REPUBLIC OF AUSTRIA DEBT MANAGEMENT ANNUAL REVIEW 2012 Austrian Treasury April 2013
A healthy economy needs solid government finances. Austria is an international lead example in this area: By implementing the second phase of the budget reform in 2013, the federal government is creating a framework through which tax revenues can be used even more effectively and efficiently. Austria’s budget policy, especially the reform package, is proving to be highly successful: The general government budget deficit 2012 was 2.5% which is below the 3.0% initially planned. The budget path foresees a continuous decrease in the coming years and a zero deficit from 2016 onwards. The general government debt ratio, which stood at 73.4% at the end of 2012, is to be reduced to 60% in the medium- to long-term according to the debt brake. In order to simultaneously promote economic growth and maintain social balance, the Austrian government is being very prudent in its spending cuts and is investing additional funds in education, universities, research and development and infrastructure to facilitate continued growth and to create jobs. Especially with the brightening of the economic outlook – real GDP will expand by 1% in Austria in 2013 and by 1.8% in 2014 according to the most recent estimates – it is crucial that these efforts be continued. We will move steadily forward with the necessary reforms and will consistently reach our goals. As Minister of Finance, one of my key objectives is to ensure that Austria continues on its successful course – maintaining stable government finances through reforms and achieving growth through proactive measures. In this way, we will earn greater confidence and make Austria even better.
© Jakob Glaser
© OeBFA/Dostal
© BMI
Austria has achieved impressive success in a number of different areas: It has had the lowest unemployment rate in the EU for years, has maintained a sustainable current account surplus, has generated higher GDP growth than the Eurozone average since 2002, is highly competitive and innovative in international comparison and has strong public institutions and high social stability.
The continued high demand for the safest investments and solid economic and budget figures caused yields to fall for all maturities and led to significant total returns for investors. This had a positive effect on interest expenses of the Republic of Austria. During the year, the Austrian Treasury worked intensely to extend the debt portfolio’s remaining term to maturity – which is already very long in international comparison – so as to ensure that Austria maintains one of the lowest levels of refinancing risk in the world. Funds raised in 2012 had an average remaining term to maturity of over 14 years at an average coupon of around 2.2%. In terms of a risk-averse business policy, the very high share of fixed-rate issues means that much was again done to ensure longterm stability. The highlight of the year was the successful launch of a 50-year Austrian government bond in January. The strong demand for this paper, the longest outstanding government bond in the Eurozone, underscores the high level of trust that investors place in Austria. The Republic of Austria uses a wide variety of financing sources. A group of primary dealers with a strong placement track record assists Austria in reaching a stable and broadly diversified investor base. The goal is not only to ensure market access at all times, but also to follow a transparent and user-friendly information policy. The Republic of Austria’s total issuance volume in 2013 will be between EUR 27 and 30 billion. The creation of a legal basis for issuing debt instruments with terms of up to 70 years will increase the government’s financial flexibility. As a relatively small issuer with a strong economic and fiscal data, Austria offers an exceptional level of stability and reliability.
Martha Oberndorfer, CFA Treasury/Markets
Thomas Steiner Risk Management/Operations
Maria Fekter Federal Minister of Finance
Managing Board, Austrian Treasury Republic of Austria Debt Management Office
Vienna, April 2013
Vienna, April 2013
Gloriette © WienTourismus/MAXUM
2 | Annual Review 2012
Economic Data for Austria Austria has a very balanced economic structure in terms of sectors and is highly competitive in international comparison. In terms of growth, Austria has exceeded the Eurozone average for over ten years. Real GDP growth in Austria 1 came in at 0.8% in 2012, significantly above the minus 0.6% Eurozone average. This is the third highest growth rate in the euro area. According to current projections, Austria will outperform the Eurozone in the coming years as well.
Real GDP Growth 2.5%
Average 2002 - 2012
Forecast 2013
2.0%
1.5%
2.0
Another key strength of Austria is its high social stability. Austria has the fourth best Gini coefficient, a measure of relative income distribution, in the OECD 8. Austria also has an exceptionally high level of quality in its public administration and is ranked seventh of 215 countries by the World Bank in rule of law and 11th of 215 countries in government effectiveness. Inflation (CPI) fell from 3.3% in 2011 to 2.4% in 2012 (Eurozone average – HICP: 2.5%). Oil and food prices have fallen significantly from their peaks. Inflation is expected to fall further to 2.2% in 2013.
