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A business leader can be considered an oligarch if the following conditions are satisfied:
uses monopolistic tactics to dominate an industry;
possesses sufficient political power to promote their own interests; controls multiple businesses, which intensively coordinate their activities
More generally, an oligarch is a "member of an oligarchy; a person who is part of a small group holding power in a state".
The term is commonly used in the Western press to describe Russian business people. According to a study by journalist Alan Macleod on its use by the New York Times, CNN and Fox News, 98% of the mentions of countries linked to oligarchs were related to Russia (overwhelmingly) or countries of the former Soviet Union. American business people were very rarely referred to as oligarchs in the 150 articles included in the stud
A los que no estaban atentos les aguaron la fiesta.
Marcha por la legalización de la marihuana. 7 Mayo. Santiago, Chile 2011.
95/365
I'm kinda losing contorl over that 365...Don't know why, and how, and if a selfportrait again..and why to take that much time each day... Sometimes I feel i've climbed too high, and my requirements became too strict and too "strbist" ..I just can not be that creative each day..especially when I haven't done anything on a certain day...So why that strobist stuff?Sometimes I feel like if I've lost my sense of finding interesting stuffs to shoot and if I'd became the one who wants to create stuffs for a shot...hm...I hope spring solves the problem!:)
5th april 2010
Lovebytes - Digital Spring.
Pixilation workshops in the Sheffield Children's Library, led by Melvyn Ternan and Ivana Sereno Teres.
Part of UNQUIET : Art and music events at Sheffield's Central Library
Sat 24 March 11am-4pm
Sheffield Central Library, Surrey Street, Sheffield.
Sheffield Central Library provided the venue and inspiration for a spree of artistic interventions, impromptu performances and creative workshops:
Sheffield Library's documentation from Unquiet (requires Flash):
Reactable
The Reactable is a revolutionary new electronic musical instrument, designed to create and perform the music of today and tomorrow. It combines state of the art technologies with a simple and intuitive design, which enables musicians to experiment with sound, change its structure, control its parameters and be creative in a direct and refreshing way - unlike anything you have ever known before.
Juxtavoices
Juxtavoices is a large 'antichoir' under the direction of composer Martin Archer and writer Alan Halsey. The group includes many familiar faces from Sheffield's leftfield music, poetry and visual arts scenes. Although the group performs structured scores, no fixed pitches are ever notated, and the group uses improvisation to shape the detail of the scores as the music progresses. Both trained and untrained voices are included. As well as playing "normal" concerts, the group is to be found in various unexpected public places, and at poetry / text events. For this event, Juxtavoices have created 2 special pieces for performance: one in suitably hushed tones inside the main library, and one utilising the rich acoustic of the adjacent stairwell.
20Hz by Semiconductor
05.00 minutes / HD video installation / 2011
20 Hz observes a geo-magnetic storm occurring in the Earth's upper atmosphere. Working with data collected from the CARISMA radio array and interpreted as audio, we hear tweeting and rumbles caused by incoming solar wind, captured at the frequency of 20 Hertz. Generated directly by the sound, tangible and sculptural forms emerge suggestive of scientific visualisations. As different frequencies interact both visually and aurally, complex patterns emerge to create interference phenomena that probe the limits of our perception.
20Hz is a Semiconductor work by Ruth Jarman and Joe Gerhardt.
Audio Data courtesy of CARISMA, operated by the University of Alberta, funded by the Canadian Space Agency.
Co-commissioned by Arts Santa Monica + Lighthouse for the Invisible Fields Exhibition at Arts Santa Monica, Barcelona. 2011-2012. Supported by the British Council.
Catalyst
This sound installation in the Lending Library presents a series of collaborative works by a number of Sheffield based writers and sound artists.
In 2011 composers from the University of Sheffield Sound Studios (USSS) were asked to produce a work drawing on Brian Eno's concept of 'ambient music' - music that could be subtly diffused into the atrium space at Bank Street. These compositions were played throughout the day and the writers spent an hour free-writing in response to them. These initial responses were then developed into poems by the writers and then were recorded reading their poems. These sound recordings formed the source material for a new series of compositions - in some cases settings of the poems themselves, in others more abstract manipulations of the source material.
Catalyst is a collaboration involving Bank Street Arts' Poet in Residence Angelina Ayers; writers on the MA Writing at Sheffield Hallam University; Bank Street Arts Resident sound artist Ian Baxter and fellow composers working from the USSS.
Animation/Pixilation Workshop
Children's Library session beginning 11am, 12pm, 2pm and 3pm (4 x 45min workshops)
Age 6+ Free. Book in advance / places are limited.
To book a place email - kidsandteens.library@sheffield.gov.uk
or tel. - 0114 273 4734
Come and have a go at animating...Yourself! Pixilation is an exciting form of animation where everyday objects and humans are the made to do extraordinary things such as disappear into walls, change into other people, fly, get eaten by black holes and ice skate on carpets!
