Austria

Adoption date

Type of measure

Beneficiaries’ sector specification

Decryption of measure

03/04/2020

Public moratoria

All non-financial sector

For loans to consumers and micro enterprises interest payments and loan repayments are suspended for payments due between 1.4. and 30.6.,for three months respectively, and the term of the contract is extended by 3 months

03/04/2020

Public guarantees

Non-financial corporations

The guarantees are implemented by the AWS, ÖHT and COFAG via OeKB. This is intended to bridge temporary liquidity bottlenecks due to the COVID-19 pandemic, to maintain the business activities of Austrian companies and to ensure the stabilisation of the employment situation. The gurantee share varies between 80% and 100%.

03/04/2020

Direct grants

All sectors

Short work model by the government. Businesses making use of the new short time working model will get their additional costs between actual working hours of their employees and up to 100% (e.g. for apprentices) of the net salaries of their employees reimbursed by the Public Employment Service Austria (AMS). Within a several week average actual working hours must at least amount to 10% of normal working hours in order to be applicable to the scheme. The government has dedicated 12 bn Euro to this measure.

03/04/2020

Tax deferrals

All sectors

Tax deferral has a calculated impact of up to 10 bln Euro

15/03/2020

Other measures of fiscal nature

All sectors

Unbureaucratic and flexible options will be made available for the deferment of collection of taxes.

16/06/2020

Other measures of fiscal nature

All non-financial sector

Complementary support package to stimulate the economy, partly funded by new money, partly by redirect money already earmarked to several funds. Net new stimulus amount equals roughly 12 bln. Euro. Actions announced at the governmental press conference include income tax reform, transfers to unemployed people and families or a dedicated funds for artists.

18/09/2020

Private moratoria

All non-financial sector

The moratorium is available to the asset classes (a) retail, (b) corporates und (c) loans secured by real estate mortgages and to leasing exposures. Bullet loans are explicitely excluded from the scope of the moratorium.

03/04/2020

Direct grants

Non-financial corporations

Different tranches apply for different time periods, prolonged currently until 30.06.2021. The measure has been prolonged for the 2nd half of 2021 (i.e. losses occuring between July and December 2021); loss compensation for that period can be claimed until 30.6.2022.

01/11/2020

Direct grants

Non-financial corporations

Compensation for loss of turnover due to lockdown in November and December 2020: Companies affected by the lockdown are to be compensated for their lost turnover. This is intended to ensure the liquidity of the companies.

16/01/2021

Direct grants

Non-financial corporations

Companies affected by the pandemic and facing a loss of sales of at least 40% will be compensated. Companies can submit an application every month. This is intended to ensure the liquidity of companies. Currently, compensation for loss of sales is applicable including September 2021 (to be claimed until 15.01.2022, the latest).

25/03/2020

SyRB

SyRB

FMA/OeNB enhanced communication to Austrian banks to address any potential stigma-effect of buffer usability.

25/03/2020

O-SII

O-SII

FMA/OeNB enhanced communication to Austrian banks to address any potential stigma-effect of buffer usability.

03/04/2020

Other measure

Other measure

EIOPA and FMA urgently recommend insurance undertakings to refrain from the distribution of dividends as well as share buy-backs.

19/03/2020

Reporting requirements

Reporting requirements

FMA extends reporting and procedural deadlines in situations where no threats or particular urgency exists.

20/03/2020

Buffer usability

Buffer usability

Acceptance of the usage of microprudential and macroprudential capital buffers (CBR; P2G).

23/03/2020

Reporting requirements

Reporting requirements

A questionnaire was launched on 12 March 2020 by FMA which deals with the BCM of insurance companies and the effect of COVID 19 on products

27/03/2020

Dividend distribution policy

Dividend distribution policy

A general recommendation was made to the credit institutions that, especially in the current situation, a conservative dividend and distribution policy on the part of the institutions should be followed. Further discussions are taking place both at national and SSM level. There is no final stance yet

27/03/2020

Reporting requirements

Reporting requirements

FMA communicates its expectations regarding ad-hoc disclosure on the nature and effects of the major development due to Corona crisis.

31/03/2020

Reporting requirements

Reporting requirements

OeNB and the FMA announced their support for flexibility as suggested by the ECB/SSM, EBA and SRB regarding specific reporting requirements and submission dates, including selected national reporting requirements.

15/04/2020

Short selling ban

Short selling ban

The Austrian Financial Market Authority (FMA) has extended the ban issued on 18 March 2020 by means of a Regulation for the temporary prohibition of short selling of certain financial instruments listed on the Vienna Stock Exchange (Wiener Börse) in an amended form until 18 May 2020. While short selling was prohibited to date with regard to every individual transaction, the amended Regulation now focuses on net short positions. The ban relates to establishing new net short positions or increasing existing net short positions.

21/02/2020

Other measure

Other measure

This FMA-Regulation enables employees to conduct an online identification of customers at the place of residence of the employees in a separate locked room (online identification while working from home) to prevent the spread of COVID-19. This method complies with the law regarding the prevention of the use of the financial system for the purposes of money laundering or terrorist financing.

15/03/2020

Direct grants (w/o fin. stab. relevance)

Direct grants (w/o fin. stab. relevance)

Establishment of the Covid-19 Fund with a maximum allocation of € 4 billion. One off payments in the amount of 500 or 1,000 EUR.

19/03/2020

Other measure

Other measure

FMA is temporarily waiving the requirement for members to be personally present at meetings of the supervisory board and of the supervisory board’s committees

27/04/2020

Other state of emergency measure

Other state of emergency measure

The Austrian Financial Market Authority (FMA) extends different deadlines for its supervised entities regarding submissions by way of a Regulation. The deadline extensions are granted in light of the COVID-19 crisis.

30/04/2020

Other labour market measure

Other labour market measure

The Regulation sets the limit of subsidies for businesses regarding short-time work for the year 2020 to 10 billion Euros.

30/04/2020

Travel bans

Travel bans

The Regulation allows seasonal workers in the field of agriculture and forestry as well as health care and nursing staff from neighbouring states to enter into Austria via bus or train. These workers shall be quarantined at home for 14 days upon arrival.

30/04/2020

Other state of emergency measure

Other state of emergency measure

The Regulations lays down different measures to ease restraints made due to the COVID-19-Pandemic. Working in same offices is possible if people keep a distance of at least one meter. Face masks have to be worn if employers and employees agree to this measure. Gatherings like conferences of more than 10 people are not allowed. Gatherings for work with more than 10 people are only allowed, if they are strictly necessary for the maintenance of the professional activity.  

16/12/2020

Dividend distribution policy

Dividend distribution policy

It is particularly important that financial services providers proactively identify and make appropriate provisions for the risks that are in their accounts. The most important preventative measure to take is increasing the quantity and quality of their own funds, or at least not to weaken it by making distributions.