Annual Report 2004

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ˆ Report on the Financial Year 2004 with Financial Statements for the Year 2004 Submitted to the General Meeting on May 24, 2005
Statement Six years after the beginning of Stage Three of Economic and Monetary Union (EMU), the Eurosystem may look back on the successful introduction of the common currency. Continuing European integration and EU enlargement pose new challenges, which will also require adjustments within the European System of Central Banks (ESCB). Historically low interest rates and the ongoing strong appreciation of the euro against the U.S. dollar have created a difficult operational environment for Eurosystem central banks. Despite these demanding conditions, the Oesterreichische Nationalbank (OeNB) managed to achieve profits close to the longterm average in 2004. This is particularly remarkable given the significant revenue shortfalls of other national central banks (NCBs). The record profits following the establishment of the monetary union as well as the high risk provisions of recent years, however, have put a cap on future profit potential. In this context it is important to call to mind the NCBsÕ obligation within the ESCB to hold sufficient reserves to fulfill their tasks and to make risk provisions. Compliance with this obligation is a prerequisite for Eurosystem credibility. In addition to fulfilling a wide range of responsibilities in the field of monetary policy implementation, the OeNB also contributed significantly to the ESCBÕs activities in 2004. Special emphasis was placed on the communication of monetary policy objectives, the promotion of financial stability and the preparations for a Single Euro Payments Area (SEPA). Once more, the OeNBÕs subsidiaries were key for the efficient provision of means of payment which meet the highest security requirements. Looking at the challenges that lie ahead, cooperation with Central and Southeastern European countries will take on an important role in the future, and the OeNBÕs expertise in this area will prove very valuable for the Eurosystem. Efficient performance is crucial for longerterm corporate success, in particular for a small NCB. Thus, it is of great importance for the OeNB to continue optimizing its business processes, to make effective use of synergies and to promote cooperation. The high degree of trust the OeNB enjoys as a monetary institution is an acknowledgement of its performance and a mandate for the future. Herbert Schimetschek President 4 × Annual Report 2004
Page 1 and 2: √ Oesterreichische Nationalbank S
Page 6 and 7: In 2004 the global economy expanded
Page 8: Financial Statements of the Oesterr
Page 11 and 12: GeneralCouncil(Generalrat),StateCom
Page 13 and 14: Organization Chart President Herber
Page 16: 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
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Integration of Payment Services in
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ÒStability and SecurityÓ — the
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The OeNBÕs Information Policy —
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The OeNBÕs Information Policy —
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The OeNB — An Innovative, Dynamic
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ˆ Financial Statements of the Oest
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Liabilities December 31, 2004 Decem
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Notes to the Financial Statements 2
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Future market developments, especia
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The strategic measures are compleme
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Development of the OeNBÕs Currency
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SDRs equivalent to EUR 38.831 milli
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4 Claims on non-euro area residents
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such credit is provided not by the
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9.1 Participating interest in the E
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9.2 Claims equivalent to the transf
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Equipment developed as follows: Cos
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11.6 Sundry Sundry assets comprise
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The table below shows the annual av
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11 Items in course of settlement Cl
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13 Provisions Under the OeNBÕs ini
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15 Capital and reserves A summary o
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Notes to the Profit and Loss Accoun
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ance with Article 69 paragraph 1 of
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Governing Board (Direktorium) Gover
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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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Annual Report 2004

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