate mechanism of the European Monetary System. In 1998, the Central Banks (ESCB) have established the independence of institutions or bodies of the European Community and the governments of the EU Member States through an amendment to the National Bank Act of the Austrian National Bank to implement the goals and tasks of the European System. Thus, the legal basis for the participation of Austria in the third stage of Economic and Monetary Union (EMU) was created in 1999.

As of 1999

The Austrian National Bank, and other national central banks including the European Central Bank ( ECB), belongs to the European System of Central Banks.

On 1 January 1999 was introduced in the third stage of Economic and Monetary Union in Austria and ten other EU Member States, the euro as a common currency. The European Central Bank is henceforth responsible for monetary and currency policy, decisions in this regard will be taken in accordance with the Council of the European Central Bank.

Since May 2010, the OeNB is in full possession of the Republic of Austria, after originally lobbies, banks and insurance companies were involved with 50 % of the share capital in it. In 2011, the National Bank Act was adapted by an amendment (Federal Law Gazette I No. 50 /2011) in this circumstance, a renewed privatization is thus excluded by law.

The OeNB as a modern central bank

With the withdrawal from the retail business in the sixties as well as the first major internationalization and implementation of a strategic management in the seventies, the OeNB went on the way to a future-oriented central bank. Another major reform of banking began at the end of the eighties.

In terms of global development, the OeNB established in 1988 as a service company and expanded its guiding values ​​- "security, stability and trust" - to the principles of " fficiency" and "cost-consciousness". The business center was optimized and strategic business experienced through targeted improvements a reinforcement. Be mentioned as examples are intensifying domestic cooperation in the area of ​​payments by encouraging the creation of the Society for the Study co-payments (STUZZA), the liberalization of capital movements, the professional management of foreign exchange reserves, the improvement of the supply of money through the construction of the money center and the internationalization of business activities through the establishment of representative offices in Brussels (European Union), Paris (OECD) and the financial center of New York.

After Austria's accession to the EU in 1995, the OeNB participated in the European Monetary System (EMS ) and its Exchange Rate Mechanism. The integration in the third stage of Economic and Monetary Union (EMU) was the next step towards further development of policy stability. Since the conclusion of the Maastricht Treaty, the Austrian National Bank has very fully considered its role in the ESCB and created a basis for inclusion in the community. The profound economic and monetary policy of Austria was also a reference that qualified the OeNB to actively participate in the monetary future of Europe, a greater harmonization of the statistical framework and monetary policy instruments with a view to the euro system, the preparation of the issue of European banknotes, and the establishment of operational processes and organizational integration of business processes within the ESCB being specific objectives of the OeNB.

In the following, it came, inter alia, to the establishement of an economic study department, of an education or training initiative and to strengthen the position of payment transactions through the TARGET system.

A in 1996 created "OeNB master plan" provided important points for the upcoming transition to the euro.

In May 1998, a new pension system came into force, by which new employees were incorporated into a two-pillar model.

1999, Austria's participation in the third stage of EMU was manifest. The Austrian National Bank - as part of the ESCB - became the owner of the European Central Bank and received new powers in this context in the sense of participation in the monetary policy decision-making at the level of the European Community. With the introduction of the euro, monetary policy functions of the General Council have been transferred to the Governing Council. However, the implementation remains the responsibility of national central banks.

Activities of the Oesterreichische Nationalbank were or are, for example, the further professionalization of asset management, the expansion of the network of representative offices by opening a representative office in the financial center of London, preparation of the smooth introduction of euro cash in 2002 and the participation of the OeNB on the creation of the "A-SIT" (Center for secure Information Technology Center - Austria) and the "A-Trust" (society of electronic security systems in traffic GmbH ) in order to promote security in information technology.

de.wikipedia.org/wiki/Oesterreichische_Nationalbank

Oesterreichische Nationalbank

Logo of the Austrian National Bank

Headquarters Vienna, Austria

Central Bank of Austria

Currency€

To ISO 4217 EUR

website

www.oenb.at/

Previous Austro- Hungarian Bank

List of Central Banks

Oesterreichische Nationalbank, at Otto-Wagner -Platz No. 3, Vienna

The Austrian National Bank (OeNB), Austria's central bank as an integral part of the European System of Central Banks (ESCB) and the Eurosystem. It is instrumental in the design of the economic development in Austria and in the euro area. Legally, the OeNB is a public limited company.. However, it is also subject to further enshrined in the National Bank Act regulations resulting from its separate position as a central bank. In the framework of the Eurosystem, the OeNB contributes to a stability-oriented monetary policy. At the national level, it cares about the preservation of financial stability and the money supply and manage foreign exchange reserves to hedge against the euro in times of crisis. The guideline values in terms of the tasks of the Austrian National Bank are "security, stability and trust".

Contents

1 History

1.1 1816 to 1818

1.2 1818 to 1878

1.3 1878 to 1922

1.4 1922 to 1938

1.5 1938 to 1945

1.6 1945 to 1998

1.7 From 1999

2 The OeNB as a modern central bank

3 Legal form and organs

3.1 Legal framework

3.2 organs

3.2.1 General

3.2.2 General

3.2.3 Board of Directors

4 Tasks

4.1 Monetary policy strategies and monetary policy decision-making process

4.1.1 Economic analysis

4.1.2 Production of statistical information

4.1.3 Contribute to international organizations

4.2 Implementation of monetary policy

4.2.1 use of monetary policy instruments

4.2.2 Reserve Management

4.2.3 Money Supply

4.3 Communication of monetary policy

4.4 ensure financial stability

4.4.1 Financial Stability

4.4.2 Payment System Stability and payments

5 The OeNB in the European System of National Banks

6 President / Governors

7 See also

8 Literature

9 links

10 Notes and references

History

1816-1818

As long as 50 years before the founding of the National Bank the Habsburgs carried out first experiments with securities in the form of paper money. Finally, in the 18th Century the issue of banknotes transferred to a state independent institution, while the issue of paper money called "Banco notes," founded in 1705 by the "Vienna City Bank" took place in 1762.

In wartime governance took back control of the money issue, so there was an inflation of Banco-Zettel 1796-1810. The state ordered the forced acceptance of paper money in private transport, which led to a fast-growing discount on bills in the market. 1799 was therefore one for 100 guilders paper money only 92 guilders in silver coins, and at the end of 1810 the value of the paper florin had fallen to 15 % of the nominal value of the Banco-Zettel. Later, the Habsburgs declared a devaluation of the Banco-Zettel in the ratio of 5:1. This act was considered by the business community as a sovereign default, which the paper money experienced a rapid devaluation.

At the end of the Napoleonic wars the Habsburg multinational state ( → Habsburg Monarchy) faced a new challenge: the restoration of a European balance. Church, the nobility, the army and the bureaucracy as elements in the Ancien Régime were not sufficient to solve this problem, a well -founded economic situation was needed. Moreover, one could not ignore readily the laws of supply and demand.

In this regard, were the first June 1816 by Emperor Francis I two patents issued (later to distinguish the "main patent" or "bank patent"), the "privileged Austrian National Bank", conceived as a public company, had to constitute itself as soon a possible, propose the emperor three of its directors for selection of the governor and take up their activity provisionally on 1 July 1816.

The National Bank had henceforth a monopoly on the issuance of paper money, which led to a slowdown in the Austrian monetary system and an increase in the value of paper money. The economy was again a solid source of money keeping constant the value of money regardless of the spending plans of the State. The equity of the Bank justified this by share issues.

Initially comprised the activities of the bank - under temporary management - the redemption of paper money and the issuance of shares. The full effectiveness attained the National Bank until after the issue of 1,000 shares and the associated possibility of shareholders to set the management themselves.

1818-1878

On 15 July 1817 recieved the National Bank as the "first Bankprivilegium" the exclusive right to unrestricted issue of banknotes and in this context a special position in terms of Rediskontgeschäfts (rediscount business). Beginning of 1818 the definitive bank management was ready. Part of it were among leading figures of Viennese society, including the banker Johann Heinrich von Geymüller and Bernard of Eskeles. From 1830 to 1837 the Office of the Governor was held by Adrian Nicholas Baron Barbier.

In the countries of the Habsburg Monarchy, which were characterized in large part by an agricultural oriented activity pattern, some regions showed a lively commercial-industrial growth. The goal now was to create a system of economic exchange between these areas. Successively established the National Bank branch network and thus guaranteed a uniform money and credit supply. From its headquarters in Vienna this network extended over early industrial areas and commercial centers in Eastern and Central Europe to the northern Mediterranean.

Trade bills and coins were preferred assets of the National Bank, less the supply of money to the state. With the exchange transactions, the National Bank supported the economic growth of the monarchy and secured at the same time the supply of silver coins in the event that the need for these increases in exchange for bank notes, contrary to expectations. 1818 was the National Bank, however, by increasing public debt, due to high spending in times of crisis, not spared to make an increase in the government debt positions on the asset side of its balance sheet.

The patent provisions of the founding of the National Bank not sufficiently secured against the autonomy of governance. At the center of the struggle for independence, this was the question of the extent to which the issue of banknotes must be made on the basis of government bonds. In 1841, a renewal of Bankprivilegiums got a weakening of the independence by pushing back the influence of the shareholders in favor of the state administration. During the revolution of 1848/49 followers of constitutional goals received great support from senior figures in the National Bank. For about a hundred years, the Austrian branch of the Rothschild bank (from which from 1855, the "Royal Privileged Austrian Credit-Institute for Commerce and Industry", the later Creditanstalt, was born) was playing a leading role in the banking center of Vienna. Salomon Mayer von Rothschild was involved during the pre-March in all major transactions of the National Bank for the rehabilitation of the state budget.

Special focus the National Bank was putting on the development of the premium that was payable at the exchange of banknotes into silver money in business dealings. The increase, which corresponded to a depreciation of the notes issued by the Bank should be prevented. From an overall state perspective, the increase of the silver premium means a deterioration in terms of the exchange ratio towards foreign countries, influencing the price competitiveness of the Austrian foreign trade adversely. The stabilization of the premium were set some limits. Although the height of the emission activitiy was depending on the Bank, but also the price of silver and the potential effects of increased government debt materially affected the silver premium. Especially the 1848 revolution and conflicts in the following years caused an increasement of the silver premium.

Mid-century, the private banking and wholesale houses were no longer able to cope with the rapidly growing financial intermediation of the Habsburg monarchy. New forms of capital formation were required. From an initiative of the House of Rothschild, the first by the government approved and private joint-stock bank was created. This formation was followed in 1863 and 1864 by two other joint-stock banks, whose major shareholders included important personalities of the aristocracy, who possessed large liquid funds. Overall, grew with these banks the money creation potential of the "financial center of Vienna".

The central bank faced another difficult task: with its limited resources it had to secure sufficient liquidity on the one hand and on the other hand prevent the inflationary expansion of the money supply. Through close contacts with the shareholders of Vienna was a financial center (informal) ballot, especially in times of crisis, easily dealt out. In contrast, it gave differences of opinion in the Fed Board, which required enforcement of decisions.

In 1861, Friedrich Schey Koromla became director of the National Bank. On 27 December 1862 experienced the Bankprivilegium another innovation. The independence of the National Bank of the State was restored and anchored. Furthermore, was introduced the direct allocation of banknotes in circulation by the system of "Peel'schen Bank Act", which states that the fixed budget of 200 million guilders exceeding circulation of banknotes must be covered by silver coins. In 1866, when the German war ended in defeat for Austria, the compliance of the system was no longer met. The state felt itself forced to pay compensation for breach of privilege. This balance was supported by a law of 1872, after the National Bank may issue notes up to a maximum of 200 million guilders and each additional payment must be fully backed by gold or silver.

1873 the economic boom of the Habsburg monarchy was represented in a long-lasting rise in the share price. A now to be expecting break could by the behavior of the Vienna Stock not be intercepted, so it came to the "Great Crash of 1873". The in 1872 fixed restrictions of the circulation of notes for a short time have been suspended. Contrary to expectations, the money supply in crisis peak but only outgrew by nearly 1% the prescribed limit in the bank acts. The banks and the industrial and commercial companies survived the crash without major losses, although the share prices significantly lay below the initial level.

The years with high growth were followed by a period of stagnation.

1878-1922

As part of the compensation negotiations between Austria and Hungary in 1867, the National Bank was able to exercise fully their Privilegialrechte, the Kingdom of Hungary but now had the certified right, every ten years exercisable, to found an own central bank (bank note). As resulted from the first 10 -year period that furthermore none of the two parts of the monarchy wanted to build an independent money-issuing bank (Zettelbank), was built on 28 June 1878, initially to 31 December 1887 limited, an Austro-Hungarian Bank, and equipped with the Fed privilege. The first privilege of the new bank was a compromise in which on the one hand, regulations on liability for national debts as well as regulations limiting the influence of the government on banking businesses were included. 1878 Gustav Leonhardt was Secretary of the Bank.

The General Assembly and the General Council formed the unit of the bank management. Two directorates and major institutions - in Vienna and Budapest - represented the dual nature of the bank. 1892-1900 followed a long discussion finally the currency conversion from guilders (silver currency) to the crown (gold standard) with "Gold Crown" said coins.

Since the new banknotes were very popular in the public, now many gold coins piled up in the vaults of the Austro-Hungarian Bank. This period was characterized by a balanced combination of price growth and damping, the "per capita national product" grew while prices remained mostly stable. Against this background, it was easy for the Fed to encourage a new wave of industrialization.

With a third privilege in 1899 conditions were established under which the bank could be put into the financial services of the two countries, on the other hand there have been important innovations that paved a good exchange policy. By 1914, the exchange ratio of the Austro-Hungarian currency was unchanged with only minor fluctuations. In contrast, was the by conflicts marked political development.

The expansive foreign policy quickly led to high costs from which had to be shouldered by the central bank a significant part. The stability of the currency was in danger. Shortly after the beginning of World War I in 1914, laid down the Military Command to indemnify any seized property with double the price. There was an increasing scarcity of goods, connected with an ongoing expansion of the money supply and finally the increase in the price level on the 16-fold.

The resulting cost of the war of the Dual Monarchy were covered to 40% on central bank loans and 60% through war bonds. Over the duration of the war, the power force built up in recent decades has been frozen at the end of the conflict in 1918, the real income of the workers had fallen to one-fifth of the last year of peace.

With the end of the war the end for the old order had come, too. The decay of Cisleithania and Transleithania caused in several successor states, despite the efforts of the central bank to maintain the order, a currency separation (see Crown Currency in the decay of the monarchy, successor states). First, a separate "Austrian management" of the bank was introduced. It was encouraged to shoulder the shortcomings of the state budget of the Republic of Austria founded in 1918.

The new South Slav state began in January 1919 stamping its crown banknotes. The newly founded Czechoslovak Republic retained the crown currency (to date), but their printed banknotes in circulation as of February 1919 with indications that now these ar Czechoslovak crowns. (The country could an inflation as experienced by Austria avoide.) In March 1919, German Austria began to stamp its crown banknotes.

The Treaty of Saint-Germain-en-Laye of 10 September 1919, by Austria on 25 October 1919 ratified and which on 16 July 1920 came into force, determined the cancellation and replacement of all crown banknotes of all successor states of Austria-Hungary as well as the complete liquidation of the Austro-Hungarian Bank under the supervision of the war winners. The last meetings of the Bank took place mid 1921 and at the end of 1922.

After a period of overvaluation of the crown the dollar rate rose from 1919 again. 1921, had to be paid over 5,000 Austrian crowns per dollar. In addition to the significant drop in the external value existed in Austria rising inflation. End of 1922 was ultimately a rehabilitation program with foreign assistance - the "Geneva Protocol" - passed which slowed down the inflation.

1922-1938

With Federal Law of 24 July 1922 the Minister of Finance was commissioned to build a central bank, which had to take over the entire note circulation plus current liabilities of the Austrian management of the Austro-Hungarian Bank. With Federal Law of 14 November 1922, certain provisions of the law were amended and promulgated the statutes of the Austrian National Bank. By order of the Federal Government Seipel I 29 December 1922, the Board of the Austrian Austro-Hungarian Bank issued authorization for the central bank union activity with 1 January 1923 have been declared extinct and was made ​​known the commencement of operations of the Oesterreichische Nationalbank this day.

The statutes of the Austrian National Bank (OeNB) secured the independence from the state, the independence of the Bank under exclusion of external influences and the corresponding equity. First, the stabilization of the Austrian currency was at the forefront. With the Schilling Act of 20 December 1924 was the schilling currency (First Republic) with 1 Introduced in March 1925, it replaced the crown currency. For 10,000 crowns now you got a shilling.

As an important personality in terms of the order of the state budget, Dr. Victor Kienböck has to be mentioned. He was in the time from 1922 to 1924 and from 1926 to 1929 finance minister of the First Republic and from 1932 to 1938 President of the Austrian National Bank. Through his work remained the Austrian Schilling, also beyound the global economy crisis, stable. Under this condition, the Fed was able to cope with the large number of bank failures of the past.

1938-1945

According to the on 13th March issued Anschlussgesetz (annexation law) , the Reichsmark with order of the Fuehrer and Chancellor of 17 was March 1938 introduced in the country Austria and determines the course: A Reichsmark is equal to one shilling fifty pence. On the same day, the Chancellor ordered that the management of the to be liquidated National Bank was transferred to the Reichsbank.

With regulation of three ministers of the German Reich of 23 April 1938, the National Bank was established as a property of the Reichsbank and its banknotes the quality as legal tender by 25 April 1938 withdrawn; public funds had Schilling banknotes until 15th of may in 1938 to accept. All the gold and foreign exchange reserves were transferred to Berlin.

The Second World War weakened the Austrian economy to a great extent, the production force after the war corresponded to only 40% of that of 1937 (see also air raids on Austria). To finance the war, the Reichsbank brought to a high degree banknotes in circulation, which only a great victory of the kingdom (Reich) actual values ​​would have been opposable. Since prices were strictly regulated, inflation virtually could be "banned" during the war.

1945-1998

In occupied postwar Austria about 10 billion shillings by Allied military occupying powers were initially printed, which contributed to significant price increases.

With the re-establishment of the Republic of Austria by the Austrian declaration of independence of 27 April 1945, it came to the resumption of activities of the Oesterreichische Nationalbank. By the "Fed Transition Act" of July 1945 preliminary legal regulations for the operations of the Bank have been established. The restoration of the Austrian currency was their first big job. The goal was the summary of all currencies, which at the time were in circulation, and their secondment to a new Austrian currency. The "Schilling Act" of November 1945, the basis for the re-introduction of the Schilling (Second Republic) as legal tender in Austria. The next step was to reduce excess liquidity to make necessary funds for new business investment available and to make the external value of the shilling for the development of the economy competitive. First, however, less changed the inflationary situation and also the shilling was still significantly undervalued in relation to other currencies.

The "Currency Protection Act" of 1947 brought a significant change in the monetary overhang. Some deposits have been deleted without replacement, others converted into claims against the Federal Treasury. The following exchange operations also significantly reduced the amount of cash: banknotes from 1945 were canceled and exchanged for new schilling notes in the ratio 1:3. Only 150 shillings per person could go 1-1.

To control inflation, the social partners came to the foreground. The associations of employers and employees set in 1947 prices for supplies, wages were also raised. This was the first of the five "wage-price agreements" of the social partners. In 1952, inflation was held back by limiting the use of monetary policy instruments by the National Bank. Also, the external sector slowly relaxed after the end of the Korean War.

In 1955, the Austrian National Bank was re-established by the new National Bank Act as a corporation and the by the National Bank Transition of Authorities Act (Nationalbank-Überleitungsgesetz) established provisional arragement abolished. The National Bank Act stipulated that each half of the capital should be situated at the federal government and private shareholders. In addition to the independence of bank loans of the state, the new National Bank Act also contained an order that the central bank must watch within their monetary and credit policies on the economic policies of the federal government. From now on also included within the instruments of the National Bank were the areas open market and minimum reserve policy.

