What is the benefit of printing money

National bank fires management from money printing subsidiary

Vienna - The Oesterreichische Nationalbank (OeNB) has fired the management of the money printing subsidiary Oesterreichische Banknote- und Sicherheitsdruck GmbH (OeBS). The OeNB announced this in a broadcast on Friday. A routine internal audit would have given rise to suspicions of unlawful conduct in business practices or of failure to provide information to the Supervisory Board. No further details are known, the National Bank could not be reached for the time being.

At the beginning of this week, the OeBS supervisory board felt compelled to present the relevant facts to the responsible authorities and to release the management from their duties with immediate effect in order to ensure the fastest possible and complete clarification of the facts, the OeNB said .

At the same time, the employment relationship with a third person at the department head level of the OeBS was also terminated with immediate effect. The two OeNB directors Stefan Augustin and Gerhard Hohäuser were entrusted with the interim management of Oesterreichische Banknote- und Sicherheitsdruck GmbH (OeBS), the OeNB was told on request.

Board positions at Austrian Mint are also shaky

After the National Bank fired the two managing directors of its banknote subsidiary OeBS, one of the two board positions at the National Bank subsidiary Mint Austria should soon become vacant. One of the two managers concerned sits on the governing bodies of both National Bank subsidiaries. For the personnel decision at the mint, however, a formal decision by its supervisory board is required, which can be expected in the next few days.

OeBs is a 100 percent subsidiary of the Oesterreichische Nationalbank. It produces the euro banknotes on behalf of the National Bank and the ECB. Most recently, the OeBS came into the focus of the media when it became known this summer that the OeBS had also supplied the Syrian regime of President Bashar al-Assad with banknotes. Since 2008 there has been a contract with the Syrian central bank for the delivery of lira banknotes. In August, the delivery of the banknotes was stopped for the time being. The National Bank had said that the OeBS contract with Syria would be examined until delivery of the next tranche in December of that year. (red / APA)