Financial Statements for the year 2000

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O e s t e r r e i c h i s c h e Nat i on a l b a n k

I n t e g r a l Pa r t o f t h e E u ro p e a n S y s t e m o f C e n t r a l B a n k s

F i n a n c i a l S t a t e m e n t sf o r t h e y e a r 2 0 0 0

Ã

F inancial Statements

of the Oesterreichische Nationalbank

for the Year 2000

Assets

December 31, 2000 Dezember 31, 1999

euro in thousand euro

1. Gold and gold receivables 3,556,162,714.08 3,793,022

2. Claims on non-euro area residentsdenominated in foreign currency 15,062,227,984.50 14,970,487

2.1 Receivables from the IMF 888,393,041.77 1,269,392

2.2 Balances with banks and security investment,

external loans and other external assets 14,173,834,942.73 13,701,095

3. Claims on euro area residents denominated in foreign currency 1,543,590,501.40 2,120,851

4. Claims on non-euro area residents denominated in euro 1,860,162,390.22 3,351,499

4.1 Balances with banks, security investments and loans 1,860,162,390.22 3,351,499

4.2 Claims arising from the credit facility under ERM II Ð Ð

5. Lending to euro area credit institutionsrelated to monetary policy operations denominated in euro 6,970,764,744.Ñ 5,472,248

5.1 Main refinancing operations 4,843,970,690.Ñ 2,764,743

5.2 Longer-term refinancing operations 2,126,794,054.Ñ 2,707,505

5.3 Fine-tuning reverse operations Ð Ð

5.4 Structural reverse operations Ð Ð

5.5 Marginal lending facility Ð Ð

5.6 Credits related to margin calls Ð Ð

6. Other claims on euro area credit institutions denominated in euro 166,356,570.34 992,820

7. Securities of euro area residents denominated in euro 1,381,551,936.48 1,744,060

8. General government debt denominated in euro 255,644,384.50 221,424

9. Intra-Eurosystem claims 1,297,670,000.Ñ 1,297,670

9.1 Participating interest in the ECB 117,970,000.Ñ 117,970

9.2 Claims equivalent to the transfer of foreign reserves 1,179,700,000.Ñ 1,179,700

9.3 Claims related to promissory notes

backing the issuance of ECB debt certificates1) x x

9.4 Other claims within the Eurosystem (net) Ð Ð

10. Items in course of settlement Ð Ð

11. Other assets 4,091,433,515.89 3,881,870

11.1 Coins of euro area 67,951,433.59 98,347

11.2 Tangible and intangible fixed assets 109,891,122.93 54,695

11.3 Other financial assets 2,432,098,313.47 2,387,399

11.4 Off-balance-sheet instrumentsÕ revaluation differences 41,598,284.98 385

11.5 Accruals and deferred expenditure 399,075,911.29 305,880

11.6 Sundry 1,040,818,449.63 1,035,164

36,185,564,741.41 37,845,951

1) Only an ECB balance sheet item.

2 Financial Statements 2000×

Balance Sheetas at December 31, 2000

Liabilities

December 31, 2000 December 31, 1999


1. Banknotes in circulation 13,933,755,136.11 13,328,056

2. Liabilities to euro area credit institutionsrelated to monetary policy operations denominated in euro 3,402,808,903.32 3,250,536

2.1 Current accounts (covering the minimum reserve system) 3,402,808,903.32 3,235,186

2.2 Deposit facility Ð 15,350

2.3 Fixed-term deposits Ð Ð

2.4 Fine-tuning reverse operations Ð Ð

2.5 Deposits related to margin calls Ð Ð

3. Other liabilities to euro area credit institutionsdenominated in euro Ð Ð

4. Debt certificates issued1) x x

5. Liabilities to other euro area residents denominated in euro 18,201,500.45 19,115

5.1 General government 766,081.04 8,038

5.2 Other liabilities 17,435,419.41 11,077

6. Liabilities to non-euro area residents denominated in euro 7,176,741.20 237,317

7. Liabilities to euro area residents denominated in foreign currency 330,687,652.96 375,172

8. Liabilities to non-euro area residentsdenominated in foreign currency 900,889,207.44 1,339,702

8.1 Deposits, balances and other liabilities 900,889,207.44 1,339,702

8.2 Liabilities arising from the credit facility under ERM II Ð Ð

9. Counterpart of Special Drawing Rights allocated by the IMF 250,678,218.83 244,392

10. Intra-Eurosystem liabilities 5,024,023,947.10 6,724,087

10.1 Liabilities equivalent to the transfer of foreign reserves1) x x

10.2 Liabilities related to promissory notes

backing the issuance of ECB debt certificates Ð Ð

10.3 Other liabilities within the Eurosystem (net) 5,024,023,947.10 6,724,087

11. Items in course of settlement Ð Ð

12. Other liabilities 1,101,311,694.59 887,821

12.1 Off-balance-sheet instrumentsÕ revaluation differences 3,975,845.Ñ 23,697

12.2 Accruals and deferred income 79,671,367.74 59,207

12.3 Sundry 1,017,664,481.85 804,917

13. Provisions 1,937,247,894.71 1,935,548

14. Revaluation accounts 4,908,714,957.34 5,195,013

15. Capital and reserves 4,260,243,425.62 4,223,266

15.1 Capital 12,000,000.Ñ 12,000

15.2 Reserves 4,248,243,425.62 4,211,266

16. Profit for the year 109,825,461.74 85,926

36,185,564,741.41 37,845,951

1) Only an ECB balance sheet item.

Financial Statements 2000 3×

Balance Sheet

Business year 2000 Business year 1999


1.1 Interest income 1,584,887,939.87 1,148,537

1.2 Interest expense ÿ 570,441,348.81 ÿ 385,935

1. Net interest income 1,014,446,591.06 762,602

2.1 Realized gains/losses arising from financial operations 700,374,710.16 356,910

2.2 Writedowns on financial assets and positions ÿ 97,846,732.39 ÿ 212,261

2.3 Transfer to/from provisions for foreign exchange and price risks 293,986,735.09 576,672

2. Net result of financial operations, writedowns and risk provisions 896,514,712.86 721,321

3.1 Fees and commissions income 2,086,141.87 1,210

3.2 Fees and commissions expense ÿ 1,703,371.45 ÿ 1,837

3. Net income from fees and commissions 382,770.42 ÿ 627

4. Income from equity shares and participating interests 6,268,546.99 36,665

5. Net result of pooling of monetary income ÿ 652,250.40 ÿ 190

6. Other income 7,036,340.02 76,370

Total net income 1,923,996,710.95 1,596,141

7. Staff cost ÿ 88,191,757.12 ÿ 169,057

8. Administrative expenses ÿ 89,265,008.06 ÿ 67,213

9. Depreciation of tangible and intangible fixed assets ÿ 12,298,656.21 ÿ 8,255

10. Banknote production services ÿ 37,837,721.57 ÿ 26,860

11. Other expenses ÿ 10,355,410.30 ÿ 22,854

1,686,048,157.69 1,301,902

12. Income tax ÿ 573,256,373.61 ÿ 442,646

1,112,791,784.08 859,256

13. Transfers to the pension reserve and central governmentÕs share

of profit under the provisions of the Nationalbank Act ÿ 1,002,966,322.34 ÿ 773,330

14. Profit for the year 109,825,461.74 85,926


Profit and Loss Accountfor the Year 2000

General Notes to the Financial Statements

Accounting Fundamentalsand Legal FrameworkThe OeNB is committed (pursuantto Article 67 para 2 Federal Act onthe Oesterreichische Nationalbankas amended) to prepare its balancesheet and its profit and loss accountin conformity with the policies es-tablished by the Governing Councilof the ECB under Article 26.4 ofthe ESCB/ECB Statute. Thesepolicies are laid down in the Guide-line of the ECB of 1 December1998 on the Legal Framework forAccounting and Reporting in theEuropean System of Central Banksas Amended on 15 December1999 and 14 December 2000(ECB/2000/181)). In cases not cov-ered by the guideline, the generallyaccepted accounting principles re-ferred to in Article 67 para 2 secondsentence of the Federal Act onthe Oesterreichische Nationalbank(Nationalbank Act) were applied.

The other Nationalbank Actprovisions that govern the OeNBÕsfinancial statements (Articles 67through 69 and Article 72 para 1Nationalbank Act, as amended andas promulgated in Federal LawGazette I No. 60/1998) as well asthe relevant provisions of the Com-mercial Code as amended remainedunchanged from the previous year.In accordance with Article 67para 3 Nationalbank Act, the OeNBcontinues to be exempt frompreparing a consolidated financialstatement as required under Article244 et seq. of the CommercialCode.

The following changes of thefinancial statements 2000 resultfrom the amendments to the guide-line (ECB/2000/18):

Assets item 5 Òlending to finan-cial sector counterparties of theeuro area denominated in euroÓ hasbeen renamed and is now Òlendingto euro area credit institutions re-lated to monetary policy operationsdenominated in euro.Ó

Assets item 5.7 Òother claimsÓhas been deleted and replaced bythe new assets item 6 Òother claimson euro area credit institutionsdenominated in euro.Ó

Liabilities item 2 Òliabilities toeuro area financial sector counter-parties denominated in euroÓ hasbeen renamed and is now Òliabilitiesto euro area credit institutions re-lated to monetary policy operationsdenominated in euro.Ó

A new liabilities item 3 Òotherliabilities to euro area credit institu-tions denominated in euroÓ has beenintroduced.

The assets and liabilities itemshave been renumbered to integratethe new assets and liabilities items.

