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Oesterreichische Kontrollbank AG
The complete perspective.
Export Services – Annual Report
2009
Export Services
EUR million (except lines beginning with “Number of”)
2006
2007
2008
2009
Export Services — Highlights
117,5251
95,140 2
103,7421
114,6801
Number of holders of outstanding guarantees (rounded)
1,500
1,400
1,400
1,400
New guarantee contracts issued
8,714
12,316
12,063
5,160
New conditional commitments (new guarantee offers for prosp. underlying transactions)
1,111
986
868
1,618
Guaranteed export sales (estimate)
4,297
4,395
3,914
3,644
4
4
4
4
1,106
1,225
1,032
858
35,000
45,000
50,000
50,000
32,108
37,460
44,446
40,650
2,892
7,540
5,554
9,350
3,848
3,994
3,995
3,833
Premium and interest income
316
250
242
89
Gross claims paid by the guarantor
512
328
380
333
53
188
262
353
551
601
48
32
543
601
48
32
1,307
846
916
864
53
43
23
—
Total Austrian exports (excluding services)
Guarantees of the Republic of Austria under the Export Guarantees Act
Guaranteed exports in % of total Austrian exports
Number of new guarantee contracts issued
Limit for aggregate guarantee exposure, at 31 December
Aggregate guarantee exposure at 31 December
Reserve for the future
Number of guarantees in place
Recoveries on claims paid
Amounts written off as unrecoverable
Of which write-offs with Maastricht relevance
Guarantor’s receivables in respect of claims paid, at 31 December
Net interest rate relief granted
OeKB Export Financing Scheme
68/1,600
67/1,500
71/1,500
70/1,400
Number of export financing contracts outstanding (rounded)
4,000
4,000
4,000
3,700
New financing contracts issued
7,928
4,971
Number of banks/exporters involved (rounded)
New conditional lending commitments issued
Total lending commitments outstanding at 31 December
9,803
12,225
202
119
143
178
28,465
32,919
39,143
34,075
28,122
32,692
38,952
33,803
25,606
29,537
36,803
31,401
Loan funds disbursed
7,820
8,726
12,054
4,441
Repayments received
5,380
4,795
4,788
9,843
+2,440
+3,931
+7,266
(5,402)
Total funds used under the Export Financing Scheme
35,039
38,395
45,499
41,965
Limit on aggregate guarantee exposure under 1981 Export Financing Guarantees Act
30,000
40,000
45,000
45,000
Financing contracts outstanding at 31 December
Of which disbursements outstanding
Increase/(decrease) in net loans outstanding
27,084
32,573
38,486
33,745
2,916
7,427
6,514
11,255
Total new guarantees issued
10,192
14,416
17,108
8,230
Utilisation of the guarantee exposure limit at 31 December
Sources:
1
Statistics Austria
2
December 2009 forecast by WIFO, the Austrian Institute of Economic Research
Export Services
The complete perspective.
Export Services – Annual Report 2009
OeKB – The complete perspective 2009
Export Services
Johannes Attems
2
Rudolf Scholten
Foreword by the Board of Executive Directors
Dear Madam, dear Sir,
The global financial and economic crisis continued
to render the market environment difficult for the
Austrian external sector in the financial year 2009.
Therefore the primary goal of OeKB and its
partners at the Export Services was to ensure that
exporters and foreign investors stayed in business
by offering them attractive services in the field
of risk hedging as well as continuous access
to financial resources and to expand the room for
manoeuvre available to the companies.
The increase in liability limits for risk hedging and
financing that was put into effect at the end of 2008
as well as the fact that – with the single exception
of Ukraine – the coverage policy was not restricted
contributed to achieving the aim set by OeKB.
Thanks to the quick and service-oriented processes
between OeKB, the Federal Ministry of Finance,
and the commercial banks, the Austrian external
sector profited continuously from attractive hedging
options. To the benefit of the Republic of Austria,
the export guarantee system operated by OeKB
had another positive effect in 2009: As in previous
years, a significant surplus was generated.
As a result of the deterioration in refinancing conditions, financing could temporarily only be offered
on the basis of floating interest rates. However,
as the market situation improved, starting from the
end of 2009, facilities under the financing scheme
were made available at floating and fixed interest
rates again.
In spite of the special market environment we were
able to offer suitable financing solutions at all times.
During the year under review the Austrian system of
guarantees of the Federal Republic, which had already
been highly flexible as compared to international
standards, was refined by means of a series of adjustments. For instance, in the case of corporate risks
the maximum percentage of cover for economic risks
was increased from 90% to 95%, the value-added
rules – including those for soft loans – were simplified
and liberalised, and the premiums for hedging political
risks of foreign investments were lowered. The
terms and conditions for the acquisition of accounts
receivable by banks were improved in order to make
access to liquidity easier, in particular for small and
medium-sized companies.
In the field of private export credit insurance
the operations of the OeKB Group were expanded
to include a new market: In cooperation with the
Croatian Bank for Development and Export (HBOR)
we founded Croatia’s first credit insurance
company.
The experience of OeKB in the field of export
services also resulted in a new task for OeKB. Our
team was entrusted with the review and processing
of applications under the new Corporate Liquidity
Strengthening Act.
Johannes Attems
Rudolf Scholten
3
Export Services
Export Services in Austria.
Organisations.
International
conditions
OECD
European Union
Paris Club
Federal Ministry
of Finance (BMF)
Legislator
Export Credit Agencies
(ECAs)
Banks
Berne Union
Private export credit
insurance companies
Exportfonds
Oesterreichische Entwicklungsbank AG (OeEB)
Austrian Development Agency (ADA)
Austria Wirtschaftsservice (aws)
Federal Ministry of Economy, Family
and Youth (BMWFJ)
Federal Ministry for European and
International Affairs
(BMeiA)
Austrian Federal Economic
Chamber (WKO)
Foreign trade
organisations
of the Austrian Federal
Exporters and
foreign investors
Economic Chamber
Customers
International sales markets
4
Media and
civil society
International
financial markets
Advisory council
Export Services in Austria.
Background.
Hedging against export risks
As the authorised agent of the Federal Republic,
OeKB is Austria’s official export credit agency (ECA).
It acts on the basis of the Export Guarantees Act and
international arrangements adopted by the OECD
and the EU. In its capacity as a service provider to the
Federal Ministry of Finance, it manages the export
guarantee system for non-marketable risks of foreign
deals with commercial success. An advisory council
has been set up within the Federal Ministry of Finance
to review the applications for guarantees examined
by OeKB. The guarantees are assumed by the Federal
Minister of Finance. The marketable risks are covered
by private export credit insurance companies.
Financing foreign transactions
OeKB raises financing funds through bond issues on
international financial markets on advantageous terms.
They are used for refinancing exports and foreign
investments through commercial banks. The excellent
credit rating of OeKB (AAA/Aaa) is based on a
guarantee by the Republic of Austria, for which OeKB
pays a fee. Prerequisites for financing in the framework of the Export Financing Scheme of OeKB are an
export guarantee of the Federal Republic, an adequate
guarantee of a credit insurer, a guarantee of Austria
Wirtschaftsservice Gesellschaft mbH (aws) or an
adequate guarantee of an international organisation.
Efficient counselling network
with commercial banks
The owners of OeKB are commercial banks.
OeKB is linked with them by an efficient cooperation
in counselling concerning export guarantees and
as an institution refinancing financing transactions.
Another financing partner of the banks for small
and medium-sized companies is “Österreichischer
Exportfonds” GmbH.
Export Service Network
Thanks to the Austrian Federal Economic Chamber
(WKO) and its foreign trade organisations, domestic
exporters benefit from first-rate support in their
international activities in Austria and around the world.
WKO and OeKB closely cooperate in this area.
This intensive cooperation has become manifest in
the joint investment in Exportfonds. OeKB also acts
as a partner in the internationalisation campaigns
of the Federal Ministry of Economy, Family and Youth.
In the international arena OeKB networks with other
ECAs through insurance agreements and within the
interest representation of the Berne Union.
International debt arrangements
Sometimes a debtor country cannot meet the
payment obligations vis-à-vis the creditor countries.
In the so-called Paris Club claims guaranteed by
the Federal Republic and claims from development
aid loans are negotiated and rescheduled. OeKB
provides counselling to the Republic in this context.
5
Export Services
Export Guarantees – Project Underwriting.
Effective protection against defaults in payment.
We protect small, medium-sized, and large exporters against
defaults in payment for economic and political reasons by
means of export guarantees by the Federal Republic of Austria.
For foreign investors, we limit the political risks involved in
their internationalisation by means of investment guarantees.
Export guarantees also offer access to OeKB’s Export Financing
Scheme through the client’s own bank.
Ferdinand Schipfer
Your contact to the team
Export Guarantees – Project Underwriting
Tel. +43 1 531 27-2648
Fax +43 1 531 27-5690
[email protected]
Regina Aigner-Wöber
Andrea Haunschmid
Johannes Pflügl
Manfred Schmid
Carina Tschank
6
Bettina Bereuter
Ilona Berghuber
Markus Kranabetter
Cornelia Pöstinger-Gaspari
Margarete Schönhofer
Karin Wiesinger
Karin D´Alonzo
Monika Kremlicka
Erwin Marchhart
Brigitte Puhl-Teufelhart
Regina Schrödl
Susanna Winter
Nadja Gutmann
Andrea Wittmann
Sandra Mottl
Karin Roitner
Doris Smolik-Rimser
Mario Rainer Haidinger
Andreas Ondrejkovic
Ferdinand Schipfer
Dunja Strommer
Monika Zugrav
Ortrun Suppanz
Export Guarantees – International Relations and Services.
Informed and well-connected at all times.
We observe and analyse the economic and political
developments in the target countries of the Austrian
external sector.
We also maintain the international network of OeKB,
in particular within the framework of the Berne
Union, the global alliance of credit insurers, and act
as a consultant to the Ministry of Finance on
international affairs.
Sylvia Doritsch-Isepp
Export Guarantees – International Relations and Services
Tel. +43 1 531 27-2606
Fax +43 1 531 27-5693
[email protected]
Andreas Bachmann
Ines Baumann
Regina Bolena
Daniela El-Saadany
Helmut Gantner
Brigitte Göd
Cäcilia Knopper
Martin Krull
Franziska Pollak
Heidemarie Ptacnik
Petra Schrei
Anton Steffko
Angelika Leeb
Gertraud Bühringer
Leopoldine Graf
Susanne Musil
Alexander Pucher
Bianca-Melanie Strobl
Sylvia Doritsch-Isepp
Elisabeth Holejsovsky
Sabine Neugebauer
Ernst Rechberger
Gerold Eibensteiner
Gerhard Kinzelberger
Peter Oblasser
Günther Römer
Barbara Sburny
Charlotte Thell
7
Export Services
Export Guarantees – Claims Management.
Quick money in the case of loss.
It is our job to prevent losses and to quickly compensate
the beneficiary of the guarantee in case of default in payment.
In addition, we make intensive efforts to make customers
settle their accounts payable.
We contribute to designing the substance of complex
international debt schemes and then implement these
arrangements by means of bilateral agreements.
Christine Dangl
Export Guarantees – Claims Management
Tel. +43 1 531 27-2678
Fax +43 1 531 27-5536
[email protected]
Christine Dangl
Robert Farcher
Andrea Herbsthofer
Christina Starkl
8
Peter Gaspari
Christa Kaleta
Beatrix Wichtel
Andrea Hallemann
Karin Kargl-Köberl
Sigrid Widhalm
Nicole Kosi
Norbert Wokusch
Elisabeth Halys
Sylvia Kruder
Adelheid Heim-Strobl
Eva Kutnyj
Martina Schmutterer
Credit Department.
Refinancing for exports and investments.
We refinance Austrian and foreign commercial banks that
want to offer their clients competitive financing solutions
for export deliveries and internationalisation activities.
For certain countries and projects we offer state-supported
funding for transactions which would not be feasible at
commercial interest rates.
Dieter Nell
Credit Department
Tel. +43 1 531 27-1717
Fax +43 1 531 27-5533
[email protected]
Margarete Biedermann
Diana Landauer
Leopold Spielauer
Ilse Czermak
Florian Mang
Silvia Stifter
Daniela Einböck
Hans-Rainer Miehl
Rudolf Talir
Marion Grünsteidl
Dieter Nell
Markus Hüttenberger
Monika Poremba
Harald Klee
Roman Schinhan
Christoph Seper
Verena Valduga
9
Export Services
Project and Environmental Analyses.
A close look at the risks involved.
In the interest of our clients and the Republic of Austria
we make sure that the risks are thoroughly examined prior
to assuming guarantees for major delivery transactions
and project financing transactions and also that international
requirements are complied with.
We analyse economic, technical, as well as
ecological aspects.
Werner Schmied
Project and Environmental Analyses
Tel. +43 1 531 27-2824
Fax +43 1 531 27-5411
[email protected]
Sabine Ertl
Alexandra Griebl
Heidrun Schmid
10
Christian Hanzlik
Werner Schmied
Markus Hoskovec
Kathrin Renate Taibel
Angela Konrad
Leopoldine Türk
Karl Lenauer
Guarantees for Export Acceptance Credits.
More room for manoeuvre in business.
We limit the risks of companies exporting or investing
abroad. This makes access to financing, which expands
the companies’ room for manoeuvre and increases
their competitiveness, easier.
We also review liability applications under the
Corporate Liquidity Strengthening Act.
Ernst Mertl
Guarantees for Export Acceptance Credits
Tel. +43 1 531 27-2583
Fax +43 1 531 27-5591
[email protected]
Nicol Blaschke
Elisabeth Burg
Ulrich Meusburger
Erna Scheriau
Gabriele Dietrich-Oppolzer
Wolfgang Pitsch
Markus Schmöllerl
Michael Unterlerchner
Petra Waltl
Bettina Raninger
Manfred Seper
Ulrike Zabini
Barbara Fertsak
Andrea Reiner
Elisabeth Strassmair
Franz Lipper
Ernst Mertl
Anneliese Reiser-Hartberger
Doris Tillian
Evelyn Ulrich-Hell
Ingrid Zeiner
11
Export Services
International Finance.
Refinancing under the export financing scheme.
We provide the funds for the export financing scheme
of OeKB.
Given the competition in the financial markets, our knowledge
of the market, our extensive relationships with investors
and banks, and the direct guarantee of the Republic of Austria
are prerequisites for creating first-rate conditions
for borrowing.
Waltraut Burghardt
International Finance
Tel. +43 1 531 27-2436
Fax +43 1 531 27-5270
[email protected]
Markus Bernklau
Stefan Jörgler
Ulrike Schweiger
Andreas Racz
12
Waltraut Burghardt
Gabriele Kalcher
Achim Keuchel
Monika Seitelberger
Engelbert Reiterer
Anton Ebner
Annemarie Egger
Evelin Kranz
Johannes Skarohlid
Ursula Riegler
Anish Gupta
Maximilian Plattner
Adelheid Sperk
Bettina Hanke
Elisabeth Schneider
Stefan Strehle
Export countries
in which projects were realised with the support of OeKB Export Services.
In the following markets customers of the
OeKB Export Service were active as suppliers
or foreign investors in 2009.
Albania
Algeria
Bosnia and Herzegovina
Columbia
Finland
Indonesia
Azerbaijan
Brazil
Croatia
France
Luxembourg
British Virgin Islands
Cuba
Gabun
Iran
Israel
Cyprus
Ghana
Italy
Mali
Macedonia
Myanmar
Namibia
Nepal
Portugal
Qatar
Romania
Slovakia
Republic of South Africa
Turkey
UK
Ukraine
Bangladesh
Bulgaria
Germany
Korea
Mauritius
The Netherlands
Russia
Saudi Arabia
United Arab Emirates
Syria
USA
China
Egypt
India
Lebanon
Mongolia
Oman
Sudan
Canada
Hungary
Latvia
Mexico
Bhutan
Ecuador
Hong Kong/China
Kenya
Sri Lanka
Belarus
Pakistan
Serbia
Thailand
Venezuela
Libya
Montenegro
Poland
Singapore
Tunisia
Vietnam
13
Export Services
Some projects –
realised with OeKB services.
installation of fully automated machines for the
production of different types of batteries
tool steel
BOHLER INTERNATIONAL GMBH
steel bars
high speed steel
forged pieces
high seed- and hot-work steel for the production
of tools heat-resisting steel for the production
of annealing baskets
electrodes filler metal
test coupons for gas turbines high-temperature
parts for hot-gas sections of gas turbines
BOHLER-UDDEHOLM PRECISION STRIP GMBH
specialty spring steel
saw steel for the
production of wood bandsaw steel rotary rules
C CINCINNATI EXTRUSION GMBH extruders
aluminium
CONSTANTIA PATZ GES.M.B.H.
