Austria: Staff Report for the 2013 Article IV Consultation—Informational Annex
Author: International Monetary Fund. European Dept.
Publication Date:
10 Sep 2013
eISBN:
9781475575088
ISBN:
9781475575088
Language:
English
Keywords:
ISCR; CR; solid windowtext 0.1pt; windowtext 0.1pt; asset; Q1; macroeconomic statistics; social security fund; Reserve assets; Special Data Dissemination Standard (SDDS); Currencies; Dissemination Standards Bulletin Board (DSBB); Exchange rate arrangements
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This paper presents details of Austria’s 2013 Article IV Consultation. Austria has been growing economically but is facing challenges in the financial sector. Full implementation of medium-term fiscal adjustment plans require specifying several measures and plans that need gradual strengthening to take expected further bank restructuring cost into account. It suggests that strong early bank intervention and resolution tools, a better designed deposit insurance system, and a bank-financed resolution fund would help reduce the need for budgetary support to any troubled banks in the future.

Abstract

This paper presents details of Austria’s 2013 Article IV Consultation. Austria has been growing economically but is facing challenges in the financial sector. Full implementation of medium-term fiscal adjustment plans require specifying several measures and plans that need gradual strengthening to take expected further bank restructuring cost into account. It suggests that strong early bank intervention and resolution tools, a better designed deposit insurance system, and a bank-financed resolution fund would help reduce the need for budgetary support to any troubled banks in the future.

Fund Relations

(As of June 30, 2013)

Mission: Consultation discussions were held in Vienna from June 21 to July 1, 2013. The authorities released the mission’s concluding statement, which is available at: http://www.imf.org/external/np/ms/2013/070113.htm

Staff team: Ms. Detragiache (head), Messrs. Ebrahimy and Steinlein (all EUR) and Mr. Saiyid (MCM). Mr. Prader, Executive Director for Austria, and Mr. Just (OED) attended the meetings.

Country interlocutors: Central Bank Governor Nowotny, Minister of Labor Hundstorfer, State Secretary for Finance Schieder, members of Parliament, and representatives of the social partners, the financial sector, and economic research institutes.

Fund relations: Austria is on a 12-month consultation cycle. The last consultations were held June 22-July 2, 2012, and the staff report is available at: http://www.imf.org/external/pubs/cat/longres.aspx?sk=26223.0

Membership Status: Joined: August 27, 1948; Article VIII, as of August 1, 1962

General Resources Account:

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SDR Department:

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Outstanding Purchases and Loans: None

Latest Financial Arrangements: None

Projected Payments to Fund:

(SDR Million; based on existing use of resources and present holdings of SDRs):

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Implementation of HIPC Initiative: Not Applicable

Exchange System:

As of January 1, 1999, the currency of Austria is the euro, which floats freely and independently against other currencies. Austria’s exchange system is free of restrictions on the making of payments and transfers for current international transactions, with the exception of restrictions notified to the Fund in accordance with decision No.144-(52/51) resulting from UN Security Council Resolutions and EU Council Regulations.

Statistical Issues

1. Macroeconomic statistics are adequate for surveillance. Austria subscribed to the Fund’s Special Data Dissemination Standard (SDDS) in 1996, and its metadata are available on the Fund’s electronic Dissemination Standards Bulletin Board. Austria is availing itself of the SDDS flexibility option on the timeliness of the industrial production index and the merchandise trade data.

2. The ECB reporting framework is used for monetary statistics and data are reported to the IMF through a “gateway” arrangement with the ECB. The arrangement provides an efficient transmission of monetary statistics to the IMF and for publication in the IFS and IFS Supplement.

Austria: Table of Common Indicators

(as of July 30, 2013)

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Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.

Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

Foreign, domestic bank, and domestic nonbank financing.

The general government consists of the central government (budgetary funds, extra-budgetary funds, and social security funds) and state and local governments.

Including currency and maturity composition.

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Cover IMF Staff Country Reports
Austria: 2013 Article IV Consultation
Author: International Monetary Fund. European Dept.
Volume/Issue:
Volume 2013: Issue 280
Publisher:
International Monetary Fund
ISBN:
9781475575088
ISSN:
1934-7685
Pages:
48
DOI:
https://doi.org/10.5089/9781475575088.002