Since the beginning of 2000 theOeNBÕs pension reserve has in effectrepresented a closed system, as staffrecruited after May 1, 1998, willreceive a state pension supple-mented by an occupational pensionunder a separate, new plan. There-fore the OeNB tapped its pensionreserve to pay out retirement bene-fits for the first time in the financialstatements 2000.

To reflect the changes in ac-counting for pension costs, thepension reserve has been reposi-tioned as liabilities item 13 Òprovi-sionsÓ instead of liabilities item14.2 Òreserves.Ó

To cover any losses which theESCB may incur (monetary income,ECB losses, implicit currency risks

1 Decision of the GoverningCouncil of the ECBof December 14, 2000.


Notesto the Financial Statements 2000

arising from national central banksÕcurrency reserves transferred tothe ECB) for which the OeNB isheld liable according to its share inthe ECBÕs capital as well as any lossesresulting from a fall in the price ofsecurities invested by the OeNB,part of the Òfreely disposable reservefundÓ was transferred to a specialreserve designated Òreserve for non-domestic and price risksÓ when theaccounts were closed for 1999.Income in excess of the amountrequired to replenish the pensionreserve in the past years was takento the profit and loss account, withthe income remaining after the dis-tribution of profit identified sepa-rately in the Òfreely disposable re-serve fund.Ó When the accounts for2000 were closed those parts ofthe reserve were reallocated fromthe Òfreely disposable reserve fundÓto the Òreserve for nondomesticand price risksÓ to offset losses fromthe investment portfolios relating tothe pension reserve. Annual alloca-tions for the purposes describedabove are at the discretion of theGoverning Board.

Future market developments,especially interest and exchange ratemovements, may entail considerablefluctuations of the income of theOeNB and the other NCBs partici-pating in Stage Three of EMU aswell as the ECB as a result of theharmonized accounting rules withthey must comply since January 1,1999.

As the Òreserve funded with netinterest income from ERP loansÓrepresents specially earmarkedOeNB capital, it was redesignatedas Òearmarked capital funded withnet interest income from ERPloans.Ó

The presentation of TARGETbalances in the financial statements

2000 was modified as follows againstthat of the previous year:

Since November 30, 2000, allTARGET-related balances have beennetted daily (at the close of business)by novating them to the ECB. Thisimplies that the bilateral claims andliabilities of each NCB vis-a-vis theECB and other NCBs of both partic-ipating and nonparticipating coun-tries have been replaced by a singlenet bilateral position vis-a-vis theECB, which is shown under assetsitem 9.4 Òother claims within theEurosystem (net)Ó or in liabilitiesitem 10.3 Òother liabilities withinthe Eurosystem (net).Ó

Before November 30, 2000,balances with Eurosystem NCBsarising from transactions via theTARGET system had been aggre-gated and entered as a net claimunder Òother claims within theEurosystem (net)Ó or as a netliability under Òother liabilitieswithin the Eurosystem (net).Ó TheTARGET balances with non-euroarea NCBs, by contrast, had notbeen aggregated and were shownseparately for each country eitheras Òclaims on non-euro area resi-dents denominated in euro/balanceswith banks, security investments andloansÓ (assets item 4.1) or as Òliabil-ities to non-euro area residentsdenominated in euroÓ (liabilitiesitem 5).

Pursuant to Council Regulation(EC) No 1478/2000 of 19 June2000 amending Regulation (EC)No 2866/98 on the conversion ratesbetween the euro and the currenciesof the Member States adopting theeuro, the conversion rate betweenthe euro and the Greek drachmawas irrevocably fixed at 340.750Greek drachma to the euro. ThisRegulation entered into force onJanuary 1, 2001.


Financial Statements

The financial statements for theyear 1999 were prepared in the for-mats laid down by the GoverningCouncil of the ECB.

Accounting Policies

The financial statements were pre-pared in conformity with the ac-counting policies adopted by theGoverning Council of the ECB1)on December 1, 1998. Said account-ing policies, which govern the ac-counting and reporting operationsof the Eurosystem, follow account-ing principles harmonized by Com-munity law and generally acceptedinternational accounting standards.The key policy provisions are sum-marized below.

The following accounting princi-ples have been applied:Ð economic reality and transpar-

ency,Ð prudence,Ð recognition of post-balance-

sheet events,Ð materiality,Ð a going-concern basis,Ð the accruals principle,Ð consistency and comparability.

Transactions in financial assetsand liabilities are reflected in theaccounts on the basis of the dateon which they were settled.

Foreign currency transactionswhose exchange rate is not fixedagainst the accounting currency arerecorded at the respective euro ex-change rate.

At year-end both financialassets and liabilities were revaluedat the mid-market prices/rates ofthe last day of the year. The re-valuation took place on a currency-by-currency basis for foreign ex-change and on a code-by-codebasis for securities (including on-balance-sheet and off-balance-sheet items).

Gains and losses realized in thecourse of transactions were takento the profit and loss account. Forgold, foreign currency instrumentsand securities, the average costmethod was used in accordance withthe daily netting procedure for pur-chases and sales. As a rule, the real-ized gain or loss was calculated byjuxtaposing the sales price of eachtransaction with the average acquisi-tion cost of all purchases made dur-ing the day. In the case of net sales,the calculation of the realized gainor loss was based on the average costof the respective holding for the pre-ceding day.

Unrealized revaluation gainswere not taken to the profit and lossaccount, but transferred to a revalu-ation account on the liabilities sideof the balance sheet. Unrealizedlosses were recognized in the profitand loss account when they ex-ceeded previous revaluation gainsregistered in the correspondingrevaluation account; they may notbe reversed against new unrealizedgains in subsequent years. Further-more, the OeNBÕs management de-termined that unrealized foreigncurrency losses that must be ex-pensed were to be covered by therelease of an offsetting amountfrom the Òreserve fund for exchangerisksÓ accumulated in the runupto 1999. Unrealized losses in anyone security, currency or in goldholdings were not netted with un-realized gains in other securities,currencies or gold, since netting isprohibited under the AccountingGuideline.

The average acquisition cost andthe value of each currency positionwere calculated on the basis of thesum total of the holdings in anyone currency or gold, including bothasset and liability positions and both

1 Decision of the GoverningCouncil of the ECBof December 14, 2000.



on-balance-sheet and off-balance-sheet positions.

In compliance with Article 69para 4 Nationalbank Act, whichstipulates that Òreserve funds forexchange risks be set up or releasedon the basis of the risk assessment ofthe nondomestic assets,Ó the value-at-risk (VaR) method was used tocalculate the currency risk. VaR isdefined as the maximum loss of agold or foreign currency portfoliowith a given currency diversificationat a certain level of confidence(97.5%) and for a given holdingperiod (one year). The potentialloss calculated under this approachis to be offset against the Òreservefund for exchange risksÓ and theÒrevaluation accounts.Ó Providedthat such losses cannot be offsetin this way, any remaining lossshall be offset against a charge onprofit by allocating the necessaryfunds to Òprovisions for exchangerate risks.Ó In case just part ofthe Òreserve fund for exchangerisksÓ is needed to cover the loss,the difference will be releasedand will increase the profit forthe year.

Premiums or discounts arisingon securities issued or purchasedwere calculated and presented aspart of interest income and amor-tized over the remaining life of thesecurities.

Participating interests werevalued on the basis of the net assetvalue of the respective companies(equity method).

Tangible and intangible fixed as-sets were valued at cost less depreci-ation. Depreciation was calculatedon a straight-line basis, beginningwith the quarter after acquisitionand continuing over the expectedeconomic lifetime of the assets,namely:

Ð computers, related hardwareand software, and motor ve-hicles (four years),

Ð equipment and furniture (tenyears),

Ð buildings (25 years).Fixed assets costing less than

EUR 10,000 were written off inthe year of purchase.

Revaluation Differencesand their Treatmentin the Financial Statementsof December 31, 2000

Realized gains(posted to theprofit and lossaccount)

Realized losses(posted to theprofit and lossaccount)

Unrealizedlosses(posted to theprofit and lossaccount)

Unrealizedgains(postedto revaluationaccounts)

EUR million

Gold 209.481 0.000 Ð 0.763Foreign currency 673.253 10.016 85.6681) 55.609Securities 48.946 39.721 11.964 141.547Initial valuationof securities 26.750 x x xIMF euro holdings Ð 208.3191) Ð ÐParticipating interests Ð Ð 0.199 35.134Off-balance-sheetoperations 0.039 0.038 0.016 7.749

Total 958.469 258.094 97.847 240.802

1) This sum did not have an impact on profit because the loss was offset against the Òreserve fundfor exchange risks.Ó



Capital Movements

Movements in Capital Accounts in 2000

Dec. 31, 1999 Increase Decrease Dec. 31, 2000

EUR million

Revaluation accountsReserve fund for exchange risks 2,539.545 x 464.308 2,075.237Initial valuation reserve 372.617 x 62.792 309.825Eurosystem revaluation accounts 2,282.851 240.802 Ð 2,523.653

Total 5,195.013 240.802 527.100 4,908.715

Capital 12.000 Ð Ð 12.000ReservesGeneral reserve fund 1,611.952 Ð Ð 1,611.952Freely disposable reserve fund 1,551.073 Ð 514.854 1,036.219Reserve for nondomestic and price risks 543.432 534.174 Ð 1,077.606Earmarked capitalfunded with net interest incomefrom ERP loans1) 497.542 17.657 Ð 515.199Fund for the Promotionof Scientific Research and Teaching 7.267 Ð Ð 7.267Pension reserve2) 1,765.789 Ð 1,765.789 Ð

Total 5,977.055 551.831 2,280.643 4,248.243

Profit for the year 85.926 109.825 85.926 109.825

1) Referred to as Òreserve funded with net interest income from ERP loansÓ until December 31, 1999.2) Transferred to liabilities item 13 ÒprovisionsÓ in the balance sheet of December 31, 2000.

