The Austro-Hungarian Bank as a prototype of the independent central bank in Central Europe in the first half of the 20th century – an analysis of bank statutes

The Austro-Hungarian Bank was the prototype for the regulation of the legal status of central banks in the newly established states in Central Europe after the First World War. This relationship is overlooked in the Polish literature, as the genesis of Polish central banking is based solely on the Bank of Poland, founded in 1820. The exemplary nature of the Austro-Hungarian Bank is confirmed by a common core approach analysis of its articles of association with the articles of the Austrian National Bank, the Czechoslovak National Bank, Bank of Poland S.A., and the Reichsbank. This analysis shows similarities in the content and structure of the articles and the legal institution used in all banks except the Reichsbank. The similarity is particularly evident in the establishment of the banks as independent banks. All banks were established as joint-stock companies, and disputes between the central bank and the state were to be settled by an arbitration court, except for the Reichsbank.