Financial Stability Report

Financial Stability Report

The OeNB’s biannual Financial Stability Report provides regular analyses of Austrian and international developments with an impact on financial stability. In addition, it includes studies offering in-depth insights into specific topics related to financial stability.

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Some studies published in this series are made available  in a First View version prior to the publication date of the semiannual Financial Stability Report. To access these studies, please see new releases on our Publications page.
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Opinions expressed by the authors of studies do not necessarily reflect the official viewpoint of the Oesterreichische Nationalbank or of the Eurosystem.

2024

  • Financial Stability Report 48

    November 2024

    Content

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    • Recent developments and macroprudential policy update  PDF, 1.2 MB
    • The impact of the digital euro on Austrian banks from a financial stability perspective  PDF, 1 MB Gruber, Siebenbrunner, Trachta, Wipf.
    • Systemic risks from commercial real estate lending of Austrian banks  PDF, 1 MB Barmeier, Liebeg, Rötzer.
    • From part of the problem to part of the solution: evaluating the effectiveness of borrower-based measures in Austria  PDF, 1.4 MB Barmeier, Scheuerer.
    • Results of the first dynamic balance sheet stress test in the ARNIE framework  PDF, 763 kB Hafner-Guth, Puhr, Siebenbrunner, Weiss.
    • Interconnections between the Austrian banking sector and debt securities markets  PDF, 1.1 MB Moshammer, Nawaiseh.
    • Key financial indicators and macroprudential stance  PDF, 480 kB
    • Key financial indicators and macroprudential stance  XLSX, 25 kB

  • Financial Stability Report 47

    June 2024

    Content

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    • Financial Stability Report 47 im Überblick  PDF, 251 kB
    • Management summary  PDF, 268 kB
    • Austrian economy in a moderate recovery, while CESEE economies are cooling down  PDF, 530 kB
    • Austrian banks generated record profits in 2023, but loan defaults are increasing  PDF, 2.1 MB
    • Key financial indicators  PDF, 470 kB
    • Key financial indicators  XLSX, 24 kB

2023

  • Financial Stability Report 46

    November 2023

    Content

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    • Recent developments and macroprudential policy update  PDF, 953 kB
    • Nontechnical summaries in English and German  PDF, 186 kB
    • The effects of cost-push inflation on Austrian banks  PDF, 1 MB Wipf.
    • Repricing of bank assets and liabilities in the current rate hike cycle: historical perspective and impact on bank profitability  PDF, 915 kB Breyer, Girsch, Hanzl, Hübler, Steininger, Wittig.
    • Austria’s deposit guarantee scheme – resilient in uncertain times  PDF, 648 kB Eidenberger, Steiner.
    • What do people in Austria think about green finance?  PDF, 924 kB Breitenfellner, Kariem.
    • Key financial indicators  PDF, 285 kB
    • Key financial indicators  XLSX, 25 kB

  • Financial Stability Report 45

    June 2023

    Content

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    • Financial Stability Report 45 im Überblick  PDF, 252 kB
    • Management summary  PDF, 278 kB
    • The economic outlook remains characterized by high and persistent inflationary pressures  PDF, 1.2 MB
    • Austrian borrowers face tighter financing conditions  PDF, 564 kB
    • Austrian banks benefited from rising interest rates in 2022, while nonbanks were hit by the financial market downturn  PDF, 1.8 MB
    • Nontechnical summaries (in English and German)  PDF, 274 kB
    • An analysis of Austrian banks during the high inflation period of the 1970s  PDF, 1.1 MB Breyer, Girsch, Hanzl, Hübler, Steininger, Wittig.
    • Key financial indicators  PDF, 565 kB
    • Key financial indicators  XLSX, 87 kB

