Annual Report 2004

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