These are some examples of customers of the
OeKB Export Services (and their goods) benefiting
from OeKB’s reliable services. In many cases,
they were refinanced by their own banks via OeKB.
D
sheets
DCC DOPPELMAYR CABLE CAR
GMBH & CO KG
Automated People Mover
System DESMET BALLESTRA ETHANOL GMBH
ventilation unit for yeast plant/yeast dryer
DOKA GMBH
formwork
DOLESCHAL
smoking units,
ANLAGENBAU GES M.B.H.
air conditioning units and post ripening and
drying units including equipment DOPPELMAYR
monocable detachable
SEILBAHNEN GMBH
A
ACE APPARATEBAU CONSTRUCTION &
for paperboard machine special steel annealing
gondola
ENGINEERING GMBH pressure vessels for the
and pickling line for hot- and cold rolled strip
PHOTOTECHNIK DIGITAL TECHNOLOGY GMBH
production of synthetic granules
ALOIS
hydrochloric acid regeneration plants three step
Presto InkjetPrinter with spare parts Rho Inkjet
GESELL-
cleaning equipment crepe machine spare parts
Printer with spare parts
for Kenana pump station
INDUSTRIEOFENBAU GESELLSCHAFT M.B.H.
POTTINGER,
MASCHINENFABRIK
SCHAFT M.B.H.
Agricultural and forestry
DURST
E
EBNER-
ALSTOM HYDRO AUSTRIA GMBH
GMBH modernisation of the Larona power plant
bell annealer system
electro-mechanical equipment for the Dagachhu
delivery and installation of gates & hoists
GMBH knitted bonnets ELIN EBG TRACTION
hydroelectric plant
(sluices)
GMBH
machinery
AME – ALLGEMEINE
turbine blades
turbine runners
EISBAR SPORTMODEN
traction equipment
spare parts and
MASCHINENENTWICKLUNGS-GMBH concrete
material and tools for servicing/repair of a
special tool and services
block production machine AME INTERNATIO-
rotor pole and exchange of runner
MAIER GESELLSCHAFT M.B.H.
NAL GESELLSCHAFT M.B.H. medico-technical
mechanical equipment incl. construction and
ENGEL AUSTRIA GMBH
equipment ANDRITZ AG
startup ANGERLEHNER HOCH- UND TIEFBAU
machines
pickling line and
regeneration of hydrochloric acid
pulp drying
electro-
motors
EMCO
CNC-lathe
injection moulding
ENVIRGY ENVIRONMENT ENERGY
sewer rehabilitation
ENGINEERING AND CONSTRUCTION GMBH
AQUILA INTERTRADING GMBH equipment to
engineering EREMA ENGINEERING RECYCLING
and pickling line main machines and services to
produce plastic packing material
MASCHINEN UND ANLAGEN GESELLSCHAFT
build a chemical fibre production plant Prime-
recycling machine glass recycling, glass oven,
M.B.H.
Line Tissue Machine 5.6 m P-RC APMP System
glass blowing machine
KALSER GMBH & CO KG sparkling base wine
systems
mechanical equipment for annealing
GESELLSCHAFT M.B.H.
(pulp mill) pump stations incl. equipment and
B
services
UND HANDELS-GMBH
components for a paper machine
plastics
paperboard machine
BERTSCH-LASKA
PRODUKTIONS-
machines for meat
EULER
plastic recycling machine
HERMES
KREDITVERSICHERUNGS-
processing BHDT GMBH Fittings spare parts
ENTWICKLUNGS-
preparation
for valves
GESELLSCHAFT M.B.H.
pressurised refining systems for
safety valve
pressure relief valve
BM-BATTERY MACHINES GMBH
supply and
ERICH
AKTIENGESELLSCHAFT extrusion plant EVG
refiner and moduscreens for the cellulose fibre
fibre production system spare and wear parts
14
ANDRITZ HYDRO
delivery of spare parts
UND
VERWERTUNGS
mesh welding lines
delivery, construction and startup of equipment
vacuum mixers
for processing reinforcing steel from coils fully
GESELLSCHAFT M.B.H. equipment and plants
M.B.H.
automated welding plant for the production of
for natural gas enrichment line
SuperGrinder
F
reinforcing elements
FCT FIBER CABLE
stainless steel tubes
TECHNOLOGY GMBH
with integrated optical fibre
MASCHINENBAU
FILZMOSER
GESELLSCHAFT
M.B.H.
HERTWICH
continuous homo-
ENGINEERING GMBH
automatic mincers
MCE MASCHINEN- UND
gas
APPARATEBAU GMBH & CO KG
genisers HYDRO-CONSTRUCT UNTERNEHMEN
desulphurisation reactor for production of
FUR WASSER- UND ENERGIETECHNIK GESELL-
fertilisers
I
rubber dams
SCHAFT M.B.H.
IGM
MIBA AUTOMATION SYSTEMS
casting implement to cast
GES.M.B.H.
straightening and reinforced steel cutting
ROBOTERSYSTEME AG robot welding system
aluminium-tin alloy
systems with rotary units
FMW INDUSTRIE-
IKU INTELLIGENTE FENSTERSYSTEME AG
LEBEN UND UMWELT GES.M.B.H.
conveyors and ware-
components for intelligent, self cleaning façades
measuring instrument
house systems for the production of slag and
with planning support and supervising
IMS
CONSTRUCTION SIMA GMBH & CO KG
Portland cement, including electrical equipment
AGRARTECHNIK HANDELS GMBH
sowing
artificial rock formations for bath and spa area
construction startup FOOD.COM HANDELS-
machine
ANLAGENBAU GMBH
GMBH
machines for supermarkets and food
INFRUITS ENTWICKLUNGS- UND
PRODUKTIONS AG
aseptic strawberry cubes
production food portioning machines FRANZ
ING. SUMETZBERGER GMBH
HAAS
installations
WAFFEL-
UND
KEKSANLAGEN-
letter shoot
equipment for
INGENIA GMBH
INDUSTRIE GMBH cracker & moulded biscuit
hot-dip galvanisation
production line wafer production plants hollow
MELTING TECHNOLOGIES GMBH
wafer production plant
cranes
plant
flat wafer production
production plant for cream-filled wafers
River Information System
FREQUENTIS AG
(RIS) and emergency communication network
training and know-how-transfer for operating
G
companies of the waterway Nile
GAW
coating colour
TECHNOLOGIES GMBH
processing for paper machine GE JENBACHER
gaseous-fuel engine
GMBH & CO OHG
INTECO SPECIAL
delivery of
design, supply and installation
supervision of an electroslag (rapid) remelting
J
plant
J. ZIMMER MASCHINENBAU
carpet coating plant
GESELLSCHAFT M.B.H.
K
print finishing line
KIM MASCHINEN-
equipment
recycling
L
LEONI NBG
grit trap
treatment
machine
plant
NEXT
NOKIA
for telecommunications
SIEMENS
equipment
NETWORKS ÖSTERREICH GMBH
accounting system
NORBERT SCHALLER GESELLSCHAFT M.B.H.
meat processing machine slaughter line
O
O. SALM & CO GESELLSCHAFT M.B.H. brewery
plants
ODELGA HANDELSGESELLSCHAFT
P
FIBER OPTICS GMBH
sewage
GENERATION RECYCLINGMASCHINEN GMBH
of vodka
GMBH rail testing system
for
equipment for circular grit trap
M.B.H.
KNORR TECHNIK
dust
N NATCON NATURE
NEUHOLD GESELLSCHAFT M.B.H.
VERTRIEBS GMBH production line for the filling
filtration plant
MLU-MONITORING FUR
medico-technical
equipment
PAPIERFABRIK WATTENS GMBH & CO KG
cigarette paper
filter paper
PFAHNL
stainless steel tubes
BACKMITTEL GMBH baking mixture PLASSER
GEBAUER & GRILLER METALLWERK GMBH
LIEBHERR-WERK NENZING GMBH
rotary
& THEURER, EXPORT VON BAHNBAUMASCHI-
electrode core wires GEOCONSULT ZT GMBH
drilling rig and equipment
mobile harbour
NEN, GESELLSCHAFT M.B.H. cleaning machine
engineering services
GEROT
cranes
offshore cranes
tamping machine and spare parts
M.B.H.
LIEBHERR-WERK TELFS GMBH
PHARMAZEUTIKA
know-how
GESELLSCHAFT
crawler cranes
performance ballast cleaning machine tamping
M
machine and spare parts spare parts for various
pharmaceuticals GFM-GMBH forging machine
crawler loader
upgrade of a radial forging machine equipment
M. KAINDL coated MDF flooring M.I.T.T.E.S
delivery of a new radial forging machine
ENGINEERING GMBH
equipment
sets
GLOBAL HYDRO ENERGY GMBH
equipment for a hydro-electric power station
GLOBAL-COM HANDELS-GMBH
welding
machine for the automobile industry GREINER
wheel loader
dredger
electricity generation
MAG-MASCHINEN UND APPARATEBAU
wire enamelling
AKTIENGESELLSCHAFT
machines
MAGNA METALFORMING AG
body panels
car
MAGNA STEYR FAHRZEUG-
EXTRUSION GMBH
extrusionlines (for the
TECHNIK AG & CO KG
plastics processing)
GRUBER & CO GROUP
passenger vehicle
R
railway construction machines
REICH-AUSTRIA SPEZIALMASCHINEN GESELLSCHAFT M.B.H.
machine
M.B.H.
stationary wood working
RESCHREITER GESELLSCHAFT
medicotechnical equipment
MAPLAN MASCHINEN UND TECHNISCHE
WERK BAUER GESELLSCHAFT M.B.H.
ANLAGEN,PLANUNGS-
irrigation system
dies
GWT GESELLSCHAFT FUR WASSER-
GESELLSCHAFT M.B.H.
UND WARMETECHNIK GMBH
treatment plant
H HAGINGER MASCHINEN-
BAU GMBH & CO. KG
HEAT
drinking water
WARMETECHNISCHE
lifting tables
ANLAGEN
moulding machine
rubber injection
MARTIN MILLER GMBH
RHI AG
magnesite material ROHREN- UND. PUMPEN-
spare parts for profile dies and profile
FERTIGUNGS
RED
Red Bull Energy Drink
BULL GMBH
GMBH
UND
high-
caterpillar
spray-
ROSENBAUER INTERairport
NATIONAL AKTIENGESELLSCHAFT
firefighting vehicles
rescue vehicle
ROSEN-
roller shutter spring steel cutting lines for the
DAHL MASCHINEN GMBH insulation, stranding
production of clicking dies
and
band saw steel
MASCHINENFABRIK LASKA GESELLSCHAFT
enveloping/wrapping
machines,
training and technical support
incl.
machines for
15
Export Services
GMBH & CO ladle furnace beam blank casters
GMBH
LD-converter
exhaust air cooling system
accessories heavy haul turnouts switch tongue
dedusting plants
turnouts and
blast furnace automation
blade and stock rail sets for turnouts turnouts
Basic Oxygen Furnace continuous casters slab
with oak cross-ties turnouts and rail movement
continuous caster
joints temporary turnouts VAMED ENGINEE-
converter
modernisation of two
steel mill and dedusting plants
RING GMBH & CO KG
planning, engineering,
deliveries and services for the construction of a
project
primary and secondary dedusting system
commissioning and maintenance of medico-
SML
technical devices
MASCHINENGESELLSCHAFT
M.B.H.
management,
supply,
installation,
medical engineering
Coextrusion- co-extrusion cast film line incl.
planning, erection and commissioning of a hos
construction and spare parts
STARLINGER &
VENDOR FINANCE GMBH
CO GESELLSCHAFT M.B.H.
weaving looms
spare parts
extrusion systems
VOESTALPINE AUSTRIA DRAHT
recycling machine machine for the production
GMBH
of synthetic fibres coating plant extrusion and
for bridge construction
printing systems machines for spooling, coating
GROBBLECH GMBH
and spinning of thread
VOESTALPINE SCHIENEN GMBH rails VOITH
spare parts
PRINTS AUSTRIA GMBH
coating machine
engineering
startup
STORK
laser engraver
prestressed concrete stranded wire
VOESTALPINE
carbon sheet steels
rehabilitation of
HYDRO GMBH & CO KG
planning
machine insets electromechanic equipment for
electric/mechanical equipment
a hydro power plant delivery of the equipment
STRABAG AG
T
instruction
TECHNOPLAST
construction and startup for the modernisation
KG
of the hydro power plant Lotru Francis-turbine
TENCATE
and generators incl. transformer and ancillary
GEOSYNTHETICS AUSTRIA GESELLSCHAFT
equipment VOITH PAPER GMBH suction roll
KUNSTSTOFFTECHNIK
GMBH
extrusion
tools
lines
and
&
CO
cable production machine for the insulation line
M.B.H.
RUBBLE MASTER HMH GMBH rubble recycling
BERGER GESELLSCHAFT M.B.H. paper carrier
paper machines and components for paper
ropes
machines
S
plant
SAIL LABS TECHNOLOGY AG
multimedia analysis solution
SALVAGNINI
geotextile
splicing needles
SCHAFT M.B.H.
centre/bending and punching machine
extruder
SBM
GESELLSCHAFT
construction
delivery
M.B.H.
of
sterilisation
SCHAUER AGROTRONIC GMBH
panel-dividing saw
TEUFEL-
wire baskets
screws and barrels for an
TIROLER ROHREN- UND METALLdesign,
WERKE AKTIENGESELLSCHAFT
sleeves
reconstruction of a paper machine
installation surveillance for a
paper machine
components for a paper
machine incl. installation and startup press roll
incl. ceramic coating
W
storage
WAAGNER-BIRO
doctor blade
AUSTRIA
STAGE
and
supervision and supply of pipes and accessories
SYSTEMS AG
equipment
for the expansion of drinking water supply
stage equipment electromechanic stage system
swine
system as well as project planning of main sewer
WAAGNER-BIRO STAHLBAU AG
and sewage treatment plant
tracked steel road bridge construction of a foot-
equipment, feeding SCHELLING ANLAGENBAU
GMBH
geosynthetics
THEYSOHN EXTRUSIONSTECHNIK GESELL-
MASCHINENBAU GMBH sheet metal working
SCHOELLER-BLECKMANN MEDIZINTECHNIK
SCHEUCH GMBH
filter system SCHWEITZER LADENBAU GMBH
shop fitting for bakeries SENOPLAST KLEPSCH
TRYGONAL
KUNSTSTOFFINNOVATIONEN GMBH
CNC
lathe twister TYROLIT-SCHLEIFMITTELWERKE
SWAROVSKI KG grinding wheels
U UNIHA
bridge
elektronic and mechanic décor
double
cardboard
WILFRIED HEINZEL AG
bleached softwood pulp pulp WINTERSTEIGER
AG
plot combine
WITTMANN BATTENFELD
plastic sheets and films for
WASSER TECHNOLOGIE GMBH connection of
GMBH
subsequent processing in sanitary applications
the city Sella Kataragama with the existing
injection moulding machine
SIEMENS AG ÖSTERREICH DIVISION MOBILITY
drinking water treatment plant of Kataragama
carriages spare parts tools tests supervision
V VA TECH WABAG GMBH machine techno-
moulding machine incl. injection unit and
SIEMENS AKTIENGESELLSCHAFT ÖSTERREICH
logy for a municipal drinking water treatment
regulation WOMA GMBH high pressure pump
electro-technical equipment for a cement plan
plan
accessories
equipment for switch gear
the waste water treatment plant
& CO GMBH
SIEMENS
16
concrete cross-ties
VAI
METALS
spare parts
TECHNOLOGIES
turnkey construction and delivery of
turnkey
construction of a sewage treatment plant VAE
and
pressure pump
spare
vertical-
knee lever
electric injection
parts
for
high-
WORTHINGTON CYLINDERS
GMBH industrial steel cylinders
Your contact to the OeKB Group companies.
V ERSICHERUNG AG
SÜDOSTEUROPA HOLDING GMBH
OeKB Versicherung AG
Strauchgasse 3
1011 Vienna, Austria
Tel. +43 1 531 27-2664
Fax +43 1 531 27-5691
[email protected]
Linz Office
Ziegeleistrasse 74
4020 Linz, Austria
Tel. +43 732 666 396
Fax +43 732 666 396-26
[email protected]
PRISMA Kreditversicherungs-AG
Himmelpfortgasse 29
Tel. +43 5 0102-0
Fax +43 5 0102-2199
[email protected]
Oesterreich sche Entwicklungsbank AG
OeKB Südosteuropa Holding
Ges.m.b.H.