The Austrian economy increasingly stabilized, through good fiscal and monetary policy a high growth could be attained, with low inflation and long-term maintenance of external equilibrium.

1960, Austria joined the European Free Trade Association and participated in the European integration.

In the sixties came the international monetary system based on gold-dollar convertibility into currency fluctuations and political reforms were necessary. First, the loosening of exchange rate adjustments between several states was an option. However, U.S. balance of payments problems brought with it restrictions on capital movements, and then the Euro-Dollar market was born. In 1971, the convertibility of the U.S. dollar was lifted.

1975 interrupted a recession increasing growth time. International unbalanced ayments caused very extensive foreign exchange movements, whereby the intervention force of Austrian monetary policy has been strongly challenged. Their task now was to control the effect of foreign exchange on domestic economic activities to stabilize the shilling in the context of constantly shifting exchange rates and to control the price rise appropriately. Since the inflow of foreign funds reached to high proportions, so that the economic stability has been compromised, the policy went the way of the independent course design in a pool of selected European currencies.

The collapse of the economy forced the policy makers to a new course with active mutual credit control, subdued wage growth, financial impulses in supply and demand, and interest rates are kept low. This system of regulation, however, kept back the need for structural change, so it had to be given up in 1979. In the same year a fire destroyed large parts of the main building of the Austrian National Bank in Vienna. The repairs lasted until 1985.

Target in the eighties was to strengthen the economic performance using a competitive power comparison. The findings from the seventies stimulated the Austrian monetary policy to align the Schilling course at the Deutsche Mark to ensure price stability in the country. In addition, the structural change was initiated by inclusion in a large area. Stable, if not necessarily comfortable environment of monetary policy was a prerequisite, to secure the companies long-term productivity gains and thus safeguard their position in the economy.

Initially, this development stood a high level of unemployment in the way. Growth until the second half of the decade increased, at the same time increased the competitiveness and current accounts could be kept in balance.

In the nineties, the annexation of Austria took place in the European Community. 1995 Austria became a member of the European Union (EU) and joined the exchange rate mechanism of the European Monetary System. In 1998, the Central Banks (ESCB) have established the independence of institutions or bodies of the European Community and the governments of the EU Member States through an amendment to the National Bank Act of the Austrian National Bank to implement the goals and tasks of the European System. Thus, the legal basis for the participation of Austria in the third stage of Economic and Monetary Union (EMU) was created in 1999.

As of 1999

The Austrian National Bank, and other national central banks including the European Central Bank ( ECB), belongs to the European System of Central Banks.

On 1 January 1999 was introduced in the third stage of Economic and Monetary Union in Austria and ten other EU Member States, the euro as a common currency. The European Central Bank is henceforth responsible for monetary and currency policy, decisions in this regard will be taken in accordance with the Council of the European Central Bank.

Since May 2010, the OeNB is in full possession of the Republic of Austria, after originally lobbies, banks and insurance companies were involved with 50 % of the share capital in it. In 2011, the National Bank Act was adapted by an amendment (Federal Law Gazette I No. 50 /2011) in this circumstance, a renewed privatization is thus excluded by law.

The OeNB as a modern central bank

With the withdrawal from the retail business in the sixties as well as the first major internationalization and implementation of a strategic management in the seventies, the OeNB went on the way to a future-oriented central bank. Another major reform of banking began at the end of the eighties.

In terms of global development, the OeNB established in 1988 as a service company and expanded its guiding values ​​- "security, stability and trust" - to the principles of " fficiency" and "cost-consciousness". The business center was optimized and strategic business experienced through targeted improvements a reinforcement. Be mentioned as examples are intensifying domestic cooperation in the area of ​​payments by encouraging the creation of the Society for the Study co-payments (STUZZA), the liberalization of capital movements, the professional management of foreign exchange reserves, the improvement of the supply of money through the construction of the money center and the internationalization of business activities through the establishment of representative offices in Brussels (European Union), Paris (OECD) and the financial center of New York.

After Austria's accession to the EU in 1995, the OeNB participated in the European Monetary System (EMS ) and its Exchange Rate Mechanism. The integration in the third stage of Economic and Monetary Union (EMU) was the next step towards further development of policy stability. Since the conclusion of the Maastricht Treaty, the Austrian National Bank has very fully considered its role in the ESCB and created a basis for inclusion in the community. The profound economic and monetary policy of Austria was also a reference that qualified the OeNB to actively participate in the monetary future of Europe, a greater harmonization of the statistical framework and monetary policy instruments with a view to the euro system, the preparation of the issue of European banknotes, and the establishment of operational processes and organizational integration of business processes within the ESCB being specific objectives of the OeNB.

In the following, it came, inter alia, to the establishement of an economic study department, of an education or training initiative and to strengthen the position of payment transactions through the TARGET system.

A in 1996 created "OeNB master plan" provided important points for the upcoming transition to the euro.

In May 1998, a new pension system came into force, by which new employees were incorporated into a two-pillar model.

1999, Austria's participation in the third stage of EMU was manifest. The Austrian National Bank - as part of the ESCB - became the owner of the European Central Bank and received new powers in this context in the sense of participation in the monetary policy decision-making at the level of the European Community. With the introduction of the euro, monetary policy functions of the General Council have been transferred to the Governing Council. However, the implementation remains the responsibility of national central banks.

Activities of the Oesterreichische Nationalbank were or are, for example, the further professionalization of asset management, the expansion of the network of representative offices by opening a representative office in the financial center of London, preparation of the smooth introduction of euro cash in 2002 and the participation of the OeNB on the creation of the "A-SIT" (Center for secure Information Technology Center - Austria) and the "A-Trust" (society of electronic security systems in traffic GmbH ) in order to promote security in information technology.

de.wikipedia.org/wiki/Oesterreichische_Nationalbank

Text courtesy of pininfarina:

 

www.pininfarina.it/en/sergio

 

THE PROJECT:

 

Exclusivity, innovation and passion

 

It is named Sergio, after the man who led Pininfarina for 40 years and conceived some of the greatest car legends. It is the new, amazing concept car created to celebrate the Life Senator Sergio Pininfarina. At its world debut at the Geneva Motor Show 2013, the Sergio joins the brand that has so marked the history of Pininfarina: Ferrari. The Sergio, in fact, is a two-seater barchetta that looks to the future, very compact, very sporty, racy, pure and sensual. An exercise that Pininfarina decided to undertake on Ferrari 458 Spider mechanicals. Its formal interpretation is absolutely free, in the best tradition of the Pininfarina research which has produced so many Ferrari-based concept cars or unique models now recognised as masterpieces. The result is a modern, organic view of the mid-rear-engined two-seater barchetta. The willingness to revisit volumes and surface treatments in a subliminal way emerges with the Sergio, which evokes the spirit of Pininfarina's best achievements for Ferrari of the ‘60s and ‘70s. A radical object, unique and essential, which rejects the superfluous and is performance-oriented. A real open air car with an explicit nod to racing cars, in the sense that a cupola is not fitted to protect occupants, for which two helmets are provided. Its exclusivity and development on the basis of a production car, in fact, sets the Sergio in the tradition of the great Pininfarina custom-made cars specifically designed for "special" clients. It is therefore a real car that can easily be produced in limited series of a few units.

 

THE WAY:

 

A custom-made car designed to convey emotions

The Sergio is distinguished by a very simple and clear style, that becomes memorable the moment you look at it. Proportions pushed to the extreme, a dynamic front volume penetrating into a rear that is projected forward, a sculpted, three-dimensional interpretation of the typical barchetta. The composition of the two body masses through a longitudinal black insert becomes the design's guideline.

 

The Sergio also expresses an iconicity linked to ‘60s Ferraris proposing bulging and sensual wings inspired by those of sports cars and racing cars of that era, achieved by compacting all volume accessories as much as possible. The extreme lightness of the Sergio, which appears to float with the front up, is a direct result of aerodynamic research.

 

The front semi-floating development with the spoiler under the front, expresses aesthetic force and is at the same time functional for the stabilisation of the aerodynamic load and the heat exchange. The aerodynamic deflector in front of the cockpit also creates a virtual windscreen through the deviation of the air flow, protecting the passengers from turbulence. The roll bar, designed as a wing surface, is perfectly tuned to the evolution of the flow coming from the front, adding a further down force effect. Finally, the rear nolder and the extractor close the design effectively and functionally. Still on the subject of aerodynamics, even the rear-view mirror takes on a fluid form that, given the flow of the front baffle, helps to divert air from the heads of the passengers.

 

To enhance the formal purity of the Pininfarina style criterion, all the technical parts of the Sergio (handles, fins, air intake holes) are concentrated in dark parts of the body, leaving the red painted parts free.

 

THE MODEL:

 

This Lego miniland-scale pininfarina Sergio Ferrari Concept has been created for Flickr LUGNuts 76th build Challenge, - "Viva Italia", for all things automotive and Italian.

 

Calligraphy is a visual art related to writing. It is the design and execution of lettering with a broad tip instrument, brush, among other writing instruments. A contemporary calligraphic practice can be defined as, "the art of giving form to signs in an expressive, harmonious, and skillful manner".

 

Modern calligraphy ranges from functional inscriptions and designs to fine-art pieces where the letters may or may not be readable.[1][page needed] Classical calligraphy differs from typography and non-classical hand-lettering, though a calligrapher may practice both.

 

Calligraphy continues to flourish in the forms of wedding and event invitations, font design and typography, original hand-lettered logo design, religious art, announcements, graphic design and commissioned calligraphic art, cut stone inscriptions, and memorial documents. It is also used for props and moving images for film and television, testimonials, birth and death certificates, maps, and other written works.

 

TOOLS

The principal tools for a calligrapher are the pen and the brush. Calligraphy pens write with nibs that may be flat, round, or pointed. For some decorative purposes, multi-nibbed pens - steel brushes - can be used. However, works have also been created with felt-tip and ballpoint pens, although these works do not employ angled lines. There are some styles of calligraphy, like Gothic script, which require a stub nib pen.

 

Writing ink is usually water-based and is much less viscous than the oil-based inks used in printing. High quality paper, which has good consistency of absorption, enables cleaner lines, although parchment or vellum is often used, as a knife can be used to erase imperfections and a light-box is not needed to allow lines to pass through it. Normally, light boxes and templates are used to achieve straight lines without pencil markings detracting from the work. Ruled paper, either for a light box or direct use, is most often ruled every quarter or half inch, although inch spaces are occasionally used. This is the case with litterea unciales (hence the name), and college-ruled paper often acts as a guideline well.

 

Common calligraphy pens and brushes are:

 

Quill

Dip pen

Ink brush

Qalam

Fountain pen

 

WORLD TRADITIONS

EUROPE

HISTORY

Western calligraphy is recognizable by the use of the Latin script. The Latin alphabet appeared about 600 BC, in Rome, and by the first century[clarification needed] developed into Roman imperial capitals carved on stones, Rustic capitals painted on walls, and Roman cursive for daily use. In the second and third centuries the uncial lettering style developed. As writing withdrew to monasteries, uncial script was found more suitable for copying the Bible and other religious texts. It was the monasteries which preserved calligraphic traditions during the fourth and fifth centuries, when the Roman Empire fell and Europe entered the Dark Ages.

 

At the height of the Empire, its power reached as far as Great Britain; when the empire fell, its literary influence remained. The Semi-uncial generated the Irish Semi-uncial, the small Anglo-Saxon. Each region developed its own standards following the main monastery of the region (i.e. Merovingian script, Laon script, Luxeuil script, Visigothic script, Beneventan script), which are mostly cursive and hardly readable.

 

Christian churches promoted the development of writing through the prolific copying of the Bible, particularly the New Testament and other sacred texts. Two distinct styles of writing known as uncial and half-uncial (from the Latin "uncia," or "inch") developed from a variety of Roman bookhands. The 7th-9th centuries in northern Europe were the heyday of Celtic illuminated manuscripts, such as the Book of Durrow, Lindisfarne Gospels and the Book of Kells.

 

Charlemagne's devotion to improved scholarship resulted in the recruiting of "a crowd of scribes", according to Alcuin, the Abbot of York. Alcuin developed the style known as the Caroline or Carolingian minuscule. The first manuscript in this hand was the Godescalc Evangelistary (finished 783) — a Gospel book written by the scribe Godescalc. Carolingian remains the one progenitor hand from which modern booktype descends.

 

In the eleventh century, the Caroline evolved into the Gothic script, which was more compact and made it possible to fit more text on a page. The Gothic calligraphy styles became dominant throughout Europe; and in 1454, when Johannes Gutenberg developed the first printing press in Mainz, Germany, he adopted the Gothic style, making it the first typeface.

 

In the 15th century, the rediscovery of old Carolingian texts encouraged the creation of the humanist minuscule or littera antiqua. The 17th century saw the Batarde script from France, and the 18th century saw the English script spread across Europe and world through their books.

 

In the mid-1600s French officials, flooded with documents written in various hands and varied levels of skill, complained that many such documents were beyond their ability to decipher. The Office of the Financier thereupon restricted all legal documents to three hands, namely the Coulee, the Rhonde, (known as Round hand in English) and a Speed Hand sometimes simply called the Bastarda.

 

While there were many great French masters at the time, the most influential in proposing these hands was Louis Barbedor, who published Les Ecritures Financière Et Italienne Bastarde Dans Leur Naturel circa 1650.

 

With the destruction of the Camera Apostolica during the sack of Rome (1527), the capitol for writing masters moved to Southern France. By 1600, the Italic Cursiva began to be replaced by a technological refinement, the Italic Chancery Circumflessa, which in turn fathered the Rhonde and later English Roundhand.

 

In England, Ayres and Banson popularized the Round Hand while Snell is noted for his reaction to them, and warnings of restraint and proportionality. Still Edward Crocker began publishing his copybooks 40 years before the aforementioned.

 

STYLE

Sacred Western calligraphy has some special features, such as the illumination of the first letter of each book or chapter in medieval times. A decorative "carpet page" may precede the literature, filled with ornate, geometrical depictions of bold-hued animals. The Lindisfarne Gospels (715–720 AD) are an early example.

 

As with Chinese or Islamic calligraphy, Western calligraphic script employed the use of strict rules and shapes. Quality writing had a rhythm and regularity to the letters, with a "geometrical" order of the lines on the page. Each character had, and often still has, a precise stroke order.

 

Unlike a typeface, irregularity in the characters' size, style, and colors increases aesthetic value, though the content may be illegible. Many of the themes and variations of today's contemporary Western calligraphy are found in the pages of The Saint John's Bible. A particularly modern example is Timothy Botts' illustrated edition of the Bible, with 360 calligraphic images as well as a calligraphy typeface.

 

INFLUENCES

Several other Western styles use the same tools and practices, but differ by character set and stylistic preferences. For Slavonic lettering, the history of the Slavonic and consequently Russian writing systems differs fundamentally from the one of the Latin language. It evolved from the 10th century to today.

 

EAST ASIA

The Chinese name for calligraphy is shūfǎ (書法 in Traditional Chinese, literally "the method or law of writing"); the Japanese name shodō (書道, literally "the way or principle of writing"); the Korean is seoye (Korean: 서예/書藝, literally "the art of writing"); and the Vietnamese is Thư pháp (書法, literally "the way of letters or words"). The calligraphy of East Asian characters is an important and appreciated aspect of East Asian culture.

 

HISTORY

In ancient China, the oldest Chinese characters existing are Jiǎgǔwén(甲骨文) characters carved on ox scapulae and tortoise plastrons, because the dominators in Shang Dynasty carved pits on such animals' bones and then baked them to gain auspice of military affairs, agricultural harvest, or even procreating and weather. During the divination ceremony, after the cracks were made, the characters were written with a brush on the shell or bone to be later carved.(Keightley, 1978). With the development of Jīnwén (Bronzeware script) and Dàzhuàn (Large Seal Script) "cursive" signs continued. Moreover, each archaic kingdom of current China had its own set of characters.

 

In Imperial China, the graphs on old steles - some dating from 200 BC, and in Xiaozhuan style - are still accessible.

 

About 220 BC, the emperor Qin Shi Huang, the first to conquer the entire Chinese basin, imposed several reforms, among them Li Si's character unification, which created a set of 3300 standardized Xiǎozhuàn(小篆) characters. Despite the fact that the main writing implement of the time was already the brush, few papers survive from this period, and the main examples of this style are on steles.

 

The Lìshū(隶书) style (clerical script) which is more regularized, and in some ways similar to modern text, have been also authorised under Qin Shi Huangdi.

 

Kǎishū style (traditional regular script)—still in use today—and attributed to Wang Xizhi (王羲之, 303–361) and his followers, is even more regularized. Its spread was encouraged by Emperor Mingzong of Later Tang (926–933), who ordered the printing of the classics using new wooden blocks in Kaishu. Printing technologies here allowed a shape stabilization. The Kaishu shape of characters 1000 years ago was mostly similar to that at the end of Imperial China. But small changes have been made, for example in the shape of 广 which is not absolutely the same in the Kangxi Dictionary of 1716 as in modern books. The Kangxi and current shapes have tiny differences, while stroke order is still the same, according to old style.

 

Styles which did not survive include Bāfēnshū, a mix made of Xiaozhuan style at 80%, and Lishu at 20%. Some variant Chinese characters were unorthodox or locally used for centuries. They were generally understood but always rejected in official texts. Some of these unorthodox variants, in addition to some newly created characters, compose the Simplified Chinese character set.

 

TECHNIQUE

Traditional East Asian writing uses the Four Treasures of the Study (文房四寶/文房四宝): the ink brushes known as máobǐ (毛笔) to write Chinese characters, Chinese ink, paper, and inkstone, known as the Four Friends of the Study (Korean: 문방사우) in Korea. In addition to these four tools, desk pads and paperweights are also used.

 

The shape, size, stretch, and hair type of the ink brush, the color, color density and water density of the ink, as well as the paper's water absorption speed and surface texture are the main physical parameters influencing the final result. The calligrapher's technique also influences the result. The calligrapher's work is influenced by the quantity of ink and water he lets the brush take, then by the pressure, inclination, and direction he gives to the brush, producing thinner or bolder strokes, and smooth or toothed borders. Eventually, the speed, accelerations, decelerations of the writer's moves, turns, and crochets, and the stroke order give the "spirit" to the characters, by greatly influencing their final shapes.

 

STYLES

Cursive styles such as xíngshū (semi-cursive or running script) and cǎoshū (cursive or grass script) are less constrained and faster, where more movements made by the writing implement are visible. These styles' stroke orders vary more, sometimes creating radically different forms. They are descended from Clerical script, in the same time as Regular script (Han Dynasty), but xíngshū and cǎoshū were used for personal notes only, and never used as a standard. The cǎoshū style was highly appreciated in Emperor Wu of Han reign (140–187 AD).

 

Examples of modern printed styles are Song from the Song Dynasty's printing press, and sans-serif. These are not considered traditional styles, and are normally not written.

 

INFLUENCES

Japanese and Korean calligraphies were greatly influenced by Chinese calligraphy. The Japanese and Korean people have also developed specific sensibilities and styles of calligraphy. For example, Japanese calligraphy go out of the set of CJK strokes to also include local alphabets such as hiragana and katakana, with specific problematics such as new curves and moves, and specific materials (Japanese paper, washi 和紙, and Japanese ink). In the case of Korean calligraphy, the Hangeul and the existence of the circle required the creation of a new technique which usually confuses Chinese calligraphers.