In this workshop you'll learn how to make use pixillation to create animated films. You and your parents or carers will also find out how to film animation at home using your home computer, a webcam and free software. No experience or equipment necessary - just bring yourself! The workshop is led by Melvyn Turnan - you can see his films at www.melmation.com
Places are very limited, so please book in advance to avoid disappointment.
Sssh! There's going to be a FREE secret film show for kids at 1PM, somewhere in the Library...
Are spy pigeons and lost mechanical aliens your kind of thing? Do you know a cat who belongs to Simon? (or is it a Simon who belongs to a cat?)...
You can only find out the secret location for this screening when you collect a free golden ticket from our information desk in the Winter Garden. Make sure you get there early, it's first come first served and there are only a few places available for this extra special, hush hush event for those in the know. The films are suitable for any age but children must be accompanied by an adult.
These films are 100% guaranteed to totally amaze you... here's a sneak preview of what you will see...
The Lost Thing by Andrew Ruhemann & Shaun Tan (Passion Pictures, Australia 2011). This film won an Oscar for best short animated film in 2011. A boy finds a strange creature on a beach, and decides to find a home for it in a world where everyone believes there are far more important things to pay attention to.
Pigeon Impossible by Lucas Martell. This amazing bagel bite-sized adventure was 5 years in the making. It's the tale of Walter, a rookie secret agent faced with a problem seldom covered in basic training: what to do when a curious pigeon gets trapped inside your multi-million dollar, government-issued nuclear briefcase?
Love Over Goldfish by Janet Jennings and Jon Harrison. Have you ever seen a movie that is upside-down from beginning to end? Well the star of this film has, he's lived it! He's a goldfish and this is his life story. Love Over Goldfish was filmed in Sheffield, see if you can spot any familiar locations (but don't get a crick in your neck;)
Thanks to all the staff at Sheffield Libraries for hosting this event.
Special thanks to:
Emma Croft, Sarah Hogan, Martin Dutch and Andrew Milroy at Sheffield Libraries, Martin Archer and Juxtavoices, Ian Baxter (Catalyst), Sergi Jordà (reactable), Sheffield University Sound Studios, Passion Pictures, Lucas Martell, Flatpack Festival, Amber and Joab Harrison
Technical wizards: Darren Chouings (Prism), Melvyn Turnan (Melmation), Richard Bolam (RB Digimedia).
Lovebytes 2012 - Digital Spring
A Festival of Art, Science and Technology
22-24 March
Sheffield UK
Evento en el Bar del Frente
Pecha Kucha Conce 2009; Chile
ISO200; f/ 1.8 , 1/25 sec
Picture #201
"Se regulan los sentidos
Se equilibra la emoción
Se aumentan las energÃas
Las emociones siguen funcionando muy bien
Continuemos..."
Ante la presion de mis amigos: Marc: " En el pais de los sueños..." otra vez xD
_________________________________________________
La idea fundamental de Pecha Kucha es permitir compartir las ideas de diversos presentadores durante una noche, manteniendo un nivel de interés y atención alto mediante presentaciones muy concisas. Para ello se creó el formato 20×20 de Pecha Kucha: a cada presentador se le permite usar 20 imágenes o diapositivas, cada una de de las cuales es mostrada durante 20 segundos. En total, cada presentación transcurre durante 6 min y 40 segundos, tras lo cual se hace una breve pausa y el siguiente presentador sube al escenario. Cada evento consta normalmente de 14 presentaciones.
Los presentadores (y gran parte de la audiencia) vienen normalmente de los campos del diseño, arquitectura, fotografÃa y arte, aunque el fenómeno se ha extendido recientemente al mundo de los negocios
Un evento realizado en varias ciudades del mundo
__________________________________________
JSC2013-E-090619 (22 Oct. 2013) --- Inside the space station control room (FCR-1) in the Mission Control Center, flight director Courtenay McMillan confers with flight controller Troy McCracken during grapple and unberthing of the Orbital Sciences/Cygnus cargo ship from the nadir port of the Harmony module on the International Space Station. Part of the in-space activities can be seen on the large screens in FCR-1, in the background. Photo credit: NASA
Commercial Crew astronaut Eric Boe practices docking operations for Boeing's CST-100 Starliner using a part-task trainer designed to mimic the controls and behavior of the spacecraft. They are part of a suite of cloud-based and hands-on trainers that Boeing has built to prepare astronauts and mission controllers. The trainers will be shipped to NASA's Johnson Space Center in Houston this year so astronauts can use them daily to practice numerous situations from normal operations to unlikely emergencies. The Starliner is one of two spacecraft in development in partnership with NASA's Commercial Crew Program that will enable astronauts to fly to the International Space Station on a new generation of spacecraft made in America and launching from Florida's Space Coast. Working at Boeing's St. Louis facility, Boe and astronaut Suni Williams ran through numerous mission phases to assess the simulators before they are shipped to NASA's Johnson Space Center in Houston later this year. Photo credit: NASA/Dimitri Gerondidakis
A picture is worth a thousand words but it takes 3,000 times the disk space...