1.7 1.6
1.7 1.7
At the same time, Vienna is the world’s number one city in terms of quality of living 6. Thanks to the sustained current account surplus, Austria has established itself as a net lender on the international capital markets. Annual net capital exports averaged 2.8% of GDP, compared with an average of 0.5% for the Eurozone as a whole 7.
1.4
1.0%
1.1
1.0 1.0
The Republic of Austria is also highly competitive in international comparison. Unit labour cost growth came to 1.4% p.a. in Austria between 2000 and 2012, the second lowest rate in the EU (1.6% p.a.).
1.0
0.9
0.5%
Spending for research and development (R&D) came to around EUR 8.7 billion in 2012. This puts R&D investment at 2.8% of GDP 9 and makes Austria one of the top ten in the world 10.
0.5 0.3 0.1
0.0%
-0.5%
Austria
France
Finland
Eurozone average (EU17)
Germany Niederlande Frankreich
Eurozone (EU17) USA United States
Netherlands
OECD Total
-0.3
-0.6
-1.0% Source: Austrian Institute of Economic Research (WIFO), European Commission, OECD
The average per capita GDP amounted to EUR 36,640 in 2012, 43% higher than the average for the Eurozone 2. This makes Austria the second wealthiest country in the EU and one of the top ten of the 184 countries included in the IMF’s World Economic Outlook 3. Austria’s per capita GDP is 10% higher than in 2007, the last year before the crisis. Its improved ranking relative to other countries (Austria was fourth of all EU countries in terms of per capita GDP in 2007) underscores the resilience of the Austrian economy.
Austria also performs significantly better than the average of all EU countries in terms of innovative strength, as shown by a series of indicators in the European Innovation Scoreboard 2013 11. The Republic is committed to the Europe 2020 strategy for employment, intelligent, sustainable and integrative growth in order to secure and expand the progress that it has made.
1 Source: EU Commission, Winter Forecast February 2013, Austrian Institute of Economic Research (WIFO), March 2013 2 Source: Eurostat (per capita GDP, forecast for 2012) 3 Source: IMF World Economic Outlook October 2012 (per capita GDP to purchasing
power standards, forecast for 2012)
4 Source: Austrian Institute of Economic Research (WIFO), March 2013 5 Source: Travel & Tourism Competitiveness Report 2013 (World Economic Forum) 6 Source: Mercer Quality of Living, December 2012
Austria’s stability is also demonstrated by the fact that it is one of the few countries in the EU with a sustainable current account surplus. The current account balance has been positive since 2002, and came to 2.1% of GDP in 2012 4. The current account surplus has more than tripled since 2011. The main reasons for this were strong contributions from business-to-business services and a flourishing tourism sector. Austria is number three of 140 in a ranking of the most attractive tourist destinations in the world 5.
7 Source: Eurostat, net lending of the nation in % of GDP, average 2002–2011, February 2013 8 Source: OECD, late-2000s, StatExtracts February 2013 9 Source: Statistics Austria, April 2013 10 Source: World Bank, March 2013 11 Source: Eurostat, Innovation Union Scoreboard 2013
Secession © WienTourismus/Claudio Alessandri
Annual Review 2012 | 3
Economic Growth and Unemployment 2012
2010
2011
2012
2013e
Austria
2.1%
2.7%
0.8%
1.0%
Germany
4.2%
3.0%
0.7%
0.5%
Eurozone average
2.0%
1.4%
-0.6%
-0.3%
United States
2.4%
1.8%
2.2%
2.0%
OECD average
3.0%
1.8%
1.4%
1.4%
Unemployment rate
2010
2011
2012
2013e
Austria
4.4%
4.2%
4.4%
4.8%
Eurozone average
10.1%
10.2%
11.4%
12.2%
Inflation rate
2010
2011
2012
2013e
Austria
1.9%
3.3%
2.4%
2.2%
Eurozone average
1.6%
2.7%
2.5%
1.8%
Current account balance
2010
2011
2012
2013e
Austria
3.4%
0.6%
2.1%
2.6%
Eurozone average
0.3%
0.2%
1.5%
2.2%
Budget balance
2010
2011
2012
2013e
Austria
-4.5%
-2.5%
-2.5%
-2.3%
Eurozone average
-6.2%
-4.2%
-3.5%
-2.8%
Debt/GDP
2010
2011
2012
2013e
4 Estonia
Ireland
Eurozone
Cyprus
25
95.1%
6000
Total debt
2010
2011
2012
2013e
European Commission, OECD
The lowest unemployment rate and the second lowest youth unemployment rate in the entire EU have kept Austria at the head of the pack in Europe for years. The jobless rate in 2012 was 4.4%, substantially less than half of the projected Eurozone average of 11.4% 12. In addition to the traditional labour market indicators, Austria also has one of the lowest frequency of strikes in the world. The budget balance came to minus 2.5% 13 and was better than the originally planned minus 3.0% and the average for the Eurozone of minus 3.5%. The overall public debt ratio was also well below the Eurozone average (93.1%), although it rose from 72.5% in 2011 to 73.4% in 2012 14. The Austrian Stability Pact, that was adopted at the beginning of 2012, governs the budget consolidation contributions from the central government, states and local governments. The consolidation path set forth in this pact calls for a general government deficit of zero by 2016. A general government surplus (according to Maastricht definition) is planned from 2017 onwards. Over the medium to long term, debt is to be cut to less than 60% of GDP by means of a debt brake. Under the reform package, the measures will be implemented in ways that do not hamper growth, investment and job creation and security to the greatest extent possible.