2022

  • Financial Stability Report 44

    November 2022

    Content

    Full version (PDF, 4.5 MB) Download

    • Recent Developments  PDF, 752 kB
    • Nontechnical summaries (in English and German)  PDF, 118 kB
    • Financial vulnerabilities and debt at risk of CESEE borrowers: a cross-country analysis  PDF, 859 kB Enzinger, Koch, Riedl.
    • Systemic risks of commercial real estate funding in Austria  PDF, 1.5 MB Liebeg, Liegler.
    • Effects of interest rate and inflation shocks on household vulnerability in Austria: a microsimulation using HFCS data  PDF, 981 kB Albacete, Gerstner, Geyer, Lindner, Prinz, Woharcik.
    • DuPont reloaded: the profitability of the Austrian banking sector and the impact of the COVID-19 pandemic  PDF, 595 kB Gruber, Kavan.
    • Key financial indicators  PDF, 210 kB
    • Key financial indicators  XLSX, 91 kB

  • Financial Stability Report 43

    June 2022

    Content

    Full version (PDF, 4 MB) Download

    • Financial Stability Report 43 im Überblick (German only)  PDF, 255 kB
    • Management summary  PDF, 165 kB
    • International macroeconomic environment: war in Ukraine endangers global recovery amid high uncertainty and surging inflation  PDF, 1.1 MB
    • Companies and households in Austria were recovering from the pandemic in 2021  PDF, 880 kB
    • Austrian financial intermediaries benefited from improved environment in 2021  PDF, 1.3 MB
    • Nontechnical summaries in English  PDF, 147 kB
    • Nontechnical summaries in German  PDF, 147 kB
    • Changes in banks’ rating assignments in response to the COVID-19 pandemic  PDF, 1.2 MB Barmeier, Haller.
    • Annex: Key financial indicators  PDF, 354 kB
    • Annex: Key financial indicators  XLSX, 92 kB

2021

  • Financial Stability Report 42

    November 2021

    Content

    Full version (PDF, 3.2 MB) Download

    • Call for applications: Klaus Liebscher Economic Research Scholarship  PDF, 180 kB
    • Recent developments  PDF, 1 MB
    • Nontechnical summaries in English  PDF, 293 kB
    • Nontechnical summaries in German  PDF, 297 kB
    • OeNB climate risk stress test – modeling a carbon price shock for the Austrian banking sector  PDF, 1.2 MB Guth, Hesse, Königswieser, Krenn, Lipp, Neudorfer, Schneider, Weiss.
    • Supplement to “OeNB climate risk stress test – modeling a carbon price shock for the Austrian banking sector”  PDF, 273 kB Königswieser, Neudorfer, Schneider.
    • Identifying banks with significant negative effects on financial stability in systemic shock scenarios  PDF, 784 kB Eidenberger, Steiner.
    • Nonbank financial intermediation in Austria – an update  PDF, 927 kB Schober-Rhomberg, Trachta, Wicho.
    • Annex: Key financial indicators  PDF, 548 kB
    • Annex: Key financial indicators  XLSX, 93 kB

  • Financial Stability Report 41

    June 2021

    Content

    Full version (PDF, 5.2 MB) Download

    • Call for applications: Klaus Liebscher Economic Research Scholarship  PDF, 194 kB
    • Management summary  PDF, 247 kB
    • International macroeconomic environment: global outlook improved despite divergent recoveries and high uncertainty  PDF, 1.1 MB
    • Nonfinancial corporations and households in Austria strongly affected by the pandemic  PDF, 1.2 MB
    • Austrian financial intermediaries continue to support the economy; precautionary provisioning affected banks’ profits in 2020  PDF, 1.3 MB
    • Nontechnical summaries in English  PDF, 272 kB
    • Nontechnical summaries in German  PDF, 284 kB
    • The calm before the storm? Insolvencies during the COVID-19 pandemic  PDF, 1.6 MB Elsinger, Fessler, Kerbl, Schneider, Schürz, Wiesinger.
    • COVID-19-related payment moratoria and public guarantees for loans – stocktaking and outlook  PDF, 1.3 MB Fidesser, Greiner, Ladurner, Mrazova, Schweiger, Spitzer, Woschnagg.
    • Annex: Key financial indicators  PDF, 556 kB
    • Annex: Key financial indicators  XLSX, 92 kB

