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Cash Recirculation and the Fight against Counterfeiting The Austrian Approach

Cash Recirculation and the Fight against Counterfeiting The Austrian Approach Moscow, 19 April 2012 Friedrich Hammerschmidt Oesterreichische Nationalbank (OeNB) Deputy Head of Cashier’s Division Head of National Counterfeit Centre. Agenda. Introduction

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Cash Recirculation and the Fight against Counterfeiting The Austrian Approach

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  1. Cash Recirculation and the Fight against Counterfeiting The Austrian Approach Moscow, 19 April 2012 Friedrich Hammerschmidt Oesterreichische Nationalbank (OeNB) Deputy Head of Cashier’s Division Head of National Counterfeit Centre

  2. Agenda • Introduction • PART I: Cash recirculation in Austria • Introduction • OeNB Test Centre • PART II: Communication measures • PART III: Statistical evidence on counterfeiting

  3. The Oesterreichische Nationalbank (OeNB) • The OeNB is the central bank of the Republic of Austria. The headquarters are located in Vienna.

  4. Eurosystem Population (2011): 332 million Austria Population (2011): 8,4 million in % of Eurosystem: 2,54% Basic Facts about the Eurosystem and Austria (1)

  5. Launch stock in 2009 188 millionbanknotes Slovakia Central-, Eastern- andSoutheastern Europe Eurosystem Launch stock in 2007 94.5 millionbanknotes Slovenia The OeNB as a Logistical Hub

  6. Basic Facts about the Eurosystem and Austria (2) • Eurosystem: • Cash in circulation (December 2011): 912 billion EUR

  7. ATS EUR Basic Facts about the Eurosystem and Austria (3) • Austria: • Cash in circulation (estimated): 25 billion EUR • Capital key(OeNB‘s fully paid-up capital share since 1 January 2011):2.7750% 25 bill. 417 mio pieces 0,36 bill. 47 mio pieces

  8. PART I Cash Recirculation in Austria

  9. Cash Recirculation in Austria: Basic Conditions Cash processing centres most of the cash processing is performed by the GSA (controlled and monitored by the OeNB) Recirculation activities significant increase of recirculation activities in self-service areas of commercial banks (customer operated banknote handling machines) ATMs cash dispensers are either filled with banknotes processed by Eurosystem NCBs or with banknotes checked for authenticity and fitness by adequate (tested) banknote handling machines Over-the-counter transactions issuance of fit and genuine banknotes by trained staff only OeNB offers cash training sessions free-of-charge

  10. Cash Recirculation in Austria: Statistics (1) 1,605,000,000 processedbanknotes = 91% 12 BPS1000 Creditinstitutions 150,000,000 processedbanknotes = 9% 527 cash recycler 196 staff-operated BHM Source: OeNB, 2011

  11. Cash Recirculation in Austria: Statistics (2)

  12. The OeNB Test Centre: Mandate (1) Examiningandtesting Prototypes Banknote authenticationdevices Individual machinecomponents (sensors) Banknote recyclingmachines Banknote countingmachines Coinprocessingmachines (in cooperationwiththe Austrian Mint) Cooperatingwithvariouspartners Machineandcomponentmanufacturers ECB and NCBs NAC, NCC and CNAC Other national institutions (Mint, Printingworks, police,…)

  13. The OeNB Test Centre: Mandate (2) Implementing the Banknote Recycling Framework (BRF) in Austria Prepared and implemented by the OeNB Test Centre Agreement on a common framework for the detection of counterfeits and fitness sorting Signed by all Austrian banking associations Entry into force: December 29, 2006 Providing assistance for all actors (commercial banks, CITs) in complying with the framework Monitoring Target groups: GSA, credit institutions, professional cash handlers Data collection on recycling activities according to the BRF On-site inspections (planned)

  14. The OeNB Test Centre: Statistics PositivelyTested Banknote Handling Machines 2005 - 2011

  15. The OeNB Test Centre: Future Challenges Customer-operated cash handling machines become increasingly important Euro series 2 (new and/or adjusted sensors) European level playing field Compliance (possible sanctions)

  16. PART II Communication Measures

  17. The image of cash triggers the image of a central bank! The better people know their money, the better they identify counterfeits! Cash is the most visible product / activity of a central bank! Introduction: Why Do We Communicate on Cash? • Submit information • security features • cash infrastructure • changeover information • Create image • of the euro • of the central bank • Fight counterfeiting • Training • examples of counterfeits

  18. Introduction: OeNB’s Communication Measures (1) • Cash training sessions for individuals andcash experts • Euro Bus Tour • Euro Kids Tour

  19. Introduction: OeNB’s Communication Measures (2) • Means of payment Newsletter • Cooperation with newspapers, radio and TV stations • Events (fairs, shopping malls…) • Numerous leaflets and brochures • Press releases and press conferences • The OeNB website

  20. The OeNB Website Related to Cash Information about euro cash General information More detailed information „Cash experts“ (registrationrequired) General public (all internetusers)

  21. PART III Statistical evidence on counterfeiting

  22. Counterfeits withdrawn from circulation - Austria

  23. Total Loss Incurred from Euro Counterfeits in Austria

  24. Counterfeits withdrawn from circulation – Euro area

  25. Share in GDP Share in population Austrian share in total number of euro counterfeits

  26. Counterfeits per 100,000 Banknotes in Circulation

  27. Thank You For Your Attention!

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