For details of the various changes, please refer to the notes to the respectivebalance sheet items.

Development of the OeNBÕs Currency Positions

in the Business Year 2000

Net Currency Position (including gold)

Dec. 31, 1999 Dec. 31, 2000 Change

EUR million %

Gold and gold receivables 3,793.022 3,556.163 Ð236.859 Ð 6.2Claims on non-euro area residentsdenominated in foreign currency 16,469.559 17,009.068 +539.509 + 3.3Claims on euro area residentsdenominated in foreign currency 2,120.851 1,543.591 Ð577.260 Ð27.2Other assets 24.052 37.968 + 13.916 +57.9less:Liabilities to euro area residentsdenominated in foreign currency 375.172 330.688 Ð 44.484 Ð11.9Liabilities to non-euro area residentsdenominated in foreign currency 1,339.702 900.889 Ð438.813 Ð32.8Counterpart of Special Drawing Rightsallocated by the IMF 244.392 250.678 + 6.286 + 2.6Revaluation accounts 3.099 109.874 +106.775 x

20,445.119 20,554.661 +109.542 + 0.5Off-balance-sheet assets/liabilities (net) Ð 363.548 Ð 659.070 Ð295.522 Ð81.3

Total 20,081.571 19,895.591 Ð185.980 Ð 0.9



Notes to the Balance Sheet

Assets1. Gold and gold receivables

EUR million

Closing balance Dec. 31, 2000 3,556.163Closing balance Dec. 31, 1999 3,793.022

Change Ð 236.859 (Ð6.2%)

This item comprises the OeNBÕsholdings of physical and nonphysicalgold, which amounted to approxi-mately 377 tons on December 31,2000. At a market value of EUR293.010 per fine ounce (i.e. EUR9,420.49 per kg of fine gold), theOeNBÕs gold holdings were worthEUR 3,556.163 million at the bal-ance sheet date.

The year-on-year change resultsfrom revaluation gains on the orderof EUR 41.332 million, as offsetby sales (30 tons worth EUR278.191 million).

The gold sales were made underthe central bank initiative on goldsales agreed by 14 NCBs Ð amongthem the OeNB Ð and the ECB inSeptember 1999; this agreementlimits total gold stock sales to2,000 tons over a five-year period.

2. Claims on non-euro arearesidents denominatedin foreign currency

EUR million


Change +91.741 (+0.6%)

These claims consist of receiv-ables from the International Mone-tary Fund Ð including the Òreceiv-ables from the IMF,Ó Òholdings ofSpecial Drawing RightsÓ (SDR) andÒother claims against the IMFÓ Ð

and claims denominated in foreigncurrency against non-euro areacountries, i.e. counterparties resi-dent outside the euro area.

The receivables from the IMFcomprise the following items:

Dec. 31,1999

Dec. 31,2000

Change

EUR million %

Receivables from the IMF 1,056.572 674.539 Ð382.033 Ð36.2Holdings of SDRs 144.571 143.850 Ð 0. 721 Ð 0.5Other claims against the IMF 68.249 70.004 + 1.755 + 2.6

Total 1,269.392 888.393 Ð380.999 Ð30.0

Deposits by member states andthe revaluation of euro holdings bythe IMF reduced the receivablesfrom the IMF1) by a total ofEUR 471.175 million. Conversely,revaluation gains (+EUR 60.515million) and realized exchange rategains and book value reconciliation(+EUR 5.220 million) increasedthese claims.

The national IMF quota re-mained unchanged at SDR 1,872.3million in 2000.

The IMF remunerates participa-tions in the Fund at a rate of remu-neration that is updated weekly. In1999 this rate hovered between3.8% and 4.9% p.a., mirroring theprevailing SDR interest rate.

The holdings of Special Draw-ing Rights2) were recognized inthe balance sheet at EUR 143.850million, which is the equivalent ofSDR 103 million. The net decreaseby EUR 721 million in 2000 is dueto sales (ÐEUR 33.293 million),which are offset by a EUR 28.029million rise resulting from interestcredited, above all remunerationsof the participation in the IMF.

1 Pursuant to federal law aspromulgated in Federal LawGazette No 309/1971, theOeNB assumed the entireAustrian quota at the IMF on itsown account on behalf of theRepublic of Austria.

2 Pursuant to federal law aspromulgated in Federal LawGazette No 440/1969, theOeNB is entitled to participatein the SDR system on its ownaccount on behalf of theRepublic of Austria and to enterthe SDRs purchased or allocatedgratuitously on the assets side ofthe balance sheet as cover for thetotal circulation.



No purchases arising from desig-nations by the IMF were effected in1999. Principally the OeNB contin-ues to be obliged under the IMFÕsstatutes to provide currency on de-mand to participants using SDRsup to the point at which its holdingsof SDRs are three times as high as itsnet cumulative allocation. TheOeNBÕs current net accumulative al-location is SDR 179.045 million.

Other claims against theIMF comprise the OeNBÕs othercontributions to loans under specialborrowing arrangements. In thefinancial statements for 2000 thisitem relates mainly to claims (overSDR 50 million) arising from contri-butions to the Poverty Reductionand Growth Facility (PRGF). ThePRGF is a special initiative designedto support the IMFÕs aims by grant-ing the poorest countries credits athighly concessional terms in orderto finance economic programs tar-geted at fostering economic growthand ensuring a strong, sustainablerecovery of the balance of payments.

Balances with banks andsecurity investments, externalloans and other external assetscover the following:

Dec. 31,1999

Dec. 31,2000

Change

EUR million %

Balances with banks 4,514.768 3,794.482 Ð 720.286 Ð16.0Securities 9,177.619 10,371.623 +1,194.004 +13.0Loans 1.991 0.537 Ð 1.454 Ð73.0Other assets 6.717 7.193 + 0.476 + 7.1

Total 13,701.095 14,173.835 + 472.740 + 3.5

Balances with banks outside theeuro area include foreign currencydeposits on correspondent accounts,fixed-term deposits and day-to-daymoney. Securities relate to instru-ments issued by non-euro area resi-dents. As a rule, operations were

carried out only with financiallysound counterparties.

Loans extended to non-euroarea residents include two standbycredits of USD 15 million each ex-tended to the Turkish central bankin 1980 and 1981, recorded in thebalance sheet with a remaining valueof EUR 537 million.The reductionstems mainly from the scheduledrepayments of EUR 1.593 million.A second loan, which had beengranted in 1980, was fully redeemedin 2000. The claim shown in thefinancial statement of December 31,2000, will have been fully redeemedby February 2001. The legal basisfor those credits are two federal lawsas promulgated in Federal LawGazette Nos 99/1980 (February 21,1980) and 556/1980 (November 26,1980).

The other external assets in-clude non-euro area banknotes andcoins (EUR 6.967 million) and re-fundable tax on investment income(EUR 0.226 million).

3. Claims on euro arearesidents denominatedin foreign currency

Foreign currency-denominated claimson euro area residents are as follows:

Dec. 31,1999

Dec. 31,2000

Change

EUR million %

Balances with banks 2,001.578 947.618 Ð1,053.960 Ð 52.7Securities 119.273 595.973 + 476.700 +399.7

Total 2,120.851 1,543.591 Ð 577.260 Ð 27.2



4. Claims on non-euro arearesidents denominatedin euroThis item includes all euro-denomi-nated investments and accounts withcounterparties who are not euroarea residents. Since November 30,2000, the TARGET balances withnonparticipating NCBs have beenrecognized under liabilities item10.3 Òother liabilities within theEurosystem (net)Ó along with theTARGET balances with the Euro-system NCBs rather than underthis item.

On December 31, 1999 and De-cember 31, 2000, this balance sheetitem consisted of the following sub-items:

Dec. 31,1999

Dec. 31,2000

Change

EUR million %

TARGET balanceswith nonparticipating NCBs 1,661.756 Ð Ð1,661.756 Ð100.0Security investmentsand other investments 1,689.743 1,860.162 + 170.419 + 10.1

Total 3,351.499 1,860.162 Ð1,491.337 Ð 44.5

For details on the remunerationof TARGET balances, see liabilitiesitem 10.3 Òother liabilities withinthe Eurosystem (net).Ó

5. Lending to euro areacredit institutionsrelated to monetary policyoperationsdenominated in euroThis balance sheet item representsthe liquidity-providing transactionsexecuted by the OeNB.