2020

  • Financial Stability Report 40

    November 2020

    Content

    Full version (PDF, 6.7 MB) Download

    • Call for applications: Klaus Liebscher Economic Research Scholarship  PDF, 78 kB
    • Recent developments  PDF, 822 kB
    • Nontechnical summaries in English and German  PDF, 144 kB
    • Austrian banks’ exposure to climate-related transition risk  PDF, 527 kB Battiston, Guth, Monasterolo, Neudorfer, Pointner.
    • Green finance – opportunities for the Austrian financial sector  PDF, 813 kB Breitenfellner, Hasenhüttl, Lehmann, Tschulik.
    • Modeling the COVID-19 effects on the Austrian economy and banking system  PDF, 993 kB Guth, Lipp, Puhr, Schneider.
    • The Austrian bank branch network from 2000 to 2019 from a spatial perspective  PDF, 3.8 MB Stix.
    • Annex: Key financial indicators  PDF, 231 kB
    • Annex: Key financial indicators  XLSX, 96 kB

  • Financial Stability Report 39

    July 2020

    Content

    Full version (PDF, 3.4 MB) Download

    • Call for applications: Klaus Liebscher Economic Research Scholarship  PDF, 51 kB
    • Management summary  PDF, 93 kB
    • International macroeconomic environment: COVID-19 pandemic sparks severe global downturn  PDF, 242 kB
    • Corporate and household sectors in Austria: mounting vulnerabilities in the wake of the crisis  PDF, 309 kB
    • Austrian financial intermediaries: banks’ profits remained high, but low interest rates challenged the life insurance sector in 2019  PDF, 695 kB
    • The impact of the COVID-19 crisis on financial stability in Austria – a first assessment  PDF, 942 kB
    • Nontechnical summaries in English  PDF, 66 kB
    • Nontechnical summaries in German  PDF, 77 kB
    • Mapping financial vulnerability in CESEE: understanding risk-bearing capacities of households is key in times of crisis  PDF, 689 kB Albacete, Fessler, Propst.
    • Austrian banks’ lending risk appetite in times of expansive monetary policy and tightening capital regulation  PDF, 824 kB Kerbl, Steiner.
    • Annex of tables  PDF, 209 kB

2019

  • Financial Stability Report 38

    December 2019

    Content

    Full version (PDF, 3 MB) Download

    • Call for applications: Klaus Liebscher Economic Research Scholarship  PDF, 59 kB
    • Recent developments  PDF, 914 kB
    • Nontechnical summaries in English  PDF, 88 kB
    • Nontechnical summaries in German  PDF, 93 kB
    • Climate change as a risk to financial stability  PDF, 436 kB Pointner, Ritzberger-Grünwald.
    • Small but buzzing: the Austrian fintech ecosystem  PDF, 468 kB Boss, Richter, Timel, Weiss.
    • The recent upswing in corporate loan growth in Austria – a first risk assessment  PDF, 458 kB Greiner, Steiner, Waschiczek.
    • Nonbank financial intermediation in Austria – developments since 2008  PDF, 737 kB Pöchel, Schober-Rhomberg, Trachta, Wicho.
    • OeNB Macroprudential Policy Conference – Financial stability in 2030: Maintaining effectiveness while reducing regulatory complexity  PDF, 152 kB Posch, Schmitz.
    • Annex of tables  PDF, 282 kB

  • Financial Stability Report 37

    June 2019

    Content

    Full version (PDF, 3.3 MB) Download

    • Call for applications: Klaus Liebscher Economic Research Scholarship  PDF, 56 kB
    • Management summary  PDF, 75 kB
    • International macroeconomic environment: global and European growth slows down somewhat as downside risks prevail  PDF, 514 kB
    • Corporate and household sectors in Austria: income growth supports debt service capacity  PDF, 938 kB
    • Austrian financial intermediaries: bank profits reach another post-crisis high, while insurance sector results are under pressure  PDF, 997 kB
    • Nontechnical summaries (English and German)  PDF, 73 kB
    • Who puts our financial system at risk? A methodological approach to identify banks with potential significant negative effects on financial stability  PDF, 496 kB Eidenberger, Redak, Ubl.
    • Quantifying interest rate risk and the effect of model assumptions behind sight deposits  PDF, 615 kB Kerbl, Simunovic, Wolf.
    • Annex of tables  PDF, 297 kB
    • Annex of tables  XLSX, 93 kB

