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Banking in Austria

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Title: Banking in Austria  
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Banking in Austria

The Austrian National Bank (Österreichische Nationalbank), originally opened on January 2, 1923 but taken over by the German Reichsbank in 1938, was reestablished on July 3, 1945. The bank is a corporation with capital shares fixed by law at $150 million; 50% of the shares are, by law, owned by the government. The central bank and the bank of issue, it preserves the domestic purchasing power of the Austrian currency and its value in terms of stable foreign currencies, and controls external transactions affecting the balance of payments. It also sets reserve requirements for credit institutions.

Banking system

The Austrian banking system also includes joint-stock banks, banking houses, and private banks, as well as postal savings banks, private savings banks, mortgage banks, building societies, and specialized cooperative credit institutions. The most important credit institutions are the joint-stock commercial banks, the two largest of which, the Creditanstalt-Bankverein and the Österreichische Länderbank, were nationalized in 1946; shares representing 40% of the nominal capital of the two were sold to the public in 1957.

On January 12, 1997, the coalition partners, after long and intensive negotiations, agreed to sell

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