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History of OeNB: From Wiener Stadt-Banco to the Eurosystem

Explore the rich history of the OeNB, from its establishment in 1816 to its integration into the Eurosystem in 1999. Discover key dates, events, and transformations, and delve into the ongoing work of the Bankhistorisches Archiv. Join us as we prepare for the bicentennial in 2016 and explore the possibilities for future content, including publications, interviews, expositions, and conferences.

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History of OeNB: From Wiener Stadt-Banco to the Eurosystem

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  1. Historic Research at the OeNB and the upcoming bicentennial 2016 Norges Bank Workshop Geneva, 30 October 2008 Clemens Jobst Economic Analysis Division www.oenb.at

  2. Key dates in the history of the OeNB • 1705: Wiener Stadt-Banco • 1762: First emission of banknotes, the Bancozettel • 1792-1815 Napoleonic Wars, inflation and default • 1816: Foundation of the Privilegirte Oesterreichische Nationalbank • Absorbs govt debt and paper money • Privately held public company • Monopoly of note issue • -1841: Second Privilege • -1862: Third Privilege • Independence, modelled on BoE

  3. Key dates in the history of the OeNB • 1878: Transformation in Oesterreichisch-ungarische Bank/Osztrák-magyar bank • 1919-1922: Liquidation of the OeUB • 1923: Oesterreichische Nationalbank • 1925: Schilling replaces depreciated crown • 1931: CA-crisis • 1938-1945: Reichsbankhauptstelle • 1945: Reconstruction • 1976 Following demise of Bretton-Woods • link to D-mark • 1999: OeNB joins Eurosystem

  4. Previous anniversaries often unhappy… • 50th anniversary 1866 • 100th anniversary 1916 • 150th anniversary 1966 • Pressburger history • Several volumes • Chronology follows sources closely, little economic analysis, no references • Traces history up until 1923 • 175th anniversary 1991 • Kernbauer follow-up to Pressburger, covers 1923-1938

  5. The creation of the Bankhistorisches Archiv • 1999: New legislation on archives, public access, either at institution or transfer to state archives • Creation of BHA • Collection: surviving files, assure preservation of ongoing history • Indexation: Database with description of every file • Storage: paper-based • Indexation should be finished by end of 2009 • Next step: index documents that are not in files (e.g. board minutes)

  6. Ongoing work • Continuation of Pressburger beyond 1938 • Covers important events 1945-1998 (integration into ESCB) • Currency chronicle • Volume in preparation on the years 1938-1970 • Money museum • Advisory board for historical archive • Task force for 2016

  7. Some (very) preliminary ideas • Content • Desiderata in Pressburger: • more economic rigour • internal organization, inside history of the OeNB • Contemporary witnesses • Historic data • Formats • Homepage for archive, history, etc. • Publication series on banking history • Books • Interviews/film • Expositions • Conference

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