 

Temporary calligraphy is a practice of water-only calligraphy on the floor, which dries out within minutes. This practice is especially appreciated by the new generation of retired Chinese in public parks of China. These will often open studio-shops in tourist towns offering traditional Chinese calligraphy to tourists. Other than writing the clients name, they also sell fine brushes as souvenirs and lime stone carved stamps.

 

Since late 1980s, a few Chinese artists have branched out traditional Chinese calligraphy to a new territory by mingling Chinese characters with English letters; notable new forms of calligraphy are Xu Bing's square calligraphy and DanNie's coolligraphy or cooligraphy.

 

Mongolian calligraphy is also influenced by Chinese calligraphy, from tools to style.

 

Calligraphy has influenced ink and wash painting, which is accomplished using similar tools and techniques. Calligraphy has influenced most major art styles in East Asia, including ink and wash painting, a style of Chinese, Korean, Japanese painting, and Vietnamese painting based entirely on calligraphy.

 

SOUTH ASIA

INDIA

On the subject of Indian calligraphy, writes:

Aśoka's edicts (c. 265–238 BC) were committed to stone. These inscriptions are stiff and angular in form. Following the Aśoka style of Indic writing, two new calligraphic types appear: Kharoṣṭī and Brāhmī. Kharoṣṭī was used in the northwestern regions of India from the 3rd century BC to the 4th century of the Christian Era, and it was used in Central Asia until the 8th century.

 

In many parts of ancient India, the inscriptions were carried out in smoke-treated palm leaves. This tradition dates back to over two thousand years. Even after the Indian languages were put on paper in the 13th century, palm leaves where considered a preferred medium of writing owing to its longevity (nearly 400 years) compared to paper. Both sides of the leaves were used for writing. Long rectangular strips were gathered on top of one another, holes were drilled through all the leaves, and the book was held together by string. Books of this manufacture were common to Southeast Asia. The palm leaf was an excellent surface for penwriting, making possible the delicate lettering used in many of the scripts of southern Asia.

 

Burnt clay and copper were a favoured material for Indic inscriptions. In the north of India, birch bark was used as a writing surface as early as the 2nd century AD.

 

NEPAL

Ranjana script is the primary form of Nepalese calligraphy. The script itself, along with its derivatives (like Lantsa, Phagpa, Kutila) are used in Nepal, Tibet, Bhutan, Leh, Mongolia, coastal Japan, and Korea to write "Om mani padme hum" and other sacred Buddhist texts, mainly those derived from Sanskrit and Pali.

 

THAILAND

Sanskrit is the primary form of Thai calligraphy. Historically Thai calligraphy has been limited to sacred texts of the Pali Canon with few wider artistic applications where graphic calligraphy representing figures and objects is produced. Calligraphy appears on the personal flag of each member of the Thai royal family bearing its owner's initials in calligraphy. The most obvious place in the country where calligraphy is present is in graffiti. A few books have been published with calligraphic compositions.

 

TIBET

Calligraphy is central in Tibetan culture. The script is derived from Indic scripts. The nobles of Tibet, such as the High Lamas and inhabitants of the Potala Palace, were usually capable calligraphers. Tibet has been a center of Buddhism for several centuries, and that religion places a great deal of significance on written word. This does not provide for a large body of secular pieces, although they do exist (but are usually related in some way to Tibetan Buddhism). Almost all high religious writing involved calligraphy, including letters sent by the Dalai Lama and other religious and secular authority. Calligraphy is particularly evident on their prayer wheels, although this calligraphy was forged rather than scribed, much like Arab and Roman calligraphy is often found on buildings. Although originally done with a reed, Tibetan calligraphers now use chisel tipped pens and markers as well.

 

ISLAMIC WORLD

Islamic calligraphy (calligraphy in Arabic is khatt ul-yad خط اليد‎) has evolved alongside Islam and the Arabic language. As it is based on Arabic letters, some call it "Arabic calligraphy". However the term "Islamic calligraphy" is a more appropriate term as it comprises all works of calligraphy by the Muslim calligraphers from Andalusia in modern Spain to China.

 

Islamic calligraphy is associated with geometric Islamic art (arabesque) on the walls and ceilings of mosques as well as on the page. Contemporary artists in the Islamic world draw on the heritage of calligraphy to use calligraphic inscriptions or abstractions.

 

Instead of recalling something related to the spoken word, calligraphy for Muslims is a visible expression of the highest art of all, the art of the spiritual world. Calligraphy has arguably become the most venerated form of Islamic art because it provides a link between the languages of the Muslims with the religion of Islam. The Qur'an has played an important role in the development and evolution of the Arabic language, and by extension, calligraphy in the Arabic alphabet. Proverbs and passages from the Qur'an are still sources for Islamic calligraphy.

 

It is generally accepted that Islamic calligraphy excelled during the Ottoman era. Istanbul is an open exhibition hall for all kinds and varieties of calligraphy, from inscriptions in mosques to fountains, schools, houses, etc.

 

PERSIA

The history of calligraphy in Persia dates back to the pre-Islam era. In Zoroastrianism beautiful and clear writings were always praised.

 

It is believed that ancient Persian script was invented by about 600–500 BC to provide monument inscriptions for the Achaemenid kings. These scripts consisted of horizontal, vertical, and diagonal nail-shape letters, which is why it is called "script of nails/cuneiform script" (khat-e-mikhi) in Persian. Centuries later, other scripts such as "Pahlavi" and "Avestan" scripts were used in ancient Persia.

 

CONTEMPORARY SRIPTS

The Nasta'liq style is the most popular contemporary style among classical Persian calligraphy scripts; Persian calligraphers call it the "bride of calligraphy scripts". This calligraphy style has been based on such a strong structure that it has changed very little since. Mir Ali Tabrizi had found the optimum composition of the letters and graphical rules so it has just been fine-tuned during the past seven centuries. It has very strict rules for graphical shape of the letters and for combination of the letters, words, and composition of the whole calligraphy piece.

 

MAYAN CIVILIZATION

Mayan calligraphy was expressed via Mayan hieroglyphs; modern Mayan calligraphy is mainly used on seals and monuments in the Yucatán Peninsula in Mexico. Mayan hieroglyphs are rarely used in government offices; however in Campeche, Yucatán and Quintana Roo, Mayan calligraphy is written in Latin letters. Some commercial companies in southern Mexico use Mayan hieroglyphs as symbols of their business. Some community associations and modern Mayan brotherhoods use Mayan hieroglyphs as symbols of their groups.

 

Most of the archaeological sites in Mexico such as Chichen Itza, Labna, Uxmal, Edzna, Calakmul, etc. have glyphs in their structures. Carved stone monuments known as stele are common sources of ancient Mayan calligraphy.

 

MODERN CALLIGRAPHY

REVIVAL

After printing became ubiquitous from the 15th century, the production of illuminated manuscripts began to decline. However, the rise of printing did not mean the end of calligraphy.

 

The modern revival of calligraphy began at the end of the 19th century, influenced by the aesthetics and philosophy of William Morris and the Arts and Crafts movement. Edward Johnston is regarded as being the father of modern calligraphy. After studying published copies of manuscripts by architect William Harrison Cowlishaw, he was introduced to William Lethaby in 1898, principal of the Central School of Arts and Crafts,who advised him to study manuscripts at the British Museum.

 

This triggered Johnston's interest in the art of calligraphy with the use of a broad edged pen. He began a teaching course in calligraphy at the Central School in Southampton Row, London from September 1899, where he influenced the typeface designer and sculptor Eric Gill. He was commissioned by Frank Pick to design a new typeface for London Underground, still used today (with minor modifications).

 

He has been credited for reviving the art of modern penmanship and lettering single-handedly through his books and teachings - his handbook on the subject, Writing & Illuminating, & Lettering (1906) was particularly influential on a generation of British typographers and calligraphers, including Graily Hewitt, Stanley Morison, Eric Gill and Anna Simons. Johnston also devised the simply crafted round calligraphic handwriting style, written with a broad pen, known today as the Foundational hand. Johnston initially taught his students an uncial hand using a flat pen angle, but later taught his hand using a slanted pen angle. He first referred to this hand as "Foundational Hand" in his 1909 publication, Manuscript & Inscription Letters for Schools and Classes and for the Use of Craftsmen.

 

SUBSEQUENT DEVELOPMENTS

Graily Hewitt taught at the Central School of Arts and Crafts and published together with Johnston throughout the early part of the century. Hewitt was central to the revival of gilding in calligraphy, and his prolific output on type design also appeared between 1915 and 1943. He is attributed with the revival of gilding with gesso and gold leaf on vellum. Hewitt helped to found the Society of Scribes & Illuminators (SSI) in 1921, probably the world's foremost calligraphy society.

 

Hewitt is not without both critics and supporters in his rendering of Cennino Cennini's medieval gesso recipes. Donald Jackson, a British calligrapher, has sourced his gesso recipes from earlier centuries a number of which are not presently in English translation. Graily Hewitt created the patent announcing the award to Prince Philip of the title of Duke of Edinburgh on November 19, 1947, the day before his marriage to Queen Elizabeth.

 

Johnston’s pupil, Anna Simons, was instrumental in sparking off interest in calligraphy in Germany with her German translation of Writing and Illuminating, and Lettering in 1910. Austrian Rudolf Larisch, a teacher of lettering at the Vienna School of Art, published six lettering books that greatly influenced German-speaking calligraphers. Because German-speaking countries had not abandoned the Gothic hand in printing, Gothic also had a powerful effect on their styles.

 

Rudolf Koch was a friend and younger contemporary of Larisch. Koch's books, type designs, and teaching made him one of the most influential calligraphers of the 20th century in northern Europe and later in the U.S. Larisch and Koch taught and inspired many European calligraphers, notably Karlgeorg Hoefer, and Hermann Zapf.

 

Contemporary typefaces used by computers, from word processors like Microsoft Word or Apple Pages to professional designers' software like Adobe InDesign, owe a considerable debt to the past and to a small number of professional typeface designers today.

 

Unicode provides "Script" and "Fraktur" Latin alphabets that can be used for calligraphy. See Mathematical Alphanumeric Symbols.

 

WIKIPEDIA

 

guideline of orpington m1

Oesterreichische Nationalbank

Logo of the Austrian National Bank

Headquarters Vienna, Austria

Central Bank of Austria

Currency€

To ISO 4217 EUR

website

www.oenb.at/

Previous Austro- Hungarian Bank

List of Central Banks

Oesterreichische Nationalbank, at Otto-Wagner -Platz No. 3, Vienna

The Austrian National Bank (OeNB), Austria's central bank as an integral part of the European System of Central Banks (ESCB) and the Eurosystem. It is instrumental in the design of the economic development in Austria and in the euro area. Legally, the OeNB is a public limited company.. However, it is also subject to further enshrined in the National Bank Act regulations resulting from its separate position as a central bank. In the framework of the Eurosystem, the OeNB contributes to a stability-oriented monetary policy. At the national level, it cares about the preservation of financial stability and the money supply and manage foreign exchange reserves to hedge against the euro in times of crisis. The guideline values in terms of the tasks of the Austrian National Bank are "security, stability and trust".

Contents

1 History

1.1 1816 to 1818

1.2 1818 to 1878

1.3 1878 to 1922

1.4 1922 to 1938

1.5 1938 to 1945

1.6 1945 to 1998

1.7 From 1999

2 The OeNB as a modern central bank

3 Legal form and organs

3.1 Legal framework

3.2 organs

3.2.1 General

3.2.2 General

3.2.3 Board of Directors

4 Tasks

4.1 Monetary policy strategies and monetary policy decision-making process

4.1.1 Economic analysis

4.1.2 Production of statistical information

4.1.3 Contribute to international organizations

4.2 Implementation of monetary policy

4.2.1 use of monetary policy instruments

4.2.2 Reserve Management

4.2.3 Money Supply

4.3 Communication of monetary policy

4.4 ensure financial stability

4.4.1 Financial Stability

4.4.2 Payment System Stability and payments

5 The OeNB in the European System of National Banks

6 President / Governors

7 See also

8 Literature

9 links

10 Notes and references

History

1816-1818

As long as 50 years before the founding of the National Bank the Habsburgs carried out first experiments with securities in the form of paper money. Finally, in the 18th Century the issue of banknotes transferred to a state independent institution, while the issue of paper money called "Banco notes," founded in 1705 by the "Vienna City Bank" took place in 1762.

In wartime governance took back control of the money issue, so there was an inflation of Banco-Zettel 1796-1810. The state ordered the forced acceptance of paper money in private transport, which led to a fast-growing discount on bills in the market. 1799 was therefore one for 100 guilders paper money only 92 guilders in silver coins, and at the end of 1810 the value of the paper florin had fallen to 15 % of the nominal value of the Banco-Zettel. Later, the Habsburgs declared a devaluation of the Banco-Zettel in the ratio of 5:1. This act was considered by the business community as a sovereign default, which the paper money experienced a rapid devaluation.

At the end of the Napoleonic wars the Habsburg multinational state ( → Habsburg Monarchy) faced a new challenge: the restoration of a European balance. Church, the nobility, the army and the bureaucracy as elements in the Ancien Régime were not sufficient to solve this problem, a well -founded economic situation was needed. Moreover, one could not ignore readily the laws of supply and demand.

In this regard, were the first June 1816 by Emperor Francis I two patents issued (later to distinguish the "main patent" or "bank patent"), the "privileged Austrian National Bank", conceived as a public company, had to constitute itself as soon a possible, propose the emperor three of its directors for selection of the governor and take up their activity provisionally on 1 July 1816.

The National Bank had henceforth a monopoly on the issuance of paper money, which led to a slowdown in the Austrian monetary system and an increase in the value of paper money. The economy was again a solid source of money keeping constant the value of money regardless of the spending plans of the State. The equity of the Bank justified this by share issues.

Initially comprised the activities of the bank - under temporary management - the redemption of paper money and the issuance of shares. The full effectiveness attained the National Bank until after the issue of 1,000 shares and the associated possibility of shareholders to set the management themselves.

1818-1878

On 15 July 1817 recieved the National Bank as the "first Bankprivilegium" the exclusive right to unrestricted issue of banknotes and in this context a special position in terms of Rediskontgeschäfts (rediscount business). Beginning of 1818 the definitive bank management was ready. Part of it were among leading figures of Viennese society, including the banker Johann Heinrich von Geymüller and Bernard of Eskeles. From 1830 to 1837 the Office of the Governor was held by Adrian Nicholas Baron Barbier.

In the countries of the Habsburg Monarchy, which were characterized in large part by an agricultural oriented activity pattern, some regions showed a lively commercial-industrial growth. The goal now was to create a system of economic exchange between these areas. Successively established the National Bank branch network and thus guaranteed a uniform money and credit supply. From its headquarters in Vienna this network extended over early industrial areas and commercial centers in Eastern and Central Europe to the northern Mediterranean.

Trade bills and coins were preferred assets of the National Bank, less the supply of money to the state. With the exchange transactions, the National Bank supported the economic growth of the monarchy and secured at the same time the supply of silver coins in the event that the need for these increases in exchange for bank notes, contrary to expectations. 1818 was the National Bank, however, by increasing public debt, due to high spending in times of crisis, not spared to make an increase in the government debt positions on the asset side of its balance sheet.

The patent provisions of the founding of the National Bank not sufficiently secured against the autonomy of governance. At the center of the struggle for independence, this was the question of the extent to which the issue of banknotes must be made on the basis of government bonds. In 1841, a renewal of Bankprivilegiums got a weakening of the independence by pushing back the influence of the shareholders in favor of the state administration. During the revolution of 1848/49 followers of constitutional goals received great support from senior figures in the National Bank. For about a hundred years, the Austrian branch of the Rothschild bank (from which from 1855, the "Royal Privileged Austrian Credit-Institute for Commerce and Industry", the later Creditanstalt, was born) was playing a leading role in the banking center of Vienna. Salomon Mayer von Rothschild was involved during the pre-March in all major transactions of the National Bank for the rehabilitation of the state budget.

Special focus the National Bank was putting on the development of the premium that was payable at the exchange of banknotes into silver money in business dealings. The increase, which corresponded to a depreciation of the notes issued by the Bank should be prevented. From an overall state perspective, the increase of the silver premium means a deterioration in terms of the exchange ratio towards foreign countries, influencing the price competitiveness of the Austrian foreign trade adversely. The stabilization of the premium were set some limits. Although the height of the emission activitiy was depending on the Bank, but also the price of silver and the potential effects of increased government debt materially affected the silver premium. Especially the 1848 revolution and conflicts in the following years caused an increasement of the silver premium.

Mid-century, the private banking and wholesale houses were no longer able to cope with the rapidly growing financial intermediation of the Habsburg monarchy. New forms of capital formation were required. From an initiative of the House of Rothschild, the first by the government approved and private joint-stock bank was created. This formation was followed in 1863 and 1864 by two other joint-stock banks, whose major shareholders included important personalities of the aristocracy, who possessed large liquid funds. Overall, grew with these banks the money creation potential of the "financial center of Vienna".

The central bank faced another difficult task: with its limited resources it had to secure sufficient liquidity on the one hand and on the other hand prevent the inflationary expansion of the money supply. Through close contacts with the shareholders of Vienna was a financial center (informal) ballot, especially in times of crisis, easily dealt out. In contrast, it gave differences of opinion in the Fed Board, which required enforcement of decisions.

In 1861, Friedrich Schey Koromla became director of the National Bank. On 27 December 1862 experienced the Bankprivilegium another innovation. The independence of the National Bank of the State was restored and anchored. Furthermore, was introduced the direct allocation of banknotes in circulation by the system of "Peel'schen Bank Act", which states that the fixed budget of 200 million guilders exceeding circulation of banknotes must be covered by silver coins. In 1866, when the German war ended in defeat for Austria, the compliance of the system was no longer met. The state felt itself forced to pay compensation for breach of privilege. This balance was supported by a law of 1872, after the National Bank may issue notes up to a maximum of 200 million guilders and each additional payment must be fully backed by gold or silver.

1873 the economic boom of the Habsburg monarchy was represented in a long-lasting rise in the share price. A now to be expecting break could by the behavior of the Vienna Stock not be intercepted, so it came to the "Great Crash of 1873". The in 1872 fixed restrictions of the circulation of notes for a short time have been suspended. Contrary to expectations, the money supply in crisis peak but only outgrew by nearly 1% the prescribed limit in the bank acts. The banks and the industrial and commercial companies survived the crash without major losses, although the share prices significantly lay below the initial level.

The years with high growth were followed by a period of stagnation.

1878-1922

As part of the compensation negotiations between Austria and Hungary in 1867, the National Bank was able to exercise fully their Privilegialrechte, the Kingdom of Hungary but now had the certified right, every ten years exercisable, to found an own central bank (bank note). As resulted from the first 10 -year period that furthermore none of the two parts of the monarchy wanted to build an independent money-issuing bank (Zettelbank), was built on 28 June 1878, initially to 31 December 1887 limited, an Austro-Hungarian Bank, and equipped with the Fed privilege. The first privilege of the new bank was a compromise in which on the one hand, regulations on liability for national debts as well as regulations limiting the influence of the government on banking businesses were included. 1878 Gustav Leonhardt was Secretary of the Bank.

The General Assembly and the General Council formed the unit of the bank management. Two directorates and major institutions - in Vienna and Budapest - represented the dual nature of the bank. 1892-1900 followed a long discussion finally the currency conversion from guilders (silver currency) to the crown (gold standard) with "Gold Crown" said coins.

Since the new banknotes were very popular in the public, now many gold coins piled up in the vaults of the Austro-Hungarian Bank. This period was characterized by a balanced combination of price growth and damping, the "per capita national product" grew while prices remained mostly stable. Against this background, it was easy for the Fed to encourage a new wave of industrialization.

