Austria
Measures taken in response to coronavirus (COVID-19) pandemic
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. |