Press L to view in LIGHTBOX.
Press F to favorite.
Press G to add to a group.
Press C to make a comment.
When I was younger I had a massive amount fun creating control rooms and panels... mainly cause I love pushing buttons :3
Paddock was built at the start of the 2nd World War below the Post Office Research Station in Dollis Hill. The purpose of the two level citadel was to act as a standby to the Cabinet War Rooms in Whitehall. The bunker became operational in 1940 with the War Cabinet meeting there on 3rd October.
Churchill did not like the new bunker and by the autumn of 1943 the standby cabinet war rooms were relocated to the North Rotunda in Marsham Street, close to Whitehall; Paddock was abandoned the following year.
During the cold war, Paddock was suggested as a replacement for the North London Group War Room at Partingdale Lane, Mill Hill but this was rejected by the GLC. It was also, along with Station Z at Harrow, suggested as the Main Control Centre for the whole of London with the 4 (later 5) Group Controls reporting to it. The idea of 1 central control was never adopted and the upper floor at Paddock was relegated to a Post Office social club.
Following closure of Post Office Research Station, in the mid 1990's the site was sold to a property developer who converted the Research Station into luxury flats with a new housing estate on the rest of the site. The single storey surface building above Paddock was demolished but the citadel, which has local authority listing was untouched and two access points were retained one an unobtrusive steel door in a wall between two houses and the other a brick blockhouse beside the road which also houses a small electricity sub station. The site has now been handed over to a housing association.
[Subterranea Britannica www.subbrit.org.uk]
The ostrich is the fastest animal on two legs.
Ostriches, the world’s largest and heaviest birds, are unable to fly, but have wings. Why? The birds use them for balance when running, for courtship displays, for protecting their eggs and hatchlings, and for body temperature control. Ostriches can sprint at speeds of up to 40 miles per hour and can take huge strides as long as 15 feet!
Feathers of adult males are primarily black with white plumage on their tails and wings while females are grayish-brown. The male ostrich is about eight feet tall and weighs about 300 pounds while females are somewhat smaller. Since it doesn’t fly, the ostrich has lost the stiff, strong wing and tail feathers that typify flying birds. Instead, ostrich feathers are loose and soft. If threatened, the ostrich has a four-inch claw on its cloven foot and can kick hard enough to kill a lion.
"Los Angeles Zoo" California.
The National Ignition Facility's complex operation, alignment and diagnostic functions are controlled and orchestrated by the integrated computer control system. It consists of 300 front-end processors attached to nearly 60,000 control points, including mirrors, lenses, motors, sensors, cameras, amplifiers, capacitors and diagnostic instruments. The shot director must coordinate all 14 NIF subsystems when preparing for a shot.
Final version of the two trains for the layout of 2017.
One train has color dark blue and the other dark red.
Before the days of CGI, Photoshop, and digital cameras, "state-of-the-art" animation and visual effects work was done with huge bulky camera rigs, outfitted with motion control systems that allowed the rigs to precisely move about whatever needed to be filmed...be it a model spaceship, flat artwork, or an actor on a set.
The rig shown here is the camera section of a Master Series Animation Stand made by Oxberry, LLC.
By swapping out a couple of the internal movements, this particular camera could shoot 16mm, 35mm-4 perf, and 35mm 8-perf motion picture film. It also had the ability to "bi-pack" 2 pieces of film through the camera gate at the same time for simple optical printing purposes.
This is the actual camera system I started my visual effects career with at a small studio in Portland, Oregon called An-Fx Productions. We specialized in motion graphics and character / cel animation. I worked there until 1987, and shortly after took over the space myself...and since then have operated my own studio. Now a days though I do everything digitally using various computer graphics software packages.
There are a few camera systems like this still in operation, but very few. It's a product of a bygone age.
Copyright © 2012 by Craig Paup. All rights reserved.
Any use, printed or digital, in whole or edited, requires my written permission.
Control of Midland Red North's Macclesfield depot passed to Stevensons of Uttoxeter following the acquisition of Stevensons by British Bus in October 1994. In November and December 1994 Midland Red buses at Macclesfield were gradually replaced by Stevensons vehicles which operated with "On Hire to Midland Red North Ltd" stickers until January 1995.
One of the Stevensons buses transferred to Macclesfield was 266 (G785PWL), a DAF SB220 with Optare Delta 47 seat bodywork that was new in August 1989. This former DAF demonstrator passed to Stevensons' Edinburgh Transport subsidiary in 1990 and was transferred to the main Stevensons fleet in 1994 shortly before British Bus sold Edinburgh Transport to GRT Holdings. It was photographed at Macclesfield bus station on 17 December 1994 operating service 3 to the Weston estate.
Shot at the airport. At dusk. From a plane. Through a plastic window. Past a squirming crying baby. Lucky shot...
Oesterreichische Nationalbank
Logo of the Austrian National Bank
Headquarters Vienna, Austria
Central Bank of Austria
Currency€
To ISO 4217 EUR
website
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-Ãœberleitungsgesetz) 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