Am Hof 4
Tel. +43 1 531 27-2712
Fax +43 1 531 27-5522
[email protected]
“Österreichischer Exportfonds”
GmbH
Strauchgasse 3
Tel. +43 1 712 61 51
Fax +43 1 712 61 51-2930
[email protected]
Oesterreichische Entwicklungsbank AG
Strauchgasse 3
Tel. +43 1 533 12 00-0
Fax +43 1 533 12 00-5252
[email protected]
17
Export Services
Exporters and foreign investors are
subject to special risks. Thanks to OeKB’s
Export Services, these risks can be made
more manageable.
18
Exportservice
Guarantees of the Republic of Austria
under the Export Guarantees Act
Export Financing Scheme
Statistical Data
Legal Basis
Export Services - Annual Report 2009
Definitions
Guarantor
The Federal Minister of Finance on behalf of the Republic of Austria.
Guarantees, endorsements (guarantees by aval) of bills of exchange and guarantees issued for OeEB
ExpGA
EGD
and the 1981 Export Guarantees Decree,
Federal Law Gazette no. 257/1981, as amended.
Guarantee offer/
Conditional commitment
Conditional commitment to grant a guarantee or refinancing facility
for transactions under negotiation.
Marketable risks
Commercial and political risks (excluding catastrophe risks) arising from export transactions
with risk terms covering production and payment periods of less than two years
and involving a contracting party domiciled in an EU Member State or OECD country,
with the exception of Mexico, South Korea and Turkey.
Maximum amount
The amount stated in the guarantee or aval endorsement,
limiting the liability of the guarantor.
Uninsured portion (self-participation)
The percentage of a claim to be borne by the beneficiary of the guarantee.
Percentage of cover
The percentage of a claim to be borne by the guarantor.
Basic amount
Maximum amount corresponding to the percentage of cover.
Cover requirement
Balance (i.e. amount) of cover requirements reported quarterly by the holder of a guarantee
(in respect of guarantee contracts issued prior to 1 July 1996 and not adjusted to the
General Business Conditions of 1996).
Financing requirement
Actual cover requirement that may be reported quarterly
by the holder of an aval endorsements.
Utilisation of the
aggregate exposure limit
Calculated on the basis of the basic amounts for guarantees G 1 to G 9 and G 11, for the OeEB
as well as the financing requirements reported by the holders (beneficiaries) of the
aval endorsements; guarantee offers excluded.
Turnover of guarantees
Newly issued guarantees, aval endorsements (contracts) and guarantees issued for OeEB;
the amounts stated are the maximum amounts.
EFGA
1981 Export Financing Guarantees Act, Federal Law Gazette no. 216/1981, as amended.
CIRR
Commercial Interest Reference Rate
Minimum fixed interest rate, as defined in the OECD Consensus; for which public support
can be granted to the extent that it (CIRR) does not cover funding costs.
Soft loans
Concessional financing, credit financing on favoured terms and conditions based on, either
low (below-market) interest rates, long credit maturities and grace periods, or a combination of
concessional/commercial credit financing and a non-repayable share of 100% (grant).
Country data
Individual countries are shown if the guarantees outstanding/cumulative claims paid/
commitments outstanding are in excess of EUR 25 million.
OECD
Organisation for Economic Cooperation and Development.
OECD/EU/Non-European
Classification according to the definitions of Statistics Austria.
developing countries/OPEC
OPEC
Organisation of the Petroleum Exporting Countries.
Legend for data
presented in this report
– Amount is zero. 0 Amount is smaller than half of the stated unit.
Totals may not add due to rounding.
20
Contents
I. General Section
Page
Development of export guarantees and export financing in Austria
22
II. Guarantees of the Republic of Austria under the Export Guarantees Act
1
The aggregate exposure limit under the
Export Guarantees Act and its utilisation; new guarantee contracts issued
23
2
Guarantee contracts issued by types of guarantee
24
3
Credit periods of transactions guaranteed
25
4
Guarantee contracts issued by regions and countries
26
5
Debt rescheduling agreements
28
6
Statement of income and net claims paid — claims paid by regions and countries
29
III. Oesterreichische Kontrollbank AG Export Financing Scheme
1
Outstanding amounts and net changes in the export financing scheme
33
2
Turnover in the export financing scheme
34
3
Export financing by regions and countries
35
4
Tied financial credits — acquisition of accounts receivable (types of contract)
38
5
Interest rates of the export financing scheme
39
6
Sources and allocations of funds (flow of funds statement)
40
7
under the 1981 Export Financing Guarantees Act
41
IV. Legal Basis
43
The Legal Basis and General Business Conditions regarding the guarantees of the Republic of Austria
pursuant to the Export Guarantees Act are also available on the Internet at www.oekb.at. On this
website you will also find the updated Guidelines for Cover for over 100 export markets, information
on the premium system for export guarantees pursuant to the Export Guarantees Act as well as
the current interest rates applicable to the OeKB’s Export Financing Scheme. Moreover, our homepage
contains information on topical issues, international cooperation and the general framework.
21
I. General Section
Development of export guarantees and export financing
in Austria
Austria owes its position among the ten richest
countries of the world to a great extent to its strong
exports and foreign investment, which are traditionally growing much more dynamically than the overall
economy. Access to larger markets and cost-effective
manufacturing — also abroad — are decisive factors,
especially for a smaller national economy, which
safeguard the modern and streamlined production of
high-quality products. Exports enhance the research
and development capacities of companies, thereby
creating the basis for sustainable employment. At the
same time, Austrian companies have to cope with
fiercer foreign competition. The optimal design and
perfect mix of export guarantee and financing instruments on the market have therefore developed into
significant locational factors.
In Austria economic policy has taken account of the
significance of exports and Austrian direct investment
abroad at a very early stage. An export guarantee and
financing system has been established which — in
international comparison — is highly efficient and
powerful.
Export guarantees and financing since 1950
Since 1950 the OeKB has administered the export
credit and guarantee system as the agent of the
Republic of Austria. This leads to valuable synergy
effects for the export and banking industries.
For the OeKB offers also adequate refinancing
schemes for accounts receivable from exports and
foreign investment.
Last but not least, this is achieved by entering into a
dialogue with critical groups, such as NGOs.
International regulatory framework
Guarantees and credits pursuant to the OeKB’s
Export Financing Scheme are issued in conformity with
the guidelines and rules contained in the international
agreements entered into with the OECD, the EU
and the Berne Union. The provisions of the OECD
Consensus (Arrangement on Officially Supported
Export Credits) are applied to taking out export
credit insurances on behalf and for the account
of the Republic and to extending credits in the
framework of the export financing scheme, provided
that these transactions fall under its scope.
Project, environmental and country analyses
A comprehensive risk assessment that includes
project and country analyses is a crucial factor for an
efficient and realistic evaluation of applications for
export guarantees by bankers. Increasing importance
is attached to taking into account sustainable
development, notably environmental and social
aspects. This has also manifested itself in enhanced
transparency and legislation on free public access
to environment-related information. Moreover the
importance of monitoring and evaluation of business
cases and projects increases steadily.
OECD Guidelines for Multinational Enterprises
The OeKB regards it as a permanent challenge to
apply and further develop the highly refined system
adjusted to the foreign trade policy to ensure that
Austrian companies as well as the establishments
of foreign groups active in Austria experience the
country as an attractive location for exigent foreign
trade activities. The OeKB considers it a special
mandate to use the resources of the Federal Republic
of Austria responsibly and by paying due regard to tax
savings, while making this transparent to the public.
22
OeKB promotes the awareness and application of the
OECD Guidelines for Multinational Enterprises. Since
2008, all guarantee holders and beneficiaries of aval
endorsements for foreign investment projects are
therefore encouraged to become familiar with these
guidelines and adhere to them to the greatest
possible extent in their international activities.
II. Guarantees of the Republic of Austria
1 The aggregate exposure limit under the
Export Guarantees Act and its utilisation; new guarantee contracts issued
Export guarantees and
Austrian foreign investment guarantees
The liabilities under the Export Guarantees Act are
assumed in the form of guarantees for the due performance of contracts by foreign contracting parties,
or through endorsements (guarantees by aval) of bills
of exchange used to finance export transactions or
outbound foreign direct investment.
The guarantee system in place is based on the
provisions of the Export Guarantees Act and the
respective regulation issued by the Federal Minister
of Finance. The contractual relations between the
Republic of Austria and the guarantee holders are set
out in the general terms and conditions (“General
Business Conditions”) for guarantees of the Republic
of Austria under the Export Guarantees Act, and in
the respective guarantees themselves.
31 December 2006
Since 1950, as the agent of the Republic of Austria
(represented by the Austrian Federal Ministry of
Finance), OeKB has been performing the following
functions:
■
■
■
Underwriting-related evaluation (including credit
assessment) of applications for guarantees under
the Export Guarantees Act
Issuing and administrative processing of the
guarantees on behalf of the Republic of Austria
Protecting the rights of the Republic of Austria
under the guarantee contracts.
In this business segment, OeKB acts on behalf and
for account of the Republic of Austria.
31 December 2007
31 December 2008
31 December 2009
1.1 Development of the aggregate exposure limit under the Export Guarantees Act and its utilisation
EUR million
Aggregate exposure limit
35,000
%
1
100.0
%
EUR million
%
45,000 2 100.0
50,000 3 100.0
50,000
100.0
40,650
81.3
EUR million
%
EUR million
Utilisation
(guarantees outstanding)
32,108
91.7
37,460
83.2
44,446
88.9
Compared with the previous year
+1,169
3.8
+5,352
16.7
+6,986
18.6
(3,796)
8.5
2,892
8.3
7,540
16.8
5,554
11.1
9,350
18.7
2006
2007
2008
2009
1950 – 2009
8,714
12,316
12,063
5,160
182,430
+3,209
+3,602
(253)
(6,903)
+58.3
+41.3
(2.1)
(57.2)
1
2
3
Federal Law Gazettes I no. 63/2000, 71/2003 and 95/2005.
Federal Law Gazette I no. 58/2007.
1.2 Total turnover of guarantees
New guarantee contracts issued 1
in EUR million
Compared with the previous year:
in EUR million
in per cent
1
Including guarantee offers transformed into guarantee contracts; excluding newly issued guarantee offers.
23
2 Guarantee contracts issued by types of guarantee
The export guarantee scheme comprises 12 types of
guarantee. For certain types of guarantee, guarantee
offers may be issued, i.e. the promise to grant a
guarantee. These guarantee offers are not counted
Types of guarantee
against the authorised aggregate exposure limit.
Guarantee offers are to facilitate the contract negotiations of exporters or of financing banks. For further
details see Part IV of this Annual Report (Legal Basis).
Guarantee contracts
Outstanding
Guarantee contracts
issued 2008
31 December 2008
issued 2009
Guarantee contracts issued and outstanding by types of guarantee
Outstanding
31 December 2009
1
Number
EUR m
%
Number
EUR m
%
Number
EUR m
%
Number
EUR m
%
G 1
504
1,491
12.4
677
2,091
4.7
512
1,172
22.7
695
2,439
6.0
G 2
3
16
0.1
5
23
0.1
2
1
0.0
2
14
0.0
G 3
73
417
3.4
620
6,554
14.7
49
583
11.3
608
5,894
14.5
G 4
75
3,954
32.8
241
9,563
21.5
30
323
6.3
214
7,793
19.2
G 6
2
7
0.1
8
67
0.2
—
—
—
7
67
0.2
G 7
33
48
0.4
54
110
0.2
24
35
0.7
56
107
0.2
G 8
5
184
1.5
36
1,775
4.0
2
1,203
23.3
37
2,612
6.4
G 9
39
37
0.3
238
294
0.7
26
25
0.5
223
284
0.7
G 11
—
—
—
1
0
0.0
—
—
—
—
—
—
Total G 1 — G 9, G 11
734
6,154
51.0
1,880
20,477
46.1
645
3,342
64.8
1,842
19,210
47.2
Aval endorsements (AE)
294
5,853
48.5
2,111
23,913
53.8
206
1,766
34.2
1,980
21,331
52.5
4
56
0.5
4
56
0.1
7
52
1.0
11
109
0.3
12,063 100.0
3,995
44,446 100.0
858
5,160 100.0
3,833
Guarantees issued for OeEB
Total
1,032
40,650 100.0
Specific authorisations within
comprehensive policies
7
1
12
4
1
0
12
G 10
—
—
—
—
—
—
—
—
196
868
141
695
235
1,618
172
1,131
Guarantee offers (GO)
1
4
These figures include guarantees for debt rescheduling agreements (see chapter II/5).
G 1 – Guarantee for direct deliveries and services
with special types of guarantee
G 2 – Guarantee for indirect deliveries and services
G 3 – Guarantee for tied financial credits,
credit transactions/bond issues and
debt rescheduling agreements
G 4 – Investment guarantee
G 5 – Turnover guarantee (one foreign customer)
G 6 – Country turnover guarantee or comprehensive guarantee (all foreign customers
in one, several or all coverable countries)
G 7 – Guarantee for stock in commission, machinery
deployment guarantee, advance guarantee
G 8 – Reinsurance of contract of an export
24
G 9 –
G 10 –
G 11 –
AE –
OeEB –
GO –
credit- or export credit insurance institution
(reinsurance guarantee)
Guarantee for the acquisition of accounts
receivable from export transactions by
domestic or foreign credit institutions
Exchange risk guarantee (the issuance of
exchange risk guarantees G 10 has been
suspended since 1986)
Market developing guarantee
Endorsement (guarantee by aval)
of bills of exchange
Oesterreichische Entwicklungsbank AG
Promise to grant a guarantee (guarantee
offer; not counted against the authorised
aggregate exposure limit).
Revolving guarantees
Revolving guarantees — these are mostly reinsurance
guarantees G 8 — are included in the turnover volume
of guarantees only in the year in which they were
issued.
Aval endorsements
Endorsements (guarantees by aval) of bills of exchange are another type of cover provided in the Export
Guarantees Act. These are guarantees for the issuer
of promissory notes (since the 1993 Amendment of
the Export Guarantees Act) or for the acceptor of bills
of exchange drawn by banks or exporters for the purpose of financing export transactions. In some cases
additional guarantees are outstanding simultaneously
to cover the export risks. Beneficiaries of aval endorsements are exporters. Applications for aval must be
filed via the exporter’s bank which also arranges the
financing. In addition, these endorsements facilitate
the financing of investments abroad.
3 Credit periods of transactions guaranteed
As far as newly issued guarantee contracts are
concerned, the major part of the transactions
guaranteed both in terms of number and amount falls
within a five-year period. In contrast, the volume of
guarantees outstanding under the Export Guarantees
Act is dominated by long-term contracts as these
Credit period in years
Specific policies
guarantees include guarantees for exports to less
developed countries, investment guarantees as well
as guarantees for debt rescheduling agreements. The
outstanding guarantee with the longest term covers a
credit period ending in the year 2043.
Revolving policies
Specific policies
Revolving policies
Credit periods of transactions guaranteed
Number
EUR m
Number
EUR m
Number
Guarantee contracts issued 2008
EUR m
Number
EUR m
Not more than 1
437
4,563
151
418
411
1,470
148
574
Over 1 but not more than 5
266
3,270
3
180
207
473
1
1,200
105
3,101
52
1,265
70
531
39
178
878
11,465
709
3,386
149
1,774
Over 10
Total
154
598
Guarantees outstanding 31 Dec. 2008
476
5,007
967
5,110
460
2,387
955
5,246
1,152
12,878
16
1,600
1,067
10,559
17
2,440
840
13,371
786
14,403
Over 10
544
6,480
548
5,615
3,012
37,736
2,861
32,964
972
7,686
Not more than 1
Total
983
6,710
25
4 Guarantee contracts issued by regions and countries
The following tables grouped by regions and countries
show the turnover of newly issued guarantee contracts and the corresponding guarantees outstanding
under the Export Guarantees Act.