The principal components ofthis item are:

Dec. 31,1999

Dec. 31,2000

Change

EUR million %

5.1 Main refinancingoperations 2,764.743 4,843.971 +2,079.228 +75.2

5.2 Longer-termrefinancing operations 2,707.505 2,126.794 Ð 580.711 Ð21.4

5.3 Fine-tuningreverse operations Ð Ð Ð Ð

5.4 Structural reverseoperations Ð Ð Ð Ð

5.5 Marginal lending facility Ð Ð Ð Ð5.6 Credits

related to margin calls Ð Ð Ð Ð

Total 5,472.248 6,970.765 +1,498.517 +27.4

The main refinancing oper-ations are regular liquidity-provid-ing reverse transactions, executedby the national central banks (NCBs)with a weekly frequency and amaturity of two weeks in the formof standard tender operations. Allcounterparties who fulfill the gen-eral eligibility criteria may submitbids within one day. In 2000 all mainrefinancing operations were carriedout in the form of fixed-rate tendersuntil June 2000. With fixed-ratetenders, the ECB specifies the inter-est rate in advance, and participatingcounterparties bid the amount ofmoney they want to transact at thisrate. The allotment procedure formain refinancing operations waschanged from June 28, 2000, withthe main refinancing operations ofthe Eurosystem conducted as varia-ble-rate tenders, using the multiplerate auction procedure thereafter as



a reaction to the severe overbiddingunder the fixed-rate procedure. Themain feature of the variable-ratetender procedure is that eligiblecounterparties may submit bids forup to ten different interest ratelevels. In each bid they state theamount they are willing to transactwith the national central banks andthe respective interest rate. Theinterest rates bid must be expressedas multiples of 0.01 percentagepoint. Bids at a rate below the mini-mum bid rate announced by the ECBwill be discarded. Inititally, theminimum bid rate was set at thesame level as that of the last fixed-rate tender operation, 4.25%, thussignaling the continuity of themonetary policy stance. Bids withthe highest interest rate levels aresatisfied first and bids with succes-sively lower interest rates are ac-cepted until the total liquidity tobe allotted is exhausted at themarginal interest rate.

The longer-term refinanc-ing operations are regular liquid-ity-providing reverse transactionswith a monthly frequency and a ma-turity of three months. They areaimed at providing longer-term refi-nancing to the financial sector andare executed through standard ten-ders by the NCBs. All longer-termrefinancing operations conducted in2000 were carried out in the formof variable-rate tenders.

Fine-tuning reverse opera-tions are executed on an ad-hocbasis with a view to managing theliquidity situation in the marketand steering interest rates, in partic-ular to smooth the effects on interestrates caused by unexpected liquidityfluctuations in the market. Thechoice of instruments and proce-dures depends on the type of trans-action and the underlying motives.

Fine-tuning operations are normallyexecuted by the NCBs through quicktenders or through bilateral opera-tions. It is up to the GoverningCouncil of the ECB to decidewhether under exceptional circum-stances fine-tuning operations areto be executed by the ECB itself.

One fine-tuning transaction withan allotment volume of EUR 50 mil-lion and an interest rate of 4.35%p.a. was conducted in 2000. On De-cember 31, 2000, no such contractswere outstanding.

The ECB may use structuralreverse operations in order toadjust the structural position of theESCB vis-a-vis the financial sector.In 2000 no such operations werecarried out.

Counterparties may use themarginal lending facility toobtain overnight liquidity fromNCBs at a prespecified interest rateagainst eligible assets. The facilityis intended to satisfy counterpartiesÕtemporary liquidity needs. Undernormal circumstances, the interestrate on the facility provides a ceilingfor the overnight market interestrate. The marginal lending facilitywas accessed numerous times in2000.

Credits related to margincalls arise when the value of under-lying assets regarding other credit tocredit institutions increases, obligat-ing the central bank to providecounterparties with additional creditto offset the value in excess of re-quirements. If such credit is pro-vided not by the return of securitiesbut rather by an entry on an account,a claim on the counterparty is re-corded in this subitem. No claimswere recorded under this item in2000.



6. Other claims on euro areacredit institutionsdenominated in euro

EUR million

Closing balance Dec. 31, 2000 166.357Closing balance Dec. 31, 19991) 992.820

Change Ð826.463 (Ð83.2%)

This item, which was shownunder balance sheet item 5 Òlendingto financial sector counterparties ofthe euro area denominated in euro,Ó5.7 Òother claims,Ó on December31, 1999, contains reverse repo op-erations (reverse sale and repurchaseagreements).

This item also includes fixed-term deposits of the OeNB Ð partlyearmarked for the distribution ofprofit to the central government Ðand a number of euro accounts atforeign banks.

7. Securitiesof euro area residentsdenominated in euro

EUR million


Change Ð 362.508 (Ð20.8%)

This item covers all marketablesecurities (including governmentsecurities stemming from beforeEMU) denominated in constituentcurrencies of the euro that are notused in monetary policy operationsand that are not part of investmentportfolios that have been earmarkedfor specific purposes.

The annual change is mainly dueto net sales.

8. General governmentdebt denominated in euro

EUR million

Closing balance Dec. 31, 2000 255.644Closing balance Dec. 31, 1999 221.424

Change + 34.220 (+15.5%)

This balance sheet item sub-sumes the Òclaim on the AustrianFederal Treasury from silver com-memorative coins issued before1989,Ó based on the 1988 CoinageAct as promulgated in Federal LawGazette No 425/1996.

In theory, the maximum federalliability of EUR 1,306.120 millionis the sum total of all silver com-memorative coins issued before1989, minus any coins returned toand paid for by the central govern-ment, minus any coins no longerfit for circulation and hence directlywithdrawn by the Austrian Mint.The figure actually shown in thebooks is lower because it has beenadjusted for coins in circulation(EUR 1,032.795 million) and cashin hand (EUR 17.681 million), bothof which are not yet redeemable.This accounting technique complieswith the Maastricht Treaty, as con-firmed by the ECB. Repayment iseffected by annual installments ofEUR 5.814 million (equivalent toATS 80 million) out of the centralgovernmentÕs share of the OeNBÕsprofit. The proceeds from metal re-covery are also designated for repay-ment. Any amount outstanding onDecember 31, 2040, will have tobe repaid in the five following years(2041 to 2045) in five equal install-ments.

The silver commemorative coinsreturned to the central governmentin the course of 1999 had a total facevalue of EUR 50.196 million. Theredemptions made out of the central

1 This item was shown under theassets item Òother claimsÓ in thebalance sheet of December 31,1999. The closing balanceof December 31, 1999,was adjusted accordingly.



governmentÕs share in the OeNBÕsprofit for the year 1998 plus the pro-ceeds from metal recovery totaledEUR 15.969 million.

9. Intra-Eurosystem claims

Most of this balance sheet itemconsists of the balances betweenthe 11 participating NCBs and theECB. In a breakdown, this includesthe participating interest in theECB, the claims equivalent to thetransfer of foreign reserves underthe provisions of Article 30 of theESCB/ECB Statute, claims arisingfrom TARGET balances and other(net) claims within the Eurosystem,provided that these items close thereporting year with net claims. SinceNovember 30, 2000, the TARGETbalances with the central banks ofnonparticipating countries have alsobeen recognized in this item. Sincethe TARGET balances and the otherintra-Eurosystem balances posteddeficits at the end of 2000, theirend-of-year levels are reflected in li-abilities item 10.3 Òother liabilitieswithin the Eurosystem (net).Ó

Other claims within theEurosystem (net) consisted ofthe following subitems on Decem-ber 31, 2000:

Dec. 31,1999

Dec. 31,2000

Change

EUR million

9.1 Participating interest in ECB 117.970 117.970 Ð9.2 Claims equivalent to the transfer

of foreign reserves 1,179.700 1,179.700 Ð

Total 1,297.670 1,297.670 Ð

The share that the OeNB holdsin the capital of the ECB ÐEUR 5 billion in total Ð corre-sponded to 2.3594% at the balancesheet date, unchanged from Decem-ber 31, 1999.

The following table contains abreakdown of the various NCBsÕshares in the capital of the ECB:

The 15 EU central banksÕ sharesin the capital of the ECB

thereof paid up

% EUR

Deutsche Bundesbank 24.4935 1,224,675.000 1,224,675.000Banque de France 16.8337 841,685.000 841,685.000Banca dÕItalia 14.8950 744,750.000 744,750.000Banco de Espan÷a 8.8935 444,675.000 444,675.000De Nederlandsche Bank 4.2780 213,900.000 213,900.000Banque Nationale de Belgique 2.8658 143,290.000 143,290.000Oesterreichische Nationalbank 2.3594 117,970.000 117,970.000Banco de Portugal 1.9232 96,160.000 96,160.000Suomen Pankki 1.3970 69,850.000 69,850.000Central Bank of Ireland 0.8496 42,480.000 42,480.000Banque Central de Luxembourg 0.1492 7,460.000 7,460.000

78.9379 3,946,895.000 3,946,895.000

Bank of England 14.6811 734,055.000 36,702.750Sveriges Riksbank 2.6537 132,685.000 6,634.250Bank of Greece 2.0564 102,820.000 5,141.0001)Danmarks Nationalbank 1.6709 83,545.000 4,177.250

21.0621 1,053,105.000 52,655.250

Total 100.0000 5,000,000.000 3,999,550.250

1) Fully paid up from January 1, 2001, with the participation of the Bank of Greece in the Eurosystem.

The transfer of foreignreserves from the EurosystemNCBs to the ECB is based on theprovisions of Article 30 of theESCB/ECB Statute. The euro-denominated claims on the ECB inrespect of those transfers are shownunder this item.

The reserves that the OeNBtransferred are managed on behalfand for the account of the ECBseparately from the OeNBÕs ownholdings and therefore do not showup in its balance sheet.

The ECB remunerates thenonredeemable euro-denominatedclaims with which it credited theNCBs in return for the transfer ona daily basis at 85% of the currentinterest rate on the main refinancingoperations.



10. Items in courseof settlementNo entries under this item are re-quired in the balance sheet for theyear 2000.

11. Other assets

Other assets comprise the followingitems:

Dec. 31,1999

Dec. 31,2000

Change

EUR million %

11.1 Coins of euro area 98.347 67.952 Ð 30.395 Ð 30.911.2 Tangible and intangible

fixed assets 54.695 109.891 + 55.196 +100.911.3 Other financial assets 2,387.399 2,432.098 + 44.699 + 1.911.4 Off-balance-sheet

instrumentsÕ revaluationdifferences 0.385 41.598 + 41.213 Ð

11.5 Accruals and deferredexpenditure 305.880 399.076 + 93.196 + 30.5

11.6 Sundry 1,035.164 1,040.819 + 5.655 + 0.5

Total 3,881.870 4,091.434 +209.564 + 5.4

Coins of euro area representthe OeNBÕs stock of fit coins ofESCB Member States. At the balancesheet date, this item consisted ofAustrian schilling coins only.