With a third privilege in 1899 conditions were established under which the bank could be put into the financial services of the two countries, on the other hand there have been important innovations that paved a good exchange policy. By 1914, the exchange ratio of the Austro-Hungarian currency was unchanged with only minor fluctuations. In contrast, was the by conflicts marked political development.

The expansive foreign policy quickly led to high costs from which had to be shouldered by the central bank a significant part. The stability of the currency was in danger. Shortly after the beginning of World War I in 1914, laid down the Military Command to indemnify any seized property with double the price. There was an increasing scarcity of goods, connected with an ongoing expansion of the money supply and finally the increase in the price level on the 16-fold.

The resulting cost of the war of the Dual Monarchy were covered to 40% on central bank loans and 60% through war bonds. Over the duration of the war, the power force built up in recent decades has been frozen at the end of the conflict in 1918, the real income of the workers had fallen to one-fifth of the last year of peace.

With the end of the war the end for the old order had come, too. The decay of Cisleithania and Transleithania caused in several successor states, despite the efforts of the central bank to maintain the order, a currency separation (see Crown Currency in the decay of the monarchy, successor states). First, a separate "Austrian management" of the bank was introduced. It was encouraged to shoulder the shortcomings of the state budget of the Republic of Austria founded in 1918.

The new South Slav state began in January 1919 stamping its crown banknotes. The newly founded Czechoslovak Republic retained the crown currency (to date), but their printed banknotes in circulation as of February 1919 with indications that now these ar Czechoslovak crowns. (The country could an inflation as experienced by Austria avoide.) In March 1919, German Austria began to stamp its crown banknotes.

The Treaty of Saint-Germain-en-Laye of 10 September 1919, by Austria on 25 October 1919 ratified and which on 16 July 1920 came into force, determined the cancellation and replacement of all crown banknotes of all successor states of Austria-Hungary as well as the complete liquidation of the Austro-Hungarian Bank under the supervision of the war winners. The last meetings of the Bank took place mid 1921 and at the end of 1922.

After a period of overvaluation of the crown the dollar rate rose from 1919 again. 1921, had to be paid over 5,000 Austrian crowns per dollar. In addition to the significant drop in the external value existed in Austria rising inflation. End of 1922 was ultimately a rehabilitation program with foreign assistance - the "Geneva Protocol" - passed which slowed down the inflation.

1922-1938

With Federal Law of 24 July 1922 the Minister of Finance was commissioned to build a central bank, which had to take over the entire note circulation plus current liabilities of the Austrian management of the Austro-Hungarian Bank. With Federal Law of 14 November 1922, certain provisions of the law were amended and promulgated the statutes of the Austrian National Bank. By order of the Federal Government Seipel I 29 December 1922, the Board of the Austrian Austro-Hungarian Bank issued authorization for the central bank union activity with 1 January 1923 have been declared extinct and was made ​​known the commencement of operations of the Oesterreichische Nationalbank this day.

The statutes of the Austrian National Bank (OeNB) secured the independence from the state, the independence of the Bank under exclusion of external influences and the corresponding equity. First, the stabilization of the Austrian currency was at the forefront. With the Schilling Act of 20 December 1924 was the schilling currency (First Republic) with 1 Introduced in March 1925, it replaced the crown currency. For 10,000 crowns now you got a shilling.

As an important personality in terms of the order of the state budget, Dr. Victor Kienböck has to be mentioned. He was in the time from 1922 to 1924 and from 1926 to 1929 finance minister of the First Republic and from 1932 to 1938 President of the Austrian National Bank. Through his work remained the Austrian Schilling, also beyound the global economy crisis, stable. Under this condition, the Fed was able to cope with the large number of bank failures of the past.

1938-1945

According to the on 13th March issued Anschlussgesetz (annexation law) , the Reichsmark with order of the Fuehrer and Chancellor of 17 was March 1938 introduced in the country Austria and determines the course: A Reichsmark is equal to one shilling fifty pence. On the same day, the Chancellor ordered that the management of the to be liquidated National Bank was transferred to the Reichsbank.

With regulation of three ministers of the German Reich of 23 April 1938, the National Bank was established as a property of the Reichsbank and its banknotes the quality as legal tender by 25 April 1938 withdrawn; public funds had Schilling banknotes until 15th of may in 1938 to accept. All the gold and foreign exchange reserves were transferred to Berlin.

The Second World War weakened the Austrian economy to a great extent, the production force after the war corresponded to only 40% of that of 1937 (see also air raids on Austria). To finance the war, the Reichsbank brought to a high degree banknotes in circulation, which only a great victory of the kingdom (Reich) actual values ​​would have been opposable. Since prices were strictly regulated, inflation virtually could be "banned" during the war.

1945-1998

In occupied postwar Austria about 10 billion shillings by Allied military occupying powers were initially printed, which contributed to significant price increases.

With the re-establishment of the Republic of Austria by the Austrian declaration of independence of 27 April 1945, it came to the resumption of activities of the Oesterreichische Nationalbank. By the "Fed Transition Act" of July 1945 preliminary legal regulations for the operations of the Bank have been established. The restoration of the Austrian currency was their first big job. The goal was the summary of all currencies, which at the time were in circulation, and their secondment to a new Austrian currency. The "Schilling Act" of November 1945, the basis for the re-introduction of the Schilling (Second Republic) as legal tender in Austria. The next step was to reduce excess liquidity to make necessary funds for new business investment available and to make the external value of the shilling for the development of the economy competitive. First, however, less changed the inflationary situation and also the shilling was still significantly undervalued in relation to other currencies.

The "Currency Protection Act" of 1947 brought a significant change in the monetary overhang. Some deposits have been deleted without replacement, others converted into claims against the Federal Treasury. The following exchange operations also significantly reduced the amount of cash: banknotes from 1945 were canceled and exchanged for new schilling notes in the ratio 1:3. Only 150 shillings per person could go 1-1.

To control inflation, the social partners came to the foreground. The associations of employers and employees set in 1947 prices for supplies, wages were also raised. This was the first of the five "wage-price agreements" of the social partners. In 1952, inflation was held back by limiting the use of monetary policy instruments by the National Bank. Also, the external sector slowly relaxed after the end of the Korean War.

In 1955, the Austrian National Bank was re-established by the new National Bank Act as a corporation and the by the National Bank Transition of Authorities Act (Nationalbank-Überleitungsgesetz) established provisional arragement abolished. The National Bank Act stipulated that each half of the capital should be situated at the federal government and private shareholders. In addition to the independence of bank loans of the state, the new National Bank Act also contained an order that the central bank must watch within their monetary and credit policies on the economic policies of the federal government. From now on also included within the instruments of the National Bank were the areas open market and minimum reserve policy.

The Austrian economy increasingly stabilized, through good fiscal and monetary policy a high growth could be attained, with low inflation and long-term maintenance of external equilibrium.

1960, Austria joined the European Free Trade Association and participated in the European integration.

In the sixties came the international monetary system based on gold-dollar convertibility into currency fluctuations and political reforms were necessary. First, the loosening of exchange rate adjustments between several states was an option. However, U.S. balance of payments problems brought with it restrictions on capital movements, and then the Euro-Dollar market was born. In 1971, the convertibility of the U.S. dollar was lifted.

1975 interrupted a recession increasing growth time. International unbalanced ayments caused very extensive foreign exchange movements, whereby the intervention force of Austrian monetary policy has been strongly challenged. Their task now was to control the effect of foreign exchange on domestic economic activities to stabilize the shilling in the context of constantly shifting exchange rates and to control the price rise appropriately. Since the inflow of foreign funds reached to high proportions, so that the economic stability has been compromised, the policy went the way of the independent course design in a pool of selected European currencies.

The collapse of the economy forced the policy makers to a new course with active mutual credit control, subdued wage growth, financial impulses in supply and demand, and interest rates are kept low. This system of regulation, however, kept back the need for structural change, so it had to be given up in 1979. In the same year a fire destroyed large parts of the main building of the Austrian National Bank in Vienna. The repairs lasted until 1985.

Target in the eighties was to strengthen the economic performance using a competitive power comparison. The findings from the seventies stimulated the Austrian monetary policy to align the Schilling course at the Deutsche Mark to ensure price stability in the country. In addition, the structural change was initiated by inclusion in a large area. Stable, if not necessarily comfortable environment of monetary policy was a prerequisite, to secure the companies long-term productivity gains and thus safeguard their position in the economy.

Initially, this development stood a high level of unemployment in the way. Growth until the second half of the decade increased, at the same time increased the competitiveness and current accounts could be kept in balance.

In the nineties, the annexation of Austria took place in the European Community. 1995 Austria became a member of the European Union (EU) and joined the exchange rate mechanism of the European Monetary System. In 1998, the Central Banks (ESCB) have established the independence of institutions or bodies of the European Community and the governments of the EU Member States through an amendment to the National Bank Act of the Austrian National Bank to implement the goals and tasks of the European System. Thus, the legal basis for the participation of Austria in the third stage of Economic and Monetary Union (EMU) was created in 1999.

As of 1999

The Austrian National Bank, and other national central banks including the European Central Bank ( ECB), belongs to the European System of Central Banks.

On 1 January 1999 was introduced in the third stage of Economic and Monetary Union in Austria and ten other EU Member States, the euro as a common currency. The European Central Bank is henceforth responsible for monetary and currency policy, decisions in this regard will be taken in accordance with the Council of the European Central Bank.

Since May 2010, the OeNB is in full possession of the Republic of Austria, after originally lobbies, banks and insurance companies were involved with 50 % of the share capital in it. In 2011, the National Bank Act was adapted by an amendment (Federal Law Gazette I No. 50 /2011) in this circumstance, a renewed privatization is thus excluded by law.

The OeNB as a modern central bank

With the withdrawal from the retail business in the sixties as well as the first major internationalization and implementation of a strategic management in the seventies, the OeNB went on the way to a future-oriented central bank. Another major reform of banking began at the end of the eighties.

In terms of global development, the OeNB established in 1988 as a service company and expanded its guiding values ​​- "security, stability and trust" - to the principles of " fficiency" and "cost-consciousness". The business center was optimized and strategic business experienced through targeted improvements a reinforcement. Be mentioned as examples are intensifying domestic cooperation in the area of ​​payments by encouraging the creation of the Society for the Study co-payments (STUZZA), the liberalization of capital movements, the professional management of foreign exchange reserves, the improvement of the supply of money through the construction of the money center and the internationalization of business activities through the establishment of representative offices in Brussels (European Union), Paris (OECD) and the financial center of New York.

After Austria's accession to the EU in 1995, the OeNB participated in the European Monetary System (EMS ) and its Exchange Rate Mechanism. The integration in the third stage of Economic and Monetary Union (EMU) was the next step towards further development of policy stability. Since the conclusion of the Maastricht Treaty, the Austrian National Bank has very fully considered its role in the ESCB and created a basis for inclusion in the community. The profound economic and monetary policy of Austria was also a reference that qualified the OeNB to actively participate in the monetary future of Europe, a greater harmonization of the statistical framework and monetary policy instruments with a view to the euro system, the preparation of the issue of European banknotes, and the establishment of operational processes and organizational integration of business processes within the ESCB being specific objectives of the OeNB.

In the following, it came, inter alia, to the establishement of an economic study department, of an education or training initiative and to strengthen the position of payment transactions through the TARGET system.

A in 1996 created "OeNB master plan" provided important points for the upcoming transition to the euro.

In May 1998, a new pension system came into force, by which new employees were incorporated into a two-pillar model.

1999, Austria's participation in the third stage of EMU was manifest. The Austrian National Bank - as part of the ESCB - became the owner of the European Central Bank and received new powers in this context in the sense of participation in the monetary policy decision-making at the level of the European Community. With the introduction of the euro, monetary policy functions of the General Council have been transferred to the Governing Council. However, the implementation remains the responsibility of national central banks.

Activities of the Oesterreichische Nationalbank were or are, for example, the further professionalization of asset management, the expansion of the network of representative offices by opening a representative office in the financial center of London, preparation of the smooth introduction of euro cash in 2002 and the participation of the OeNB on the creation of the "A-SIT" (Center for secure Information Technology Center - Austria) and the "A-Trust" (society of electronic security systems in traffic GmbH ) in order to promote security in information technology.

de.wikipedia.org/wiki/Oesterreichische_Nationalbank

 

 

+++ DISCLAIMER +++

Nothing you see here is real, even though the conversion or the presented background story might be based historical facts. BEWARE!

  

After the Saab 38 (also known as B3LA) had been cancelled in 1979 in favor of the more advanced Saab JAS 39 Gripen multi-role fighter, Saab presented in 1991 a new trainer design to the Swedish Air Force as a replacement for the Saab 105 (Sk 60) transitional trainer, light attack and reconnaissance aircraft. This new aircraft was internally called "FSK900". The aircraft was a conservative design, with such a configurational resemblance to the Dassault-Dornier Alpha Jet that it is hard to believe Saab engineers didn't see the Alpha Jet as a model for what they wanted to do. However, even if that was the case, the FSK900 was by no means a copy of the Alpha Jet, and the two machines could be easily told apart at a glance. FSK900 had a muscular, rather massive appearance, while the Alpha Jet was more wasp-like and very sleek. The FSK900 was also bigger in length and span and had an empty weight about 10% greater.

 

The FSK900 was mostly made of aircraft aluminum alloys, with some control surfaces made of carbon-fiber / epoxy composite, plus very selective use of titanium. It had high-mounted swept wings, with a supercritical airfoil section and a leading-edge dogtooth; a conventional swept tail assembly; tricycle landing gear; twin engines, one mounted in a pod along each side of the fuselage; and a tandem-seat cockpit with dual controls.

 

The wings had a sweep of 27.5°, an anhedral droop of 7°, and featured ailerons for roll control as well as double slotted flaps. The tailplanes were all-moving, and also featured an anhedral of 7°. An airbrake was mounted on each side of the rear fuselage. Flight controls were hydraulic, and hydraulic systems were dual redundant.

 

Instructor and cadet sat in tandem in a common cockpit, both on zero-zero ejection seats, with the instructor's seat in the rear raised 27 centimeters (10.6 inches) to give a good forward view. The cockpit was pressurized and featured a one-piece canopy, hinged open to the right, which provided excellent visibility.

 

The landing gear assemblies all featured single wheels, with the nose gear retracting forward and the main gear retracting forward and into the fuselage, featuring an antiskid braking system. The twin engines were two Williams International FJ44-4M turbofans without reheat, each rated at 16.89 kN (3,790 lbst). These were the same engines that Saab had also proposed for Saab’s Sk 60 modernization program, even though a less powerful variant for the lighter aircraft.

 

The FSK900 could be fitted with two pylons under each wing and under the fuselage centerline, for a total of five hardpoints and a total external payload of 2,500 kg (5,500 lb). The inner wing pylons were wet and could take 450 liter (119 US gallon) auxiliary tanks. External stores included a centerline target winch for the target tug role, an air-sampling pod for detection of fallout or other atmospheric pollutants, jammer or chaff pods for electronic warfare training, a camera/sensor pod and a baggage pod for use in the liaison role. The aircraft also featured a baggage compartment in the center fuselage, which also offered space for other special equipment or future updates.

 

Potential armament comprised a conformal ventral pod with a single 27 mm Mauser BK-27 revolver cannon with 120 rounds (the same weapon that eventually went into the Saab Gripen). Other weapons included various iron and cluster bombs of up to 454 kg (1.000 lb) caliber, unguided missiles of various calibers and the Rb.74 (AIM-9L Sidewinder) AAM. A radar was not mounted, but the FSK900’s nose section offered enough space for a radome.

 

The Swedish Air Force accepted the Saab design, leading to a contract for two nonflying static-test airframes and four flying prototypes. Detail design was complete by the end of 1993 and prototype construction began in the spring of 1994, leading to first flight of the initial prototype on 29 July 1994. The first production "Sk 90A", how the basic trainer type was officially dubbed, was delivered to the Swedish Air Force in 1996.

 

A total of 108 production Sk 90s were built until 1999 in several versions. The initial Sk 90A trainer was the basis for the Sk 90B variant, which carried a weather radar (this variant was not adopted by the Swedish air force but sold to Austria) and the C variant with a set of cameras in the nose for the Swedish air force. In service, the type was regarded as strong, agile, and pleasant to fly, while being cheap to operate. Swedish Sk 90As flying in the training role were typically painted in the unique “Fields & Meadows” splinter camouflage, although decorative paint jobs showed up on occasion and many aircraft received additional dayglow markings. Some of the few aircraft given to operational squadrons, which used them for keeping up flight hours and as hacks, had been painted in an all-grey camouflage to match the combat aircraft they shared the flight line with.

Despite its qualities and potential, the Sk 90 did not attain much foreign interest, primarily suffering from bad timing and from the focus on domestic demands. The aircraft came effectively 10 years too late to become a serious export success, and in the end the Sk 90 was very similar to the Dassault/Dornier Alpha Jet (even though it was cheaper to operate) - at a time when the German Luftwaffe started to prematurely phase out its attack variant and flooded the global´market with cheap second hand aircraft in excellent condition. Furthermore, the Saab Sk 90 had, with the BAe Hawk, another proven competitor with a long operational track record all over the world.

 

Potential buyers were Malaysia as well as Singapore, Myanmar, Finland, Poland and Hungary. Austria eventually procured 36 Sk 90 Ö in 2002, replacing its Saab 105 fleet and keeping up its close connection with Saab since the Seventies, and a late customer became the independent Republic of Scotland in 2017, initially with a dozen leased Saab Sk 90A trainers.

 

This procurement was preceded by a White Paper published by the Scottish National Party (SNP) in 2013, which stated that an independent Scotland would have an air force equipped with up to 16 air defense aircraft, six tactical transports, utility rotorcraft and maritime patrol aircraft, and be capable of “contributing excellent conventional capabilities” to NATO. Outlining its ambition to establish an air force with an eventual 2,000 uniformed personnel and 300 reservists, the SNP stated the organization would initially be equipped with “a minimum of 12 interceptors in the Eurofighter/Typhoon class, based at Lossiemouth, a tactical air transport squadron, including around six Lockheed Martin C-130J Hercules, and a helicopter squadron”.

 

According to the document, “Key elements of air forces in place at independence, equipped initially from a negotiated share of current UK assets, will secure core tasks, principally the ability to police Scotland’s airspace, within NATO.” An in-country air command and control capability would be established within five years of a decision in favor of independence, it continues, with staff also to be “embedded within NATO structures”.

 

This plan was immediately set into action after the country's independence from Great Britain in late 2017 with the purchase of twelve refurbished Saab JAS 39A Gripen interceptors for Quick Reaction Alert duties and former Swedish Air Force Sk 90A trainers for the nascent Republic of Scotland Air Corps (RoScAC), locally called Saab Sk90A “Iolaire” (Eaglet) T.1. These machines either came from operational Swedish squadrons or were put back into operation from mothballed overstock.

 

All machines were delivered to Scotland in the Swedish all-grey paint scheme, the machines taken from operational service had their original Swedish markings just painted over. The were all exclusively allocated to the newly established Eaglais a' Bhaile Ùir Flying Training School at Kirknewtoun (a former RAF air base) near Edinburgh. In 2019, the RoScAC’s first brand new aircraft arrived in the form of TF-50 “Golden Eagle” fighters from South Korea, which, as multi-role two seaters, complemented the Saab Sk 90’s in the advanced trainer role and also took over air space patrol duties from the Scottish JAS 39.

 

In early 2020, the leasing contract for the Sk 90s with Sweden was changed into a formal purchase, and the Iolaire fleet (as well as the Gripen fighters) gradually received the RoScAC’s new camouflage scheme in grey and green, which had been introduced with the TF-50s.