Regions, country groups
Guarantee contracts
Outstanding
31 December 2008
issued 2008
Guarantee contracts
issued 2009
Outstanding
31 December 2009
4.1 Guarantee contracts issued and outstanding by regions 1
Number
EUR m
%
Number
EUR m
%
Number
EUR m
%
Number
EUR m
%
247
4,460
37.0
755
12,258
27.6
220
923
17.9
729
10,540
25.9
54
1,437
11.9
218
2,238
5.0
43
110
2.1
189
1,171
2.9
3
2
0.0
11
18
0.0
4
4
0.1
12
6
0.0
Europe (incl. Turkey, CIS)
EU
North America
Latin America
Asia
Australia and Oceania
Africa
59
145
1.2
139
354
0.8
53
120
2.3
144
392
1.0
388
1,205
10.0
826
5,399
12.2
332
967
18.7
825
4,996
12.3
1
9
0.1
1
9
0.0
—
—
—
1
9
0.0
32
151
1.2
125
792
1.8
35
128
2.5
109
780
1.9
4
182
1.5
23
1,647
3.7
1
1,200
23.3
22
2,487
6.1
Total guarantees
734
6,154
51.0
1,880
20,477
46.1
645
3,342
64.8
1,842
19,210
47.2
294
5,853
48.5
2,111
23,913
53.8
206
1,766
34.2
1,980
21,331
52.5
4
56
0.5
4
56
0.1
7
52
1.0
11
109
0.3
12,063 100.0
3,995
44,446 100.0
858
5,160 100.0
3,833
Comprehensive policies (CP) 2
Guarantees issued for OeEB
1,032
Total
40,650 100.0
Of which (excl. CP, AE, OeEB):
OECD
80
916
7.6
300
2,369
5.3
64
254
4.9
259
1,680
4.1
476
1,500
12.4
1,082
6,527
14.7
419
1,215
23.5
1,074
6,167
15.2
207
363
3.0
307
2,624
5.9
193
217
4.2
298
2,033
5.0
Non-European
developing countries
OPEC
1
2
These figures include guarantees for debt rescheduling agreements (see chapter II/5).
Excluding outstanding receivables due to the guarantor (Republic of Austria) from claims paid under guarantees (see tables in chapter II/6).
In this table the G 6 and G 8 revolving guarantees, which cannot be attributed directly to specific regions, are subsumed under “comprehensive policies”.
Country data
The OeKB has been registering a growing interest in
country data. With a view to enhancing transparency
and in agreement with the Federal Ministry of
Finance, this Annual Report contains country data
relating to guarantee contracts of the Republic of
Austria pursuant to the Export Guarantees Act and to
the OeKB’s Export Financing Scheme.
26
Regions and countries
4.2 Guarantee contracts issued and outstanding by regions and countries 1
EUR thousand
Total
1
Total
of which rescheduling guarantees
Total
of which rescheduling guarantees
5,159,930
7,563
40,649,649
816,053
Europe
923,270
—
10,540,242
137,634
Belarus
Bulgaria
Estonia
United Kingdom
Kazakhstan
Croatia
Malta
Romania
Russia
Serbia
Turkey
Ukraina
Hungary
Latin America
Brazil
6,841
17,896
649
—
38,774
—
956
—
34,537
574,756
5,306
99,794
95,371
506
119,915
105,418
Asia
Bhutan
China (incl. Hong Kong)
India
Indonesia
Iran
Israel
Pakistan
Philippines
Saudi Arabia
Singapore
Sri Lanka
South Korea
Thailand
Vietnam
Africa
Egypt
Algeria
Côte d’Ivoire
Gabon
Ghana
Libya
967,206
41,563
351,378
267,590
29,708
81,758
79
10,616
—
34,961
23,759
835
75,346
563
22,656
503
127,619
22,415
4,239
—
44,593
14,650
14,548
—
7,563
—
510,511
319,605
180,632
28,994
44,347
869,258
477,086
70,000
630,533
3,371,069
567,129
1,194,211
1,997,348
82,219
392,139
330,375
4,996,356
70,730
1,647,756
402,585
1,025,522
471,406
52,044
76,889
213,316
255,174
31,228
104,247
223,541
54,239
89,229
233,097
780,124
353,315
44,028
66,142
59,855
53,216
116,900
87,917
48,204
6,583
263,632
221,639
29,836
12,157
408,204
311,395
66,142
Country data without comprehensive guarantees, aval endorsements and guarantees issued for OeEB.
Guarantee contracts issued and guarantees outstanding in each case excluding guarantee offers.
Excl. outstanding receivables due to the guarantor (Republic of Austria) from claims paid under guarantees (see tables in chapter II/6).
27
5 Debt rescheduling agreements
Paris Club
When need arises in certain cases, the “Paris Club”
is formed from a group of public creditors, which
includes 19 countries participating on a regular basis.
Representatives of the international financing
institutions (notably the International Monetary Fund
and the World Bank) also attend the meetings chaired
by France. Austria is represented by the Federal
Ministry of Finance and the OeKB.
Debt rescheduling agreements are agreements
covering the external debt of a debtor country which
are due to deliveries and services insured by the
creditor countries in the framework of their respective
export guarantee systems or which fall within the
area of governmental development aid. As a first
step, multilateral framework conditions are agreed
on between the debtor country and the creditor
countries, which are finally implemented with the
individual creditor countries on a bilateral basis. The
due performance of these agreements is as a rule
guaranteed pursuant to the Export Guarantees Act.
Conventional debt rescheduling
The aim of debt rescheduling is to restore the creditworthiness of the debtor nation on a long-term basis.
The new creditworthiness is to be achieved by all
creditor countries sharing alike in the debt rescheduling. In the framework of debt rescheduling, usually
the deadlines for repayment are extended and market
interest rates are applied (conventional rescheduling).
28
Debt reliefs –
concessional debt rescheduling agreements
Since 1988 debt relief programmes consisting in
concessional debt rescheduling have been agreed on
successively for the poorest debtor countries. The
percentages of debt reduction were progressively
increased from originally 33% to 50%, 67% and 80%.
The so-called enhanced HIPC (Heavily Indebted Poor
Countries) Initiative providing for debt reductions by
90% or more for heavily indebted poor countries —
primarily in Africa — was adopted in June 1999. In the
framework of a concerted EU-wide initiative, Austria
grants a 100% debt relief to these countries.
Moreover, the international community of creditors
granted extraordinary debt relief to Poland and Egypt
in the early 1990s as well as to Serbia and Montenegro, Iraq and Nigeria between 2001 and 2005.
In Austria debt reductions were initially implemented
either by applying interest rates below the actual
market interest rates or — as for example under the
enhanced HIPC Initiative — by direct debt relief.
By 31 December 2009 cumulative payments of
principal in the amount of EUR 8,148 million and of
interest in the amount of EUR 3,250 million were
received under reschedulings.
As of 31 December 2009 the OeKB (on behalf of the
Republic of Austria) administered receivables due
from claims paid on account of default on debt
rescheduling agreements by debtor countries in the
aggregate amount of EUR 527 million (EUR 419 million corresponding to overdue principal and EUR 108
million to overdue interest). The development of the
claims in connection with debt rescheduling guarantees is shown in table 6.2 in the next chapter.
Regions, types of guarantee
Contracts issued
2008
Outstanding
31 December 2008
Contracts issued
2009
Outstanding
31 December 2009
Rescheduling guarantees by regions and by types of guarantee 1
Number of
Number of
EUR m
%
countries
EUR m
%
EUR m
%
countries
EUR m
%
—
—
5
148
11.7
—
—
3
138
16.9
Latin America
—
—
2
7
0.6
—
—
2
6
0.7
27
100.0
5
703
55.3
8
100.0
5
264
32.4
Africa
—
—
8
412
32.4
—
—
8
408
50.0
Total
27
100.0
20
1,270
100.0
8
100.0
18
816
100.0
—
—
1
0
0.0
—
—
—
—
—
27
100.0
15
1,122
88.3
8
100.0
15
678
83.1
27
100.0
2
659
51.9
8
100.0
2
222
27.2
Asia
Of which
OECD
Non-European
OPEC
1
G3
27
1,263
8
810
G9
—
7
—
6
These figures are contained in the figures appearing in the preceding tables.
6 Statement of income and net claims paid – claims paid by regions and countries
The below survey shows the development of the
premium income and of claims paid under guarantees
of the Republic of Austria pursuant to the Export
Guarantees Act in 2009 and cumulative values
since 1950.
In setting the premium levels charged to customers
for the guarantees, OeKB does not seek to realise a
profit but to cover the cost of the guarantee system
in the long term. Expenses for interest reduction in
connection with the concessional rescheduling of
debts under international agreements have a sustained effect on the guarantee programme’s balance
of premium income less net claims paid (calculated in
the programme’s “statement of income and net
claims paid”).
The amount of claims paid by the Republic of Austria
under guarantees pursuant to the Export Guarantees
Act must be viewed in the context of the aggregate
volume of guarantee contracts issued. From the
beginning of the guarantee programme in 1950 to the
end of 2009, the value of guarantees issued was
EUR 182.4 billion. In this cumulative total, revolving
guarantees are only included at their nominal
amounts. During these 60 years, cumulative chargeoffs by the guarantor and (since 1989) relief through
interest reductions that had to be granted under
international agreements totalled a combined
EUR 4,594 million, or 2.5% of the cumulative amount
of guarantee contracts issued.
In 2009 the positive trend of the past several years
continued and premium income exceeded net costs
by EUR 112 million.
29
EUR million
2007
1950 – 2007
2008
1950 – 2008
2009
1950 – 2009
6.1 Statement of income and net claims paid under guarantee contracts of the Republic of Austria pursuant to the ExpGA
157
4,034
205
4,239
210
4,449
93
1,167
37
1,204
(121)
1,083
Total
250
5,201
242
5,443
89
5,532
Recoveries on claims paid
188
2,650
262
2,912
353
3,265
Total (+)
438
7,851
504
8,355
442
8,797
Claims paid, excl. HIPC (—) 1
313
6,102
379
6,469
330
6,790
+125
+1,749
+125
+1,886
+112
+2,007
43
1,908
23
1,931
—
1,931
Premium income
± interest/costs
Net amount (±) 2
Net interest rate relief granted (—)
Net amount including interest rate relief granted (±) 2
+82
(159)
+102
(45)
+112
+76
In per cent of cumulative guarantee contracts issued
0.10
0.03
0.04
In per cent of guarantees outstanding
0.42
0.10
0.19
Guarantor’s receivables in respect of claims paid (exkl. HIPC)
at 31 December (the collection procedures
862
862
845
845
907
907
67.4
103.0
57.9
100.8
Interest rate relief granted (—)
71
2,430
51
2,481
10
Contribution from federal budget (+)
28
522
28
550
10
560
Net interest rate relief granted (—)
43
1,908
23
1,931
—
1,931
Amounts written off as unrecoverable, excl. HIPC (—)
586
2,607
44
2,651
12
2,663
Total (—)
629
4,515
67
4,582
12
4,594
are expected to lead to further recoveries)
Claims paid incl. net interest rate relief granted
minus recoveries
in per cent of
premium income ± interest/costs
1
2
2,491
2.52
2.58
2.73
In per cent of cumulative guarantee contracts issued
98.6
Guarantee contracts issued
12,316
165,207
12,063
177,270
5,160
182,430
Guarantees outstanding at 31 December
37,460
37,460
44,446
44,446
40,650
40,650
Restructurings of claims paid under the HIPC Initiative in previous reporting periods influence the sum of the figures.
Statistical surplus (+); statistical deficit (—).
30
EUR million
2009
cum.
2009
cum.
2009
cum.
31 December 2009
31 December 2009
6.2 Claims paid pursuant to the Export Guarantees Act by regions
Claims paid
Regions and
country groups
EU
North America
Total
paid out
5
7
2,313
251
1,473
7
807
33
2
1,477
248
932
4
526
19
3
0
40
1
8
0
32
0
0
0
159
2
142
146
0
56
697
(6)
953
522
4
—
2
—
0
0
2
—
—
13
2,130
32
816
28
1,206
108
—
0
44
0
7
—
16
21
—
315
7,148
340
3,160
31
3,158
830
9
19
1,238
46
377
8
766
95
9
296
5,910
294
2,783
23
2,392
735
—
—
130
—
1
—
129
—
—
315
7,278
340
3,161
31
3,287
830
9
18
207
13
104
1
69
34
—
333
7,485
353
3,265
32
3,356
864
9
2
1,539
248
914
6
571
54
0
307
4,728
89
1,655
22
2,297
776
4
287
1,978
11
635
0
1,037
306
—
695
—
—
20
693
2
—
Exchange risk guarantees (G 10)
Total G 1 — G 10
but not yet
and outstanding
447
commercial risks
political risks 1
Claims admitted,
Republic of Austria
2,172
Comprehensive policies
Total G 1 — G 9
Claims paid by the
as unrecoverable
7
Australia and Oceania
Africa
Amounts written off
288
Latin America
Asia
Recoveries
on claims paid
Of which 2
OECD
Non-European
OPEC
HIPC Initiative, total
13 3
Compared with total 2008
380
7,152
262
2,912
48
3,324
916
9
328
6,772
188
2,650
601
3,276
846
33
512
6,444
53
2,462
551
2,675
1,307
46
Of which for debt rescheduling guarantees
Europe
1
1,462
247
1,197
0
265
0
—
Latin America
1
269
—
99
—
64
106
—
189
1,025
12
312
0
377
336
—
Africa
5
1,762
30
613
22
1,064
85
—
Total
196
4,518
289
2,221
22
1,770
527
—
351
4,322
238
1,932
18
1,748
642
—
258
3,971
150
1,694
365
1,730
547
—
540
3,705
38
1,539
478
1,362
804
—
Asia
1
2
3
Including claims paid under guarantees for debt rescheduling agreements.
Without taking into account the claims paid for exchange risk guarantees and aval endorsements, which are not directly attributable to
specific regions/country groups. Claims paid for comprehensive policies were attributed to the OECD.
This amount includes EUR 9.8 million of claims paid in previous periods transferred to the HIPC Initiative in 2009.
31
EUR thousand
2009
cum.
2009
cum.
2009
cum.
31 Dec. 2009
31 Dec. 2009
6.3 Claims paid pursuant to the Export Guarantees Act by regions and countries 1
Claims paid
Total
Amounts written off
Claims paid by the
Claims ad-
as unrecoverable
Republic of Austria
mitted, but not
and outstanding
yet paid out
333,051
7,484,977
353,171
3,265,010
31,172
3,355,539
864,428
9,430
Europe
Bulgaria
Germany
France
Georgia
United Kingdom
Italy
Poland
Russia
Switzerland
Serbia
Turkey
Ukraina
7,080
—
88
—
—
200
20
357
715
—
512
623
142
2,313,394
112,749
111,807
36,535
94,170
27,405
97,394
963,258
437,675
25,834
157,527
55,469
28,824
251,091
—
—
—
—
814
123
246,967
78
—
1,849
308
119
1,473,359
74,230
12,986
6,419
49,337
6,291
23,800
769,027
310,621
5,624
87,922
41,987
26,809
7,694
—
279
—
—
2,406
1,273
84
—
—
13
168
—
807,425
38,519
98,109
30,065
44,833
21,114
70,707
190,465
126,339
20,205
68,729
6,417
2
32,610
—
712
51
—
—
2,887
3,766
715
5
876
7,065
2,013
4,784
—
—
—
—
—
—
2
—
—
—
119
—
North America
293
40,367
103
7,807
3
32,220
340
47
USA
Latin America
Argentina
Bolivia
Brazil
Cuba
Venezuela
Asia
India
Indonesia
Iraq
Iran
Lebanon
Myanmar
North Korea (DPR)
Philippines
Saudi Arabia
Syria
Thailand
Vietnam
Africa
Egypt
Algeria
Angola
Côte d’Ivoire
Cameroon
Kenya
Congo DR (former Zaire)
Madagascar
Morocco
Nigeria
Zambia
Sudan
Tanzania
Togo
1
Recoveries
on claims paid
293
27,848
103
5,820
3
21,688
340
47
7,179
0
12
296
756
5,755
446,469
112,657
68,595
37,423
97,489
50,620
185
17
58
—
—
—
158,609
45,672
4,766
32,667
4,401
22,667
1,860
173
37
—
—
—
141,531
28,116
63,829
4,148
32
22,198
146,329
38,869
—
608
93,056
5,755
409
—
—
368
—
—
287,538
2,036
2,817
1,049
280,011
—
—
—
—
—
—
0
—
27
1,317
2,171,378
99,515
45,319
135,686
959,477
155,426
74,935
52,298
231,795
78,220
59,481
25,533
42,110
134,050
25,126
56,410
41,558
—
8,845
1,917
—
2,506
—
—
—
—
—
—
45
1,263
696,868
56,848
14,251
78,999
81,284
85,091
52,022
17,434
80,579
74,394
6,182
18,761
267
83,276
15,210
(6,213)
(6,289)
—
0
—
—
—
—
—
—
—
—
—
—
64
953,090
36,228
9,442
54,900
589,177
70,335
807
—
6,627
3,826
53,299
6,696
41,546
50,711
9,916
521,420
6,439
21,626
1,787
289,016
—
22,106
34,864
144,589
—
—
76
297
63
—
12,422
2,129,612
32,226
816,135
27,222
1,205,294
108,183
4,190
2,861
1,329
—
—
—
—
—
—
—
—
—
—
—
—
—
3,438
—
—
2,127
—
660
—
—
—
—
—
—
4,925
397
228,820
90,258
51,319
29,604
472,446
68,246
82,556
60,951
120,559
367,099
29,530
296,336
45,800
34,602
30,235
—
—
—
—
1,972
—
—
—
—
—
—
10
—
188,437
88,061
47,481
5,359
13,926
65,980
15,982
9,345
117,105
183,152
13,235
7,891
5,305
14,979
1,782
—
—
10,486
—
—
—
—
—
—
—
—
4,889
9,726
37,752
2,197
1,662
14,615
458,520
1,537
1,061
51,606
3,454
183,947
16,295
288,445
40,469
11,260
2,631
—
2,176
9,630
—
729
65,513
—
—
—
—
—
26
8,363
—
—
—
—
—
—
—
—
—
—
—
—
—
—
These figures include claims paid for debt rescheduling guarantees. Country data without taking into account the claims paid
for comprehensive policies, exchange risk guarantees and aval endorsements, which are not directly attributable to specific countries.
