Cash Logistics in Austria and the Euro Area

Five years of euro banknotes and coins also means five years of experience with crossborder cash logistics. A total of 11.3 billion euro banknotes valued at EUR 628.2 billion are currently in circulation. Handling this enormous amount of cash involves numerous tasks for the national central banks (NCBs) of euro area countries. For example, NCBs must put banknotes and coins into circulation, monitor cash in circulation and its quality, manage the cash cycle and ensure the public’s trust in the currency. These tasks are coordinated by the ECB and implemented at the national level. Within the Eurosystem, the OeNB has established itself as a competence center for cash logistics. In particular, the OeNB’s organization of the cash cycle based on close cooperation between the central bank and commercial banks in a public-private partnership model has earned worldwide recognition. In 2006, a total of 1.2 billion banknotes and 1.7 billion coins were handled (i.e. checked for fitness and prepared for circulation) in Austria. These quantities clearly illustrate the scope of the underlying efforts and at the same time highlight the need for an efficient organizational structure. The highest priority in this context is to ensure the public’s trust in the currency. For this purpose, it is important to continue developing cash as a product in the future, to invest in the security of cash as a means of payment, and to ensure a high-quality cash supply at the European level.