20
15
-4
5
3.5% 3.5% 3.0% 2.4%
5000
2.5% 2.0%
4000 1.5% 3000 1.0%
2000
0.5%
1000
0.0%
0
Source: Federal Ministry of Finance, Austrian Treasury
Due to the Republic’s prudent budget policy and the conservative management of the debt portfolio, interest expenditures have fallen from 3.5% of GDP in the middle of the 1990s to 2.4% as of the end of 2012.
12 Source: EU Commission, Winter Forecast February 2013, Austrian Institute of Economic Research (WIFO), March 2013 13 Maastricht definition 14 Statistics Austria, March 2013
Hungerburgbahn Innsbruck © Österreich Werbung/Andreas Hofer
4 | Annual Review 2012
10
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013e
Source: Austrian Institute of Economic Research (WIFO), Federal Ministry of Finance,
in mln Euro
73.6%
319.1
-3
8000
93.1%
235.0
-2
Slovenia Italy
Government Interest Expenditure 1990 – 2013
73.4%
227.4
-1
Source: European Commission, Austrian Institute of Economic Research (WIFO)
88.1%
309.9
Netherlands
Unemployment Rate in %
72.5%
217.9
0
Belgium
Portugal
72.0%
300.7
Finland
Greece (GDP Growth -6,4%)
85.6% 206.1
Luxembourg
Spain
Eurozone average
286.4
1
Austria
Germany
France
Austria
Austrian GDP (bn EUR)
2 Malta
7000
Austria (bn EUR)
3
Slovakia
GDP Growth in %
Real GDP growth
in % of GDP
Key Economic and Budget Figures
Ratings (AAA/Aaa/AA+/AAA) Fitch
Long term
Short term
Outlook
AAA
F1+
stable
Moody´s
Aaa
P-1
negative
Standard & Poor´s
AA+
A-1+
stable
DBRS
AAA
R-1 (high)
stable
Sustainable country rating oekom research
Fifth best of 52 countries around the world
Sustainalytics
Sixth best of 165 countries around the world
Austria has a top credit standing. Three of the four leading agencies have assigned an AAA rating to the Republic’s long-term obligations. One agency currently places Austria in the second best of 22
rating categories (AA+/stable). Short-term obligations from Austria have the best possible rating from all four agencies. Furthermore Austria is a leader in sustainability, and is ranked number six of 165 countries around the world by Sustainalytics.
Rating rationale
“The stable outlook factors in our expectations that Austria’s economy will continue to resist the negative impact of the European sovereign debt crisis, the government will adhere to its stricter consolidation path and reforms, and Austrian banks will improve their capital.” S&P’s Research Update on Austria (dated 29 January2013)
Debt Management and Markets The Austrian Treasury is entrusted by law with managing the debt portfolio and liquidity of the Federal Republic of Austria in the name and for the account of the sovereign. Its central tasks are to ensure that the Republic of Austria is able to meet its payment obligations at all times and to minimise medium- and long-term costs for the taxpayer, all in adherence to strict risk limits. Its responsibilities are listed exhaustively in the Austrian Federal Financing Act 15.