32
III. Oesterreichische Kontrollbank AG
Export Financing Scheme
1 Outstanding amounts and net changes in the export financing scheme
Export financing scheme in place since 1960
Since 1960 OeKB has operated a programme to
finance exports of goods and services, largely on a
medium- and long-term basis, with special emphasis
on exports of Austrian capital goods. Known as the
export financing scheme, this programme serves to
provide funding facilities to banks which in turn
extend credit to Austrian exporters or investors and
to foreign importers (supplier and buyer credits for
exports, financing for Austrian companies’ investments in foreign countries, and export acceptance
credits). The export financing scheme is also used for
funding the direct lending by OeKB for the same
purposes. The 1995 Amendment to the Export
Guarantees Act allows guarantees to be issued for
untied credits.
Requirements
The credits to banks require a guarantee for the
transaction or right underlying the financing. The guarantee must conform with the provisions of the 1981
EUR million
Export Financing Guarantees Act. In addition, both
the rights arising from the guarantees and the
underlying receivables (export or other receivables)
typically must be assigned as security.
The maximum repayment term of export credits that
fall within the scope of the OECD Consensus
(Arrangement on Officially Supported Export Credits)
is generally 10 years. Longer maximum terms are
possible for conventional power plants (maximum of
12 years), project finance (maximum of 14 years)
and renewable energy and water projects (maximum
of 18 years).
The extension of funding to banks through OeKB’s
Export Financing Scheme represents an open system
available to domestic and foreign credit institutions.
They must, however, meet the creditworthiness
criteria of OeKB, fulfil the legal requirements regarding the transactions to be financed and satisfy
OeKB’s standard conditions for uniform financing
procedures. The latter applies particularly to collateral
management.
Outstanding
Net
Outstanding
Net
Outstanding
Net
Outstanding
31 Dec. 2006
changes
31 Dec. 2007
changes
31 Dec. 2008
changes
31 Dec. 2009
33,803
1.1 Outstanding amounts and net changes in the export financing scheme — assets 1
28,122
+4,570
32,692
+6,260
38,952
(5,149)
343
(116)
227
(36)
191
+81
272
Commitments
28,465
+4,454
32,919
+6,224
39,143
(5,068)
34,075
Disbursements
25,606
+3,931
29,537
+7,266
36,803
(5,402)
31,401
Financing contracts
Conditional commitments
1
These figures include rescheduled debt.
The export financing contracts and conditional
commitments not utilised by 31 December 2009
are going to be disbursed as follows:
EUR million
Financing Conditional
contracts commitments
Total
1.2 Disbursements in the export financing scheme
until end-2010
582
99
681
until end-2011
1,703
130
1,833
until end-2012
2
43
45
until end-2013
114
—
114
until end-2014
2
—
2
2,403
272
2,675
33
EUR million
Financing Conditional
contracts commitments
Total
1.3 Repayments due in the export financing scheme
until end-2010
3,858
—
until end-2011
4,756
—
3,858
4,756
until end-2012
6,143
2
6,145
until end-2013
3,920
6
3,926
until end-2014
2,942
11
2,953
until end-2015
1,019
15
1,034
until end-2016
1,701
15
1,716
until end-2017
441
15
456
until end-2018
1,403
16
1,419
after 2018 (up to 2043)
7,620
192
7,812
33,803
272
34,075
The export financing contracts already utilised at
31 December 2009 as well as the contracts and
conditional commitments not yet utilised amounting
to EUR 34,075 million that date are contractually
due for repayment by the debtors on the dates
shown in the accompanying table.
The outstanding loan agreement with the longest
term expires in the year 2043.
2 Turnover in the export financing scheme
Supplementing the previous survey of the volume of
commitments and disbursements outstanding, the
following summary breaks down the gross turnover in
the export financing scheme administered by the
Bank.
EUR million
In the year under review, repayments received under
credits extended reached EUR 9,843 million and
exceeded the volume of disbursements.
2006
2007
2008
2009
4,971
Turnover in the export financing scheme — assets
Financing contracts:
7,928
9,803
12,225
Contracts withdrawn
829
892
1,617
711
Repayments received
5,380
4,795
4,788
9,843
New contracts issued 1
Of which revolving credits
461
454
439
435
7,820
8,726
12,054
4,441
Conditional commitments:
202
119
143
178
Transformed into contracts
58
158
152
82
Conditional commitments withdrawn
51
76
27
16
New conditional commitments
1
34
Transformation of conditional commitments into financing contracts included. These figures include rescheduled debt.
3 Export financing by regions and countries
The below tables 3.1 and 3.2 show the volume of
export financing commitments outstanding and its
utilisation at year-end as well as the newly issued
financing contracts and amounts disbursed per year
(turnover) grouped by regions; table 3.3 offers an
overview by countries.
Outstanding 31 December 2009
3.1 Commitments and disbursements outstanding in the export financing scheme by regions
Commitments
Disbursements
Commitments
Disbursements
EUR million
%
EUR million
%
EUR million
%
EUR million
%
9,744
26.5
7,366
21.8
7,097
22.6
7,394
21.7
9,913
25.5
Incl. conditional commitments
9,935
25.4
EU
1,969
5.1
1,913
5.2
832
2.5
768
2.4
1
0.0
1
0.0
0
0.0
0
0.0
0
0.0
144
0.4
205
0.6
128
0.4
208
0.6
2,886
8.6
2,683
8.5
3,091
9.1
641
1.9
624
2.0
677
2.0
750
2.2
410
1.3
750
2.2
11,848
35.1
10,942
34.8
12,120
35.6
21,955
64.9
20,459
65.2
21,955
64.4
33,803
100.0
31,401
100.0
34,075
100.0
North America
Latin America
Asia
Africa
Comprehensive policies 1
Total
Aval endorsements 2
Total *
1
0.0
221
0.6
223
0.6
3,460
8.9
3,601
9.2
561
1.4
587
1.5
787
2.0
787
2.0
14,943
38.4
15,134
38.7
24,009
61.6
24,009
61.3
38,952
100.0
39,143
100.0
1,690
4.3
1,445
3.9
1,171
3.5
1,008
3.2
4,242
10.9
3,804
10.4
3,732
11.1
3,435
10.9
1,771
4.5
1,738
4.7
1,279
3.8
1,278
4.1
3,111
549
457
14,006
22,797
36,803
8.5
1.5
1.2
38.1
61.9
100.0
Commitments
incl. conditional commitments
* Of which (excl. CP and AE):
OECD
Non-European
OPEC
1
2
Financed export contracts, covered by revolving comprehensive and reinsurance guarantees (CP).
Financed export contracts, covered by endorsements (guarantees by aval) of bills of exchange (AE);
the Kontrollbank refinancing line (KRR) for acceptance credits of banks has been included.
35
Turnover 2009
Turnover 2008
3.2 New contracts issued and amounts disbursed in the export financing scheme by regions
New contracts issued
EUR million
%
EUR million
%
EUR million
%
EUR million
%
4,964
41.2
1,670
33.6
1,622
36.5
1,692
32.9
4,646
38.0
4,681
37.9
EU
1,148
9.4
1,213
10.1
62
1.2
81
1.8
0
0.0
1
0.0
—
—
—
—
0
0.0
—
—
15
0.1
20
0.4
19
0.4
15
0.1
20
0.4
435
3.6
(259)
(5.2)
(114)
(2.5)
518
4.2
(145)
(2.8)
(21)
(0.2)
135
2.7
120
2.7
5
0.0
177
3.4
48
0.4
38
0.8
219
4.9
48
0.4
38
0.7
5,123
41.9
1,604
32.3
1,866
42.0
5,267
42.6
1,782
34.6
7,102
58.1
3,367
67.7
2,575
58.0
7,102
57.4
3,367
65.4
12,225
100.0
4,971
100.0
4,441
100.0
12,369
100.0
5,149
100.0
674
5.5
538
4.5
121
2.4
281
6.3
429
3.5
277
2.3
(105)
(2.1)
25
0.6
39
0.3
66
0.5
(302)
(6.1)
(271)
(6.1)
Europe (Incl. Turkey, CIS)
North America
Latin America
Asia
Africa
Comprehensive policies
Total
Aval endorsements
Total *
(1)
303
(25)
225
5,467
6,587
12,054
0.0
2.5
(0.2)
1.9
45.4
54.6
100.0
New contracts
incl. conditional commitments
* Of which (excl. CP and AE):
OECD
Non-European
OPEC
36
EUR thousand
Turnover 2009
3.3 Turnover and amounts outstanding in the export financing scheme by regions and countries 1
Total
Europe
Belarus
Bulgaria
Germany
Estonia
Italy
Kazakhstan
Croatia
Luxembourg
Malta
Romania
Russia
Sweden
Serbia
Slovak Republic
Slovenia
Turkey
Ukraina
Latin America
Brazil
Cuba
1
Commitments
Disbursements
4,441,019
33,802,714
31,400,726
1,622,419
7,365,483
7,097,226
131,217
112,681
232
2,875
10,166
7,163
—
298,399
15,281
—
15,997
457,293
—
310,935
7,673
229
10,130
273,785
131,217
115,667
9,390
4,275
2,959
23,328
—
298,570
15,281
—
15,997
351,978
—
306,537
7,612
225
27,969
254,683
302,099
278,329
129,896
34,011
32,443
56,640
584,598
454,856
50,849
70,000
238,854
1,972,720
65,716
488,031
31,795
74,227
584,729
1,837,248
302,099
271,806
85,135
34,011
25,207
44,589
584,598
454,588
50,849
70,000
238,854
1,843,992
65,716
483,708
31,733
73,933
528,115
1,836,700
19,774
18,709
205,283
127,769
3,834
—
2,769
—
86,259
80,441
82,603
6,583
New contracts
Loan funds
issued
disbursed
4,970,379
1,669,859
Asia
(258,645)
(113,676)
2,885,471
2,682,893
Bhutan
Indonesia
Iraq
Iran
Pakistan
Philippines
Sri Lanka
South Korea
Thailand
Vietnam
39,170
31,805
6,103
(450,000)
—
—
—
835
76,045
—
32,315
—
3,351
55,507
5,065
(417,454)
—
—
649
11,867
161,316
—
31,982
29,197
70,415
763,867
987,122
—
119,827
44,081
195,844
93,689
308,198
40,597
36,045
216,603
34,597
732,008
986,085
—
119,827
44,081
195,844
80,069
217,915
40,597
36,045
187,084
Africa
134,610
120,000
641,084
624,188
Egypt
Côte d’Ivoire
Ghana
Libya
13,430
—
14,650
104,500
6,973
—
6,029
104,500
339,388
66,142
51,793
103,550
331,644
66,142
43,172
103,550
These figures include rescheduled debt. Newly issued contracts and commitments outstanding in each case excluding conditional
commitments (country data without financed export contracts, covered by comprehensive policies and by aval endorsements).
37
4 Tied financial credits – acquisition of accounts receivable (types of contract)
The following tables show the shares of tied financial
credits and the acquisition of accounts receivable in
the total volume of refinancing contracts for export
credits administered by the OeKB.
Exports made on credit terms can be financed as
supplier’s credits (deferred payment allowed by
exporters) or by means of loans extended to the
foreign buyers (buyer credits). The exporter granting
a supplier’s credit to a foreign buyer can obtain
refinance from a bank. If a tied financial credit is
extended or accounts receivable are acquired by a
bank, this leads to a contraction in the exporter’s
balance sheet. The bank in question can obtain
refinancing from the OeKB for the credit portion
covered by an adequate guarantee for the legal
transaction (contract) or right underlying the financing
operation.
4.1 Commitments and disbursements outstanding in the export financing scheme by types of contract
Commitments
Tied financial credits
Foreign investments
Acquisition of accounts receivable
Other financing contracts
Subtotal
Aval endorsements
Total
38
Disbursements
Commitments
Disbursements
EUR million
%
EUR million
%
EUR million
%
EUR million
%
4,954
12.7
4,609
12.5
4,321
12.8
4,005
12.7
5,145
13.2
4,593
13.5
7,912
20.3
5,654
16.8
5,609
17.9
7,912
20.2
5,654
16.6
252
0.7
208
0.6
129
0.4
252
0.6
208
0.6
1,825
4.7
1,665
4.9
1,199
3.8
1,825
4.7
1,665
4.9
14,943
38.4
11,848
35.1
10,942
34.8
15,134
38.7
12,120
35.6
24,009
61.6
21,955
64.9
20,459
65.2
24,009
61.3
21,955
64.4
38,952
100.0
33,803
100.0
31,401
100.0
39,143
100.0
34,075
100.0
7,912
171
1,314
14,006
22,797
36,803
21.5
0.5
3.6
38.1
61.9
100.0
Turnover 2009
Turnover 2008
4.2 New contracts issued and amounts disbursed in the export financing scheme by types of contract
Amounts disbursed
Amounts disbursed
EUR million
%
EUR million
%
EUR million
%
EUR million
%
(6)
137
(0.1)
1.1
20
0.2
(206)
(28)
(4.1)
(0.6)
(198)
(4.5)
4,257
34.8
4,493
37.3
1,605
32.3
1,542
34.7
4,257
34.4
1,605
31.2
Acquisition of accounts receivable
60
0.5
22
0.4
25
0.6
60
0.5
22
0.4
812
6.7
183
3.7
497
11.2
813
6.6
183
3.6
5,123
41.9
1,604
32.3
1,866
42.0
5,267
42.6
1,782
34.6
7,102
58.1
3,367
67.7
2,575
58.0
7,102
57.4
3,367
65.4
12,225
100.0
4,971
100.0
4,441
100.0
12,369
100.0
5,149
100.0
Tied financial credits
Foreign investments
Other financing contracts
Subtotal
Aval endorsements
Total
17
937
5,467
6,587
12,054
0.1
7.8
45.4
54.6
100.0
5 Interest rates of the export financing scheme
The financing for banks’ supplier and buyer credits
and investment loans is extended at floating and fixed
interest rates. The floating rate is determined by
OeKB for three months at a time and is based on
OeKB’s own average cost of funding itself in the
market. In the case of individual non-revolving loans,
the floating-rate portion of the credit is repaid first;
the fixed interest rate is applied to the longer-term
portion of the facility (base financing).
In response to the worldwide crisis in money and
capital markets, especially after the collapse of
Lehman Brothers Inc., funding from OeKB for export
finance activities was temporarily available only on a
floating-rate basis. When the market situation improved, financing at both floating and fixed rates was
resumed in December 2009. Since the middle of
2009, OeKB also offers pure floating-rate financing of
supplier and buyer credits and investments, based on
3-month EURIBOR.
Credit to banks for the funding of revolving credit
facilities, and of export acceptance credits under the
Kontrollbank Credit Line, or KCL (in German:
Kontrollbank-Refinanzierungsrahmen or KRR), is
extended at special floating interest rates.
The current interest rates of the export financing
scheme are published via Reuters and can also be
viewed on the Internet at www.oekb.at. The Austrian
export financing procedure is also described in the
so-called “Yellow Book” published by the OECD.