Details about coin in circulationand specifications for the coins (di-ameter, weight, composition) aregiven in the table ÒAustrian coinsÓin the annex to the annual report.Coin in circulation is a statisticalfigure not apparent from the OeNBÕsbalance sheet. By provision of the1988 Coinage Act, the face valueof all coins struck by the AustrianMint and put in circulation by theOeNB, plus the special quality coinsand gold bullion coins issued directlyby the Austrian Mint, minus anycoins that have been withdrawn,add up to the Òcoin in circulationÓfigure. This is in line with theharmonized procedure for recordingcoin circulation on which the ESCBcentral banks have agreed.

Tangible and intangiblefixed assets comprise Bank prem-ises and equipment (including ma-chinery, computer hardware andsoftware, motor vehicles) and intan-gible fixed assets.

Premises developed as follows:

CostincurreduntilDec. 31,1999

Purchasesin 2000

Salesin 2000

Re-assign-ment

(Ð)

Accu-mulateddepre-ciation

Bookvalue onDec. 31,

2000


1999

Annualdepre-ciation

in 2000

EUR million

37.1341) 31.054 9.998 1.092 13.999 43.099 23.244 0.109

1) Land and buildings acquired prior to December 31, 1956, were booked at the cost recorded in theschilling opening balance sheet (Federal Law Gazette No 190/1954).

Equipment developed as fol-lows:

CostincurreduntilDec. 31,1999

Purchasesin 2000

Salesin 2000

Re-assign-ment

(+)



2000


1999

Annualdepre-ciation

in 2000

EUR million

68.391 15.860 7.6921) 1.092 41.838 36.062 31.381 12.174

1) The balance between the book value of the sales and the underlying historical costs isEUR 7.594 million.

The accounting treatment ofmovable real assets worth EUR30.026 million, previously recog-nized under Òother financial assets,Ówas changed in 2000; the item wasregrouped under Òtangible and in-tangible fixed assets.Ó This item rep-resents the OeNBÕs collection ofantique string instruments,1) whichwas unchanged from 1999 and con-sisted of 21 violins, 4 violoncelliand 2 violas on the balance sheetdate 2000. The instruments are onloan to musicians deemed worthyof special support.

Intangible fixed assets (theright to use an apartment) devel-oped as follows:

1 The OeNB began acquiringantique string instrumentsin 1989.



Costincurred untilDec. 31,1999

Purchasesin 2000

Salesin 2000



2000


1999

Annualdepre-ciation

in 2000

EUR million

0.070 0.649 Ð 0.015 0.704 0.070 0.015

Other financial assets com-prise the following subitems:

Dec. 31,1999

Dec. 31,2000

Change

EUR million %

Securities 1,681.192 1,716.261 +35.069 + 2.1Participating interests 642.566 695.851 +53.285 + 8.3Real assets 24.533 Ð Ð24.533 Ð100.0Sundry assets 39.108 19.986 Ð19.122 Ð 48.9

Total 2,387.399 2,432.098 +44.699 + 1.9

Of the OeNBÕs securitiesportfolio, EUR 1,702.417 millionrepresented investments of thepension reserve and anotherEUR 13.844 investments of theOeNBÕs Fund for the Promotion ofScientific Research and Teaching.Unrealized valuation gains ofEUR 18.804 million compare withunrealized valuation losses ofEUR 0.562 million.

Participating interests Ðbooked at their net asset value Ðdeveloped as follows:

Costincurred untilDec. 31, 1999

Purchasesin 2000

Salesin 2000


2000


1999

Annualdepre-ciation

in 2000

Revalua-tion

in 2000

EUR million

642.566 18.350 0.092 695.851 642.566 0.199 35.226

The participating interests werevalued at their net asset value inthe annual accounts for 2000.

The OeNBÕs printing works,Oesterreichische Banknoten- undSicherheitsdruck GmbH (OeBS),has a nominal capital of EUR 7.267million and is wholly owned by the

OeNB. The stockholdersÕ equitycame to EUR 66.634 million onDecember 31, 1999.

Moreover, this item shows theOeNBÕs 100% stake in the AustrianMint (Mu¬nze O¬ sterreich AG). In2000 the Mint released dividendearnings of EUR 3.634 million tothe OeNB for the business year1999 (1999: EUR 3.634 millionfor the business year 1998).

The MintÕs capital stockamounts to EUR 5.450 million. Asat December 31, 1999, the stock-holdersÕ equity ran to EUR222.593 million, and the annualsurplus to EUR 9.340 million.

Since the Austrian Mint does notearn any seigniorage Ð the revenueraised from coining Ð on euro coinsuntil they are actually issued (fromJanuary 1, 2002) but started produc-tion already at the end of 1998, thefinancial burden on the AustrianMint will be particularly high duringthis transition period. Therefore theOeNB provided the Austrian Mintwith advances of EUR 145.346 mil-lion already in 1998. This sum willbe deducted from the nominal valuepayable to the Austrian Mint for thecoins delivered from January 1,2002.

In 1999 the OeNB acquired98.8% of the cash services companyGELDSERVICE AUSTRIA Logistikfu¬r Wertpapiergestionierung undTransportkoordination GmbH(GSA). GSA primarily offers cur-rency processing, foreign currencyexchange and quality assurance serv-ices. The companyÕs nominal capitalamounts to EUR 0.036 million. Ofthe seven GSA cash centers to beestablished in Vienna, Bregenz,Graz, Innsbruck, Klagenfurt, Linzand Salzburg, three went into oper-ation in 2000 Ð Linz, Vienna andGraz. The remaining cash centers



are scheduled to become operationalin the first half of 2001.

Regarding the other equity in-terests, the reader is referred to Ar-ticle 241 of the Commercial Code.

Asset item 11.6, sundry,consists of the following subitems:

Dec. 31,1999

Dec. 31,2000

Change

EUR million

Claims arising from ERP loans to companies 731.732 732.226 + 0.494OeKB overnight account for ERP lending 107.765 124.928 +17.163

ERP loan portfolio managed by the OeNB 839.497 857.154 +17.657Advances to prefinance the productionof euro coins 145.346 145.346 ÐAdvances on salaries 6.359 7.083 + 0.724Other claims 43.962 31.236 Ð12.726

Total 1,035.164 1,040.819 + 5.655

According to Article 3.2 of theERP Fund Act, the ceiling of theOeNBÕs financing commitmentcorresponds to the sum by whichthe federal debt was written downinitially (ATS 4,705,404,000;EUR 341.955 million) plus interestaccrued (EUR 515.199 million onDecember 31, 2000).

The ERP loan portfolio managedby the OeNB totaled EUR 857.154million on December 31, 2000.The provisions governing the exten-sion of loans from this portfolio arelaid down in Article 83 of the Natio-nalbank Act.

The residual terms of advanceson salaries are generally more thanone year. Security on all advancepayments is in the form of life insur-ance.

Other claims contain minoritems arising from the day-to-daybusiness.

Liabilities1. Banknotes in circulation

EUR million


Change + 605.699 (+4.6%)

This figure is derived from theamount of schilling banknotes in cir-culation adjusted for the banknotesreceived and held by other NCBsparticipating in the Eurosystem.

The qualification regardingbanknotes held by other NCBs isbased on Article 9.1 of GuidelineECB/2000/18 and follows from im-plementation of Article 52 of theESCB/ECB Statute.1) Those provi-sions ensure the proper representa-tion of the aggregate Òbanknotes incirculationÓ figure of the Eurosystemin the consolidated ESCB balancesheet, both during the transition pe-riod and after the introduction ofeuro banknotes. An NCB receivingschilling banknotes will Ð in compli-ance with its commitments arisingunder Article 52 of the ESCB/ECBStatute Ð account those banknotesas an intra-ESCB claim against theOeNB as the issuing NCB. Uponnotification, the OeNB will adjustits banknotes in circulation figureaccordingly. At a later stage, de-pending on the repatriation volumesagreed bilaterally, the schilling bank-notes received by other NCBs willbe returned to the OeNB.

The attached table shows thatthe figure for banknotes in circula-tion rose steadily from 1996 to2000, except in 1998. The averagewas high last year because peopleheld large amounts of cash at the be-ginning of January as a precautionagainst possible millennium changeproblems.

1 Article 52 obliges the NCBs toensure that the exchange of Ðhousehold amounts of Ðbanknotes denominated incurrencies with irrevocably fixedexchange rates is offered at therespective par values free ofcharge at one location at least.The OeNB has arranged forauthorized agents to offer thisservice at the OeNBÕs branchoffices and in the OeNBÕs namefor the agentsÕ account.



Banknotesin circulation,annual average

Annual change

EUR million %

1996 11,543 +628 +5.81997 11,913 +370 +3.21998 11,688 Ð225 Ð1.91999 12,095 +407 +3.52000 12,851 +756 +6.3

The banknotes in circulationfigure touched a high of EUR14,127 million on December 27,2000; the annual low of EUR12,131 million was reached onFebruary 22.

