Abstract: A telephone subscriber circuit of a telephone exchange comprising active circuit elements with a capacitively-complex input impednace, wherein the signal which is to be transmitted from the exchange to the subscriber is amplified by two operational amplifiers operating in push-pull and is fed via two coupling arms, formed by a series arrangement of a capacitor and a resistor, into the subscriber loop which is itself supplied with d.c. current via two supply resistors. The subscriber circuit in accordance with the invention serves as a compensation network which directionally isolates the signals of the two speech directions and which includes two arms via which the symmetrical subscriber signal is supplied to a subscriber amplifier. In accordance with the invention the entire complex input impedance is sub-divided into a complex and a real component. The complex component serves as a coupling arm which supplies the LF-signal which is to be transmitted and which blocks the d.c.