 Austria's Oesterreichische Clearingbank AG (OeCAG) (Austria GFC)Claire Simon ()
Journal of Financial Crises, 2020, vol. 2, issue 3, 607-607 Abstract: In October 2008, euro-area countries adopted a joint framework to guide national policies combatting the effects of the global financial crisis. In Austria, this led to the enactment of a number of measures and amendments, including the Interbank Market Support Act (Interbankmarktstarkungsgesetz, or IBSG). IBSG called for the establishment of a new clearing bank to facilitate interbank lending. It also permitted the Minister of Finance to guarantee up to EUR5 billion of short-term securities issued by the clearing bank and to absorb losses of the clearing bank up to EUR4 billion. The clearing bank, Oesterreichische Clearingbank AG (OeCAG), was owned and capitalized by Austrian banks and was open to participation from all credit institutions and insurance companies. Through regular auctions, OeCAG matched available funds to demands for credit for fixed terms. Over the lifespan of the bank, 310 auctions were conducted in euros and dollars, allotting EUR22.5 billion and $1.5 billion respectively. After being extended by one year, the guarantee scheme authorized by IBSG expired on December 31, 2010, and OeCAG closed shortly thereafter. None of the government guarantees were triggered. Keywords: credit guarantee; clearing bank; Austria (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:ysm:ypfsfc:233030 Access Statistics for this article More articles in Journal of Financial Crises from Yale Program on Financial Stability (YPFS) Contact information at EDIRC. |
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