Financial Stability Report 10

Downloads

• Financial Stability Report 10 (2005) (PDF, 1.4 MB) December 2005.

Studies and Analyses

• Austrian Financial System in Good Shape (PDF, 108 kB) Financial Stability Report 10 (12/2005) en Dec 15, 2005, 12:00:00 AM

• International Environment Fraught with Increased Downside Risks (PDF, 312 kB) Financial Stability Report 10 (12/2005) en Dec 15, 2005, 12:00:00 AM

• Increasing Capital Market Orientation of the Real Economy Sectors (PDF, 755 kB) Financial Stability Report 10 (12/2005) en Dec 15, 2005, 12:00:00 AM

• Austria’s Financial Intermediaries Develop Dynamically (PDF, 358 kB) Financial Stability Report 10 (12/2005) en Dec 15, 2005, 12:00:00 AM

• Payment Institutions – Potential Implications of the New Category of Payment Service Providers for the Austrian Financial Market (PDF, 221 kB) Elsenhuber, Schimka. Elsenhuber, Schimka – Financial Stability Report 10 (12/2005) Unlike in other areas of the financial market, progress toward the integration of payments markets has not yet been satisfactory. While the introduction of the euro was an important step in this direction, a single European payment area for cashless payments still does not exist. Current initiatives thus aim to lay the groundwork for integrated cross-border payment transactions, in particular by harmonizing the applicable legal framework. The European Commission’s New Legal Framework for Payments in the Internal Market initiative is of special importance here. It proposes, inter alia, the introduction of a new category of payment service providers (payment institutions) in addition to credit and e-money institutions that would perform payment services under comparatively less stringent licensing and supervision regulations. Against this background, the Oesterreichische Nationalbank conducted an empirical survey among Austrian market participants (banks and nonbanks) in the summer of 2005 to assess possible competition and risk-related implications of the introduction of payment institutions on the Austrian financial market. The survey showed that most of the Austrian market participants questioned were critical of the current draft Directive and that respondents shared the European Commission’s primary expectations - for example, that it will create a level playing field - only partly or not at all. On the contrary, they fear distortions of competition, increased risks and, over the long term, a loss of confidence in the stability of the payments market among end users. There is unanimous agreement among respondents that both payment and credit institutions should be subject to the same capital and supervision requirements in order to head off these risks. Furthermore, the survey shows that none of the Austrian market participants questioned is currently considering transformation into a payment institution. en Payment Institutions, G29 Dec 15, 2005, 12:00:00 AM

• The Exposure of Austrian Banks to Hedge Funds: Survey Results and Regulatory Aspects (PDF, 264 kB) Endlich, Schwaiger, Stöffler. Endlich, Schwaiger, Stöffler – Financial Stability Report 10 (12/2005) Due to the expansive growth of the hedge fund industry and the accompanying political discussions about creating a legal framework for this practically nonregulated asset class, the Banking Supervision Committee of the European System of Central Banks decided to conduct an EU-wide survey on banks’ hedge fund exposure. This paper presents the survey results for Austria and takes a critical look at possible measures for regulating the hedge fund industry. en Hedge Funds G24 Dec 15, 2005, 12:00:00 AM

• Capital Market-Oriented Financing Prospects for Austrian SMEs (PDF, 252 kB) Halling, Zechner. Halling, Stomper, Zechner – Financial Stability Report 10 (12/2005) The performance and growth of the Austrian economy largely depend on small and medium-sized enterprises (SMEs). Despite their diminutive size, SMEs offer attractive investment opportunities that are, however, financed primarily by debt for a variety of reasons. The financing concept presented in this study adopts an innovative approach to provide access to quasi-equity forms of financing to Austrian SMEs, which have successfully and responsibly generated business in recent years and which currently enjoy attractive growth potential. At the same time, it aims to strengthen the Austrian capital market by increasing the investment opportunities of the broad mass of both private and institutional investors. en Financing Policy G32 Dec 15, 2005, 12:00:00 AM

• Annex of Tables (PDF, 207 kB) Financial Stability Report 10 (12/2005) en Dec 15, 2005, 12:00:00 AM