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Country Commercial Guides
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CHAPTER VIII. TRADE AND PROJECT FINANCINGA. Synopsis of Banking System
A wide range of credit and financial instruments is offered by all of Austria's banks. The Austrian banking system is highly developed, with worldwide correspondent relations, as well as offices and branches in the United States and other major financial centers. Large Austrian banks also have branches, subsidiaries, and joint venture operations in Central and Eastern Europe. Many major foreign banks, including American, have operations in Austria.
B. Foreign Exchange Controls Affecting Trading
Austria has a fully liberalized foreign exchange regime. There are no limitations on cross-border payments, whether related to foreign trade, capital investments, or other transactions, except to countries under UN sanctions.
C. General Financing Ability
General financing to establish foreign operations in Austria is readily available. Foreign firms enjoy access to Austrian credit and capital markets without restrictions. On December 31, 1998, the exchange rate for Euro 1.00 was irrevocably fixed at Austrian schillings 13.7603. Thus, U.S. investors will not be faced with schilling exchange rate risks against the currencies of the other ten EMU participants during the transition to the Euro in 2002.
D. How to Finance Exports/Methods of Payment
American exporters to Austria may use domestic or foreign financing to make a wide range of payment arrangements, from advances to letters of credit and bank guarantees. Austrian banks can also help arrange financing for export and investment transactions in Central and Eastern Europe. The Austrian Government has neither a countertrade policy nor specific regulations in this field. E. Types of Available Export Financing and Insurance
OPIC does not operate in Austria, although it has a cooperation agreement with the Austrian Finance Guarantee Company to insure investments in Central and Eastern Europe. The Ex-Im Bank has no active programs in Austria. The risk of political or economic disturbances that could disrupt trade or investment projects in Austria is practically nonexistent.
F. Project Financing Available
Commercial financing is readily available from Austrian banks and institutions on normal market terms, but multilateral institutions are not active in Austria. Concessionary financing may be available for U.S. firms in association with Austrian companies for projects in neighboring Central and Eastern European countries.
G. List of Banks with Correspondent U.S. Banking Arrangements
Austrian Branches/Subsidiaries of U.S. Banks:
American Express Bank Ltd.TRS Commercial and private Kaerntnerstr. 21-23 A-1015 Vienna, Austria Phone: (43 1) 515 11-0 Fax: (43 1) 515 11-100 Citibank International plc All banking services Austria Branch Schwarzenbergplatz 3 A-1010 Vienna, Austria Phone: (43 1) 717 17-400 Fax: (43 1) 712 97 07 Merrill Lynch Bank (Austria) AG Private banking Wallnerstrasse 4 A-1010 Vienna, Austria Phone: (43 1) 531 40 Fax: (43 1) 535 02 27 GE Capital Bank Consumer financial Donau-City Strasse 6 services A-1223 Vienna, Austria Phone: (43 1) 260 70 9217 Fax: (43 1) 260 70 9341 Austrian Banks with Subsidiaries in the U.S.: Bank Austria AG Bank Austria Am Hof 2 565 Fifth Avenue A-1010 Vienna, Austria New York, NY 10017 Phone: (43 1) 711 91-0 Phone: (212) 880 1000 Fax: (43 1) 711 91-6155 Fax: (212) 880 1110 Creditanstalt Bankverein AG Creditanstalt Schottengasse 6 245 Park Ave, 32nd Floor A-1010 Vienna, Austria New York, NY 10167 Phone: (43 1) 531 31-0 Phone: (212) 856 1000 Fax: (43 1) 531 31-7566 Fax: (212) 856 1044 Erste Bank der oesterreichischen Erste Bank der Sparkassen AG oesterreichischen Graben 21 Sparkassen AG A-1010 Vienna, Austria 280 Park Avenue Phone: (43 1) 531 00-0711 West Building, 32nd floor Fax (43 1) 531 00-1533 New York, NY 10017 Phone: (212) 984 5600 Fax: (212) 986 1423 Raiffeisen Zentralbank RZB Finance LCC Österreich AG Ave. of the Americas Am Stadtpark 9 New York, NY 10036 A-1030 Vienna Phone: (212) 845 4100 Phone: (43 1) 717 07-0 Fax: (212) 944 2093 Fax: (43 1) 717 07-1715
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[end of document] Note* International Copyright, United States Government, 1998 (or other year of first publication). All rights under foreign copyright laws are reserved. All portions of this publication are protected against any type or form of reproduction, communications to the public and the preparation of adaptations, arrangement and alterations outside the United States. U. S. copyright is not asserted under the U.S. Copyright Law, Title17, United States Code.
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