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Central Presenting Agent
As a service to Austrian banks, OeKB provides clearing and other processing of matured physical securities and coupons held by private investors.
Hub for matured coupons and securities
Of the securities currently outstanding in Austria, many issues in the 1980s and 1990s were made partly in the form of physical certificates. Private investors who keep these certificates of domestic and foreign securities at home typically present the maturing interest coupons, dividend coupons or physical securities at their own bank.
The processing of the matured coupons and physical securities is a very time-consuming and cost-intensive undertaking. Many Austrian banks therefore outsource this activity to the Central Presenting Agent operated by OeKB and thus reduce their infrastructure costs.
The Central Presenting Agent provides the following services on behalf of its customers:
- Clearing between presenting banks, issuers and paying agents
- Hotline for information on amounts payable
- Prompt transfer of amount payable to the presenting bank
- Collection from the security's paying agent
- Detailed record-keeping on the destruction of old certificates