2. Liabilities to euro areacredit institutionsrelated to monetary policyoperations denominatedin euro

On December 31, 1999 and De-cember 31, 2000, the subitems ofthis balance sheet item closed asfollows:

Dec. 31,1999

Dec. 31,2000

Change

EUR million %

2.1 Current accounts(covering the minimumreserve system) 3,235.186 3,402.809 +167.623 + 5.2

2.2 Deposit facility 15.350 Ð Ð 15.350 Ð100.02.3 Fixed-term deposits Ð Ð Ð Ð2.4 Fine-tuning

reverse operations Ð Ð Ð Ð2.5 Deposits

related to margin calls Ð Ð Ð Ð

Total 3,250.536 3,402.809 +152.273 + 4.7

The current accounts (cov-ering the minimum reservesystem) primarily comprise creditinstitutionsÕ accounts for minimumreserves.

BanksÕ minimum reserve balan-ces have been remunerated on adaily basis since January 1, 1999,at the prevailing interest rate forthe ESCBÕs main refinancing opera-tions.

The deposit facility itemrefers to overnight deposits placedwith the OeNB by Austrian banksthat access the EurosystemÕs liquid-ity-absorbing standing facility at theprespecified rate.

In 2000 one operation was con-ducted as a fixed-term depositat an interest rate of 3% p.a.

5. Liabilitiesto other euro area residentsdenominated in euro

EUR million


Change Ð 0.913 (Ð4.8%)

This item comprises generalgovernment deposits and the cur-rent accounts of other nonbanks.

Moreover, it contains the depos-its of the International Fund for theClearance of the Fairway of the

Banknotes in Circulation

Calendar-day volumes, EUR billion

14.0

13.5

13.0

12.5

12.0

11.5

11.0

10.5

Jan. Feb. March April May June July Aug. Sept. Oct. Nov. Dec.

Source: OeNB.

1998

1999

2000

19961997



Danube, an international organiza-tion under the patronage of theEuropean Commission. This Fund(also known as the ÒDanube FundÓ)was established in Vienna by theDanube Commission and is en-trusted with handling the fundingof the project to restore free naviga-tion on the Danube in the Novi Sadregion. The OeNB invests the fundsfor the Danube Commission, 85%of which are provided by the Euro-pean Commission and 15% whichare provided by neighboring coun-tries and other donors, under theprovisions of the Federal Act onthe International Fund for theClearance of the Fairway of theDanube (Federal Law Gazette INo 70/2000).

6. Liabilitiesto non-euro area residentsdenominated in euro

EUR million


Change Ð 230.140 (Ð97.0%)

This item contains euro-denomi-nated liabilities to non-Eurosystemcentral banks and monetary institu-tions. Liabilities arising from trans-actions with non-Eurosystem NCBsvia the TARGET system (EUR213.006 million), which were sub-sumed under this item in 1999, arerecognized in liabilities item 10.3Òother liabilities within the Euro-system (net)Ó in 2000.

7. Liabilitiesto euro area residentsdenominatedin foreign currency

EUR million


Change Ð 44.484 (Ð11.9%)

This item comprises foreign cur-rency deposits of financial institu-tions.

8. Liabilitiesto non-euro area residentsdenominatedin foreign currency

EUR million

Closing balance Dec. 31, 2000 900.889Closing balance Dec. 31, 1999 1,339.702

Change Ð 438.813 (Ð32.8%)

Foreign currency liabilities aris-ing from swap operations and fromrepurchase agreements with finan-cial sector counterparties are shownunder this heading. The decreaseresulted from the lower volume ofrepurchase agreements.

9. Counterpartof Special Drawing Rightsallocated by the IMF

EUR million


Change + 6.286 (+2.6%)

This item represents the coun-terpart of the Special DrawingRights allocated gratuitously to theOeNB. Measured at current marketvalues on the balance sheet date,the counterpart was worth SDR179 million. The OeNB was allo-cated SDRs in six installments from



1970 to 1972 and from 1979 to1981, always on January 1.

10. Intra-Eurosystemliabilities

EUR million


Change Ð1,700.063 (Ð25.3%)

This item comprises the net li-abilities, mostly from transactionsÐ above all via the TARGETsystem Ð between the OeNB andthe other 14 NCBs in the ESCB (in-cluding the NCBs not participatingin Stage Three of EMU) or theECB. Some liabilities arise on theOeNBÕs correspondent accountswith individual NCBs still used e.g.in the event of temporary technicalincidents in the TARGET system.The individual bilateral end-of-daybalances of the OeNB with the otherNCBs are netted by novating themto the ECB.

In the period from January 1,1999, to November 30, 2000,balances with participating NCBswere aggregated and entered as anet claim or net liability vis-a-visthe Eurosystem. TARGET balanceswith non-euro area NCBs had notbeen aggregated and were shownseparately for each country eitheras Òclaims on non-euro area resi-dents denominated in euro/balanceswith banks, security investments andloansÓ (assets item 4.1) or as Òliabil-ities to non-euro area residentsdenominated in euroÓ (liabilitiesitem 5).

The ECB remunerates the netbalance on a daily basis, settling pay-ment at the end of the month. Theprevailing interest rate for main refi-nancing operations applies.

11. Items in courseof settlementNo entries under this item are re-quired in the balance sheet for theyear 2000.

12. Other liabilities

Other liabilities are broken down asfollows:

Dec. 31,1999

Dec. 31,2000

Change

EUR million %

12.1 Off-balance-sheetinstrumentsÕ revaluationaccounts 23.697 3.976 Ð 19.721 Ð83.2

12.2 Accruals 59.207 79.671 + 20.464 +34.612.3 Sundry 804.917 1,017.665 +212.748 +26.4

Total 887.821 1,101.312 +213.491 +24.0

The off-balance-sheet in-strumentsÕ revaluation ac-counts subsume the revaluationlosses arising on off-balance-sheetpositions, which are posted to theprofit and loss account.

Item 12.3 (sundry) is composedof the following subitems:

Dec. 31,1999

Dec. 31,2000

Change

EUR million %

Central governmentÕsshare of profit(without dividends) 773.330 988.429 +215.099 +27.8Liquid funds of the Fundfor the Promotion of ScientificResearch and Teaching 24.949 17.033 Ð 7.916 Ð31.7Other 6.638 12.203 + 5.565 +83.8

Total 804.917 1,017.665 +212.748 +26.4

Pursuant to Article 69 para 3Nationalbank Act, the central gov-ernmentÕs share of profit corre-sponds to 90% of the profit for theyear after tax.

According to the General Coun-cilÕs decision, EUR 65.406 millionof the profit for the year 1999 wereapportioned to the OeNBÕs Fund for



the Promotion of Scientific Researchand Teaching to support researchprojects, with EUR 56.685 millionapportioned to projects with a highlypractical thrust. In the year 2000,the General Council decided to ap-portion an additional EUR 78.378million to 472 projects, with EUR75.470 million of this amount paidout on balance. This means that atotal of EUR 432.199 million hasbeen pledged as financial assistancesince 1966. The Annual Report con-tains more details about the promo-tion of scientific and research as wellas cultural projects in the chapterÒThe OeNB Ð A Dynamic Enter-prise.Ó

13. Provisions

Dec. 31,1999

Transferfrom

Transfer to Dec. 31,2000

EUR million

Pension reserve 1,765.7891) 80.881 95.959 1,780.867Personnel provisionsSeverance payments 40.903 Ð 1.746 42.649Anniversary payments 10.329 Ð 0.360 10.689Residual leave entitlements 8.025 0.001 0.255 8.279Pension benefits for formerO¬ sterreichische Industrie-kredit AG employeesand dependents 0.256 0.256 Ð Ð

Other provisionsCorporation tax 82.557 82.557 76.216 76.216HIPC initiative of the IMF 13.030 13.030 Ð ÐOffsetting the ECBÕs loss 6.568 6.568 Ð ÐSupplies of goods and services 2.075 2.075 5.310 5.310Repatriation of banknotes 1.279 1.279 1.331 1.331Administration of premises 1.210 0.012 0.091 1.289Supplies from subsidiaries 1.094 1.094 9.337 9.337Other 2.433 2.294 1.142 1.281

Total 1,935.548 190.047 191.747 1,937.248

1) In the 1999 financial statements the pension reserve was entered in item 14.2 Òreserves.Ó To reflectthe changes in accounting for pension costs, the pension reserve was transferred to ÒprovisionsÓ in thefinancial statements 2000.

Under the OeNBÕs initial retire-ment plan the Bank assumes fullliability to provide retirement bene-fits to the employees covered by thisplan. The members of this scheme

are Òcontracted outÓ of the state pen-sion system. To secure this liabilitythe OeNB is obligated by law toestablish a reserve correspondingto the actuarial present value of itspension liabilities.

Following a change in the retire-ment plan, staff recruited afterMay 1, 1998, will receive a statepension supplemented by an occupa-tional pension from an externallymanaged pension fund. For this sup-plementary pension the OeNB tookout a contract effective May 1,1999, which also applies retroac-tively to employees taken on in thetwelve months from May 1, 1998.With the OeNBÕs direct liability topay retirement benefits now perma-nently limited to staff recruited be-fore May 1, 1998, the pension re-serve set up to secure this liabilityhas become a closed system. There-fore the OeNB was in a position totap its pension reserve to pay out re-tirement benefits for the first timein the financial statements 2000.

The income on investment relat-ing to the pension reserve of EUR81.199 million was transferred tothe pension reserve when the finan-cial statements for 2000 were pre-pared. Moreover, allocations ofEUR 14.537 were made pursuantto Article 69 para 2 of the National-bank Act.

Pension benefits as covered bythe pension reserve augmented byEUR 3.035 million to EUR 80.881million. This includes the remunera-tion of 16 retired board members ortheir dependants (totaling EUR3.969 million; 1999: EUR 3.707million).