  

General characteristics:

Crew: two pilots in tandem

Length incl. pitot: 13.0 m (42 ft 8 in) for the A trainer, 13.68 m (44 ft 10 in) for the S variant

Wingspan: 9.94 m (32 ft 7 in)

Height: 4.6 m (15 ft 1 in)

Empty weight: 3,790 kg (8,360 lb)

Max. takeoff weight: 7,500 kg (16,530 lb)

 

Powerplant:

2× Williams International FJ44-4M turbofans without reheat, rated at 16.89 kN (3,790 lbst) each

 

Performance:

Maximum speed: 1,038 km/h (645 mph)

Range: 1,670 km (900 nm)

 

Armament:

No internal gun; five hardpoints for 2,500 kg (5,500 lb) of payload and a variety of ordnance

  

The kit and its assembly:

This whif is a rarity among my builds, since it is an alternative reality model. A fictional air force of an independent Scotland crept into my mind after the hysterical “Brexit” events in 2016 and the former (failed) public vote concerning the independence of Scotland from the UK. However, the situation bore some serious storytelling potential: What would happen to the military if the independence would have actually taken place and British forces had left the country?

 

The aforementioned Scottish National Party (SNP) paper from 2013 is actually real, and I took it as a guideline. Primary focus would certainly be set on air space defense, and the Gripen appeared as a good and not too expensive choice. An advanced trainer would also have been needed, and the Sk 90 (a personal invention and already built as a Swedish and Austrian aircraft) would fulfill a complementary role.

 

A Scottish Sk 90 had been on my agenda since 2016, and now materialized as an addition to my Scottish TF-50 and two Sk 90s (a swedish and an Austrian one). The Saab Sk 90 is basically the 1:72 Kawasaki T-4 from Hasegawa, and since it was to depict an original Sk 90A, formerly operated by Sweden, it was built without modifications. The kit is relatively simple and fit is quite good, even though some PSR was necessary on almost any seam – there are actually two T-4 molds, and this one is the more recent offering.

  

Painting and markings:

I wanted to depict a RoScAC aircraft of the first hour, so I went for a Swedish look with tactical markings from the new operator. Since I already had a Sk 90 in Swedish “Fields & Meadows” camouflage, I decided to go for a Gripen-esque grey-in-grey livery.

Swedish JAS 39 carry a two-tone livery; the upper tone is called pansargrå (tank grey, which is, according to trustworthy sources, very close to FS 36173, Neutral Grey), while the undersides are painted in duvagrå (dove grey, FS 36373, a tone with the confusing name ”High Low Visibility Light Grey”), and the simple pattern was faithfully adapted to the T-4.

 

After checking a lot of Gripen pictures I selected different tones, though, because the colors appear much lighter in real life. I ended up with FS 36231 (Dark Gull Grey, Testors 1740) and RLM 63 (Lichtgrau, Testors 2077) – in combination, these tones come IMHO quite close to the real thing?

After a light black ink wash I emphasized single panels with Humbrol 165 and 147. The cockpit interior was painted with Revell 47 (Mausgrau) while the landing gear became glossy white.

 

For the RoScAC look I added some manually overpainted patches where the former Swedish roundels and tactical markings would have been. As a trainer, I also added orange dayglow markings on the fin and the wings, created with generic decal sheet material (TL Modellbau). The de-icing devices on the wings’ and fin’s leading edges were created with black decal stripes instead of paint, a very tidy and simple method. Decal strips in silver were used on the fin’s rudder and on the flaps. Small things, but they grade the grey model up visually.

 

Another creative field were the national markings: how could fictional Scottish roundels look like, and how to create them so that they are easy to make and replicate (for a full set for this kit, as well as for potential future builds…)? Designing and printing marking decals myself was an option, but I eventually settled for a composite solution which somewhat influenced the roundels’ design, too.

My Scottish roundel interpretation, already used on my RoScAC T-50, consists of a simple blue disk with a white cross – a straightforward solution since it’s different from any other contemporary national marking, esp. the UK roundel, and easy to create from single decal parts. In fact, the roundel discs were die-punched from blue decal sheet, and the cross consists of two thin white decal strips, cut into the correct length with the same stencil, again using generic sheet material from TL Modellbau.

 

Another issue was the potential tactical code, and a small fleet only needs a simple system. Going back to a WWII system with letter codes for squadrons and individual aircraft was one option, but, IMHO, still too complicated. However, for individual aircraft identification I adopted the familiar British single letter aircraft code, and since the RoScAC would certainly not operate too many squadrons, I rather adapted a system similar to the Swedish or Spanish format with a single number representing the squadron – or, in this case a letter, because the fictional Flying Training School would not be a front line unit.

The result is a simple 2-digit code, and I adapted the German system of placing the tactical code on the fuselage, separated by the roundel. Keeping British traditions up I repeated the individual aircraft code letter on the fin, where I also placed a Scottish flag (scratched from the same decal material as the roundels. A small serial number, created from single black letters (once more Tl Modellbau material) was added on the rear fuselage, and, for some local pride, I added a self-printed coat-of-arms of Edinburgh to the air intakes.

 

Finally, after some light weathering, the kit was finally sealed with matt acrylic varnish (Italeri).

  

Creating this whif, based on an alternative historic timeline and with a near future perspective, was fun – and it might spawn more models that circle around this story. A certain future build is a Saab Gripen in RoScAC colors and there might also be an entry level trainer (Shorts Tucano?), some helicopters for the army or SAR duties and maybe a transport aircraft, but not a big one. The foundation has been laid out, now it’s time to fill Scotland’s alternative recent history with detail and hardware proof. ;-)

Sony A7 II + Sony FE 2.8/35 mm ZA + LR6

High resolution Stay on Trail sign commonly used in recreational parks, with sepia toning and grunge texture overlay for a more vintage appearance.

 

This grunge sign is released under a standard Creative Commons License - Attribution 3.0 Unported. It gives you a lot of freedom to use my work commercially as long as you credit and link back to the same free image from my website, www.freestock.ca

 

+++ DISCLAIMER +++

Nothing you see here is real, even though the conversion or the presented background story might be based historical facts. BEWARE!

  

After the Saab 38 (also known as B3LA) had been cancelled in 1979 in favor of the more advanced Saab JAS 39 Gripen multi-role fighter, Saab presented in 1991 a new trainer design to the Swedish Air Force as a replacement for the Saab 105 (Sk 60) transitional trainer, light attack and reconnaissance aircraft. This new aircraft was internally called "FSK900". The aircraft was a conservative design, with such a configurational resemblance to the Dassault-Dornier Alpha Jet that it is hard to believe Saab engineers didn't see the Alpha Jet as a model for what they wanted to do. However, even if that was the case, the FSK900 was by no means a copy of the Alpha Jet, and the two machines could be easily told apart at a glance. FSK900 had a muscular, rather massive appearance, while the Alpha Jet was more wasp-like and very sleek. The FSK900 was also bigger in length and span and had an empty weight about 10% greater.

 

The FSK900 was mostly made of aircraft aluminum alloys, with some control surfaces made of carbon-fiber / epoxy composite, plus very selective use of titanium. It had high-mounted swept wings, with a supercritical airfoil section and a leading-edge dogtooth; a conventional swept tail assembly; tricycle landing gear; twin engines, one mounted in a pod along each side of the fuselage; and a tandem-seat cockpit with dual controls.

 

The wings had a sweep of 27.5°, an anhedral droop of 7°, and featured ailerons for roll control as well as double slotted flaps. The tailplanes were all-moving, and also featured an anhedral of 7°. An airbrake was mounted on each side of the rear fuselage. Flight controls were hydraulic, and hydraulic systems were dual redundant.

 

Instructor and cadet sat in tandem in a common cockpit, both on zero-zero ejection seats, with the instructor's seat in the rear raised 27 centimeters (10.6 inches) to give a good forward view. The cockpit was pressurized and featured a one-piece canopy, hinged open to the right, which provided excellent visibility.

 

The landing gear assemblies all featured single wheels, with the nose gear retracting forward and the main gear retracting forward and into the fuselage, featuring an antiskid braking system. The twin engines were two Williams International FJ44-4M turbofans without reheat, each rated at 16.89 kN (3,790 lbst). These were the same engines that Saab had also proposed for Saab’s Sk 60 modernization program, even though a less powerful variant for the lighter aircraft.

 

The FSK900 could be fitted with two pylons under each wing and under the fuselage centerline, for a total of five hardpoints and a total external payload of 2,500 kg (5,500 lb). The inner wing pylons were wet and could take 450 liter (119 US gallon) auxiliary tanks. External stores included a centerline target winch for the target tug role, an air-sampling pod for detection of fallout or other atmospheric pollutants, jammer or chaff pods for electronic warfare training, a camera/sensor pod and a baggage pod for use in the liaison role. The aircraft also featured a baggage compartment in the center fuselage, which also offered space for other special equipment or future updates.

 

Potential armament comprised a conformal ventral pod with a single 27 mm Mauser BK-27 revolver cannon with 120 rounds (the same weapon that eventually went into the Saab Gripen). Other weapons included various iron and cluster bombs of up to 454 kg (1.000 lb) caliber, unguided missiles of various calibers and the Rb.74 (AIM-9L Sidewinder) AAM. A radar was not mounted, but the FSK900’s nose section offered enough space for a radome.

 

The Swedish Air Force accepted the Saab design, leading to a contract for two nonflying static-test airframes and four flying prototypes. Detail design was complete by the end of 1993 and prototype construction began in the spring of 1994, leading to first flight of the initial prototype on 29 July 1994. The first production "Sk 90A", how the basic trainer type was officially dubbed, was delivered to the Swedish Air Force in 1996.

 

A total of 108 production Sk 90s were built until 1999 in several versions. The initial Sk 90A trainer was the basis for the Sk 90B variant, which carried a weather radar (this variant was not adopted by the Swedish air force but sold to Austria) and the C variant with a set of cameras in the nose for the Swedish air force. In service, the type was regarded as strong, agile, and pleasant to fly, while being cheap to operate. Swedish Sk 90As flying in the training role were typically painted in the unique “Fields & Meadows” splinter camouflage, although decorative paint jobs showed up on occasion and many aircraft received additional dayglow markings. Some of the few aircraft given to operational squadrons, which used them for keeping up flight hours and as hacks, had been painted in an all-grey camouflage to match the combat aircraft they shared the flight line with.

Despite its qualities and potential, the Sk 90 did not attain much foreign interest, primarily suffering from bad timing and from the focus on domestic demands. The aircraft came effectively 10 years too late to become a serious export success, and in the end the Sk 90 was very similar to the Dassault/Dornier Alpha Jet (even though it was cheaper to operate) - at a time when the German Luftwaffe started to prematurely phase out its attack variant and flooded the global´market with cheap second hand aircraft in excellent condition. Furthermore, the Saab Sk 90 had, with the BAe Hawk, another proven competitor with a long operational track record all over the world.

 

Potential buyers were Malaysia as well as Singapore, Myanmar, Finland, Poland and Hungary. Austria eventually procured 36 Sk 90 Ö in 2002, replacing its Saab 105 fleet and keeping up its close connection with Saab since the Seventies, and a late customer became the independent Republic of Scotland in 2017, initially with a dozen leased Saab Sk 90A trainers.

 

This procurement was preceded by a White Paper published by the Scottish National Party (SNP) in 2013, which stated that an independent Scotland would have an air force equipped with up to 16 air defense aircraft, six tactical transports, utility rotorcraft and maritime patrol aircraft, and be capable of “contributing excellent conventional capabilities” to NATO. Outlining its ambition to establish an air force with an eventual 2,000 uniformed personnel and 300 reservists, the SNP stated the organization would initially be equipped with “a minimum of 12 interceptors in the Eurofighter/Typhoon class, based at Lossiemouth, a tactical air transport squadron, including around six Lockheed Martin C-130J Hercules, and a helicopter squadron”.

 

According to the document, “Key elements of air forces in place at independence, equipped initially from a negotiated share of current UK assets, will secure core tasks, principally the ability to police Scotland’s airspace, within NATO.” An in-country air command and control capability would be established within five years of a decision in favor of independence, it continues, with staff also to be “embedded within NATO structures”.

 

This plan was immediately set into action after the country's independence from Great Britain in late 2017 with the purchase of twelve refurbished Saab JAS 39A Gripen interceptors for Quick Reaction Alert duties and former Swedish Air Force Sk 90A trainers for the nascent Republic of Scotland Air Corps (RoScAC), locally called Saab Sk90A “Iolaire” (Eaglet) T.1. These machines either came from operational Swedish squadrons or were put back into operation from mothballed overstock.

 

All machines were delivered to Scotland in the Swedish all-grey paint scheme, the machines taken from operational service had their original Swedish markings just painted over. The were all exclusively allocated to the newly established Eaglais a' Bhaile Ùir Flying Training School at Kirknewtoun (a former RAF air base) near Edinburgh. In 2019, the RoScAC’s first brand new aircraft arrived in the form of TF-50 “Golden Eagle” fighters from South Korea, which, as multi-role two seaters, complemented the Saab Sk 90’s in the advanced trainer role and also took over air space patrol duties from the Scottish JAS 39.

 

In early 2020, the leasing contract for the Sk 90s with Sweden was changed into a formal purchase, and the Iolaire fleet (as well as the Gripen fighters) gradually received the RoScAC’s new camouflage scheme in grey and green, which had been introduced with the TF-50s.

  

General characteristics:

Crew: two pilots in tandem

Length incl. pitot: 13.0 m (42 ft 8 in) for the A trainer, 13.68 m (44 ft 10 in) for the S variant

Wingspan: 9.94 m (32 ft 7 in)

Height: 4.6 m (15 ft 1 in)

Empty weight: 3,790 kg (8,360 lb)

Max. takeoff weight: 7,500 kg (16,530 lb)

 

Powerplant:

2× Williams International FJ44-4M turbofans without reheat, rated at 16.89 kN (3,790 lbst) each

 

Performance:

Maximum speed: 1,038 km/h (645 mph)

Range: 1,670 km (900 nm)

 

Armament:

No internal gun; five hardpoints for 2,500 kg (5,500 lb) of payload and a variety of ordnance

  

The kit and its assembly:

This whif is a rarity among my builds, since it is an alternative reality model. A fictional air force of an independent Scotland crept into my mind after the hysterical “Brexit” events in 2016 and the former (failed) public vote concerning the independence of Scotland from the UK. However, the situation bore some serious storytelling potential: What would happen to the military if the independence would have actually taken place and British forces had left the country?

 

The aforementioned Scottish National Party (SNP) paper from 2013 is actually real, and I took it as a guideline. Primary focus would certainly be set on air space defense, and the Gripen appeared as a good and not too expensive choice. An advanced trainer would also have been needed, and the Sk 90 (a personal invention and already built as a Swedish and Austrian aircraft) would fulfill a complementary role.

 

A Scottish Sk 90 had been on my agenda since 2016, and now materialized as an addition to my Scottish TF-50 and two Sk 90s (a swedish and an Austrian one). The Saab Sk 90 is basically the 1:72 Kawasaki T-4 from Hasegawa, and since it was to depict an original Sk 90A, formerly operated by Sweden, it was built without modifications. The kit is relatively simple and fit is quite good, even though some PSR was necessary on almost any seam – there are actually two T-4 molds, and this one is the more recent offering.

  

Painting and markings:

I wanted to depict a RoScAC aircraft of the first hour, so I went for a Swedish look with tactical markings from the new operator. Since I already had a Sk 90 in Swedish “Fields & Meadows” camouflage, I decided to go for a Gripen-esque grey-in-grey livery.

Swedish JAS 39 carry a two-tone livery; the upper tone is called pansargrå (tank grey, which is, according to trustworthy sources, very close to FS 36173, Neutral Grey), while the undersides are painted in duvagrå (dove grey, FS 36373, a tone with the confusing name ”High Low Visibility Light Grey”), and the simple pattern was faithfully adapted to the T-4.

 

After checking a lot of Gripen pictures I selected different tones, though, because the colors appear much lighter in real life. I ended up with FS 36231 (Dark Gull Grey, Testors 1740) and RLM 63 (Lichtgrau, Testors 2077) – in combination, these tones come IMHO quite close to the real thing?

After a light black ink wash I emphasized single panels with Humbrol 165 and 147. The cockpit interior was painted with Revell 47 (Mausgrau) while the landing gear became glossy white.

 

For the RoScAC look I added some manually overpainted patches where the former Swedish roundels and tactical markings would have been. As a trainer, I also added orange dayglow markings on the fin and the wings, created with generic decal sheet material (TL Modellbau). The de-icing devices on the wings’ and fin’s leading edges were created with black decal stripes instead of paint, a very tidy and simple method. Decal strips in silver were used on the fin’s rudder and on the flaps. Small things, but they grade the grey model up visually.

 

Another creative field were the national markings: how could fictional Scottish roundels look like, and how to create them so that they are easy to make and replicate (for a full set for this kit, as well as for potential future builds…)? Designing and printing marking decals myself was an option, but I eventually settled for a composite solution which somewhat influenced the roundels’ design, too.

My Scottish roundel interpretation, already used on my RoScAC T-50, consists of a simple blue disk with a white cross – a straightforward solution since it’s different from any other contemporary national marking, esp. the UK roundel, and easy to create from single decal parts. In fact, the roundel discs were die-punched from blue decal sheet, and the cross consists of two thin white decal strips, cut into the correct length with the same stencil, again using generic sheet material from TL Modellbau.

 

Another issue was the potential tactical code, and a small fleet only needs a simple system. Going back to a WWII system with letter codes for squadrons and individual aircraft was one option, but, IMHO, still too complicated. However, for individual aircraft identification I adopted the familiar British single letter aircraft code, and since the RoScAC would certainly not operate too many squadrons, I rather adapted a system similar to the Swedish or Spanish format with a single number representing the squadron – or, in this case a letter, because the fictional Flying Training School would not be a front line unit.

The result is a simple 2-digit code, and I adapted the German system of placing the tactical code on the fuselage, separated by the roundel. Keeping British traditions up I repeated the individual aircraft code letter on the fin, where I also placed a Scottish flag (scratched from the same decal material as the roundels. A small serial number, created from single black letters (once more Tl Modellbau material) was added on the rear fuselage, and, for some local pride, I added a self-printed coat-of-arms of Edinburgh to the air intakes.

 

Finally, after some light weathering, the kit was finally sealed with matt acrylic varnish (Italeri).

  

Creating this whif, based on an alternative historic timeline and with a near future perspective, was fun – and it might spawn more models that circle around this story. A certain future build is a Saab Gripen in RoScAC colors and there might also be an entry level trainer (Shorts Tucano?), some helicopters for the army or SAR duties and maybe a transport aircraft, but not a big one. The foundation has been laid out, now it’s time to fill Scotland’s alternative recent history with detail and hardware proof. ;-)

Cinnamon (/ˈsɪnəmən/ SIN-ə-mən) is a spice obtained from the inner bark of several trees from the genus Cinnamomum that is used in both sweet and savoury foods. The term "cinnamon" also refers to its mid-brown colour. While Cinnamomum verum is sometimes considered to be "true cinnamon", most cinnamon in international commerce is derived from related species, which are also referred to as "cassia" to distinguish them from "true cinnamon".

 

Cinnamon is the name for perhaps a dozen species of trees and the commercial spice products that some of them produce. All are members of the genus Cinnamomum in the family Lauraceae. Only a few of them are grown commercially for spice.

 

NAME

The English word cinnamon, attested in English since the 15th century, derives from the Greek κιννάμωμον kinnámōmon (later kínnamon), via Latin and medieval French intermediate forms. The Greek was borrowed from a Phoenician word, which was akin to the related Hebrew qinnamon.

 

The name cassia, first recorded in English around AD 1000, was borrowed via Latin and ultimately derives from Hebrew q'tsīʿāh, a form of the verb qātsaʿ, "to strip off bark".

