Annual Report 2004

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Policymakers in particular have always been important dialogue partnersfortheOeNB.Atregularintervals, the OeNBÕs Governor and Vice Governor report to parliament, specifically the finance committee of the Austrian Nationalrat, on the current overall economic situation, on monetary policy in the euro area and on important financial market developments. The OeNBÕs Information Policy — Conveying Stability and Security Annual Report 2004 × 67
The OeNB — An Innovative, Dynamic and Cost-Efficient Enterprise In 2004 the OeNB again performed a wide and complex range of functions. These functions are, on the one hand, defined by the OeNBÕs responsibilities within the ESCB/Eurosystem and, on the other hand, by domestic business areas. In fulfilling its tasks, the OeNB is guided by its mission statement and strategic orientation as well as by the Eurosystem Mission Statement, which was published in 2004. All OeNB activities are informed by considerable cost consciousness. This chapter gives a detailed account of the measures which allowed the OeNB to continuously perform its TheOeNBÕsCustomer-OrientedRangeofServices functions efficiently and effectively and which strengthened its position as a flexible, innovative and dynamic enterprise. As the OeNBÕs control and management system is based on decentralized responsibilities in many areas, transparency is particularly important for performance. In this context, measuring performance by means of specific indicators was a pivotal activity in 2004. The above-mentioned factors, along with many others, have helped the OeNB earn high esteem as a competent partner within the Eurosystem and on the Austrian financial market. Box 8 The OeNB performs its functions within the framework of a uniform structure for the Eurosystem: Monetary policy decisions — Economic analysis and research — Participation of the OeNBÕs governor in the Governing Council and in the General Council of the ECB Implementation of monetary policy decisions — Conduct of monetary policy operations with Austrian banks — Participation in Eurosystem foreign exchange interventions — Management of the OeNBÕs own reserve assets and of the reserves transferred to the ECB — Conduct of minimum reserve operations and monitoring of minimum reserve holdings of Austrian banks — Interfacing between the Eurosystem, Austrian economic agents, policymakers and the general public Supervisory functions and financial stability — Participation in the prudential supervision of Austrian banks and payment systems oversight to secure financial stability — Risk analysis of financial markets and banks Statistics — Provision of conclusive, high-quality statistics, above all monetary, interest rate and prudential statistics as well as external trade statistics (e.g. balance of payments and financial accounts) Cash supply — Provision of banknotes and coins to Austrian businesses and consumers and ensuring smooth cash circulation Payment services — Provision and promotion of reliable domestic and cross-border payment systems (ARTIS, TARGET) International cooperation — Cooperation within a wide range of Eurosystem, ESCB and EU bodies — International monetary policy cooperation and participation in international financial institutions Provision of advice to the Austrian authorities 68 × Annual Report 2004
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√ Oesterreichische Nationalbank S
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ˆ Report on the Financial Year 200
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In 2004 the global economy expanded
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Financial Statements of the Oesterr
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GeneralCouncil(Generalrat),StateCom
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Organization Chart President Herber
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ˆ Report of the Governing Board (D
Page 19 and 20: The Eurosystem Secures Price Stabil
Page 39 and 40: The OeNB as a Competent Partner in
Page 49 and 50: Competition and transparency in cas
Page 51 and 52: Integration of Payment Services in
Page 63 and 64: ÒStability and SecurityÓ — the
Page 65 and 66: The OeNBÕs Information Policy —
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Page 71 and 72: The OeNB — An Innovative, Dynamic
Page 78 and 79: ˆ Financial Statements of the Oest
Page 80 and 81: Liabilities December 31, 2004 Decem
Page 82 and 83: Notes to the Financial Statements 2
Page 84 and 85: Future market developments, especia
Page 86 and 87: The strategic measures are compleme
Page 88 and 89: Development of the OeNBÕs Currency
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Page 96 and 97: 9.1 Participating interest in the E
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Page 112 and 113: Notes to the Profit and Loss Accoun
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Profit for the Year and Proposed Pr
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ˆ Notes
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x = No data can be indicated techni
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Core inflation: inflation measure t
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Primary balance: government net bor
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Periodical Publications of the Oest
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Artwork All artwork featured in thi
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The Annual Report of the OeNB provi
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