The pension reserve on Decem-ber 31, 2000, was calculated accord-ing to actuarial principles; the dis-count rate of 3.4% is the same asthat applied in 1999.



Provisions for severance pay-ments (EUR 42.649 million) are cal-culated according to actuarial princi-ples applying a discount rate of3.4%, as in 1999. Requirements totop up the account led to an increaseof EUR 1.746 million net.

Actuarial calculations put theneed for anniversary payments atEUR 10.689 million as at the bal-ance sheet date. Consequently,EUR 0.360 million were allocatedto provisions for anniversary pay-ments.

Provisions for residual leaveamount to EUR 8.279 million(+EUR 0.255 million).

EUR 76.216 million were allo-cated to provisions for corporationtax. This is the balance betweenthe corporation tax due in 2000and the prepaid quarterly install-ments as well as the refundable por-tion of investment income tax.

Within the framework of an IMFinitiative to assist highly indebtedcountries, EUR 13.030 million hadalready been transferred to provi-sions in 1999. After the FederalAct of November 24, 2000, FederalLaw Gazette No I/118/2000, onthe Participation of Austria in theIMFÕs Reduction of MultilateralDebts of Heavily Indebted PoorCountries Initiative had been passed,this provision was released, as thefunds were disbursed to the IMF.

14. Revaluation accountsThis item consists of the followingaccounts:

Dec. 31,1999

Dec. 31,2000

Change

EUR million

Eurosystem revaluation accountsGold 565.315 566.078 + 0.763Foreign currency 1,608.994 1,664.603 + 55.609Securities 71.776 213.323 +141.547Participating interests 36.381 71.515 + 35.134Off-balance-sheet operations 0.385 8.134 + 7.749

Subtotal 2,282.851 2,523.653 +240.802

Unrealized valuation gainsfrom Jan. 1, 1999 (initial valuation)Securities 92.684 29.892 Ð 62.792Participating interests 279.933 279.933 Ð

Subtotal 372.617 309.825 Ð 62.792

Reserve fund for exchange risks(funded up to the end of 1998) 2,539.545 2,075.237 Ð464.308

Total 5,195.013 4,908.715 Ð286.298

The sums recorded in the reval-uation accounts on a currency-by-currency and code-by-code basisare in their entirety gains that aroseon the valuation of assets as atDecember 31, 2000. Those gainsare realizable only in the context offuture transactions in the respectivecategory; otherwise they can beused to reverse revaluation lossesthat may arise in future years. Therevaluation gains in each currency,moreover, cover the risks that thenondomestic assets carry (as estab-lished with the VaR method).

In line with requirements, theinitial valuation gains recordedin the opening balance sheet werepartly realized during 1999 in thecourse of sales of underlying assets.

Article 69 para 1 of the Natio-nalbank Act obliges the OeNB tomaintain a reserve covering ex-change risks which may arise onnondomestic assets. The reservefund for exchange risks posted



in the financial statements 2000 con-tains exchange gains accrued in therunup to 1999 totaling EUR2,075.237 million. On the one handthe annual change reflects the real-ization of exchange rate gains asunderlying assets were sold. Onthe other hand the fund is used tocover unrealized exchange lossesthat must be expensed, as well asany exchange risks (as calculatedwith the VaR approach) that arenot offset by the balances on the re-valuation accounts. As from January1, 1999, no further allocations maybe made to this fund.

15. Capital and reserves

A summary of the OeNBÕs reservesshows the following developments:

Dec. 31,1999

Dec. 31,2000

Change

EUR million %

General reserve fund 1,611.952 1,611.952 Ð ÐFreely disposablereserve fund 1,551.073 1,036.219 Ð514.854 Ð33.2Reserve for nondomesticand price risks 543.432 1,077.606 +534.174 +98.3Earmarked capitalfunded with net interest incomefrom ERP loans 497.542 515.199 + 17.657 + 3.5Fund for the Promotionof Scientific Researchand Teaching 7.267 7.267 Ð Ð

Total 4,211.266 4,248.243 + 36.977 + 0.9

The reserve for nondomes-tic and price risks serves to offsetany ECB losses which the OeNB mayhave to cover according to its sharein the ECBÕs capital as well as anyrealized losses resulted from trans-actions in securities owing to a fallin prices. The reserve was createdbasically by reallocating funds fromthe freely disposable reserve fund,with the total risk to be covered cal-culated by applying recognized riskassessment models.

In April 1966, EUR 7.267 mil-lion were allocated out of the netincome for the year 1965 to theFund for the Promotion ofScientific Research and Teach-ing for the purpose of profitableinvestment.

Other financial liabilities

Apart from the items recognized inthe balance sheet, the followingfinancial liabilities are stated off thebalance sheet:Ð Contingent liabilities arising

from an expected direct chargeon the OeNB of EUR 188.935million resulting from the allo-cation of the ECBÕs loss accord-ing to the NCBsÕ shares in theECBÕs capital.

Ð Contingent liabilities on theorder of EUR 235.940 millionto fund unrealized losses whicharose on the ECBÕs foreign cur-rency positions and gold, whichthe ECB may offset by waivinga maximum of 20% of its liabil-ities arising from the transfer offoreign reserves.

Ð Liabilities resulting from desig-nations under ÒSpecial DrawingRights within the IMFÓ of EUR608.184 million.

Ð Contingent liabilities to the IMFunder the New Arrangements toBorrow totaling EUR 576.835million.

Ð The obligation to make a supple-mentary contribution of EUR31.298 million (equivalent to15 million gold francs) to theOeNBÕs stake in the capital ofthe Bank for International Set-tlements (BIS) in Basle, consist-ing of 8,000 shares of 2,500 goldfrancs each.

Ð Liabilities from forward salestotaling EUR 1,793.491 millionto the extent that they exceed



claims from forward purchasesof EUR 1,844.421 million.

Ð Liabilities of EUR 23.850 mil-lion from foreign currencyinvestments effected in theOeNBÕs name for third account.

Ð Repayment obligations to theamount of EUR 8.845 million

arising from pension contribu-tions paid by OeNB staff mem-bers payable on termination ofemployment contracts.Moreover, the OeNB reports

liabilities outstanding on unmaturedgold/interest rate swaps involving21.9 tons of gold.

Notes to the Profit and Loss Account

1999 2000 Change1)

EUR million %

Net interest income 762.602 1,014.446 +251.844 + 33.0Net result of financialoperations, writedownsand risk provisions 721.321 896.515 +175.194 + 24.3Net income from feesand commissions Ð 0.627 0.383 + 1.010 +161.1Income from equity sharesand participating interests 36.665 6.269 Ð 30.396 Ð 82.9Net result of poolingof monetary income Ð 0.190 Ð 0.652 Ð 0.462 Ð242.7Other income 76.370 7.036 Ð 69.334 Ð 90.8

Total net income 1,596.141 1,923.997 +327.856 + 20.5

Staff costs Ð 169.057 Ð 88.192 Ð 80.865 Ð 47.8Administrative expenses Ð 67.213 Ð 89.265 + 22.052 + 32.8Depreciation of tangibleand intangible fixed assets Ð 8.255 Ð 12.299 + 4.044 + 49.0Banknote production services Ð 26.860 Ð 37.838 + 10.978 + 40.9Other expenses Ð 22.854 Ð 10.355 Ð 12.499 Ð 54.7

Operating profit 1,301.902 1,686.048 +384.146 + 29.5

Income tax Ð 442.646 Ð 573.256 +130.610 + 29.5

859.256 1,112.792 +253.536 + 29.5Transfers to the pension reserveand central governmentÕs shareof profit under the provisionsof the Nationalbank Act Ð 773.3302) Ð1,002.966 +229.636 + 29.7

Profit for the year 85.926 109.826 + 23.900 + 27.8

1) Absolute increase (+) or decrease (Ð) in the respective income or expense item.2) 1999: central governmentÕs share of profit only.

1. Net interest incomeOn the back of higher interest rates,interest income, net of interest ex-pense, rose by EUR 251.844 million

(+33%) to EUR 1,014.446 millionin 2000.

Net interest income from assetsand liabilities denominated in for-eign currency and euro totaledEUR 1,038.414. Refinancing opera-tions yielded EUR 206.730 million,and the ECB remunerated the trans-fer of foreign reserves with EUR41.101 million. Conversely, interestexpenses of EUR 170.863 millionresulted from TARGET liabilities,and the remuneration of minimumreserves came to EUR 154.405 mil-lion.

Operating Profit

EUR million

Profit for the yearGeneral reserve fundCentral government�s share of profitIncome tax

Source: OeNB.

1,500

1,250

1,000

750

500

250

0282

524 474 443

328

823773

102

92

16555

91

8386

746

20001996 1997 1998 1999

573

988

11015

Transfer to the pension reserve pursant to Article 69 para 2



2. Net result of financialoperations, writedownsand risk provisionsRealized gains or losses from day-to-day financial operations resultedfrom Ð receivable or payable Ð dif-ferences between the acquisitioncost and the market value of gold,foreign currency, securities orother transactions. Among otherthings, these gains include pricegains of EUR 209.481 million fromthe sale of 30 tons of gold.

The writedowns on finan-cial assets and positions weretriggered by the downtrend in mar-ket prices observed in 2000, amidwhich the market value droppedbelow the average acquisition costof the respective currencies orsecurities.

The item transfer to/fromprovisions for foreign ex-change rate and price risksresulted from transfers from thereserve fund for exchange risks thatthe OeNB funded up to the end of1998 with a view to covering un-realized foreign currency losses.Thus, in compliance with Article 9para 1 of the Nationalbank Act,these losses did not have an impacton profit.

