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Economy and Banking Sector of Austria

Financial Market Development

Financial Market Development
4.6 (max 7.0), 30th out of 138 countries
Banks' Soundness
5.2 (max 7.0), 57th out of 138 countries

According to World Economic Forum's Global Competitiveness Report 2017-2018, financial market development in Austria is scored 4.6 out of maximum 7.0 and ranked 30th out of 138 analysed economies, trustworthiness and confidence of financial market is scored 4.6 (48th place).

Financial Market Development in Austria.

Chart 1. Financial Market Development in Austria. Source: WEF.


Soundness of banks is scored 5.2 bringing Austria into the 57th place.

Soundness of Banks in Austria.

Chart 2. Soundness of Banks in Austria. Source: WEF.

Further Information

Deposit Guarantee Scheme

Maximum Protected Amount
100,000 EUR

Deposit guarantee scheme is a financial stability mechanism implemented in many countries to protect bank depositors against the loss of their deposits in the case when a bank is unable to meet its obligations to depositors by compensating certain deposits held by depositors of the bank. This compensation is paid out from the contributions which banks have made into a deposit guarantee fund.

From a depositor's point of view it is important to know:

  • if the depositor is eligible within the terms of the deposit guarantee scheme;
  • if the depositor's bank is a participant in the deposit guarantee scheme;
  • if the depositor's type of deposit is covered by the deposit guarantee scheme.

All these details about deposit guarantee scheme in Austria are summarised in Table 1.

Scheme Participants
all credit institutions operating in Austria (including branches of foreign banks)
branches of Austrian banks abroad
Eligible Depositors
natural persons
legal entities, for example
  • joint-stock companies
  • limited liability companies
  • general partnerships
  • limited partnerships
  • registered associations
  • etc.
Non-Eligible Depositors
federal government
regional government
local governments
financial institutions
securities firms
Covered Accounts
all balances on interest-bearing and non-interest bearing accounts, such as
  • current accounts
  • pension accounts
  • savings accounts
  • savings books
  • fixed-term deposits
Covered Currencies
EEA currencies
Maximum Protected Amount
100,000 EUR
Temporary High Balance
500,000 EUR
Paid In Currency
EUR

Table 1. Deposit guarantee scheme in Austria.

EEA stands for European Economic Area and consists of all EU member states plus Liechtenstein, Norway and Iceland.

EEA currencies are all official currencies of EEA members. Switzerland is not a EEA member, but because CHF is the official currency of Liechtenstein, CHF also belongs to EEA currencies.

So, only the deposits made with Austrian banks in the following currencies are covered by the deposit guarantee scheme of Austria

 EUREuro
 BGNBulgarian lev
 HRKCroatian kuna
 CZKCzech koruna
 DKKDanish krone
 HUFHungarian forint
 ISKIcelandic króna
 CHFSwiss franc
 NOKNorwegian krone
 PLNPolish złoty
 RONRomanian new leu
 SEKSwedish krona/kronor
 GBPPound sterling

It should be also noted that deposits in non-EEA currencies (for example, USD and JPY) are not covered by the Austrian deposit guarantee scheme.

Further Information

Country Ceiling for Deposits

Moody's country ceilings for deposits specify the highest rating that can be assigned to local- or foreign- currency denominated deposit obligations of a bank or other deposit taking institution domiciled within that country.

Local Currency (Euro)
Aaa (prime)
Foreign Currency
Aaa (prime)

Local currency (Euro) deposit ceiling for Austria is set to Aaa (prime), foreign currency deposit ceiling is Aaa (prime).

Deposit Rates

Average Deposit Rate (Feb 2019, EUR)
0.24 %  (Jan 2019: 0.23 %)
In February 2019, an agreed annualised deposit rate in local currency (Euro) of new contracts with agreed maturity up to 1 year between credit institutions and households was 0.24% which was below the Euro Area average (0.32%).
Deposit Rates in Austria.

Chart 3. Deposit Rates in Austria. Source: ECB.

Further Information

Banking Supervision

Oesterreichische Nationalbank

Banking Sector Structure

Number of Banks
555
Consolidated Assets (2017)
949.28 bln EUR  (+0.32%)
Recent Changes (2018)
new banks: 1, closed banks: 25

Currently there are 555 credit institutions operating in Austria.

In 2017 consolidated banking assets in Austria were 949.28 bln EUR. The consolidated banking assets' evolution is shown at Chart 4 below.

Consolidated banking assets in Austria.

Chart 4. Consolidated banking assets in Austria.

Recent structural changes (2013 - 2018) of the banking sector of Austria are summarised in Table 2.

201320142015201620172018
Number of Opened Banks111111
Number of Closed Banks132429664325

Table 2. Recent structural changes in the banking sector of Austria.

The list of the most recently opened banks in Austria is provided in Table 3.

NameStart Date
VTB Bank (Europe) SE, Zweigniederlassung Wien (new)May 2018
BNP PARIBAS PERSONAL FINANCE SA Niederlassung Österreich (new)January 2017
Bank of China (Hungary) Close Ltd. Vienna Branch (new)January 2016
Mizuho Bank Europe NV Vienna Branch (new)July 2015
FIL Fondsbank GmbH Zweigniederlassung Wien (new)October 2014
Addiko Bank AG (new)June 2013
 

Table 3. The most recently opened banks in Austria.

All the credit institutions operating in Austria can be classified into several categories. Table 4 summarises the number of banks in each category.

CategoryNumber of Banks
Banks1
Building and loan associations4
Central banks1
Institutions defined under § 9 BWG27
Joint stock banks and private banks36
Raiffeisen credit cooperatives399
Savings banks49
Special purpose banks18
State mortgage banks8
Volksbank credit cooperatives12

Table 4. Number of banks by category in Austria.

There are 27 branches of foreign banks from 8 different countries in Austria. Table 5 shows the number of branches grouped by the country of origin.

Country of OriginNumber of Branches
 Germany15
 France4
 United Kingdom2
 Netherlands2
 Ireland1
 Luxembourg1
 Liechtenstein1
 Hungary1

Table 5. Number of branches of foreign banks in Austria grouped by country of origin.