In certain circumstances funding with a tenor of two
years or longer can be provided in foreign currency at
fixed or floating interest rates. Since December 2009
OeKB offers foreign-currency-funding for supplier and
buyer credits using the CIRR as reference rate.
39
6 Sources and allocations of funds (flow of funds statement)
The OeKB procures financial resources for the
export financing scheme through credit transactions
on domestic and international financial markets.
EUR million
The below table shows the flow of funds statement
for the export financing scheme.
2006
2007
2008
2009
1960 — 2009
35,039
38,395
45,499
41,965
446,428
7,820
8,726
12,054
4,441
122,680
4,624
6,115
6,002
10,582
53,957
371
468
298
3
28,646
2,874
4,150
9,080
7,813
26,185
169
—
20
3
434
Flow of funds statement for the export financing scheme 1
Allocations
Refinancing contracts: loan funds disbursed
Decrease in domestic liabilities in
euro 2
foreign currencies
Currency investments in Austria in
euro
foreign currencies
Repayments of borrowings taken up abroad in
euro
5,303
4,675
2,907
5,088
37,326
foreign currencies
8,285
9,201
8,616
8,322
106,305
Currency investments abroad in
euro
foreign currencies
400
370
980
1,400
5,337
1,296
1,053
922
346
8,014
Redemption of the Bank’s own bond issues in
euro
foreign currencies
Deferred items
Sources
Repayments received under credits previously extended
677
798
1,750
1,812
12,730
2,888
2,762
2,644
2,137
40,260
332
77
226
18
4,554
35,039
38,395
45,499
41,965
446,428
5,380
4,795
4,788
9,843
91,278
4,284
5,279
6,393
11,290
55,740
221
486
170
2
28,666
3,758
4,150
3,580
8,312
21,184
169
—
2
3
416
Increase in domestic liabilities in
euro 2
foreign currencies
Currency investments in Austria in
euro
foreign currencies
Borrowings taken up abroad in
euro
5,205
4,596
5,376
1,474
37,769
foreign currencies
8,512
9,412
9,952
5,420
109,046
Currency investments abroad in
400
370
980
1,400
5,337
1,296
1,053
837
431
8,014
euro
2,512
3,800
6,400
1,500
24,130
foreign currencies
2,911
4,204
6,832
2,116
60,352
391
250
189
174
4,496
euro
foreign currencies
Issue of the Bank’s own bonds in
Deferred items
1
2
40
The shifts in the items of the flow of funds statement effected in the beginning of 1999 and of 2001 and resulting from the conversion
of existing loan operations in Austrian schillings and foreign currencies to euro are reflected only in the cumulative values 1960–2009.
The decrease and increase in domestic liabilities in euro are offset against each other on a monthly basis, only the balances are shown.
The total of all funds applied within the export financing scheme amounted to EUR 42.0 billion in 2009.
Of this amount, EUR 4.4 billion were disbursed as
credits and EUR 37.6 billion were primarily used for
repaying borrowed funds. In 2009 23% (EUR 9.8
billion) of the funds required came from repayments
received of export financing credits, while new
borrowings totalled EUR 32.2 billion. Of the new
borrowings, EUR 19.8 billion came from domestic
sources (in euro and foreign currencies) and
EUR 12.4 billion from abroad (also in euro and foreign
currencies).
The total financing volume decreased by 8% in
comparison to 2008.
7 Guarantees of the Republic of Austria
under the 1981 Export Financing Guarantees Act
The 1981 Export Financing Guarantees Act authorises
the Federal Minister of Finance to issue guarantees
in favour of creditors in borrowing transactions of
OeKB under the export financing scheme. The Federal
Minister of Finance is also authorised to guarantee
repayment to OeKB of possible foreign exchange
losses resulting from borrowing transactions in
foreign currencies. The aggregate liability limit under
these guarantees is EUR 45 billion. For this coverage,
OeKB pays a guarantee premium to the Ministry of
Finance. For further details see annexed Part IV
“Legal Basis”.
The borrowings covered by guarantees pursuant to
the Export Financing Guarantees Act may be used for
the purposes listed in section 1(1) of the said Act.
The law contains provisions regarding the maximum
duration of, and cost involved for, guaranteed
transactions, as well as the limit authorised for each
single borrowing transaction.
41
Principal
Guarantees (EUR million) for
Interest
amounts
Exchange
Total
risk
Guarantees under the 1981 Export Financing Guarantees Act
Of which transactions in euro
in foreign currencies
23,801
—
3,283
4,512
—
1,453
5,965
19,289
—
1,830
21,119
2,916
Reserve for the future (aggregate liability limit: EUR 30,000 million) 1
Increase 2007
13,685
—
731
14,416
Decrease 2007
8,265
—
662
8,927
Net 2007
5,420
—
69
5,489
29,221
—
3,352
32,573
8,607
—
1,340
9,947
20,614
—
2,012
22,626
Reserve for the future (aggregate liability limit: EUR 40,000 million)
7,427
2
Increase 2008
16,122
—
986
17,108
Decrease 2008
10,717
—
478
11,195
5,405
—
508
5,913
34,626
—
3,860
38,486
8,412
—
1,469
9,881
26,214
—
2,391
28,605
Net 2008
6,514
Reserve for the future (aggregate liability limit: EUR 45,000 million) 3
Increase 2009
8,014
—
216
8,230
Decrease 2009
12,715
—
256
12,971
—
(40)
Increase 1967 — 2009
135,440
(4,701)
2,776
10,992
149,208
Decrease 1967 — 2009
105,515
2,776 4
Net 2009
Net 1967 — 2009 = Outstanding 31 December 2009
2
3
4
42
(4,741)
7,172
115,463
29,925
—
3,820
33,745
6,750
—
1,439
8,189
23,175
—
2,381
25,556
Reserve for the future (aggregate liability limit: EUR 45,000 million)
1
27,084
Under the 1980 Amendment interest is no longer counted against the aggregate liability limit.
11,255
IV. Legal Basis
Page
1
Export Guarantees Act
44
2
1981 Export Guarantees Decree
47
3
1981 Export Financing Guarantees Act
53
(Non-binding English versions of the “Ausfuhrförderungsgesetz”,
the “Ausfuhrförderungsverordnung 1981” and
the “Ausfuhrfinanzierungsförderungsgesetz 1981” for information purposes only.)
The following Legal Basis and General Business Conditions regarding the guarantees of the
Republic of Austria pursuant to the Export Guarantees Act are also available on the Internet at
www.oekb.at. On this website you will also find the updated Guidelines for Cover for over 100
export markets, information on the premium system for export guarantees pursuant to the
Export Guarantees Act as well as the current interest rates applicable to the OeKB’s Export
Financing Scheme. Moreover, our homepage contains information on topical issues, international
cooperation and the general framework.
43
Legal Basis
1 Export Guarantees Act
as amended with effect from 11 January 2008 (binding is the wording published in the Federal Law Gazette).
Federal Law relating to the granting of guarantees for contracts and rights
(Export Guarantees Act - ExpGA), published in Federal Law Gazette no. 215/1981,
as amended by Federal Law Gazettes no. 249/1984, 560/1986, 651/1987, 288/1991, 961/1993, 733/1995, I no. 63/2000, 71/2003
(Act accompanying the Budget Act 2003/Part 3, Article 35), 95/2005, 58/2007, 2/2008, 32/2008 and 145/2008.
Section 1. (1) The Federal Minister of Finance is authorised to guarantee on behalf of the Republic of Austria (the “Federation”) the due
performance of contracts listed below by foreign contracting parties as well as the integrity of the rights of exporters, which serve directly
or indirectly to improve the balance of current transactions in goods and services; projects abroad enjoy the same status as these
contracts and rights in case their realisation by domestic or foreign enterprises is of Austrian interest; these projects are, in particular,
for environmental protection, waste disposal and infrastructure;
1. relating to the delivery of goods and their production, as well as to the performance of other services;
2. relating to the financing of contracts pursuant to no. 1 by advancing credits or loans, which may or may not be evidenced
by negotiable instruments, or by acquiring receivables of contracts pursuant to no. 1;
3. relating to the integrity of goods delivered in commission to stock abroad or of machines used abroad for the production
of goods or the performance of services, as well as of cash deposits, bonds and other advances;
4. relating to guarantee and insurance contracts which guarantee the performance of the obligations of the foreign party
pursuant to no.s 1 and 2;
5. relating to participations or contracts similar to participations in foreign enterprises.
(2)
The Federal Minister of Finance is also authorised to guarantee a certain rate of exchange between the euro and the contract
currency (rate of exchange risk).
(3)
The Federal Minister of Finance is also authorised to guarantee receivables arising from credits or from the acquisition of
receivables, provided they have already been guaranteed pursuant to paragraph 1.
Section 2. The Federal Minister of Finance is also authorised to facilitate the financing of contracts pursuant to section 1, paragraph 1
by guaranteeing on behalf of the Federation bills of exchange by aval either for the issuer or for the acceptor.
Section 2a. The Federal Minister of Finance is authorised to enter into contracts on behalf of the Federation to improve the risk of the
overall portfolio of guarantees pursuant to sections 1 and 2.
Section 3. (1) The total of guarantees assumed pursuant to sections 1 and 2 must not at any time exceed 50 billion euro.
(2)
Towards this aggregate guarantee limit shall be counted:
1. the covered basic amounts (maximum amounts to the extent of the percentage of cover) under guarantees pursuant to
section 1, paragraphs 1 and 3;
2. the total of the notified request for financing and in case of non-notification, the maximum amounts under guarantees
pursuant to section 2 assumed to be the required financing.
(3)
Interest and costs which may be agreed in the contracts as well as guarantees under section 1, paragraph 2 and promises to
grant guarantees shall not be counted towards the ceiling of guarantees.
(4)
The guarantees may be assumed in euro, in a currency freely convertible at the date the contract is made or in a clearing
currency. In case guarantees are granted in a foreign currency, the conversion into euro shall be effected at the reference rates of
exchange, published by the European Central Bank.
Section 4. (1) The Federal Minister of Finance determines by decree with the consent of the Main Committee of Parliament the rules
under which guarantees pursuant to sections 1 and 2 may be granted.
(2)
These rules shall duly reflect the development purpose of granting guarantees.
Section 5. (1) The Federal Minister of Finance is authorised to entrust the bank-related handling of applications for guarantees (banker’s
evaluation by rating and processing), the execution of guarantees, the entering into contracts pursuant to section 2a and the protection of
the rights of the Federation arising under guarantees, except for litigation at court, to an agent of the Federation pursuant to sections 1002
et seq. of the General Code of Civil Law (ABGB). The agent of the Federation must have the authorisations for banking business in Austria
pursuant to section 1, paragraph 1, no.s 1, 3, 4, 7, 8, 10 and 18 Banking Act or pursuant to section 9 Banking Act. Moreover, he must
44
Legal Basis
warrant a solid, reliable and cost-effective management of the export guarantee scheme. The position of the agent of the Federation shall
be regulated in detail by an agreement between the principal and the agent of the Federation. In case of applications for guarantees for
the agent of the Federation himself or for domestic export credit insurers, the bank-related handling is entrusted to Oesterreichische
Nationalbank.
(2)
The examination of applications for guarantees pursuant to sections 1 and 2 in the individual case exceeding two hundred
thousand euro is entrusted to an advisory council at the Federal Ministry of Finance. Members of the advisory council, which performs this
examination under overall economic aspects, including environmental and employment related aspects, are:
1. one representative of the Federal Ministry of Finance as chairman and respectively one representative of the Federal
Chancellor’s Office, of the Federal Ministry for Economy and Labour, of the Federal Ministry of Agriculture and Forestry,
Environment and Water Management as well as of the Federal Ministry for European and International Affairs;
2. one representative respectively of the Austrian Federal Economic Chamber, of the Federal Chamber of Labour, of the
Conference of the Presidents of the Austrian Chambers of Agriculture and of the Federation of Austrian Trade Unions;
3. one representative of the Oesterreichische Nationalbank;
4. one representative of the agent of the Federation without vote.
(4)
The members of the advisory council and its deputy members exercise their functions in an honorary capacity.
(5)
The Federal Ministry of Finance organises the examinations by the advisory council.
(6)
All persons engaged in the handling and examination of applications for guarantees are obliged to treat confidentially any
official, business or operational secrets which have come to their knowledge when so acting.
Section 6. The Federal Minister of Finance has to report to the Main Committee of Parliament quarterly and in writing on the extent of
guarantees granted pursuant to this Federal Law, on the development of debts paid and recoveries received in connection with these
guarantees and on guarantees granted for major projects with significant environmental effects. The Federal Minister of Finance has to
report annually to the Main Committee of Parliament on the activities of the advisory council pursuant to section 5, paragraph 2 which
report thereafter has to be published by the Federal Ministry of Finance. The Federal Minister of Finance has to submit to the Main
Committee of Parliament yearly a report on guarantees granted for projects of the development bank pursuant to section 9.
Section 7. (1) The agent of the Federation (section 5, paragraph 1) shall collect the fees for guarantees and all recoveries of payments
made by the Federation under guarantees and shall credit such amounts to a current account of the Federation with the agent of the
Federation. The agent of the Federation is authorised to debit to such account the fee due to it.
(2)
In case the Federation is called upon to honour guarantees pursuant to sections 1 and 2 or in case interest and costs must
be spent to avert damages or to minimize losses, the credit balance from time to time available on the account of the Federation shall be
used to meet such payments. In case no credit balance is available, the Federation shall allocate other budget means for such payments.
(3)
So long as the credit balance is not used for payments, the credit balance must be applied in the export financing scheme
of the agent of the Federation.
Section 8. (1) No stamp duty shall be levied on bills of exchange guaranteed pursuant to section 2.
(2)
Insurance contracts for which a reinsurance guarantee of the Federation is issued pursuant to section 1, paragraph 1, no. 4
are exempted from insurance tax.
Section 8a. (1) Oesterreichische Kontrollbank Aktiengesellschaft remains to be the agent of the Federation until an agency agreement
pursuant to section 5, paragraph 1 is made.
(2)
In case a new agent of the Federation is appointed pursuant to section 5, paragraph 1, the business being handled by
Oesterreichische Kontrollbank Aktiengesellschaft but not yet completed shall continue to be administered by Oesterreichische Kontrollbank
Aktiengesellschaft against an adequate fee.
(3)
The Federal Government has to inform Oesterreichische Kontrollbank Aktiengesellschaft at least two years prior to initiating
a procurement procedure pursuant to section 5, paragraph 1.
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Legal Basis
Austrian development bank
Section 9. (1) The Federal Minister of Finance is authorised to enter exclusively with a subsidiary of the agent of the Federation pursuant
to section 5, paragraph 1 into an agreement on the establishment of and on the services to be provided by a development bank.
(2)
The tasks of the development bank are in particular the long term financing of sustainable investments in developing countries
and the handling of federal measures to support the preparation and the implementation of private-sector projects in developing countries.
The Austrian development bank is committed to the goals and principles of the Austrian development policy pursuant to the Development
Cooperation Act, Federal Law Gazette I no. 49/2002 as amended.
(3)
In the interest of the objectives of paragraph 2, the Federal Minister of Finance is authorised within the framework of the
agreement according to paragraph 1 to determine rules differing from those laid down according to section 4, paragraph 1 in respect of
guarantees to be granted to the development bank, in particular in view of the extent of cover and the admission of claims.
(4)
Applications for guarantees will be filed by the development bank, claims will be processed by the Federal Ministry of Finance.
(5)
An economy and development board will be set up to advise on the development policy of the development bank and to
evaluate applications for guarantees from the development perspective. section 5, paragraphs 4 to 6 apply to the board. Members of the
board are:
1. one representative of the Federal Ministry of Finance as chairman;
2. one representative of the Office of the Federal Chancellor;
3. one representative of the Federal Ministry of European and International Affairs;
4. one representative of the Federal Ministry of Economy and Labour;
5. one representative of the Austrian Development Agency;
6. one representative of the Austrian Federal Chamber of Economy;
7. one representative of the Federal Chamber of Labour;
8. one representative of the Austrian Development Bank without vote.
The board may call in experts without the right to vote. The by-laws of the board are issued by the Federal Minister of Finance in agreement
with the Federal Chancellor, the Federal Minister of European and International Affairs and the Federal Minister of Economy and Labour.
(6)
As far as fees for guarantees and payments for claims under guarantees are concerned, the clearing between the Federation
and the development bank will be made by way of the agent of the Federation on the account pursuant to section 7.
Section 10. (1) (irrelevant)
(2)
(irrelevant)
(3)
The Export Guarantees Act, Federal Law Gazette no. 215/1981, as amended by Federal Law Gazette I no. 58/2007,
will expire on 31 December 2012. All guarantees granted prior to this date will not be affected thereby.
