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Austria's Oesterreichische Clearingbank AG (OeCAG) (Austria GFC)

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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.

Suggested Citation

  • Simon, Claire, 2020. "Austria's Oesterreichische Clearingbank AG (OeCAG) (Austria GFC)," Journal of Financial Crises, Yale Program on Financial Stability (YPFS), vol. 2(3), pages 607-607, April.
    • Handle: RePEc:ysm:ypfsfc:233030
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    File URL: https://elischolar.library.yale.edu/cgi/viewcontent.cgi?article=1098&context=journal-of-financial-crises
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    References listed on IDEAS

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    1. Michaela Posch & Stefan W. Schmitz & Beat Weber, 2009. "EU Bank Packages: Objectives and Potential Conflicts of Objectives," Financial Stability Report, Oesterreichische Nationalbank (Austrian Central Bank), issue 17, pages 63-84.
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    More about this item

    Keywords

    credit guarantee; clearing bank; Austria;
    All these keywords.

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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