 

Early Modern English also used the names canel and canella, akin to the current names of cinnamon in several other European languages, which are derived from the Latin word cannella, a diminutive of canna, "tube", from the way the bark curls up as it dries.

 

HISTORY

In classical times, four types of cinnamon were distinguished (and often confused):

 

- True cinnamon , the bark of C. verum (also called C. zeylanicum) from Sri Lanka

- Malabathrum or malobathrum (from Sanskrit तमालपत्रम्, tamālapattram, literally "dark-tree leaves"), several species including C. tamala from the north of India

- Serichatum, C. cassia from Seres, that is, China

- Cassia (Hebrew קציעה qəṣi`â), the bark of Cinnamomum iners from Arabia and Ethiopia, literally "the peel of the plant" which is scraped off the tree

 

Cinnamon has been known from remote antiquity. It was imported to Egypt as early as 2000 BC, but those who report it had come from China confuse it with cassia. Cinnamon was so highly prized among ancient nations that it was regarded as a gift fit for monarchs and even for a god: a fine inscription records the gift of cinnamon and cassia to the temple of Apollo at Miletus. Though its source was kept mysterious in the Mediterranean world for centuries by the middlemen who handled the spice trade, to protect their monopoly as suppliers, cinnamon is native to Bangladesh, Sri Lanka, the Malabar Coast of India, and Burma.

 

The first Greek reference to kasia is found in a poem by Sappho in the seventh century BC. According to Herodotus, both cinnamon and cassia grew in Arabia, together with incense, myrrh, and ladanum, and were guarded by winged serpents. The phoenix was reputed to build its nest from cinnamon and cassia. Herodotus mentions other writers who believed the source of cassia was the home of Dionysos, located somewhere east or south of Greece.

 

The Greeks used kásia or malabathron to flavour wine, together with absinth wormwood (Artemisia absinthium). While Theophrastus gives a good account of the plants, he describes a curious method for harvesting: worms eat away the wood and leave the bark behind.

 

Egyptian recipes for kyphi, an aromatic used for burning, included cinnamon and cassia from Hellenistic times onward. The gifts of Hellenistic rulers to temples sometimes included cassia and cinnamon as well as incense, myrrh, and Indian incense (kostos), so one might conclude that the Greeks used it for similar purposes.

 

The Hebrew Bible makes specific mention of the spice many times: first when Moses is commanded to use both sweet cinnamon (Hebrew: קִנָּמוֹן, qinnāmôn) and cassia in the holy anointing oil; in Proverbs where the lover's bed is perfumed with myrrh, aloes, and cinnamon; and in Song of Solomon, a song describing the beauty of his beloved, cinnamon scents her garments like "the smell of Lebanon." Cassia was also part of the ketoret, the consecrated incense described in the Hebrew Bible and Talmud. It was offered on the specialized incense altar in the time when the Tabernacle was located in the First and Second Jerusalem temples. The ketoret was an important component of the temple service in Jerusalem. Psalm 45:8 mentions the garments of the king (or of Torah scholars) that smell of myrrh, aloes, and cassia.

 

Pliny gives an account of the early spice trade across the Red Sea that cost Rome 100 million sesterces each year. Cinnamon was brought around the Arabian peninsula on "rafts without rudders or sails or oars," taking advantage of the winter trade winds. Pliny also mentions cassia as a flavouring agent for wine.

 

According to Pliny, a Roman pound (327 grams) of cassia, cinnamon, or serichatum cost up to 300 denarii, the wage of ten months' labour. Diocletian's Edict on Maximum Prices from 301 AD gives a price of 125 denarii for a pound of cassia while an agricultural labourer earned 25 denarii per day. Cinnamon was too expensive to be commonly used on funeral pyres in Rome, but the Emperor Nero is said to have burned a year's worth of the city's supply at the funeral for his wife Poppaea Sabina in AD 65.

 

Malabathrum leaves (folia) were used in cooking and for distilling an oil used in a caraway sauce for oysters by the Roman gourmet Gaius Gavius Apicius. Malabathrum is among the spices that, according to Apicius, any good kitchen should contain.

 

The famous Commagenum unguent produced in Commagene, in present-day eastern Turkey, was made from goose fat aromatised with cinnamon oil and spikenard. Malobathrum from Egypt (Dioscorides I, 63) was based on beef fat and contained cinnamon, as well; one pound cost 300 denarii. The Roman poet Martial (VI, 55) made fun of Romans who drip unguents, smell of cassia and cinnamon taken from a bird's nest, and look down on a man who does not smell at all.

 

Through the Middle Ages, the source of cinnamon was a mystery to the Western world. From reading Latin writers who quoted Herodotus, Europeans had learned that cinnamon came up the Red Sea to the trading ports of Egypt, but where it came from was less than clear. When the Sieur de Joinville accompanied his king to Egypt on crusade in 1248, he reported – and believed – what he had been told: that cinnamon was fished up in nets at the source of the Nile out at the edge of the world (i.e., Ethiopia). Marco Polo avoided precision on the topic. Herodotus and other authors named Arabia as the source of cinnamon: they recounted that giant cinnamon birds collected the cinnamon sticks from an unknown land where the cinnamon trees grew and used them to construct their nests, and that the Arabs employed a trick to obtain the sticks. Pliny the Elder wrote in the first century that traders had made this up to charge more, but the story remained current in Byzantium as late as 1310.

 

The first mention that the spice grew in Sri Lanka was in Zakariya al-Qazwini's Athar al-bilad wa-akhbar al-‘ibad ("Monument of Places and History of God's Bondsmen") about 1270. This was followed shortly thereafter by John of Montecorvino in a letter of about 1292.

 

Indonesian rafts transported cinnamon directly from the Moluccas to East Africa (see also Rhapta), where local traders then carried it north to Alexandria in Egypt. Venetian traders from Italy held a monopoly on the spice trade in Europe, distributing cinnamon from Alexandria. The disruption of this trade by the rise of other Mediterranean powers, such as the Mamluk sultans and the Ottoman Empire, was one of many factors that led Europeans to search more widely for other routes to Asia.

 

When Portuguese traders landed in Ceylon (Sri Lanka), they restructured the traditional production and management of cinnamon by the Sinhalese. They established a fort on the island in 1518 and protected Ceylon as their cinnamon monopoly for over a hundred years. Later, Sinhalese held the monopoly for cinnamon in Ceylon.

 

Dutch traders finally dislodged the Portuguese by allying with the inland Kingdom of Kandy. They established a trading post in 1638, took control of the manufactories by 1640, and expelled the remaining Portuguese by 1658. "The shores of the island are full of it," a Dutch captain reported, "and it is the best in all the Orient. When one is downwind of the island, one can still smell cinnamon eight leagues out to sea." The Dutch East India Company continued to overhaul the methods of harvesting in the wild and eventually began to cultivate its own trees.

 

During the 1500s, when the Spanish sent an expedition out from New Spain (Mexico) and arrived at the Philippines, they found that Cinnamon was growing in the island of Mindanao near the Rajahnate of Butuan. The species of Cinnamon was Cinnamomum mindanaense which was closely related to Cinnamomum zeylanicum and was found to be just as good as the Cinnamon found in Sri Lanka. This Cinnamon was often mixed with the chocolate the Spanish discovered from the Aztecs in order to sweeten it. This alternative Mindanao cinnamon to the one found in Sri Lanka, which was controlled by the Portuguese, supplied Spanish needs and this cinnamon traveled the route through the Americas and eventually to Spain where it competed with Sri Lankan cinnamon.

 

In 1767, Lord Brown of the British East India Company established Anjarakkandy Cinnamon Estate near Anjarakkandy in Cannanore (now Kannur) district of Kerala, and this estate became Asia's largest cinnamon estate. The British took control of Ceylon from the Dutch in 1796. However, the importance of the monopoly of Ceylon was already declining, as cultivation of the cinnamon tree spread to other areas, the more common cassia bark became more acceptable to consumers, and coffee, tea, sugar, and chocolate began to outstrip the popularity of traditional spices.

 

CULTIVATION

Aggregate annual production of cinnamon and cassia amounts to 27,500–35,000 tons, worldwide. Of this, Cinnamomum verum accounts for 7,500–10,000 tons of production, with the remainder produced by other species. Sri Lanka produces 80–90% of the world's supply of C. verum, but that is the only species grown there; C. verum is also cultivated on a commercial scale in Seychelles and Madagascar. Global production of the other species averages 20,000–25,000 tons, of which Indonesia produces around two-thirds of the total, with significant production in China. India and Vietnam are also minor producers.

 

Cinnamon is cultivated by growing the tree for two years, then coppicing it, i.e., cutting the stems at ground level. The following year, about a dozen new shoots will form from the roots, replacing those that were cut. A number of pests such as Colletotrichum gloeosporioides, Diplodia spp., and Phytophthora cinnamomi (stripe canker) can affect that growing plants, sometimes leading to death.

 

The stems must be processed immediately after harvesting while the inner bark is still wet. The cut stems are processed by scraping off the outer bark, then beating the branch evenly with a hammer to loosen the inner bark, which is then pried off in long rolls. Only 0.5 mm of the inner bark is used; the outer, woody portion is discarded, leaving metre-long cinnamon strips that curl into rolls ("quills") on drying. The processed bark will dry completely in four to six hours, provided it is in a well-ventilated and relatively warm environment. Once dry, the bark is cut into 5- to 10-cm lengths for sale. A less than ideal drying environment encourages the proliferation of pests in the bark, which may then require treatment by fumigation. Fumigated bark is not considered to be of the same premium quality as untreated bark.

 

Sri Lanka cinnamon has a very thin, smooth bark with a light-yellowish brown colour and a highly fragrant aroma. In recent years in Sri Lanka, mechanical devices have been developed to ensure premium quality and worker safety and health, following considerable research by the universities in that country, led by the University of Ruhuna.

 

GRADING

The Sri Lankan grading system divides the cinnamon quills into four groups:

 

- Alba, less than 6 mm in diameter

- Continental, less than 16 mm in diameter

- Mexican, less than 19 mm in diameter

- Hamburg, less than 32 mm in diameter

 

These groups are further divided into specific grades. For example, Mexican is divided into M00 000 special, M000000, and M0000, depending on quill diameter and number of quills per kilogram.

 

Any pieces of bark less than 106 mm long are categorized as quillings. Featherings are the inner bark of twigs and twisted shoots. Chips are trimmings of quills, outer and inner bark that cannot be separated, or the bark of small twigs.

 

SPECIES

A number of species are often sold as cinnamon:

 

- Cinnamomum cassia (cassia or Chinese cinnamon, the most common type)

- C. burmannii (Korintje, Padang cassia, or Indonesian cinnamon)

- C. loureiroi (Saigon cinnamon, Vietnamese cassia, or Vietnamese cinnamon)

- C. verum (Sri Lanka cinnamon or Ceylon cinnamon)

- C. citriodorum (Malabar cinnamon)

- C. tamale (Indian cinnamon)

 

Cassia is the strong spicy flavour associated with cinnamon rolls and other such baked goods, as it handles baking conditions well. Chinese cinnamon is generally a medium to light reddish brown, hard and woody in texture, and thicker (2–3 mm thick), as all of the layers of bark are used. Ceylon cinnamon, using only the thin inner bark, has a lighter brown colour, a finer, less dense and more crumbly texture, and is considered to be subtler and more aromatic in flavour than cassia, losing much of its flavour during cooking.

 

Levels of the blood-thinning agent coumarin in Ceylon cinnamon are much lower than those in cassia.

 

The barks of the species are easily distinguished when whole, both in macroscopic and microscopic characteristics. Ceylon cinnamon sticks (quills) have many thin layers and can easily be made into powder using a coffee or spice grinder, whereas cassia sticks are much harder. Indonesian cinnamon is often sold in neat quills made up of one thick layer, capable of damaging a spice or coffee grinder. Saigon cinnamon (C. loureiroi) and Chinese cinnamon (C. cassia) are always sold as broken pieces of thick bark, as the bark is not supple enough to be rolled into quills. The powdered bark is harder to distinguish, but if it is treated with tincture of iodine (a test for starch), little effect is visible with pure Ceylon cinnamon, but when Chinese cinnamon is present, a deep-blue tint is produced.

 

FLAVOUR, AROMA AND TASTE

The flavour of cinnamon is due to an aromatic essential oil that makes up 0.5 to 1% of its composition. This essential oil is prepared by roughly pounding the bark, macerating it in sea water, and then quickly distilling the whole. It is of a golden-yellow colour, with the characteristic odour of cinnamon and a very hot aromatic taste. The pungent taste and scent come from cinnamic aldehyde or cinnamaldehyde (about 90% of the essential oil from the bark) and, by reaction with oxygen as it ages, it darkens in colour and forms resinous compounds. Other chemical components of the essential oil include ethyl cinnamate, eugenol (found mostly in the leaves), beta-caryophyllene, linalool, and methyl chavicol.

 

FOOD USES

Cinnamon bark is used as a spice. It is principally employed in cookery as a condiment and flavouring material. It is used in the preparation of chocolate, especially in Mexico, which is the main importer of cinnamon. It is also used in many dessert recipes, such as apple pie, doughnuts, and cinnamon buns as well as spicy candies, coffee, tea, hot cocoa, and liqueurs. In the Middle East, cinnamon is often used in savoury dishes of chicken and lamb. In the United States, cinnamon and sugar are often used to flavour cereals, bread-based dishes, such as toast, and fruits, especially apples; a cinnamon-sugar mixture is even sold separately for such purposes. It is also used in Turkish cuisine for both sweet and savoury dishes. Cinnamon can also be used in pickling. Cinnamon powder has long been an important spice in enhancing the flavor of Persian cuisine, used in a variety of thick soups, drinks, and sweets.

 

USE AS AN ALCOHOLIC FLAVORANT

Cinnamon is a popular flavoring in numerous alcoholic beverages.

 

Cinnamon brandy concoctions, called "Cinnamon liqueur" and made with distilled alcohol, are popular in parts of Greece. In Europe, popular examples of such beverages are Maiwein (white wine with woodruff) and Żubrówka (vodka flavoured with bison grass).

 

TRADITIONAL MEDICINE

Cinnamon has a long history of use in traditional medicine, but there is no evidence that it is useful to treat any medical condition.

 

TOXICITY

The European Food Safety Authority in 2008 considered toxicity of coumarin, known to cause liver and kidney damage in high concentrations and a significant component of cinnamon, and metabolic effect on humans with CYP2A6 polymorphism, and confirmed a maximum recommended Tolerable Daily Intake (TDI) of 0.1 mg of coumarin per kg of body weight. The European Union set a guideline for maximum coumarin content in foodstuffs of 50 mg per kg of dough in seasonal foods, and 15 mg per kg in everyday baked foods. Note: Due to the unpredictable amount of coumarin in Cinnamomum cassia, usually well over 1,000 mg of coumarin per kg of cinnamon and sometimes up to 12 times that, Cinnamomum cassia has a very low safe intake level in order to adhere to the above Tolerable Daily Intake.

 

NUTRITIONAL INFORMATION

Ten grams (about 2 teaspoons) of ground cinnamon contain:

 

Energy: 103.4 kJ (24.7 kcal)

Fat: 0.12 g

Carbohydrates: 8.06 g (of which - fibres: 5.31 g, sugars: 0.2 g)

Protein: 0.4 g

 

WIKIPEDIA

Oesterreichische Nationalbank

Logo of the Austrian National Bank

Headquarters Vienna, Austria

Central Bank of Austria

Currency€

To ISO 4217 EUR

website

www.oenb.at/

Previous Austro- Hungarian Bank

List of Central Banks

Oesterreichische Nationalbank, at Otto-Wagner -Platz No. 3, Vienna

The Austrian National Bank (OeNB), Austria's central bank as an integral part of the European System of Central Banks (ESCB) and the Eurosystem. It is instrumental in the design of the economic development in Austria and in the euro area. Legally, the OeNB is a public limited company.. However, it is also subject to further enshrined in the National Bank Act regulations resulting from its separate position as a central bank. In the framework of the Eurosystem, the OeNB contributes to a stability-oriented monetary policy. At the national level, it cares about the preservation of financial stability and the money supply and manage foreign exchange reserves to hedge against the euro in times of crisis. The guideline values in terms of the tasks of the Austrian National Bank are "security, stability and trust".

Contents

1 History

1.1 1816 to 1818

1.2 1818 to 1878

1.3 1878 to 1922

1.4 1922 to 1938

1.5 1938 to 1945

1.6 1945 to 1998

1.7 From 1999

2 The OeNB as a modern central bank

3 Legal form and organs

3.1 Legal framework

3.2 organs

3.2.1 General

3.2.2 General

3.2.3 Board of Directors

4 Tasks

4.1 Monetary policy strategies and monetary policy decision-making process

4.1.1 Economic analysis

4.1.2 Production of statistical information

4.1.3 Contribute to international organizations

4.2 Implementation of monetary policy

4.2.1 use of monetary policy instruments

4.2.2 Reserve Management

4.2.3 Money Supply

4.3 Communication of monetary policy

4.4 ensure financial stability

4.4.1 Financial Stability

4.4.2 Payment System Stability and payments

5 The OeNB in the European System of National Banks

6 President / Governors

7 See also

8 Literature

9 links

10 Notes and references

History

1816-1818

As long as 50 years before the founding of the National Bank the Habsburgs carried out first experiments with securities in the form of paper money. Finally, in the 18th Century the issue of banknotes transferred to a state independent institution, while the issue of paper money called "Banco notes," founded in 1705 by the "Vienna City Bank" took place in 1762.

In wartime governance took back control of the money issue, so there was an inflation of Banco-Zettel 1796-1810. The state ordered the forced acceptance of paper money in private transport, which led to a fast-growing discount on bills in the market. 1799 was therefore one for 100 guilders paper money only 92 guilders in silver coins, and at the end of 1810 the value of the paper florin had fallen to 15 % of the nominal value of the Banco-Zettel. Later, the Habsburgs declared a devaluation of the Banco-Zettel in the ratio of 5:1. This act was considered by the business community as a sovereign default, which the paper money experienced a rapid devaluation.

At the end of the Napoleonic wars the Habsburg multinational state ( → Habsburg Monarchy) faced a new challenge: the restoration of a European balance. Church, the nobility, the army and the bureaucracy as elements in the Ancien Régime were not sufficient to solve this problem, a well -founded economic situation was needed. Moreover, one could not ignore readily the laws of supply and demand.

In this regard, were the first June 1816 by Emperor Francis I two patents issued (later to distinguish the "main patent" or "bank patent"), the "privileged Austrian National Bank", conceived as a public company, had to constitute itself as soon a possible, propose the emperor three of its directors for selection of the governor and take up their activity provisionally on 1 July 1816.

The National Bank had henceforth a monopoly on the issuance of paper money, which led to a slowdown in the Austrian monetary system and an increase in the value of paper money. The economy was again a solid source of money keeping constant the value of money regardless of the spending plans of the State. The equity of the Bank justified this by share issues.

Initially comprised the activities of the bank - under temporary management - the redemption of paper money and the issuance of shares. The full effectiveness attained the National Bank until after the issue of 1,000 shares and the associated possibility of shareholders to set the management themselves.

1818-1878

On 15 July 1817 recieved the National Bank as the "first Bankprivilegium" the exclusive right to unrestricted issue of banknotes and in this context a special position in terms of Rediskontgeschäfts (rediscount business). Beginning of 1818 the definitive bank management was ready. Part of it were among leading figures of Viennese society, including the banker Johann Heinrich von Geymüller and Bernard of Eskeles. From 1830 to 1837 the Office of the Governor was held by Adrian Nicholas Baron Barbier.

