Annual Report 2004

More documents

Recommendations

Info

Synergy effects contribute to maximizing the benefits provided by the OeNB and its associates. This is why special emphasis is put on exploiting both horizontal and vertical synergies by building alliances with firms in the same industry as well as upstream or downstream partners in the value chain. Integration of Payment Services in Europe and Consolidation of Cash Distribution Structures in Austria At the strategic level, the OeNB and its associates strive to create synergies by optimizing the business portfolio and by bundling procedures. Last, but not least, increased costefficiency is ensured by the joint use of human and capital resources. Exploiting the potential for synergy Annual Report 2004 × 61
ÒStability and SecurityÓ — the OeNBÕs information campaign The OeNBÕs Information Policy — Conveying Stability and Security Communicating Monetary Policy Objectives — A Prerequisite for Credibility and Trust Communication is an important value-adding factor. As such, it can be planned, controlled and measured, promoting understanding, trust and transparency. The OeNB has embraced this principle jointly with the other euro area NCBs and the ECB; it is enshrined in the joint Eurosystem Mission Statement. Trust has always been a sensitive key value for central banks, and public confidence in the OeNB has traditionally stood at high levels, as was recently confirmed by an IFES (Institute for Empirical Social Research) survey. According to IFES, 78% of Austrians continued to have high confidence in the OeNB in the fourth quarter of 2004. The OeNB has built up this trust over decades by pursuing credible and stability-oriented monetary policy objectives and by displaying exceptional know-how in key central banking areas. High public confidence forms the basis for communicating the current monetary policy strategy, which in turn reinforces trust in the OeNB. In communicating the single monetary policy the OeNB makes use of all media our information society has to offer. As economicsisfrequentlyaboutcomplexprocesses, it is a challenge for public relations experts to convey these processes to the general public in a clear, understandable manner. To improve the general understanding of basic macroeconomic processes and to strengthen confidence in the euro, in 2004, the OeNB launched an information campaign revolving around the key values ÒStability and SecurityÓ The objective of this campaign has been to inform the public about the euro (price stability, security features), the single monetary policy and the OeNBÕs tasks. Based on the overarching principles of stability and security, the campaign has been designed to familiarize the public with the OeNBÕs main task, i.e. the maintenance of price stability. The OeNB has been placing advertisements and has been broadcasting TV commercials conveying a message along the lines of ÒI work hard for my money. Good that each euro is worth it.Ó and has been using media cooperation and advertorials to address not only the general public, but also the people it has not been able to reach so far. To prepare and fine-tune the campaign to the needs of the latter target group, the OeNB conducted both quantitative and qualitative surveys with polling institutes. As a result, the campaign was designed to channel the patriotism of this target group into the euro as a European value. The print media campaign focused on the following topics: — The euro on a path of stability — The euroÕs stability as a guarantee of our purchasing power — First-rate security features — Understanding price developments 62 × Annual Report 2004
Page 1 and 2:
√ Oesterreichische Nationalbank S
Page 4 and 5:
ˆ Report on the Financial Year 200
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
Page 51 and 52: Integration of Payment Services in
Page 61: Integration of Payment Services in
Page 65 and 66: The OeNBÕs Information Policy —
Page 67 and 68: The OeNBÕs Information Policy —
Page 69 and 70: 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
Page 90 and 91: SDRs equivalent to EUR 38.831 milli
Page 92 and 93: 4 Claims on non-euro area residents
Page 94 and 95: such credit is provided not by the
Page 96 and 97: 9.1 Participating interest in the E
Page 98 and 99: 9.2 Claims equivalent to the transf
Page 100 and 101: Equipment developed as follows: Cos
Page 102 and 103: 11.6 Sundry Sundry assets comprise
Page 104 and 105: The table below shows the annual av
Page 106 and 107: 11 Items in course of settlement Cl
Page 108 and 109: 13 Provisions Under the OeNBÕs ini
Page 110 and 111: 15 Capital and reserves A summary o
Page 112 and 113:
Notes to the Profit and Loss Accoun
Page 114 and 115:
ance with Article 69 paragraph 1 of
Page 116 and 117:
Governing Board (Direktorium) Gover
Page 118:
Profit for the Year and Proposed Pr
Page 122 and 123:
ˆ Notes
Page 124 and 125:
x = No data can be indicated techni
Page 126 and 127:
Core inflation: inflation measure t
Page 128 and 129:
Primary balance: government net bor
Page 130 and 131:
Periodical Publications of the Oest
Page 132 and 133:
Artwork All artwork featured in thi
Page 134:
The Annual Report of the OeNB provi
show all

Annual Report 2004

Create successful ePaper yourself

Delete template?

Save as template?