Section 11. The Federal Minister of Finance is entrusted with the implementation of this Federal Law.
46
Legal Basis
2 1981 Export Guarantees Decree
Decree of the Federal Minister of Finance dated 30 April 1981, relating to the regulations for the
granting of guarantees by the Federal Republic (Federation) in implementation of the Export Guarantees Act
(1981 Export Guarantees Decree), published in Federal Law Gazette no. 257/1981,
as amended by the Decrees published in Federal Law Gazettes
no. 203/1988, 349/1991, 130/1994, 816/1995, II no. 88/1998, 212/1998 and 90/1999.
In accordance with section 4, paragraph 1 of the Export Guarantees Act, Federal Law Gazette no. 215/1981, as amended, and with the
consent of the Main Committee of Parliament the following regulations are decreed.
Form and object of the liabilities
Section 1. (1) The liabilities are assumed in writing:
a) as guarantees for the due performance of contracts by the foreign contracting partners as well as guarantees for the
integrity of the rights of export enterprises pursuant to section 1 of the Export Guarantees Act with regard to economic
and/or political risks as well as the exchange rate risk;
b) as commitments to guarantee bills of exchange by “aval”, which are to facilitate the financing of contracts and rights
pursuant to section 1 of the Export Guarantees Act.
(2)
A promise to grant a guarantee may be given (promise). If a promise is given, the Federation is committed to convert it into
a guarantee in accordance with paragraph 1 if the terms of the contract specified in the application to give a promise are not less
favourable in the definitive contract and during the lifetime of the promise no material changes in the circumstances relevant for the
issuance of the guarantee have occurred or become apparent (section 936 ABGB – General Code of Civil Law).
(3)
Guarantees issued pursuant to section 2, paragraph 1, no.s 1 to 7 and 9 shall be based on general business conditions which
together with the terms of the respective guarantees constitute the terms of the guarantee agreements.
Types of liabilities
Section 2. (1) 1. Guarantees to cover risks resulting from
a) contracts on the supply and the production of goods and the performance of services by exporters to foreign contracting
parties (guarantees for direct deliveries and services);
b) license agreements and agreements on the exploitation of patents, license agreements on know-how, agreements on
copyright (comprehensive or specific copyright) of exporters, as well as agreements relating to the performance of other
services with foreign contracting parties;
c) lease or lease-purchase contracts on exporter’s goods located abroad in the hands of foreign contracting parties and
serving the production of other goods;
d) contracts on the supply and the production of goods and the performance of services by enterprises domiciled abroad,
if the proceeds are applied directly or indirectly for the payment of contracts of exporters.
2. Guarantees to cover risks resulting from contracts on the supply and the production of goods and the performance of
services by enterprises domiciled abroad to that extent, as exporters participate in the respective contract
(guarantees for indirect deliveries and services).
3. Guarantees to cover risks resulting from the following contracts or commitments of credit institutions domiciled in Austria
or abroad:
a) loan or credit agreements entered into with enterprises domiciled abroad and serving the payment of legal transactions
(guarantees for tied financial credits);
b) credit transactions (bond issues, commitments arising from bills of exchange or bonds or other commitments) the
proceeds of which are applied for the payment of contracts;
c) credit agreements which are concluded between a credit institution domiciled in Austria and a contracting party domiciled
abroad, insofar as for the underlying legal transactions liabilities have already been assumed (debt rescheduling
agreements).
4. Guarantees to cover risks resulting from participations or legal transactions resembling participations of exporters in
enterprises domiciled abroad (investment guarantees).
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Legal Basis
5. Guarantees to cover risks under a ceiling of turnover for contracts on the supply and the production of goods and the
performance of services by exporters to a specific enterprise domiciled abroad (turnover guarantees).
6. Guarantees to cover risks under ceilings of turnover for all contracts on the supply and the production of goods and the
performance of services by exporters to enterprises domiciled abroad, be it either in one or in several recipient countries
(country turnover guarantees or comprehensive guarantees).
7. Guarantees to cover
a) political risks resulting from the establishment of stocks of merchandise abroad by exporters, in view of the integrity of the
goods located in these stocks of merchandise (guarantees for stock in commission);
b) political risks resulting from the use of machines and equipment by exporters to perform their contracts abroad, in view of
the integrity of these machines and equipment (machinery deployment guarantees);
c) risks resulting from cash deposits, bonds or other advances made by exporters abroad in the context of contracts
(advance guarantees).
8. Guarantees to cover risks resulting from guarantee or insurance contracts undertaken by export credit- or export credit
insurance institutions (reinsurance guarantees).
9. Guarantees to cover risks resulting from the purchase of accounts receivable:
a) guarantees to cover risks resulting from contracts of credit institutions domiciled in Austria or abroad on the acquisition of
accounts receivable resulting from legal transactions;
b) guarantees to cover risks resulting from accounts receivable acquired by Oesterreichische Kontrollbank Aktiengesellschaft
insofar as liabilities have already been assumed for such accounts receivable.
10. Guarantees to cover the applicability of a certain rate of exchange between Austrian Schillings and the currency of the
contract, which may be a currency freely convertible, a currency not freely convertible or a clearing currency
(exchange risk guarantees).
11. Guarantees to cover risks in the context of initiating export activities pursuant to section 1 Export Guarantees Act
(market developing guarantees).
(2)
Guarantees by “aval” on bills of exchange: guarantees for the drawer or for the acceptor of bills of exchange which were
issued by credit institutions or exporters for the purpose of financing contracts.
Assumption of liabilities
Section 3. (1) Applications for the issuance of a guarantee or a guarantee by “aval” on a bill of exchange are to be filed in writing or by
electronic means at the Oesterreichische Kontrollbank Aktiengesellschaft.
(2)
The contracts underlying the guarantee or the guarantee by “aval” on a bill of exchange may be made out in Austrian
Schillings, in a currency freely convertible, in a currency not freely convertible or in a clearing currency.
(3)
Guarantees or guarantees by “aval” on bills of exchange may be assumed in Austrian Schillings, in a currency freely
convertible at the date the contract is concluded or in a clearing currency.
(4)
Guarantees or guarantees by “aval” on bills of exchange can be granted for the entire contract or right or only for a part
thereof (partial covering).
(5)
With regard to guarantees pursuant to section 2, paragraph 1, no.s 6 and 9 a specific discretionary power and/or a free limit
in respect of each customer may be granted to the beneficiary of the guarantee unless a specific authorisation is granted. With regard to
contracts which fall within the beneficiary’s of the guarantee discretionary power, the liability of the Republic can be made dependent on
the obligation of the beneficiary to have ascertained the sound financial standing of the foreign customer.
(6)
Guarantees pursuant to section 2, paragraph 1, no. 8 may be issued unconditionally.
Self-participation
Section 4. (1) At the issuance of guarantees under section 2, paragraph 1, no.s 1 to 9 a self-participation of the beneficiary of the
guarantee may be stipulated in case of an economic and/or a political fact.
(2)
When a guarantee is issued under section 2, paragraph 1, no.s 10 and 11 a self-participation of the beneficiary of the
guarantee may be stipulated.
(3)
If a self-participation is determined it shall amount to at least 5%, at the most 50% of the maximum amount determined in the
guarantee agreement.
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Legal Basis
Special obligations of the beneficiary of the guarantee and of the guarantee by “aval” on a bill of exchange
Section 5. (1) It shall be inter alia provided in the agreements on the assumption of liability, that
1. the beneficiary of the guarantee shall, if so requested at any time, inform the Republic on details and the state of the
contract or right underlying the guarantee and disclose his books and documents to the extent necessary for the
examination of the transaction involved;
2. prior to any material amendment of the contractual basis of the contract or right underlying the guarantee the beneficiary
of the guarantee shall obtain the consent of the Republic; as a material amendment are inter alia to be considered the
extension of the payment/total payment date or the altering of securities;
3. the beneficiary of the guarantee is bound to instruct upon expiry of a certain delay a debt collection agency or a lawyer
resident in the country of the foreign contracting partner to collect an unpaid claim, unless the Republic agrees to a
different procedure.
Furthermore, the beneficiary of the guarantee may be obligated to inform the Republic within a certain delay in writing of
the non-performance or contravention of the contract or right underlying the guarantee, of the occurrence of a fact
justifying a claim pursuant to section 6 and of the instructing of a debt collecting agency or a lawyer;
4. the Republic may at any time, if the foreign contracting partner has not performed his contractual obligations or if facts
justifying a claim pursuant to section 6 have occurred, direct the beneficiary of the guarantee, whether and in which way
the beneficiary of the guarantee has to perform his contractual obligations resulting from the contract or right under
guarantee. For guarantees under section 2, paragraph 1, no. 2 the right to give directives is only applicable with regard to
the beneficiary of the guarantee.
With regard to guarantees under section 2, paragraph 1, no.s 5 and 6 it shall be stipulated furthermore that the Republic
is entitled to restrain the beneficiary of the guarantee from the conclusion of further contracts under the guarantee
agreement with the defaulting contracting partner;
5. with regard to guarantees pursuant to section 2, paragraph 1, no. 6 the beneficiary of the guarantee shall as a rule
ascertain the financial standing of all foreign contracting partners for which neither a specific authorisation nor a free limit
was granted, by obtaining a written report (inquiry) or the checking of the past orderly performance of the contracts by
the foreign contracting partner;
6. the beneficiary of the guarantee shall take all steps necessary to enforce his contractual rights against the foreign
contracting partner. If goods to be delivered according to the obligations of the beneficiary of the guarantee have already
been manufactured and are still at his disposal, they shall be turned to account in the most profitable way;
7. the beneficiary of the guarantee is committed to take over the terms agreed by the Republic in a rescheduling for the
self-participation, unless the Republic agrees to a different procedure;
8. costs and losses incurred in connection with measures pursuant to no.s 4, 5 and 7 shall be refunded to the beneficiary
proportionately.
(2)
The beneficiary of the guarantee is to be obligated to take all steps to prevent the Republic from damage. The beneficiary of
the guarantee shall report without delay, at the latest however within fourteen days from cognisance, all facts which became known to him
which may jeopardise the orderly performance of the subject transaction.
(3)
It shall be provided that the beneficiary of a guarantee by “aval” on a bill of exchange (drawer or acceptor) shall notify in
writing to the Republic his financing requirement at the filing of the application for the issuance of the guarantee by “aval” on a bill of
exchange and, in the following, at the commencement of each clearing period for that period. An increase of the notified financing
requirement during the clearing period is possible. The notified financing requirement is limited with the maximum amount specified in the
commitment to guarantee by “aval”. If no financing requirement is notified, the maximum amount specified in the commitment to guarantee
by “aval” is deemed the financing requirement.
Admission of claims
Section 6. (1) As conditions precedent for the admission of claims resulting from guarantees under section 2, paragraph 1, no.s 1 to 3,
5, 6 and 9 it shall be provided, that
1. the beneficiary of the guarantee has performed his contractual obligations or is ready to perform them,
2. the foreign contracting partner does not or cannot perform his contractual obligations,
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Legal Basis
3. an economic or political fact pursuant to paragraph 2 or 3 is proven or has occurred and
4. a period of three months after maturity or in the case of a loss during production a period of six months after the
occurrence of a fact has passed (waiting period). There shall be no waiting period when a fact pursuant to paragraph 2,
no. 2 has occurred and in the case of claims resulting from guarantees under section 2, paragraph 1, no. 3 alineae b and c,
no.s 5, 6 and no. 9 alinea b.
(2)
Economic facts are:
1. a reminder in writing by the beneficiary of the guarantee addressed to his foreign contracting partner, summoning him to
perform the contract; the presentation of securities for payment shall produce the same effect;
2. insolvency of the foreign contracting partner, if it is proven by the commencement of insolvency proceedings;
3. impossibility of performance by the beneficiary of the guarantee or by his agents owing to circumstances they are not
responsible for and which have occurred abroad.
(3)
Political facts are:
1. war or warlike events;
2. rebellion or revolution;
3. governmental measures limiting or preventing the transfer or the free disposal by the beneficiary of the guarantee with
regard to the consideration due to him; a default in payment shall be equivalent if the debtor or its guarantor represents
the public authority and cannot, either judicially or administratively, be made insolvent.
With respect to guarantees under section 2, paragraph 1, no.s 5 and 6 this fact has occurred when the transfer or
payment delay has lasted for more than three months.
4. impossibility of performance owing to other political events.
(4)
As conditions precedent for the admission of claims resulting from guarantees under section 2, paragraph 1, no. 4 it shall be
provided that an economic or political fact pursuant to no. 1 or 2 is proven or has occurred:
1. An economic fact has occurred when composition or bankruptcy proceedings or proceedings equivalent thereto have
been commenced against the enterprise in which the participations or rights under contracts resembling participations
have been acquired.
2. A political fact has occurred when
a) participations or rights resulting from contracts resembling participations are directly or indirectly, totally or partially
expropriated,
b) such an essential part of the assets is destroyed or expropriated that the enterprise can no longer be run without a loss,
or
c) the transfer of the proceeds of the sale or the liquidation of participations, repayment of capital and payment of interest
on contracts resembling participations, the transfer of a compensation or the free disposal thereover are limited or
prevented.
(5)
1. As conditions precedent for the admission of claims resulting from guarantees under section 2, paragraph 1, no. 7
alineae a and b it shall be provided that goods stored on commission abroad or machines and equipment kept abroad
are, for direct or indirect political reasons, destroyed or expropriated.
2. As conditions precedent for the admission of claims resulting from guarantees under section 2, paragraph 1, no. 7 alinea c
it shall be provided that an economic or political fact according to alinea a or b is proven or has occurred:
a) An economic fact has occurred when an advance is withdrawn or not paid back due to a wrongful action or omission or
insolvency of the foreign contracting partner.
b) A political fact has occurred when an advance is withdrawn or not paid back for direct or indirect political reasons.
Section 7. (1) With regard to guarantees pursuant to section 2, paragraph 1, no. 10 it shall be provided as condition precedent for the
admission of a claim that the exchange rate applied by the bank on the payment day is to the disadvantage of the beneficiary of the
guarantee different from the exchange rate laid down in writing in the declaration of guarantee or the addendum thereto.
(2)
With regard to guarantees pursuant to section 2, paragraph 1, no. 11 it shall be provided as condition precedent for the
admission of a claim that the market goal stipulated in the declaration of guarantee has not been reached.
Section 8. The contracts concluded with export credit- or export credit insurance institutions shall provide that claims resulting from
guarantees pursuant to section 2, paragraph 1, no. 8 shall be deemed justified, if they pay out a claim resulting from liabilities and
reinsurance guarantees they have assumed.
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Legal Basis
Refusal of liability
Section 9. (1) It shall be provided that the liability resulting from the guarantees under section 2, paragraph 1, no.s 1 to 7, 9 and 10
shall in particular be excluded in the following cases:
1. if losses have occurred for which the beneficiary of the guarantee or his agents are responsible;
2. if the beneficiary of the guarantee, deliberately or by gross negligence, violates a stipulation of the guarantee contract;
3. if the beneficiary of the guarantee contravenes domestic or foreign legal regulations, except in case he can prove that the
non-performance of the contractual obligations by the foreign contracting partner is not caused by the contravention
referred to above;
4. if the beneficiary of the guarantee was already at the time he applied for the guarantee aware that
a) performance of the contract by the foreign contracting partner is impossible,
b) with regard to another contractual agreement of the beneficiary of the guarantee with the foreign contracting partner the
latter has within the last two years before the application was submitted, committed a breach of contract,
c) the foreign contracting partner is insolvent, in particular the assets of the foreign contracting partner have been subjected
to insolvency proceedings, or
d) judicial execution proceedings have been commenced into the assets of the foreign contracting partner;
5. if the beneficiary of the guarantee has deliberately or by gross negligence made false statements in the application for the
issuance of the guarantee;
6. if losses have occurred, for which following commercial usage insurance – except credit insurance – is available for the
beneficiary of the guarantee with insurance companies domiciled in this country;
7. if with regard to guarantees under section 2, paragraph 1, no. 6 the provisions of section 5, paragraph 1, no. 6 have not
been complied with, when an economic fact has occurred.
(2)
It shall be provided that the beneficiary of the guarantee has to refund the amounts already obtained with interest if the
refusal of the liability is based on circumstances which have occurred or become apparent after the recognition of the claim. Interest starts
when the beneficiary of the guarantee received the amount and shall be computed at a rate of 300 basis points above the variable interest
rate of the Export Financing Scheme of Oesterreichische Kontrollbank Aktiengesellschaft as applicable at the time.