In the countries of the Habsburg Monarchy, which were characterized in large part by an agricultural oriented activity pattern, some regions showed a lively commercial-industrial growth. The goal now was to create a system of economic exchange between these areas. Successively established the National Bank branch network and thus guaranteed a uniform money and credit supply. From its headquarters in Vienna this network extended over early industrial areas and commercial centers in Eastern and Central Europe to the northern Mediterranean.

Trade bills and coins were preferred assets of the National Bank, less the supply of money to the state. With the exchange transactions, the National Bank supported the economic growth of the monarchy and secured at the same time the supply of silver coins in the event that the need for these increases in exchange for bank notes, contrary to expectations. 1818 was the National Bank, however, by increasing public debt, due to high spending in times of crisis, not spared to make an increase in the government debt positions on the asset side of its balance sheet.

The patent provisions of the founding of the National Bank not sufficiently secured against the autonomy of governance. At the center of the struggle for independence, this was the question of the extent to which the issue of banknotes must be made on the basis of government bonds. In 1841, a renewal of Bankprivilegiums got a weakening of the independence by pushing back the influence of the shareholders in favor of the state administration. During the revolution of 1848/49 followers of constitutional goals received great support from senior figures in the National Bank. For about a hundred years, the Austrian branch of the Rothschild bank (from which from 1855, the "Royal Privileged Austrian Credit-Institute for Commerce and Industry", the later Creditanstalt, was born) was playing a leading role in the banking center of Vienna. Salomon Mayer von Rothschild was involved during the pre-March in all major transactions of the National Bank for the rehabilitation of the state budget.

Special focus the National Bank was putting on the development of the premium that was payable at the exchange of banknotes into silver money in business dealings. The increase, which corresponded to a depreciation of the notes issued by the Bank should be prevented. From an overall state perspective, the increase of the silver premium means a deterioration in terms of the exchange ratio towards foreign countries, influencing the price competitiveness of the Austrian foreign trade adversely. The stabilization of the premium were set some limits. Although the height of the emission activitiy was depending on the Bank, but also the price of silver and the potential effects of increased government debt materially affected the silver premium. Especially the 1848 revolution and conflicts in the following years caused an increasement of the silver premium.

Mid-century, the private banking and wholesale houses were no longer able to cope with the rapidly growing financial intermediation of the Habsburg monarchy. New forms of capital formation were required. From an initiative of the House of Rothschild, the first by the government approved and private joint-stock bank was created. This formation was followed in 1863 and 1864 by two other joint-stock banks, whose major shareholders included important personalities of the aristocracy, who possessed large liquid funds. Overall, grew with these banks the money creation potential of the "financial center of Vienna".

The central bank faced another difficult task: with its limited resources it had to secure sufficient liquidity on the one hand and on the other hand prevent the inflationary expansion of the money supply. Through close contacts with the shareholders of Vienna was a financial center (informal) ballot, especially in times of crisis, easily dealt out. In contrast, it gave differences of opinion in the Fed Board, which required enforcement of decisions.

In 1861, Friedrich Schey Koromla became director of the National Bank. On 27 December 1862 experienced the Bankprivilegium another innovation. The independence of the National Bank of the State was restored and anchored. Furthermore, was introduced the direct allocation of banknotes in circulation by the system of "Peel'schen Bank Act", which states that the fixed budget of 200 million guilders exceeding circulation of banknotes must be covered by silver coins. In 1866, when the German war ended in defeat for Austria, the compliance of the system was no longer met. The state felt itself forced to pay compensation for breach of privilege. This balance was supported by a law of 1872, after the National Bank may issue notes up to a maximum of 200 million guilders and each additional payment must be fully backed by gold or silver.

1873 the economic boom of the Habsburg monarchy was represented in a long-lasting rise in the share price. A now to be expecting break could by the behavior of the Vienna Stock not be intercepted, so it came to the "Great Crash of 1873". The in 1872 fixed restrictions of the circulation of notes for a short time have been suspended. Contrary to expectations, the money supply in crisis peak but only outgrew by nearly 1% the prescribed limit in the bank acts. The banks and the industrial and commercial companies survived the crash without major losses, although the share prices significantly lay below the initial level.

The years with high growth were followed by a period of stagnation.

1878-1922

As part of the compensation negotiations between Austria and Hungary in 1867, the National Bank was able to exercise fully their Privilegialrechte, the Kingdom of Hungary but now had the certified right, every ten years exercisable, to found an own central bank (bank note). As resulted from the first 10 -year period that furthermore none of the two parts of the monarchy wanted to build an independent money-issuing bank (Zettelbank), was built on 28 June 1878, initially to 31 December 1887 limited, an Austro-Hungarian Bank, and equipped with the Fed privilege. The first privilege of the new bank was a compromise in which on the one hand, regulations on liability for national debts as well as regulations limiting the influence of the government on banking businesses were included. 1878 Gustav Leonhardt was Secretary of the Bank.

The General Assembly and the General Council formed the unit of the bank management. Two directorates and major institutions - in Vienna and Budapest - represented the dual nature of the bank. 1892-1900 followed a long discussion finally the currency conversion from guilders (silver currency) to the crown (gold standard) with "Gold Crown" said coins.

Since the new banknotes were very popular in the public, now many gold coins piled up in the vaults of the Austro-Hungarian Bank. This period was characterized by a balanced combination of price growth and damping, the "per capita national product" grew while prices remained mostly stable. Against this background, it was easy for the Fed to encourage a new wave of industrialization.

With a third privilege in 1899 conditions were established under which the bank could be put into the financial services of the two countries, on the other hand there have been important innovations that paved a good exchange policy. By 1914, the exchange ratio of the Austro-Hungarian currency was unchanged with only minor fluctuations. In contrast, was the by conflicts marked political development.

The expansive foreign policy quickly led to high costs from which had to be shouldered by the central bank a significant part. The stability of the currency was in danger. Shortly after the beginning of World War I in 1914, laid down the Military Command to indemnify any seized property with double the price. There was an increasing scarcity of goods, connected with an ongoing expansion of the money supply and finally the increase in the price level on the 16-fold.

The resulting cost of the war of the Dual Monarchy were covered to 40% on central bank loans and 60% through war bonds. Over the duration of the war, the power force built up in recent decades has been frozen at the end of the conflict in 1918, the real income of the workers had fallen to one-fifth of the last year of peace.

With the end of the war the end for the old order had come, too. The decay of Cisleithania and Transleithania caused in several successor states, despite the efforts of the central bank to maintain the order, a currency separation (see Crown Currency in the decay of the monarchy, successor states). First, a separate "Austrian management" of the bank was introduced. It was encouraged to shoulder the shortcomings of the state budget of the Republic of Austria founded in 1918.

The new South Slav state began in January 1919 stamping its crown banknotes. The newly founded Czechoslovak Republic retained the crown currency (to date), but their printed banknotes in circulation as of February 1919 with indications that now these ar Czechoslovak crowns. (The country could an inflation as experienced by Austria avoide.) In March 1919, German Austria began to stamp its crown banknotes.

The Treaty of Saint-Germain-en-Laye of 10 September 1919, by Austria on 25 October 1919 ratified and which on 16 July 1920 came into force, determined the cancellation and replacement of all crown banknotes of all successor states of Austria-Hungary as well as the complete liquidation of the Austro-Hungarian Bank under the supervision of the war winners. The last meetings of the Bank took place mid 1921 and at the end of 1922.

After a period of overvaluation of the crown the dollar rate rose from 1919 again. 1921, had to be paid over 5,000 Austrian crowns per dollar. In addition to the significant drop in the external value existed in Austria rising inflation. End of 1922 was ultimately a rehabilitation program with foreign assistance - the "Geneva Protocol" - passed which slowed down the inflation.

1922-1938

With Federal Law of 24 July 1922 the Minister of Finance was commissioned to build a central bank, which had to take over the entire note circulation plus current liabilities of the Austrian management of the Austro-Hungarian Bank. With Federal Law of 14 November 1922, certain provisions of the law were amended and promulgated the statutes of the Austrian National Bank. By order of the Federal Government Seipel I 29 December 1922, the Board of the Austrian Austro-Hungarian Bank issued authorization for the central bank union activity with 1 January 1923 have been declared extinct and was made ​​known the commencement of operations of the Oesterreichische Nationalbank this day.

The statutes of the Austrian National Bank (OeNB) secured the independence from the state, the independence of the Bank under exclusion of external influences and the corresponding equity. First, the stabilization of the Austrian currency was at the forefront. With the Schilling Act of 20 December 1924 was the schilling currency (First Republic) with 1 Introduced in March 1925, it replaced the crown currency. For 10,000 crowns now you got a shilling.

As an important personality in terms of the order of the state budget, Dr. Victor Kienböck has to be mentioned. He was in the time from 1922 to 1924 and from 1926 to 1929 finance minister of the First Republic and from 1932 to 1938 President of the Austrian National Bank. Through his work remained the Austrian Schilling, also beyound the global economy crisis, stable. Under this condition, the Fed was able to cope with the large number of bank failures of the past.

1938-1945

According to the on 13th March issued Anschlussgesetz (annexation law) , the Reichsmark with order of the Fuehrer and Chancellor of 17 was March 1938 introduced in the country Austria and determines the course: A Reichsmark is equal to one shilling fifty pence. On the same day, the Chancellor ordered that the management of the to be liquidated National Bank was transferred to the Reichsbank.

With regulation of three ministers of the German Reich of 23 April 1938, the National Bank was established as a property of the Reichsbank and its banknotes the quality as legal tender by 25 April 1938 withdrawn; public funds had Schilling banknotes until 15th of may in 1938 to accept. All the gold and foreign exchange reserves were transferred to Berlin.

The Second World War weakened the Austrian economy to a great extent, the production force after the war corresponded to only 40% of that of 1937 (see also air raids on Austria). To finance the war, the Reichsbank brought to a high degree banknotes in circulation, which only a great victory of the kingdom (Reich) actual values ​​would have been opposable. Since prices were strictly regulated, inflation virtually could be "banned" during the war.

1945-1998

In occupied postwar Austria about 10 billion shillings by Allied military occupying powers were initially printed, which contributed to significant price increases.

With the re-establishment of the Republic of Austria by the Austrian declaration of independence of 27 April 1945, it came to the resumption of activities of the Oesterreichische Nationalbank. By the "Fed Transition Act" of July 1945 preliminary legal regulations for the operations of the Bank have been established. The restoration of the Austrian currency was their first big job. The goal was the summary of all currencies, which at the time were in circulation, and their secondment to a new Austrian currency. The "Schilling Act" of November 1945, the basis for the re-introduction of the Schilling (Second Republic) as legal tender in Austria. The next step was to reduce excess liquidity to make necessary funds for new business investment available and to make the external value of the shilling for the development of the economy competitive. First, however, less changed the inflationary situation and also the shilling was still significantly undervalued in relation to other currencies.

The "Currency Protection Act" of 1947 brought a significant change in the monetary overhang. Some deposits have been deleted without replacement, others converted into claims against the Federal Treasury. The following exchange operations also significantly reduced the amount of cash: banknotes from 1945 were canceled and exchanged for new schilling notes in the ratio 1:3. Only 150 shillings per person could go 1-1.

To control inflation, the social partners came to the foreground. The associations of employers and employees set in 1947 prices for supplies, wages were also raised. This was the first of the five "wage-price agreements" of the social partners. In 1952, inflation was held back by limiting the use of monetary policy instruments by the National Bank. Also, the external sector slowly relaxed after the end of the Korean War.

In 1955, the Austrian National Bank was re-established by the new National Bank Act as a corporation and the by the National Bank Transition of Authorities Act (Nationalbank-Überleitungsgesetz) established provisional arragement abolished. The National Bank Act stipulated that each half of the capital should be situated at the federal government and private shareholders. In addition to the independence of bank loans of the state, the new National Bank Act also contained an order that the central bank must watch within their monetary and credit policies on the economic policies of the federal government. From now on also included within the instruments of the National Bank were the areas open market and minimum reserve policy.

The Austrian economy increasingly stabilized, through good fiscal and monetary policy a high growth could be attained, with low inflation and long-term maintenance of external equilibrium.

1960, Austria joined the European Free Trade Association and participated in the European integration.

In the sixties came the international monetary system based on gold-dollar convertibility into currency fluctuations and political reforms were necessary. First, the loosening of exchange rate adjustments between several states was an option. However, U.S. balance of payments problems brought with it restrictions on capital movements, and then the Euro-Dollar market was born. In 1971, the convertibility of the U.S. dollar was lifted.

1975 interrupted a recession increasing growth time. International unbalanced ayments caused very extensive foreign exchange movements, whereby the intervention force of Austrian monetary policy has been strongly challenged. Their task now was to control the effect of foreign exchange on domestic economic activities to stabilize the shilling in the context of constantly shifting exchange rates and to control the price rise appropriately. Since the inflow of foreign funds reached to high proportions, so that the economic stability has been compromised, the policy went the way of the independent course design in a pool of selected European currencies.

The collapse of the economy forced the policy makers to a new course with active mutual credit control, subdued wage growth, financial impulses in supply and demand, and interest rates are kept low. This system of regulation, however, kept back the need for structural change, so it had to be given up in 1979. In the same year a fire destroyed large parts of the main building of the Austrian National Bank in Vienna. The repairs lasted until 1985.

Target in the eighties was to strengthen the economic performance using a competitive power comparison. The findings from the seventies stimulated the Austrian monetary policy to align the Schilling course at the Deutsche Mark to ensure price stability in the country. In addition, the structural change was initiated by inclusion in a large area. Stable, if not necessarily comfortable environment of monetary policy was a prerequisite, to secure the companies long-term productivity gains and thus safeguard their position in the economy.

Initially, this development stood a high level of unemployment in the way. Growth until the second half of the decade increased, at the same time increased the competitiveness and current accounts could be kept in balance.

In the nineties, the annexation of Austria took place in the European Community. 1995 Austria became a member of the European Union (EU) and joined the exchange rate mechanism of the European Monetary System. In 1998, the Central Banks (ESCB) have established the independence of institutions or bodies of the European Community and the governments of the EU Member States through an amendment to the National Bank Act of the Austrian National Bank to implement the goals and tasks of the European System. Thus, the legal basis for the participation of Austria in the third stage of Economic and Monetary Union (EMU) was created in 1999.

As of 1999

The Austrian National Bank, and other national central banks including the European Central Bank ( ECB), belongs to the European System of Central Banks.

On 1 January 1999 was introduced in the third stage of Economic and Monetary Union in Austria and ten other EU Member States, the euro as a common currency. The European Central Bank is henceforth responsible for monetary and currency policy, decisions in this regard will be taken in accordance with the Council of the European Central Bank.

Since May 2010, the OeNB is in full possession of the Republic of Austria, after originally lobbies, banks and insurance companies were involved with 50 % of the share capital in it. In 2011, the National Bank Act was adapted by an amendment (Federal Law Gazette I No. 50 /2011) in this circumstance, a renewed privatization is thus excluded by law.

The OeNB as a modern central bank

With the withdrawal from the retail business in the sixties as well as the first major internationalization and implementation of a strategic management in the seventies, the OeNB went on the way to a future-oriented central bank. Another major reform of banking began at the end of the eighties.

In terms of global development, the OeNB established in 1988 as a service company and expanded its guiding values ​​- "security, stability and trust" - to the principles of " fficiency" and "cost-consciousness". The business center was optimized and strategic business experienced through targeted improvements a reinforcement. Be mentioned as examples are intensifying domestic cooperation in the area of ​​payments by encouraging the creation of the Society for the Study co-payments (STUZZA), the liberalization of capital movements, the professional management of foreign exchange reserves, the improvement of the supply of money through the construction of the money center and the internationalization of business activities through the establishment of representative offices in Brussels (European Union), Paris (OECD) and the financial center of New York.

After Austria's accession to the EU in 1995, the OeNB participated in the European Monetary System (EMS ) and its Exchange Rate Mechanism. The integration in the third stage of Economic and Monetary Union (EMU) was the next step towards further development of policy stability. Since the conclusion of the Maastricht Treaty, the Austrian National Bank has very fully considered its role in the ESCB and created a basis for inclusion in the community. The profound economic and monetary policy of Austria was also a reference that qualified the OeNB to actively participate in the monetary future of Europe, a greater harmonization of the statistical framework and monetary policy instruments with a view to the euro system, the preparation of the issue of European banknotes, and the establishment of operational processes and organizational integration of business processes within the ESCB being specific objectives of the OeNB.

In the following, it came, inter alia, to the establishement of an economic study department, of an education or training initiative and to strengthen the position of payment transactions through the TARGET system.

A in 1996 created "OeNB master plan" provided important points for the upcoming transition to the euro.

In May 1998, a new pension system came into force, by which new employees were incorporated into a two-pillar model.

1999, Austria's participation in the third stage of EMU was manifest. The Austrian National Bank - as part of the ESCB - became the owner of the European Central Bank and received new powers in this context in the sense of participation in the monetary policy decision-making at the level of the European Community. With the introduction of the euro, monetary policy functions of the General Council have been transferred to the Governing Council. However, the implementation remains the responsibility of national central banks.

Activities of the Oesterreichische Nationalbank were or are, for example, the further professionalization of asset management, the expansion of the network of representative offices by opening a representative office in the financial center of London, preparation of the smooth introduction of euro cash in 2002 and the participation of the OeNB on the creation of the "A-SIT" (Center for secure Information Technology Center - Austria) and the "A-Trust" (society of electronic security systems in traffic GmbH ) in order to promote security in information technology.

de.wikipedia.org/wiki/Oesterreichische_Nationalbank

Oesterreichische Nationalbank

Logo of the Austrian National Bank

Headquarters Vienna, Austria

Central Bank of Austria

Currency€

To ISO 4217 EUR

website

www.oenb.at/

Previous Austro- Hungarian Bank

List of Central Banks

Oesterreichische Nationalbank, at Otto-Wagner -Platz No. 3, Vienna

The Austrian National Bank (OeNB), Austria's central bank as an integral part of the European System of Central Banks (ESCB) and the Eurosystem. It is instrumental in the design of the economic development in Austria and in the euro area. Legally, the OeNB is a public limited company.. However, it is also subject to further enshrined in the National Bank Act regulations resulting from its separate position as a central bank. In the framework of the Eurosystem, the OeNB contributes to a stability-oriented monetary policy. At the national level, it cares about the preservation of financial stability and the money supply and manage foreign exchange reserves to hedge against the euro in times of crisis. The guideline values in terms of the tasks of the Austrian National Bank are "security, stability and trust".

Contents

1 History

1.1 1816 to 1818

1.2 1818 to 1878

1.3 1878 to 1922

1.4 1922 to 1938

1.5 1938 to 1945

1.6 1945 to 1998

1.7 From 1999

2 The OeNB as a modern central bank

3 Legal form and organs

3.1 Legal framework

3.2 organs

3.2.1 General

3.2.2 General

3.2.3 Board of Directors

4 Tasks

4.1 Monetary policy strategies and monetary policy decision-making process

4.1.1 Economic analysis

4.1.2 Production of statistical information

4.1.3 Contribute to international organizations

4.2 Implementation of monetary policy

4.2.1 use of monetary policy instruments

4.2.2 Reserve Management

4.2.3 Money Supply

4.3 Communication of monetary policy

4.4 ensure financial stability

4.4.1 Financial Stability

4.4.2 Payment System Stability and payments

5 The OeNB in the European System of National Banks

6 President / Governors

7 See also

8 Literature

9 links

10 Notes and references

History

1816-1818

As long as 50 years before the founding of the National Bank the Habsburgs carried out first experiments with securities in the form of paper money. Finally, in the 18th Century the issue of banknotes transferred to a state independent institution, while the issue of paper money called "Banco notes," founded in 1705 by the "Vienna City Bank" took place in 1762.

