Financial statements


The OeNB’s balance sheet shrank to EUR 248.6 billion (-4.8%) in 2023, reflecting a decline in the volume of longer-term refinancing operations (asset side) and in the deposits from credit institutions (liability side).


The balance sheet loss of EUR 2.1 billion is due to monetary policy. This loss had to be carried forward, which is a first for the OeNB. The loss driver has been net interest income, which turned strongly negative because the low yields from securities holdings failed to offset elevated interest expenses on banks’ deposits.

 

Banknotes in circulation totaling EUR 41.9 billion reflects the value of euro banknotes in circulation allocated to the OeNB. This amount dropped by 1.1% in 2023 compared with 2022.


The OeNB’s gold holdings add up to 280 tons of fine gold. End-of-year revaluation caused the balance sheet value to increase by 9.5%.


Following the latest regular adjustment of the ECB capital key, due on January 1, 2024, the OeNB’s share in the paid-up capital of the ECB increased from 2.9033% to 2.9565%. As a result, the OeNB had to transfer another EUR 4.016 million to the ECB. Thus, the OeNB now accounts for EUR 261,695 million of the ECB’s capital.

OeNB indicators over the past five years
  2023 2022 2021 2020 2019
 
                                                                                                 EUR million
Net currency position 22,260 25,113 24,148 23,263 22,940
     of which: gold and gold receivables 16,814 15,358 14,489 13,898 12,190
Banknotes in circulation 41,861 42,327 41,583 38,624 34,723
Total assets 248,571 261,125 274,908 228,426 154,849
 
Staff costs 182 170 165 161 156
Administrative expenses 99 86 81 83 78
Operating profit -2,211 – 94 10 328
Corporate income tax 0 0 24 0 65
Transfer to the pension reserve – – 7 1 26
Central government’s share of profit – – 57 8 213
Profit/loss for the year -2,062 – 6 1 24
 
Staff in full-time equivalents (FTEs)1 1,132.2 1,129.3 1,133.2 1,097.5 1,069.6
 
Source: OeNB.
1 Excluding interns and employees on secondment or leave (such as maternity and parental leave). Figures include part-time employees on a pro rata basis.