Oesterreichische Kontrollbank provides loans on commercial terms in EURO as well as in foreign currencies.
Financing in EURO
1) transaction based export contracts and foreign investments
a) financing based on EURIBOR
Credit facilities in EURO carry a floating interest rate based on 3 months EURIBOR. Depending on the repayment term margins are added. The extent of the margins reflects OeKB's prevailing average cost of funding and is monthly verified by OeKB.
valid as of 1 February 2012*
|
under 2 years |
3 months EURIBOR** |
+ 110 BP |
|
from 2 to under 5 years |
3 months EURIBOR** |
+ 185 BP |
|
from 5 to under 8 years |
3 months EURIBOR** |
+ 205 BP |
|
from 8 to under 12 years |
3 months EURIBOR** |
+ 220 BP |
|
12 years and more |
3 months EURIBOR** |
+ 220 BP |
* interest is payable quarterly in arrears
** 3 months EURIBOR according to the Viennese bank calendar as of 28 December 2011 1.387 % p.a.
b) financing based on fixed/floating interest rates
Credit facilities in EURO both carry a floating interest rate (tranche A) and a fixed interest rate (tranche B). The floating interest rate is determined by OeKB quarterly. The level of the floating interest rate reflects OeKB’s prevailing average cost of funding. Repayments of principal are first credited to tranche A and thereafter to tranche B.
valid as of 1 February 2012*
|
under 2 years |
50/50 |
2.50 % p.a. |
2.10 % p.a. |
2.221 % p.a. |
|
from 2 to
under 5 years |
40/60 |
2.50 % p.a. |
3.20 % p.a. |
3.069 % p.a. |
|
from 5 to
under 8 years |
20/80 |
2.50 % p.a. |
3.90 % p.a. |
3.824 % p.a. |
|
from 8 to
under 12 years |
10/90 |
2.50 % p.a. |
4.40 % p.a. |
4.369 % p.a. |
|
12 years and more |
10/90 |
2.50 % p.a. |
4.65 % p.a. |
4.615 % p.a. |
* interest is payable quarterly in arrears
2) credit facilities for short term export contracts
Short term credit facilities carry a floating interest rate that is determined by OeKB quarterly.
There are two types of short term credit facilities: the revolving credit facility and the Kontrollbank Credit Line (KCL, known in Austria as "Kontrollbank-Refinanzierungsrahmen", or "KRR").
The KCL is available for non-SMEs to finance export contracts. Basis for this financing scheme are export bills of exchange by aval guaranteed by the Republic of Austria with a maturity of less than two years. Small and medium-sized enterprises are serviced by "Österreichischer Exportfonds" GmbH.
valid for the 1st quarter 2012*
| interest rate for revolving credit facilities with repayment terms of less than 2 years |
2.30 % p.a. |
interest rate for credit facilities within the
Kontrollbank Credit Line |
1.95 % p.a. |
* interest is payable quarterly in arrears
Financing in foreign currencies
a) Foreign Currency Financing without official support
Financing in foreign currencies may be made available on a case by case basis at a floating or fixed rate according to the market.
b) Foreign Currency Financing based on CIRR*
The Ministry of Finance and The Austrian Federal Economic Chamber agreed to support, if necessary, foreign currency financing based on CIRR. The following regulations have to be complied with:
- foreign currency financing based on CIRR is only available for export transactions with a credit tenor of two years or more; investments and mere trading transactions are not eligible
- the underlying export guarantee or insurance has to be denominated in the same foreign currency as the refinancing contract
- the exporter has to be located in Austria
- the exporter’s commercial activities should have positive impacts on enterprises
- the demand for a foreign currency financing has to be demonstrated
The applicable CIRR is determined at the time of application for the refinancing, provided that the required export guarantee or insurance is available and effective. For the refinancing a margin of 50 basis points is added to the CIRR. The CIRR is established by the OECD and published on OECD’s website. www.oecd.org
For the time being the public support is limited until the end of 2012. Therefore foreign currency financing based on CIRR can be applied for until 31.12.2012.
* The Commercial Interest Reference Rate (CIRR) is valid from the 15th of each month to the 14th of the following month.