Primary and Secondary Market
The majority of the funds needed for financing are raised through government bond auctions that are held at regular intervals 16. The auction process is run on the ADAS platform 17. In addition to the auctions, the Republic of Austria also launches one or two syndicated issues per year. Other financing instruments include a Euro Medium Term Note Programme (EMTN), an Austrian Treasury Bills Programme (ATB), an Australian Dollar MTN Programme and transactions in loans and Schuldscheinformat. The documentation can be found at www.oebfa.at (under Financing Instruments). The bundesschatz.at online retail savings product was launched by the Republic in 2002 as part of its e-government initiative. It offers terms ranging from one month to ten years. Details can be found at www.bundesschatz.at.
strong demand for long-term Austrian government bonds further underscores the country’s good standing on the market. In June 2012, two new government bonds were again issued via syndication. The issuance of the 3.15% Government Bond 2012–2044 (volume EUR 2 billion) and the 1.95% Government Bond 2012–2019 (volume EUR 3 billion) were completed successfully at historically low yields. Total volume of Austrian government bond issuance in 2012 was EUR 20.8 billion. The total volume of all financing issued by the central government came to EUR 25.7 billion (including prefunding for 2013). Debt issued in 2012 has an average remaining term to maturity of over 14 years at an average yield of around 2.2%. In 2012, for the first time ever, negative interest rates were recorded for Austrian paper with a maturity of less than two years. A group of twenty-four financial institutions with a strong placement track record were selected as primary dealers for Austrian government bonds. Among other things, the primary dealers are responsible for active and dedicated participation on the primary and secondary market. They also support in maintaining a broadly diversified investor base for the Republic.
15 §2 (1) Federal Financing Act
In 2012, 17 auctions for Austrian government bonds were held on nine dates to tap existing issues. In January 2012, the Republic of Austria launched two new government bonds on a single day via syndication. In addition to the 3.4% Government Bond 2012–2022 (volume EUR 3 billion), a 50-year government bond (volume EUR 2 billion) was issued and well received by the market. This government bond matures on 26 January 2062 and is currently the longest-running government bond in the entire Eurozone. The
16 The auction calendar can be found at www.oebfa.at (under Investor Relations). Details on the auction procedure: http://www.oekb.at/de/osn/DownloadCenter/ kapitalmarkt/rentenmarkt/broschueren/OeKB-Auktionsverfahren.pdf 17 See http://adas.oekb.at
Hangar 7 © Österreich Werbung/Diejun
Annual Review 2012 | 5
Primary Dealers for Austrian Government Bonds (April 2013) Banco Santander
J.P. Morgan
Barclays Capital
Merrill Lynch
BAWAG P.S.K.
Morgan Stanley
BNP Paribas
Natixis
Citigroup
Nomura International
Commerzbank
Oberbank
Credit Agricole
Österreichische Volksbanken
Bond
Credit Suisse
Raiffeisen Landesbank OÖ
Deutsche Bank
Raiffeisen Bank International
Erste Group Bank
Royal Bank of Scotland
Goldman Sachs
Sociéte Générale
HSBC France
UniCredit Bank
Redemption Profile of the Republic of Austria 25 31.12.2011 31.12.2012
20
in bn Euro
Issuance of Austrian Government Bonds (RAGB) in 2012
15
10
Issue date
Issue volume in mln EUR
Accepted average yield
Form of issue
4.00% Bundesanleihe 2006-2016/2 10.01.2012
600,000
2.213% p.a.
Auction
3.65% Bundesanleihe 2011-2022/1
10.01.2012
600,000
3.322% p.a.
Auction
3.80% Bundesanleihe 2012-2062/1
19.01.2012
1,700,000
3.837% p.a.
Syndication
3.40% Bundesanleihe 2012-2022/2
19.01.2012
2,800,000
3.434% p.a.
Syndication
3.40% Bundesanleihe 2012-2022/2 06.03.2012
1,000,000
2.890% p.a.
Auction
3.20% Bundesanleihe 2010-2017/1
10.04.2012
650,000
1.733% p.a.
Auction
3.40% Bundesanleihe 2012-2022/2
10.04.2012
550,000
2.905% p.a.
Auction
3.20% Bundesanleihe 2010-2017/1
08.05.2012
600,000
1.408% p.a.
Auction
3.40% Bundesanleihe 2012-2022/2 08.05.2012
500,000
2.634% p.a.
Auction
3.40% Bundesanleihe 2012-2022/2
12.06.2012
600,000
2.360% p.a.
Auction
3.80% Bundesanleihe 2012-2062/1
12.06.2012
400,000
3.021% p.a.