In wartime governance took back control of the money issue, so there was an inflation of Banco-Zettel 1796-1810. The state ordered the forced acceptance of paper money in private transport, which led to a fast-growing discount on bills in the market. 1799 was therefore one for 100 guilders paper money only 92 guilders in silver coins, and at the end of 1810 the value of the paper florin had fallen to 15 % of the nominal value of the Banco-Zettel. Later, the Habsburgs declared a devaluation of the Banco-Zettel in the ratio of 5:1. This act was considered by the business community as a sovereign default, which the paper money experienced a rapid devaluation.

At the end of the Napoleonic wars the Habsburg multinational state ( → Habsburg Monarchy) faced a new challenge: the restoration of a European balance. Church, the nobility, the army and the bureaucracy as elements in the Ancien Régime were not sufficient to solve this problem, a well -founded economic situation was needed. Moreover, one could not ignore readily the laws of supply and demand.

In this regard, were the first June 1816 by Emperor Francis I two patents issued (later to distinguish the "main patent" or "bank patent"), the "privileged Austrian National Bank", conceived as a public company, had to constitute itself as soon a possible, propose the emperor three of its directors for selection of the governor and take up their activity provisionally on 1 July 1816.

The National Bank had henceforth a monopoly on the issuance of paper money, which led to a slowdown in the Austrian monetary system and an increase in the value of paper money. The economy was again a solid source of money keeping constant the value of money regardless of the spending plans of the State. The equity of the Bank justified this by share issues.

Initially comprised the activities of the bank - under temporary management - the redemption of paper money and the issuance of shares. The full effectiveness attained the National Bank until after the issue of 1,000 shares and the associated possibility of shareholders to set the management themselves.

1818-1878

On 15 July 1817 recieved the National Bank as the "first Bankprivilegium" the exclusive right to unrestricted issue of banknotes and in this context a special position in terms of Rediskontgeschäfts (rediscount business). Beginning of 1818 the definitive bank management was ready. Part of it were among leading figures of Viennese society, including the banker Johann Heinrich von Geymüller and Bernard of Eskeles. From 1830 to 1837 the Office of the Governor was held by Adrian Nicholas Baron Barbier.

In the countries of the Habsburg Monarchy, which were characterized in large part by an agricultural oriented activity pattern, some regions showed a lively commercial-industrial growth. The goal now was to create a system of economic exchange between these areas. Successively established the National Bank branch network and thus guaranteed a uniform money and credit supply. From its headquarters in Vienna this network extended over early industrial areas and commercial centers in Eastern and Central Europe to the northern Mediterranean.

Trade bills and coins were preferred assets of the National Bank, less the supply of money to the state. With the exchange transactions, the National Bank supported the economic growth of the monarchy and secured at the same time the supply of silver coins in the event that the need for these increases in exchange for bank notes, contrary to expectations. 1818 was the National Bank, however, by increasing public debt, due to high spending in times of crisis, not spared to make an increase in the government debt positions on the asset side of its balance sheet.

The patent provisions of the founding of the National Bank not sufficiently secured against the autonomy of governance. At the center of the struggle for independence, this was the question of the extent to which the issue of banknotes must be made on the basis of government bonds. In 1841, a renewal of Bankprivilegiums got a weakening of the independence by pushing back the influence of the shareholders in favor of the state administration. During the revolution of 1848/49 followers of constitutional goals received great support from senior figures in the National Bank. For about a hundred years, the Austrian branch of the Rothschild bank (from which from 1855, the "Royal Privileged Austrian Credit-Institute for Commerce and Industry", the later Creditanstalt, was born) was playing a leading role in the banking center of Vienna. Salomon Mayer von Rothschild was involved during the pre-March in all major transactions of the National Bank for the rehabilitation of the state budget.

Special focus the National Bank was putting on the development of the premium that was payable at the exchange of banknotes into silver money in business dealings. The increase, which corresponded to a depreciation of the notes issued by the Bank should be prevented. From an overall state perspective, the increase of the silver premium means a deterioration in terms of the exchange ratio towards foreign countries, influencing the price competitiveness of the Austrian foreign trade adversely. The stabilization of the premium were set some limits. Although the height of the emission activitiy was depending on the Bank, but also the price of silver and the potential effects of increased government debt materially affected the silver premium. Especially the 1848 revolution and conflicts in the following years caused an increasement of the silver premium.

Mid-century, the private banking and wholesale houses were no longer able to cope with the rapidly growing financial intermediation of the Habsburg monarchy. New forms of capital formation were required. From an initiative of the House of Rothschild, the first by the government approved and private joint-stock bank was created. This formation was followed in 1863 and 1864 by two other joint-stock banks, whose major shareholders included important personalities of the aristocracy, who possessed large liquid funds. Overall, grew with these banks the money creation potential of the "financial center of Vienna".

The central bank faced another difficult task: with its limited resources it had to secure sufficient liquidity on the one hand and on the other hand prevent the inflationary expansion of the money supply. Through close contacts with the shareholders of Vienna was a financial center (informal) ballot, especially in times of crisis, easily dealt out. In contrast, it gave differences of opinion in the Fed Board, which required enforcement of decisions.

In 1861, Friedrich Schey Koromla became director of the National Bank. On 27 December 1862 experienced the Bankprivilegium another innovation. The independence of the National Bank of the State was restored and anchored. Furthermore, was introduced the direct allocation of banknotes in circulation by the system of "Peel'schen Bank Act", which states that the fixed budget of 200 million guilders exceeding circulation of banknotes must be covered by silver coins. In 1866, when the German war ended in defeat for Austria, the compliance of the system was no longer met. The state felt itself forced to pay compensation for breach of privilege. This balance was supported by a law of 1872, after the National Bank may issue notes up to a maximum of 200 million guilders and each additional payment must be fully backed by gold or silver.

1873 the economic boom of the Habsburg monarchy was represented in a long-lasting rise in the share price. A now to be expecting break could by the behavior of the Vienna Stock not be intercepted, so it came to the "Great Crash of 1873". The in 1872 fixed restrictions of the circulation of notes for a short time have been suspended. Contrary to expectations, the money supply in crisis peak but only outgrew by nearly 1% the prescribed limit in the bank acts. The banks and the industrial and commercial companies survived the crash without major losses, although the share prices significantly lay below the initial level.

The years with high growth were followed by a period of stagnation.

1878-1922

As part of the compensation negotiations between Austria and Hungary in 1867, the National Bank was able to exercise fully their Privilegialrechte, the Kingdom of Hungary but now had the certified right, every ten years exercisable, to found an own central bank (bank note). As resulted from the first 10 -year period that furthermore none of the two parts of the monarchy wanted to build an independent money-issuing bank (Zettelbank), was built on 28 June 1878, initially to 31 December 1887 limited, an Austro-Hungarian Bank, and equipped with the Fed privilege. The first privilege of the new bank was a compromise in which on the one hand, regulations on liability for national debts as well as regulations limiting the influence of the government on banking businesses were included. 1878 Gustav Leonhardt was Secretary of the Bank.

The General Assembly and the General Council formed the unit of the bank management. Two directorates and major institutions - in Vienna and Budapest - represented the dual nature of the bank. 1892-1900 followed a long discussion finally the currency conversion from guilders (silver currency) to the crown (gold standard) with "Gold Crown" said coins.

Since the new banknotes were very popular in the public, now many gold coins piled up in the vaults of the Austro-Hungarian Bank. This period was characterized by a balanced combination of price growth and damping, the "per capita national product" grew while prices remained mostly stable. Against this background, it was easy for the Fed to encourage a new wave of industrialization.

With a third privilege in 1899 conditions were established under which the bank could be put into the financial services of the two countries, on the other hand there have been important innovations that paved a good exchange policy. By 1914, the exchange ratio of the Austro-Hungarian currency was unchanged with only minor fluctuations. In contrast, was the by conflicts marked political development.

The expansive foreign policy quickly led to high costs from which had to be shouldered by the central bank a significant part. The stability of the currency was in danger. Shortly after the beginning of World War I in 1914, laid down the Military Command to indemnify any seized property with double the price. There was an increasing scarcity of goods, connected with an ongoing expansion of the money supply and finally the increase in the price level on the 16-fold.

The resulting cost of the war of the Dual Monarchy were covered to 40% on central bank loans and 60% through war bonds. Over the duration of the war, the power force built up in recent decades has been frozen at the end of the conflict in 1918, the real income of the workers had fallen to one-fifth of the last year of peace.

With the end of the war the end for the old order had come, too. The decay of Cisleithania and Transleithania caused in several successor states, despite the efforts of the central bank to maintain the order, a currency separation (see Crown Currency in the decay of the monarchy, successor states). First, a separate "Austrian management" of the bank was introduced. It was encouraged to shoulder the shortcomings of the state budget of the Republic of Austria founded in 1918.

The new South Slav state began in January 1919 stamping its crown banknotes. The newly founded Czechoslovak Republic retained the crown currency (to date), but their printed banknotes in circulation as of February 1919 with indications that now these ar Czechoslovak crowns. (The country could an inflation as experienced by Austria avoide.) In March 1919, German Austria began to stamp its crown banknotes.

The Treaty of Saint-Germain-en-Laye of 10 September 1919, by Austria on 25 October 1919 ratified and which on 16 July 1920 came into force, determined the cancellation and replacement of all crown banknotes of all successor states of Austria-Hungary as well as the complete liquidation of the Austro-Hungarian Bank under the supervision of the war winners. The last meetings of the Bank took place mid 1921 and at the end of 1922.

After a period of overvaluation of the crown the dollar rate rose from 1919 again. 1921, had to be paid over 5,000 Austrian crowns per dollar. In addition to the significant drop in the external value existed in Austria rising inflation. End of 1922 was ultimately a rehabilitation program with foreign assistance - the "Geneva Protocol" - passed which slowed down the inflation.

1922-1938

With Federal Law of 24 July 1922 the Minister of Finance was commissioned to build a central bank, which had to take over the entire note circulation plus current liabilities of the Austrian management of the Austro-Hungarian Bank. With Federal Law of 14 November 1922, certain provisions of the law were amended and promulgated the statutes of the Austrian National Bank. By order of the Federal Government Seipel I 29 December 1922, the Board of the Austrian Austro-Hungarian Bank issued authorization for the central bank union activity with 1 January 1923 have been declared extinct and was made ​​known the commencement of operations of the Oesterreichische Nationalbank this day.

The statutes of the Austrian National Bank (OeNB) secured the independence from the state, the independence of the Bank under exclusion of external influences and the corresponding equity. First, the stabilization of the Austrian currency was at the forefront. With the Schilling Act of 20 December 1924 was the schilling currency (First Republic) with 1 Introduced in March 1925, it replaced the crown currency. For 10,000 crowns now you got a shilling.

As an important personality in terms of the order of the state budget, Dr. Victor Kienböck has to be mentioned. He was in the time from 1922 to 1924 and from 1926 to 1929 finance minister of the First Republic and from 1932 to 1938 President of the Austrian National Bank. Through his work remained the Austrian Schilling, also beyound the global economy crisis, stable. Under this condition, the Fed was able to cope with the large number of bank failures of the past.

1938-1945

According to the on 13th March issued Anschlussgesetz (annexation law) , the Reichsmark with order of the Fuehrer and Chancellor of 17 was March 1938 introduced in the country Austria and determines the course: A Reichsmark is equal to one shilling fifty pence. On the same day, the Chancellor ordered that the management of the to be liquidated National Bank was transferred to the Reichsbank.

With regulation of three ministers of the German Reich of 23 April 1938, the National Bank was established as a property of the Reichsbank and its banknotes the quality as legal tender by 25 April 1938 withdrawn; public funds had Schilling banknotes until 15th of may in 1938 to accept. All the gold and foreign exchange reserves were transferred to Berlin.

The Second World War weakened the Austrian economy to a great extent, the production force after the war corresponded to only 40% of that of 1937 (see also air raids on Austria). To finance the war, the Reichsbank brought to a high degree banknotes in circulation, which only a great victory of the kingdom (Reich) actual values ​​would have been opposable. Since prices were strictly regulated, inflation virtually could be "banned" during the war.

1945-1998

In occupied postwar Austria about 10 billion shillings by Allied military occupying powers were initially printed, which contributed to significant price increases.

With the re-establishment of the Republic of Austria by the Austrian declaration of independence of 27 April 1945, it came to the resumption of activities of the Oesterreichische Nationalbank. By the "Fed Transition Act" of July 1945 preliminary legal regulations for the operations of the Bank have been established. The restoration of the Austrian currency was their first big job. The goal was the summary of all currencies, which at the time were in circulation, and their secondment to a new Austrian currency. The "Schilling Act" of November 1945, the basis for the re-introduction of the Schilling (Second Republic) as legal tender in Austria. The next step was to reduce excess liquidity to make necessary funds for new business investment available and to make the external value of the shilling for the development of the economy competitive. First, however, less changed the inflationary situation and also the shilling was still significantly undervalued in relation to other currencies.

The "Currency Protection Act" of 1947 brought a significant change in the monetary overhang. Some deposits have been deleted without replacement, others converted into claims against the Federal Treasury. The following exchange operations also significantly reduced the amount of cash: banknotes from 1945 were canceled and exchanged for new schilling notes in the ratio 1:3. Only 150 shillings per person could go 1-1.

To control inflation, the social partners came to the foreground. The associations of employers and employees set in 1947 prices for supplies, wages were also raised. This was the first of the five "wage-price agreements" of the social partners. In 1952, inflation was held back by limiting the use of monetary policy instruments by the National Bank. Also, the external sector slowly relaxed after the end of the Korean War.

In 1955, the Austrian National Bank was re-established by the new National Bank Act as a corporation and the by the National Bank Transition of Authorities Act (Nationalbank-Überleitungsgesetz) established provisional arragement abolished. The National Bank Act stipulated that each half of the capital should be situated at the federal government and private shareholders. In addition to the independence of bank loans of the state, the new National Bank Act also contained an order that the central bank must watch within their monetary and credit policies on the economic policies of the federal government. From now on also included within the instruments of the National Bank were the areas open market and minimum reserve policy.

The Austrian economy increasingly stabilized, through good fiscal and monetary policy a high growth could be attained, with low inflation and long-term maintenance of external equilibrium.

1960, Austria joined the European Free Trade Association and participated in the European integration.

In the sixties came the international monetary system based on gold-dollar convertibility into currency fluctuations and political reforms were necessary. First, the loosening of exchange rate adjustments between several states was an option. However, U.S. balance of payments problems brought with it restrictions on capital movements, and then the Euro-Dollar market was born. In 1971, the convertibility of the U.S. dollar was lifted.

1975 interrupted a recession increasing growth time. International unbalanced ayments caused very extensive foreign exchange movements, whereby the intervention force of Austrian monetary policy has been strongly challenged. Their task now was to control the effect of foreign exchange on domestic economic activities to stabilize the shilling in the context of constantly shifting exchange rates and to control the price rise appropriately. Since the inflow of foreign funds reached to high proportions, so that the economic stability has been compromised, the policy went the way of the independent course design in a pool of selected European currencies.

The collapse of the economy forced the policy makers to a new course with active mutual credit control, subdued wage growth, financial impulses in supply and demand, and interest rates are kept low. This system of regulation, however, kept back the need for structural change, so it had to be given up in 1979. In the same year a fire destroyed large parts of the main building of the Austrian National Bank in Vienna. The repairs lasted until 1985.

Target in the eighties was to strengthen the economic performance using a competitive power comparison. The findings from the seventies stimulated the Austrian monetary policy to align the Schilling course at the Deutsche Mark to ensure price stability in the country. In addition, the structural change was initiated by inclusion in a large area. Stable, if not necessarily comfortable environment of monetary policy was a prerequisite, to secure the companies long-term productivity gains and thus safeguard their position in the economy.

Initially, this development stood a high level of unemployment in the way. Growth until the second half of the decade increased, at the same time increased the competitiveness and current accounts could be kept in balance.

In the nineties, the annexation of Austria took place in the European Community. 1995 Austria became a member of the European Union (EU) and joined the exchange rate mechanism of the European Monetary System. In 1998, the Central Banks (ESCB) have established the independence of institutions or bodies of the European Community and the governments of the EU Member States through an amendment to the National Bank Act of the Austrian National Bank to implement the goals and tasks of the European System. Thus, the legal basis for the participation of Austria in the third stage of Economic and Monetary Union (EMU) was created in 1999.

As of 1999

The Austrian National Bank, and other national central banks including the European Central Bank ( ECB), belongs to the European System of Central Banks.

On 1 January 1999 was introduced in the third stage of Economic and Monetary Union in Austria and ten other EU Member States, the euro as a common currency. The European Central Bank is henceforth responsible for monetary and currency policy, decisions in this regard will be taken in accordance with the Council of the European Central Bank.

Since May 2010, the OeNB is in full possession of the Republic of Austria, after originally lobbies, banks and insurance companies were involved with 50 % of the share capital in it. In 2011, the National Bank Act was adapted by an amendment (Federal Law Gazette I No. 50 /2011) in this circumstance, a renewed privatization is thus excluded by law.

The OeNB as a modern central bank

With the withdrawal from the retail business in the sixties as well as the first major internationalization and implementation of a strategic management in the seventies, the OeNB went on the way to a future-oriented central bank. Another major reform of banking began at the end of the eighties.

In terms of global development, the OeNB established in 1988 as a service company and expanded its guiding values ​​- "security, stability and trust" - to the principles of " fficiency" and "cost-consciousness". The business center was optimized and strategic business experienced through targeted improvements a reinforcement. Be mentioned as examples are intensifying domestic cooperation in the area of ​​payments by encouraging the creation of the Society for the Study co-payments (STUZZA), the liberalization of capital movements, the professional management of foreign exchange reserves, the improvement of the supply of money through the construction of the money center and the internationalization of business activities through the establishment of representative offices in Brussels (European Union), Paris (OECD) and the financial center of New York.

After Austria's accession to the EU in 1995, the OeNB participated in the European Monetary System (EMS ) and its Exchange Rate Mechanism. The integration in the third stage of Economic and Monetary Union (EMU) was the next step towards further development of policy stability. Since the conclusion of the Maastricht Treaty, the Austrian National Bank has very fully considered its role in the ESCB and created a basis for inclusion in the community. The profound economic and monetary policy of Austria was also a reference that qualified the OeNB to actively participate in the monetary future of Europe, a greater harmonization of the statistical framework and monetary policy instruments with a view to the euro system, the preparation of the issue of European banknotes, and the establishment of operational processes and organizational integration of business processes within the ESCB being specific objectives of the OeNB.

In the following, it came, inter alia, to the establishement of an economic study department, of an education or training initiative and to strengthen the position of payment transactions through the TARGET system.

A in 1996 created "OeNB master plan" provided important points for the upcoming transition to the euro.

In May 1998, a new pension system came into force, by which new employees were incorporated into a two-pillar model.

1999, Austria's participation in the third stage of EMU was manifest. The Austrian National Bank - as part of the ESCB - became the owner of the European Central Bank and received new powers in this context in the sense of participation in the monetary policy decision-making at the level of the European Community. With the introduction of the euro, monetary policy functions of the General Council have been transferred to the Governing Council. However, the implementation remains the responsibility of national central banks.

Activities of the Oesterreichische Nationalbank were or are, for example, the further professionalization of asset management, the expansion of the network of representative offices by opening a representative office in the financial center of London, preparation of the smooth introduction of euro cash in 2002 and the participation of the OeNB on the creation of the "A-SIT" (Center for secure Information Technology Center - Austria) and the "A-Trust" (society of electronic security systems in traffic GmbH ) in order to promote security in information technology.

de.wikipedia.org/wiki/Oesterreichische_Nationalbank

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