Maturity of the compensation due under the liability
Section 10. The maturity of the compensation due to the beneficiary of guarantees pursuant to section 2, paragraph 1, no.s 1 to 7 and 9,
if a claim is deemed to be justified, shall coincide with the recognition of the claim, but not before the original maturity date of the
guaranteed claim; an acceleration of maturity in case of breach of contract, which was stipulated between the beneficiary of the guarantee
and the foreign contracting partner, cannot be asserted against the Republic.
Section 11. The maturity of the compensation due to the beneficiary of guarantees pursuant to section 2, paragraph 1, no.s 10 and 11,
if a claim is deemed to be justified, shall coincide with the recognition of the claim.
Section 12. The contractual agreements with export credit- or export credit insurance institutions shall provide the point of time at which
the guaranteed amount is due for payment.
Cession of rights after facts justifying a claim have occurred and refund of expenses
Section 13. (1) The beneficiary of the guarantee shall be obliged to assign that portion of his claims against the foreign contracting
partner to the Republic that corresponds with the compensation payable under the guarantee. Such assignment shall be made at the latest
upon recognition of the claim and the beneficiary of the guarantee shall take all legal steps necessary to that end and, in case he has
obtained sureties, he shall assign them proportionally and with equal rank to the Republic.
(2)
If the Republic does not itself represent the claim, the beneficiary of the guarantee shall take all steps necessary for the
enforcement of the contractual rights in his own name, but with the consent of the Republic for proportionate account of the Republic.
The consent is to be granted if the result to be expected from the necessary steps is economically adequate in view of the expenses
caused by such steps. If goods to be delivered according to the obligations of the beneficiary of the guarantee have already been manufactured and are still at his disposal, they shall, unless otherwise directed in the individual case, be turned to account with the consent of the
Republic in the most profitable way and upon request of the Republic be pledged in favour of the Republic. Furthermore, the beneficiary of
the guarantee shall be put under the obligation to comply with the directives of the Republic concerning specific measures to be taken for
the enforcement of rights.
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Legal Basis
(3)
The beneficiary of the guarantee shall be obligated to take over the terms agreed by the Republic in a rescheduling for the
self-participation, unless the Republic agrees to a different procedure.
(4)
It shall, furthermore, be provided in which manner incoming payments and other revenue are to be distributed between the
beneficiary of the guarantee and the Republic.
(5)
If in connection with steps pursuant to paragraph 2 costs occur they shall be refunded to the beneficiary of the guarantee
proportionally.
Fees for the handling of applications, premiums payable for guarantees and guarantees by “aval” on bills of exchange
Section 14. (1) A fee is payable for handling the file, which is also due when an application is turned down. A premium shall be agreed for
the issuance of a guarantee in accordance with section 1, paragraph 1. For that part of a guarantee for which an irrevocable reinsurance
guarantee of a foreign export credit- or export credit insurance institution has been issued, no premium is to be charged for the Republic.
(2)
The fee for handling the application amounting to 0.1% of the value of the contract, but not less than 10 euro and not more
than 720 euro or the respective countervalue in Austrian Schillings, is due to be paid upon receipt of the debit order.
(3)
A reasonable premium, dependent on the kind and extent of the risk covered, is to be charged for guarantees.
(4)
Provided that nothing else is stipulated, the premium for guarantees pursuant to section 2, paragraph 1, no.s 1, 2, 3 alineae a
and b, 4, 7, 8, 9 alinea a, no.s 10 and 11 is payable upon acceptance of the guarantee. The premium for guarantees pursuant to section 2,
paragraph 1, no. 3 alinea c, no.s 5, 6 and 9 alinea b is due and payable quarterly in arrears.
(5)
In case the Republic has accepted a change in the contents or in the extent of the guarantee, a recalculation of the premium
as well as a charging of an additional premium or a refund of premium shall be provided. In case of a refund of a balance a lump-sum for
cost may be deducted.
(6)
a) The premium for commitments to guarantee a bill of exchange by “aval” shall correspond to the risk and amount to at
least 0.05% for each commenced quarter calendar year of the lifetime of such commitment.
b) The computation is to be based on the maximum amount of the commitment to guarantee a bill of exchange by “aval” or
on the notified financing requirement for the respective clearing period. Provided that nothing else is stipulated in the
respective commitment, the clearing period is equal to a quarter calendar year. For long-term commitments it may amount
to a year or more. At the commencement of the lifetime of the commitment to guarantee a bill of exchange by “aval” the
computation of the premium is to be based on the period extending from the validity of the said commitment to the
commencement of the following clearing period and the premium is to be computed proportionally. This applies also to the
subsequent notification of a higher financing requirement during the clearing period. The first premium is due immediately
upon receipt of the aforesaid commitment, the subsequent premiums immediately upon receipt of the debit orders.
(7)
If in the course of handling a particular contract a risk covered by a guarantee is taken under cover by transformation into
another guarantee, the premium already paid is to be set off or refunded upon application from the day of the transformation.
(8)
If the beneficiary of the guarantee or of the guarantee by “aval” on a bill of exchange cannot satisfy a condition imposed by
the Federation at the assumption of the liability, the premium already paid for the guarantee or the guarantee by “aval” is to be refunded
upon application, in case of a guarantee after deduction of a lump-sum for cost.
(9)
If the fee for handling a file or the premium for a guarantee or the commitment to guarantee a bill of exchange by “aval” is
not paid immediately upon being charged, default interest amounting to 300 basis points above the variable interest rate of the Export
Financing Scheme of Oesterreichische Kontrollbank Aktiengesellschaft as applicable at the time may be debited for the period of time commencing with the charge until the premium is received.
Enforcement of the claims resulting from liabilities by legal action
Section 15. (1) The assignment of claims resulting from guarantees can be prohibited or limited.
(2)
With regard to the enforcement of claims arising under guarantees by legal action certain time limits may be imposed.
Final regulation
Section 16. The 1977 Export Guarantees Decree, Federal Law Gazette no. 282, is repealed.
Decree II no. 90/1999:
Section 17. These Amendments of the Decree shall become effective on 1 April 1999.
Section 18. This Decree implements the Council Directive 98/29/EC, Official Journal L 148/22 of 19 May 1998.
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Legal Basis
3 1981 Export Financing Guarantees Act
Federal Law dated April 8, 1981, relating to the financing of contracts and rights
(1981 Export Financing Guarantees Act - EFGA), published in Federal Law Gazette no. 216/1981,
as amended by Federal Law Gazettes no. 196/1967, 193/1969, 187/1970, 416/1974, 793/1974, 393/1975, 153/1976, 158/1977,
219/1978, 668/1978, 268/1980, 216/1981, 221/1982, 250/1984, 561/1986, 343/1991, 962/1993, 212/1995, 704/1995,
I no. 81/1998, 64/2000, 71/2003 (Act accompanying the Budget Act 2003/Part 3, Article 34), 94/2005, 59/2007 and 144/2008.
It has been enacted by Parliament:
Section 1. (1) The Federal Minister of Finance, acting on behalf of the Republic of Austria (the “Federation”), is authorised until
31 December 2013, to assume liabilities in the form of guarantees for credits (bond issues, loans, credits or other liabilities) raised by the
agent of the Federation pursuant to section 5, paragraph 1 Export Guarantees Act, Federal Law Gazette no. 215/1981, as amended, in
case the proceeds of such credits are used for
a) the full or partial financing of contracts or rights for which the Federation has issued a guarantee under the 1981 Export
Guarantees Act, Federal Law Gazette no. 215, or under the 1964 Export Guarantees Act, Federal Law Gazette no. 200,
as applicable from time to time, or
b) the full or partial financing of contracts or rights which satisfy the statutory requirements of the 1981 Export Guarantees
Act, Federal Law Gazette no. 215, as amended, and for which a credit insurer examined by the agent of the Federation has
assumed liability, or
c) the full or partial financing of contracts or rights which satisfy the statutory requirements of the 1981 Export Guarantees Act,
Federal Law Gazette no. 215, as amended and for which Austria Wirtschaftsservice G.m.b.H. has granted a guarantee, or
d) the full or partial financing of contracts or rights which satisfy the statutory requirements of the 1981 Export Guarantees
Act, Federal Law Gazette no. 215, as amended and for which an international organisation whose creditworthiness is
beyond doubt has assumed liability, or
e) a temporary investment by the agent of the Federation in the context of the export financing scheme, or
f) the payment of obligations of the agent of the Federation, for which guarantees have been granted under this Federal Law.
(2)
Guarantees are granted
a) in favour of creditors of the agent of the Federation for the fulfillment of its liabilities arising from the credits it raised
pursuant to paragraph 1;
b) in favour of the agent of the Federation for a certain exchange rate between the euro and another currency (exchange rate
risk) when fulfilling the obligations arising under credits pursuant to paragraph 1 for the respective period during which the
proceeds of the credits are applied for the financing pursuant to paragraph 1 in euro; guarantees under this alinea may be
issued for the entire term of the credit or from time to time for parts of the term of the credit.
(3)
In case of a change of the agent of the Federation, guarantees pursuant to paragraph 2 may also be issued in favour of the
former agent of the Federation in order to use the proceeds of new credits to maintain outstanding financings at the time of the change
of the agent of the Federation. After the change of the agent of the Federation the former agent of the Federation is obliged to use
repayments from financings, including any proceeds from interim investments, for the redemption of credits, proceeds of which were used
in the export financing.
(4)
The Federal Minister of Finance is authorised to reduce by appropriations the financing costs of credits mentioned in
paragraph 1 (net proceeds of the credits without interest and costs) in an amount of up to 20 billion euro.
(5)
In order to allow financing of contracts or rights for which a liability pursuant to section 1, paragraph 1, alinea b or d is
available the liability for economic or political risks connected with the respective contract or right must be comparable to the liability
pursuant to the Export Guarantees Act, Federal Law Gazette no. 215/1981.
53
Legal Basis
Section 2. (1) The Federal Minister of Finance may only grant guarantees pursuant to section 1 if
1. the outstanding aggregate amount of guarantees does not exceed 45 billion euro at any one time; this ceiling relates to the
principal amounts guaranteed without interest and costs; a supplemental amount is to be added for the exchange rate risk
in the size of 10 per cent of the euro equivalent of the credit;
2. the individual credit does not exceed the amount (equivalent) of 3.3 billion euro; this ceiling relates to the principal amount
guaranteed without interest and costs; a supplemental amount is to be added for the exchange rate risk in the size of
10 per cent of the euro equivalent of the credit;
3. the maturity of the credit pursuant to section 1 does not exceed 40 years;
4. with respect to the raising of a credit, the total costs for the Federation expressed as a percentage, defined as the annualised internal rate of return in arrears in accordance with section 2, paragraph 3, do not amount to more than 15 percentage
points above the rate of return on the respective government bond in the secondary market on the day preceding the date
of pricing; in this regard such government bond issued in national currency shall be used for comparison, the residual time
to maturity of which is closest to the maturity of the credit at the time of issuance; if no government bonds of comparable
residual time to maturity exist, government guaranteed bonds or bonds issued by provinces and municipalities, bonds of
international issuers or interest rates in the credit and loan markets are used for comparison by analogy and in the
sequence as listed above, in each case the “applicable reference rate prevailing in the markets”;
5. with respect to a credit for which payments of interest or of principal are determined in a floating manner depending on an
applicable reference rate or price prevailing in the markets, the cost components, expressed as an annualised percentage
in arrears, defined as commissions, margins and premiums, and computed on the day preceding the date of pricing do not
exceed by more than 15 percentage points the reference rate or the reference price prevailing in the markets on the day
preceding the date of pricing;
6. with respect to a credit for which payments of principal and of interest are or could be denominated in different
currencies, the currency of the interest payments shall be used to evaluate conformity with this Act;
7. in case early termination of the credit is agreed, the total costs expressed as a percentage of such a termination are not
exceeded;
8. the currency of the credit is euro or a foreign currency.
(2)
Amounts in foreign currency shall be counted towards the aforementioned guarantee amounts on the basis of the reference
exchange rates published by the European Central Bank on the day of the granting of the guarantee; if no reference exchange rate for the
contract currency is published by the European Central Bank, the amount is to be calculated at the exchange rate ascertained in the
markets.
(3)
The internal rate of return is defined as such annual interest rate in arrears which is derived through financial calculus from
such discount factor at which all payments stipulated by contract for the term of the credit are discounted to present value at the time of
pricing to equal the net proceeds of the credit.
Section 3. Claims will arise under guarantees in case,
a) the borrower does not fulfill his contractual obligations under a credit;
b) the euro equivalent of a credit denominated in a currency other than euro is, by alteration of the exchange rate between
such other currency and the euro, at the end of the relevant period, during which the euro equivalent of the credit was
applied to financing pursuant to section 1, paragraph 1, higher than the euro equivalent of the credit in such other currency
at the commencement of the said period.
Section 4. In case the euro equivalent of the currency of the credit guaranteed pursuant to section 1, paragraph 2, alinea b is, at the end
of the period therein referred to, higher than at the commencement of the said period, the Federation shall refund the difference to the
agent of the Federation; in case the euro equivalent of the currency of the credit transaction at the end of the period referred to therein is
lower than at the commencement of the said period, the agent of the Federation shall refund the difference to the Federation.
Section 5. (1) Amounts, which are to be refunded by the agent of the Federation pursuant to section 4, shall be credited to a non
interest bearing current account of the Federation with the agent of the Federation.
54
Legal Basis
(2)
In case a claim is made against the Federation under guarantees pursuant to section 1, paragraph 2, alinea b, any credit
balance on the account of the Federation pursuant to paragraph 1 shall be used for its payment. In case there is no credit balance, the
Federation shall allocate other budget means for these payments.
(3)
As a rule, the credit balance of the Federation pursuant to paragraph 1 shall be used in the export financing scheme of the
agent of the Federation.
(4)
In case the credit balance of the Federation pursuant to paragraph 1 exceeds at 31 December of a calendar year 1 per cent
of the ceiling of guarantees pursuant to section 2, paragraph 1, no. 1, the respective exceeding amount shall be remitted to the Federal
Treasury until January 20 of the succeeding calendar year.
(5)
In case a guarantee by the Federation pursuant to section 1, paragraph 2 alinea a has been called, the Federation is entitled
to claim from the agent of the Federation not only the debt paid (section 1358 of the General Code of Civil Law (ABGB)) but also all costs
which accrued in connection with the payment under the guarantee.
Section 6. The Federal Minister of Finance may appoint a Commissioner and a Deputy Commissioner at the agent of the Federation to
protect his rights in connection with the granting of guarantees. As far as this Federal Law is concerned, these persons have the right to
inspect all books, documents and other records of this company and to take part in all meetings. For the activities of the Commissioner
and the Deputy Commissioner the company has to pay an annual fee to be determined by the Federal Minister of Finance, payable to the
Federal Treasury. The fee has to be in suitable proportion to the expenditures resulting from such activities.
Section 7. A fee is payable for the issue of guarantees.
Section 8. The Federal Minister of Finance is entrusted with the implementation of this Federal Law.
55
About this report
This report is a translation of the German-language original
and is provided solely for readers’ convenience.
In the event of disagreement or dispute, only the German
version of the report shall be deemed definitive.
Oesterreichische Kontrollbank Aktiengesellschaft
Am Hof 4 and Strauchgasse 3
P.O. Box 70
Tel. +43 1 531 27-0 or ext. no.
Owner and publisher:
Oesterreichische Kontrollbank Aktiengesellschaft
Internet: www.oekb.at
Editor and layout:
Controlling, Reporting and Payments/
Ingrid Maygraber
Copies may be ordered from
Controlling, Reporting and Payments
Tel. +43 1 531 27-2314
[email protected]
Graphic concept:
Gerald Schuba Corporate Communications+,
Barbara Jaumann
Photography:
Christina Häusler, Vienna
Pages 13–16 AUSSENWIRTSCHAFT ÖSTERREICH (AWO)
Employees on pages 6-12 as of 31 January 2010
Production:
Grasl Druck & Neue Medien GmbH, Bad Vöslau
Climate neutral publication
Printed on 100 % recycled paper made in Austria,
carbon neutral
56
Bank code number 10000
Registered office: 1010 Vienna
Companies’ register no. FN 85749 b
Commercial Court Vienna
UID: ATU15350402, DVR: 0052019
Information in this report is current
as of 28 February 2010.
Am Hof 4, Strauchgasse 3
Tel. +43 1 531 27- 0
www.oekb.at
Export Services

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