Auction
1.95% Bundesanleihe 2012-2019/3
26.06.2012
2,750,000
2.020% p.a.
Syndication
3.15% Bundesanleihe 2012-2044/4
26.06.2012
1,750,000
3.208% p.a.
Syndication
4.30% Bundesanleihe 2007-2017/2 04.09.2012
500,000
0.829% p.a.
Auction
1.95% Bundesanleihe 2012-2019/3
04.09.2012
600,000
1.344% p.a.
Auction
1.95% Bundesanleihe 2012-2019/3
02.10.2012
500,000
1.326% p.a.
Auction
3.15% Bundesanleihe 2012-2044/4
02.10.2012
700,000
2.880% p.a.
Auction
1.95% Bundesanleihe 2012-2019/3
06.11.2012
600,000
1.218% p.a.
Auction
3.40% Bundesanleihe 2012-2022/2
06.11.2012
600,000
1.888% p.a.
Auction
1.95% Bundesanleihe 2012-2019/3
11.12.2012
500,000
1.021% p.a.
Auction
3.40% Bundesanleihe 2012-2022/2
11.12.2012
500,000
1.706% p.a.
Auction
5
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 2056 2057 2058 2059 2060 2061 2062
0
Source: Austrian Treasury
Funding Strategy of the Republic of Austria in 2013 For 2013, the projected total issuance volume including all financial instruments amounts to a range between EUR 27 and 30 billion. A large share, between EUR 20 billion and EUR 24 billion, will be raised through Austrian government bonds (RAGB).
Auction
Value date
Volume
8 January
11 January
EUR 0.55 bn bond increase Jan 2062
5 February
8 February
A re-opening of existing issues is done at regular intervals to increase liquidity. As of April 2013 around 40% of the total full year funding programme has been completed.
5 March
8 March
10 April
17 April
The 2013 Auction Calendar18 was announced in December 2012:
7 May
10 May
4 June
7 June
2 July
5 July
(6 August)*
(9 August)*
3 September
6 September
1 October
4 October
5 November
8 November
10 December
13 December
18 The auction calendar can be found at www.oebfa.at (under Investor Relations).
EUR 0.55 bn bond increase Nov 2022 EUR 0.55 bn bond increase Jun 2019 EUR 0.77 bn bond increase Jun 2044 EUR 0.88 bn bond increase Nov 2022 EUR 1.50 bn bond syndication May 2034 EUR 3.00 bn bond syndication Oct 2023
National Park Hohe Tauern © Österreich Werbung/Popp G.
6 | Annual Review 2012
EUR 0.55 bn bond increase Nov 2022
The volumes and terms are announced one week before the auction date.
*reserve auction date
Diversity and flexibility are traditional key elements of Austria’s funding strategy. To account for market needs in connection with increasing life expectancies and to secure additional financial flexibility for Austria, the legal framework for the issuance of debt was increased from 50 years to a maximum tenor of 70 years. The investor base is broadly diversified and stable in terms of regions and sectors. Investors seeking the best possible creditworthiness make up the majority of holders of Austrian debt instruments. Funding is raised through a series of different instruments, including an electronic auction procedure for government bonds, standardised programmes such as EMTN, Australian Dollar MTN, transactions in loans, Schuldscheinformat and Austrian Treasury Bills. Austrian Treasury Bills (ATBs) are available in different currencies and are issued on a daily basis. The ATB programme also includes an ad hoc dealer option. There are no auctions for Austrian treasury bills. The issues and their terms are tailored on a daily basis.
Primary Dealers for Austrian Treasury Bills
Austria is a popular issuer around the world, and government bonds are the most liquid instruments on the domestic market. In addition to the group of primary dealers, RAGBs are also traded through a large number of market makers. Trading is done through a large number of international trading platforms and via telephone. In this way, Austrian government bonds can be traded at virtually any time and anywhere.