The income from equityshares and participating inter-ests (item 4) arose principallyfrom the dividend payment of theAustrian Mint and of the BIS inBasel.

5. Net result of poolingof monetary income

Article 32.1 of the ESCB/ECBStatute provides for the redistribu-tion of the income accruing to theNCBs from their monetary policyoperations at the end of each fiscalyear. In deviation from the ÒdirectmethodÓ for the calculation of

monetary income prescribed inArticle 32.2, the Governing Councilof the ECB opted for the use of analternative Òindirect methodÓ over athree-year transition period from1999.

The pool of monetary income iscalculated by the ECB on a daily ba-sis. Amounts of interest paid by anNCB on deposit liabilities to creditinstitutions Ð above all arising fromminimum reserve and fixed-termdeposits Ð included within its liabil-ity base are to be deducted from theamount of monetary income to bepooled.

The net charge on the OeNBmirrors the redistribution effectwithin the system, which resultsfrom the difference between whatthe OeNB enters into the pool(which is determined by its liabilitybase) and the proportion from thepooled income that is allocated tothe OeNB according to the redis-tribution key laid down in theESCB/ECB Statute.

7. Staff costs

Salaries, severance payments and theemployerÕs social security contribu-tions and other statutory or contrac-tual social charges are includedunder this heading. These outlayswere reduced by recoveries of sal-aries and employeesÕ pension contri-butions. Pension benefits, whichwere included under staff costs in1999, are now shown in liabilitiesitem 13 Òprovisions,Ó reflecting thechanges in accounting for pensioncosts.

As of January 1, 1997, thepension contributions of employeeswho joined the OeNB afterMarch 31, 1993, and who qualifyfor a Bank pension, were raisedfrom 5% of their total basic pay to10.25% of that part of their



basic salaries which is below theearnings cap on social security.A rate of 2% applies to incomeabove the earnings cap.

With effect from May 1, 1998,new entrants are enrolled into thenational social security system andin addition covered by a defined con-tribution pension plan. The OeNBopted for this approach in order tobring its retirement plan in line withthe retirement provision systemsprevailing in Austria, where thestatutory state pension is the firstpillar and occupational and privatepension funds the second and thirdpillars.

Salaries net of pension contri-butions collected from staff mem-bers diminished by EUR 1.377 mil-lion or 1.8% to EUR 74.326 mil-lion. The bulk of the reduction canbe attributed to the fact that servicesin connection with preparations forthe changeover to Stage Three ofEMU and the transition to the euroon January 1, 1999, were no longerneeded and to the retirement of staffmembers. The OeNBÕs outlays werereduced by recoveries of salariestotaling EUR 7.265 million for staffmembers on secondment to theOeBS or other subsidiaries and for-eign institutions. Conversely, thewage increase negotiated for thebanking sector increased outlays forsalaries.

The average number of staffemployed by the OeNB (excludingthe members of the GoverningBoard) was cut from 1,133 employ-ees in 1999 to 1,121 in 2000, areduction by 12 persons or 1.1%.Adjusted for employees on leave(such as maternity leave and parentalleave), 938 persons were employedon average. The number of blue-collar workers stayed the same at11 persons.

The emoluments of the fourmembers of the Governing Board(including remuneration in kind,such as private use of company cars,subsidies to health and accident in-surance) pursuant to Article 33 para1 of the Nationalbank Act totaledEUR 1.013 million (1999: EUR0.976 million). The emoluments ofthe President and Vice President ofthe General Council amounted toEUR 0.045 million.

Outlays for severance pay-ments decreased by EUR 1.448million or 21.5% to EUR 4.333 mil-lion in 2000.

The statutory or contractualsocial charges contain municipaltax payments (EUR 2.295 million),social security contributions (EUR4.405 million) and contributions tothe family burden equalization fund(EUR 3.446 million).

10. Banknote productionservices

This item shows the cost of the lastbatch of schilling banknotes pro-duced by OeBS printing works andthe delivery by OeBS of the firsteuro banknotes.

12. Income tax

The corporation tax rate remainedunchanged at 34% and was appliedto the taxable income according toArticle 72 of the Nationalbank Actand in line with Article 22.1 of theCorporation Tax Act 1988.



13. Transfersto the pension reserveand central governmentÕsshare of profitunder the provisionsof the Nationalbank ActThis item developed as follows in2000:

1999 2000 Change

EUR million %

Transfers to the pension reserveunder the provisionsof the Nationalbank Act Ð 14.537 + 14.537 xCentral governmentÕsshare of profitunder the provisionsof the Nationalbank Act 773.330 988.429 +215.099 +27.8

Total 773.330 1,002.966 +229.636 +29.7

Transfers to the pension reserveare made under Article 69 para 2of the Nationalbank Act: Up to10% of the income after tax mustbe allocated to the pension reserve.When the pension reserve hasachieved a level which, accordingto actuarial provisions, providesthe necessary capital coverage tomeet the pension claims of thestaff of the OesterreichischeNationalbank, no further con-tributions are to be made to thisreserve.

Under Article 69 para 3 of theNationalbank Act, the centralgovernmentÕs share of profit is 90%of the profit for the year after tax,as in the previous years.



Governing Board (Direktorium)

Governor Klaus LiebscherVice Governor Gertrude Tumpel-GugerellExecutive Director Wolfgang DuchatczekExecutive Director Peter Zo¬llner

General Council (Generalrat)

President Adolf WalaVice President Herbert SchimetschekAugust AstlHelmut ElsnerHelmut FrischLorenz R. FritzRene Alfons HaidenMax Kothbauer (from May 18, 2000)Richard LeutnerJohann MarihartWerner MuhmWalter RothensteinerKarl Werner Ru¬schSiegfried Sellitsch (until May 18, 2000)Engelbert Wenckheim

In accordance with Article 22 para 5 Nationalbank Act, the followingrepresentatives of the Staff Council participated in discussions on personnel,social and welfare matters: Gerhard Valenta (until May 18, 2000), ThomasReindl, and Martina Gerharter (from May 19, 2000).

Vienna, March 23, 2001



Report of the Auditors

We have audited the accounting records and the financial statements of theOesterreichische Nationalbank for the year ending December 31, 2000, andhave found that they are presented in accordance with the provisions of theFederal Act on the Oesterreichische Nationalbank 1984 as amended and aspromulgated in Federal Law Gazette I No 60/1998. The financial state-ments were prepared in conformity with the accounting policies definedby the Governing Council of the European Central Bank, as set forth inthe Guideline of the European Central Bank of 1 December 1998 on theLegal Framework for Accounting and Reporting in the European Systemof Central Banks as Amended on 15 December 1999 and 14 December2000 (ECB/2000/18), in conformity with Article 26.4 of the Protocolon the Statute of the European System of Central Banks and the EuropeanCentral Bank. In our opinion the accounts provide a true and fair picture ofthe OeNBÕs financial position and the results of its operations. The annualreport complies with the provisions of Article 68 para 1 and para 3 FederalAct on the Oesterreichische Nationalbank 1984 as amended and as promul-gated in Federal Law Gazette I No 60/1998 and corresponds with thefinancial statements.

Vienna, March 23, 2001

Pipin HenzlCertified Public Accountant

Peter WolfCertified Public Accountant



Profit for the Year and Proposed Profit Appropriation

With the statutory allocations of the OeNBÕs profit having been made inconformity with Article 69 para 2 and para 3 Nationalbank Act (item 13of the profit and loss account), including the central governmentÕs shareof EUR 988.429 million (1999: EUR 773.330), the balance sheet andthe profit and loss account show a

Profit for the year 2000 of EUR 109,825,461.74.

On April 4, 2001, the Governing Board endorsedthe following proposal to the General Councilfor the appropriation of profit:

to pay a 10% dividendon the OeNBÕs capital stock of EUR 12 million EUR 1,200,000.Ñto allocate to the Leopold Collection EUR 3,980,804.92to allocate to the reserve for nondomestic and price risks EUR 34,390,000.Ñto allocate to the Fund for the Promotionof Scientific Research and Teaching EUR 70,250,000.Ñto carry forward a retained profit of EUR 4,656.82

EUR 109,825,461.74



Published and produced by:Oesterreichische Nationalbank

Editor in chief:Wolfdietrich Grau, Secretariat of the Governing Board and Public Relations

Edited by:Karin Fischer, Christiana Weinzetel, Economic Analysis Division

Translated by:Irene Mu¬hldorf, Ingeborg Schuch, Foreign Research Division

Analysts:Manfred Zipko, Financial Statements Division

Layout:Peter Buchegger, Secretariat of the Governing Board and Public RelationsHannes Jelinek, Printing Office

Paper:Salzer Demeter, 100% woodpulp paper, bleached without chlorine,acid-free, without optical whiteners

Set, printed and produced by:Oesterreichische Nationalbank, Printing Office

Inquiries:Oesterreichische Nationalbank,Secretariat of the Governing Board and Public RelationsOtto-Wagner-Platz 3, A-1090 Vienna, AustriaPostal address: P. O. Box 61, A-1011 Vienna, AustriaTelephone: (1) 404 20, ext. 6666Fax: (1) 404 20, ext. 6696

Orders:Oesterreichische Nationalbank, Mail Distribution, Files and DocumentationOtto-Wagner-Platz 3, A-1090 Vienna, AustriaPostal address: P. O. Box 61, A-1011 Vienna, AustriaTelephone: (1) 404 20, ext. 2345Fax: (1) 404 20, ext. 2398Internet: http://www.oenb.at

DVR 0031577

Vienna 2001

Documents

Financial Statements for the year 2000