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Bank Austria logs EUR 3 billion in advance requests for ULSG guarantees

Enormous interest from Austrian business in guarantees from the Austrian Control Bank

The guidelines of the Austrian Control Bank (OeKB) for the issuance of guarantees for corporate loans under the new Act Strengthening Liquidity of Enterprises (Unternehmensliquiditätsstärkungsgesetz or ULSG) were released roughly ten days ago. Since then, Austrian businesses have expressed enormous interest in the EUR 10 billion guarantee facility, and corporate banking advisors at Bank Austria have received advance requests for these guarantees totalling over EUR 3 billion. The required official applications are now being prepared as quickly as possible and will be forwarded to the OeKB for approval. The requests that have been received to date have come from all sectors of the economy. Representatives from roughly 100 companies participated in the first four information events held by Bank Austria about the ULSG.

Helmut Bernkopf, Bank Austria Management Board director for Corporate & Investment Banking: "The provision of guarantees by the Minister of Finance has proven to be a very effective instrument for stimulating the economy in difficult times. This system is intended to allow businesses to continue operating, and is not intended as a restructuring measure for companies on the brink of insolvency. In line with this, the companies on our request list have continued to operate well in principle. But because liquidity is harder to come by right now, they are examining all possibilities for optimising their financing costs."

Interesting links:

 http://ulsg.oekb.at/ - further information on how to obtain a ULSG guarantee
 http://www.bankaustria.at/ > Corporate Customers starting on 14 September 2009

Enquiries: Bank Austria Press Office Austria
Tiemon Kiesenhofer, Tel. +43 (0)5 05 05 ext. 52819
E-mail: tiemon.kiesenhofer@unicreditgroup.at

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