English Translation

- 13 - It is particularly welcome that government commissioner Beier took over the chair of the Board of Directors. I believe that now - at least until further notice - there is a sufficiently strong German influence in the management of the central bank of the savings banks and its bodies. The most striking impression to me is that the central bank - the savings banks have to maintain 5% of their deposits with the central banks and a further 5% with the Reeskompte facility, in accordance with the current rules - manages just under 1/4 of the other current funds of the savings funds in addition to the compulsory deposits. According to the situation at the beginning of July 1994l, 575 million kroons of compulsory deposits were invested with the central bank of the savings banks, further deposits of 655 million krona, with the Reeskompte-Anstalt 203 million krone were invested. On the other hand, the remaining banks, mainly private banks, were entrusted with 1,300,000,000 kroons, 550 million had occupied the savings among themselves, while almost 36 million were with the postal savings bank. M.E. will be one of the most important tasks facing the central bank to attract funds from foreign institutions. By the way, the sum of 1,300,000,000 kroons still includes amounts - albeit not very high - which are attributable to the central banks of Reichenberg and Vienna.However, the work of the central bank is not made less difficult by the fact that the banks still pay daily interest rates of up to 2 l/4% in August and forward money rates of 3 1/2% and that the savings banks are still little convinced of the advantage of a strong merger and the concentration of their available funds at their central institution. In the year 194 the central bank closed with a profit of 5.65 million kroner. A dividend of kronor 19,-- per share was distributed. The reserves were allocated almost 2 million konor and a new investment reserve of 500.ooo kronr was formed. However, the Bank used not insignificant amounts outside the profit and loss account to strengthen its silent reserves; reserves reached 7% of the share capital. The balance sheet total stood at 1 1/2 billion kr at the end of August and amounted to 2 060,000 kr.