List of Austrian Benchmark Government Bonds Term
Benchmark Bond
Maturity
1 year
4.30% RAGB 2014
15.07.2014
Outstanding volume (in bn EUR) 9.6
2 years
3.50% RAGB 2015
15.07.2015
13.1
3 years
4.00% RAGB 2016
15.09.2016
11.6
4 years
4.30% RAGB 2017
15.09.2017
7.3
5 years
4.65% RAGB 2018
15.01.2018
11.3
6 years
1.95% RAGB 2019
18.06.2019
6.0
7 years
3.90% RAGB 2020
15.07.2020
13.0 13.6
8 years
3.50% RAGB 2021
15.09.2021
9 years
3.65% RAGB 2022
20.04.2022
7.9
10 years
1.75% RAGB 2023
20.10.2023
3.0
15 years
6.25% RAGB 2027
15.07.2027
7.1
Banc of America
Deutsche Bank
20 years
2.40% RAGB 2034
23.05.2034
1.5
Barclays Capital
Goldman Sachs
25 years
4.15% RAGB 2037
15.03.2037
12.1
BAWAG P.S.K.
Raiffeisen Bank International
30 years
3.15% RAGB 2044
20.06.2044
3.5
Citibank International
UBS
50 years
3.80% RAGB 2062
26.01.2062
3.0
Credit Suisse
UniCredit Bank
As of April 2013
Fixed-rate instruments make up 96% of the Republic of Austria’s debt portfolio, and variable-interest instruments the remaining 4%. The average duration is six years, and the average term eight years. This underscores the conservative approach of Austria´s debt management. The Republic of Austria has one of the lowest levels of refinancing risk of any country in the world.
Risk Management As instructed by the Minister of Finance, the Austrian Treasury strictly adheres to a risk-averse business policy. In executing its duties, however, it must enter into certain financial-marketspecific risks. The risk policy is defined through a series of risk management guidelines. These guidelines were adapted in 2012 in response to changed risk conditions. The sophisticated quantitative risk measurement methods and instruments are refined on an ongoing basis. The Austrian Treasury risk management serves as a role model for the entire public sector in Austria.
Compliance with these guidelines, which was again confirmed in 2012, is continuously monitored and documented through specific processes for risk identification, assessment, management, monitoring and communication. In this, the Austrian Treasury orients itself towards the international best practice standards for sovereign debt management offices and the current regulations for the financial sector.
Playing in the brook © Österreich Werbung/Hannes Jung
Annual Review 2012 | 7
Contact Austrian Treasury Debt Management Office of the Republic of Austria 1015 Vienna, Seilerstaette 24 Tel.: +43 1 512 25 11-0 Fax: +43 1 513 99 94 Website: www.oebfa.at Bloomberg: RAGB, AUST
Reuters: AFFA01…07
Martha Oberndorfer, CFA, MBA Director Treasury/Markets +43 1 512 25 11-14
Contact for money and capital markets
Martin Dymkowski,
[email protected] Niklas Pax,
[email protected] Christian Schreckeis, CFA,
[email protected] Markus Stix,
[email protected] Günther Wahl,
[email protected] Pia Zivanovic-Amann, MBA,
[email protected]
Thomas Steiner Director Risk Management/Operations +43 1 512 25 11-30
+43 1 512 25 11-46 +43 1 512 25 11-37 +43 1 512 25 11-48 +43 1 512 25 11-22 +43 1 512 25 11-16 +43 1 512 25 11-47
Links
www.oebfa.at | Austrian Treasury: auction calendar, current debt, rating reports, investor relations www.bundesschatz.at | Online savings products of the Republic of Austria www.bmf.gv.at | Federal Ministry of Finance: detailed information about the Austrian budget www.statistik.at | Statistics Austria www.oenb.at | The Austrian Central Bank www.staatsschuldenausschuss.at | Government Debt Committee www.epp.eurostat.ec.europa.eu | Eurostat www.oekb.at/de/kapitalmarkt/bundesanleihen/seiten/default.aspx | OeKB www.wifo.ac.at | Austrian Institute of Economic Research, WIFO www.ihs.ac.at | Institute for Advanced Studies, IHS
Imprint
The Oesterreichische Bundesfinanzierungsagentur is the treasury of the Republic of Austria and acts in its name and for its account. Concept, Graphics & Layout: asoluto public + interactive relations, 1010 Vienna, Austria Print: Federal Ministry of Finance Cover Illustrations: National Park Hohe Tauern © Österreich Werbung/Popp G.; Hungerburgbahn Innsbruck © Österreich Werbung/Andreas Hofer; Playing in the brook © Österreich Werbung/Hannes Jung; Hangar 7 © Österreich Werbung/Diejun; Secession © WienTourismus/Claudio Alessandri; Gasometer City © WienTourismus/Karl Thomas; Belvedere parks and gardens © WienTourismus/MAXUM; Central Station Vienna © ÖBB; Gloriette © WienTourismus/MAXUM