2018

  • Financial Stability Report 36

    November 2018

    Content

    Full version (PDF, 3.2 MB) Download

    • Call for applications: Visiting Research Program  PDF, 51 kB
    • Recent developments  PDF, 447 kB
    • Nontechnical summaries (English and German)  PDF, 102 kB
    • European retail payments market integration and fintech: a case study approach  PDF, 270 kB Allinger.
    • Nonperforming exposures of Austrian banks – decomposing aggregate measures  PDF, 861 kB Bärnthaler, Elsinger, Fessler, Woschnagg.
    • Funding growth and innovation in Austria – financing conditions for SMEs and start-ups  PDF, 686 kB Gassler, Pointner, Ritzberger-Grünwald.
    • Improved own funds levels: effects on banks’ “problem probability”  PDF, 983 kB Kerbl, Leitner.
    • Lending to households in CESEE with regard to Austrian banking subsidiaries and macroprudential measures addressing credit-related risks  PDF, 303 kB Wittenberger.
    • Annex of tables  PDF, 180 kB
    • Annex of tables  XLSX, 96 kB

  • Financial Stability Report 35

    June 2018

    Content

    Full version (PDF, 2.8 MB) Download

    • Call for applications: Visitin Research Program  PDF, 53 kB
    • Management summary  PDF, 72 kB
    • International macroeconomic environment: global and European economies see sustained upswing amid growing risks  PDF, 403 kB
    • Corporate and household sectors in Austria: improving risk indicators  PDF, 722 kB
    • Austrian financial intermediaries: strong profits, but banks need to further improve structural efficiency  PDF, 680 kB
    • Digitalization in financial services and household finance: fintech, financial literacy and financial stability  PDF, 285 kB Elsinger, Fessler, Feyrer, Richter, Silgoner, Timel.
    • The Russian banking sector: between instability and recovery  PDF, 177 kB Barisitz.
    • One policy to rule them all? On the effectiveness of LTV, DTI and DSTI ratio limits as macroprudential policy tools  PDF, 775 kB Albacete, Fessler, Lindner.
    • Annex of tables  PDF, 253 kB

2017

  • Financial Stability Report 34

    December 2017

    Content

    Full version (PDF, 4.5 MB) Download

    • Call for applications: Visiting Research Program  PDF, 1.4 MB
    • Management summary  PDF, 1.5 MB
    • International macroeconomic environment: strengthening global and European growth outlook  PDF, 1.8 MB
    • Corporate and household sectors in Austria: benign financing conditions  PDF, 2.1 MB
    • Austrian financial intermediaries: reaping the benefits of improving market conditions  PDF, 2.2 MB
    • Profitability of Austrian banks ’ domestic business from 1995 to 2016: driving forces, current challenges and future opportunities  PDF, 2.1 MB Ebner, Endlich, Greiner, Gruber, Kavan, Kraihammer, Ohms, Redak, Schober-Rhomberg, Widhalm.
    • Comparability of Basel risk weights in the EU banking sector  PDF, 2 MB Döme, Kerbl.
    • Annex of tables  PDF, 1.6 MB
    • Annex of tables  XLSX, 82 kB

  • Financial Stability Report 33

    July 2017

    Content

    Full version (PDF, 5 MB) Download

    • Management summary  PDF, 50 kB
    • International macroeconomic environment: global growth outlook more favorable  PDF, 407 kB
    • Corporate and household sectors in Austria: debt levels remain low while interest rate risk persists  PDF, 809 kB
    • Austrian financial intermediaries: banks post strong profits but weaker operating results in 2016  PDF, 840 kB
    • Simulating the impact of borrower-based macroprudential policies on mortgages and the real estate sector in Austria – evidence from the Household Finance and Consumption Survey 2014  PDF, 372 kB Albacete, Lindner.
    • Ukraine’s banking sector: still very weak, but some signs of improvement  PDF, 169 kB Barisitz, Lahnsteiner.
    • What drives Austrian banking subsidiaries’ return on equity in CESEE and how does it compare to their cost of equity?  PDF, 531 kB Gruber, Kavan, Stockert.
    • The resilience of households in bank bail-ins  PDF, 317 kB Lindner, Redak.
    • Annex of tables  PDF, 167 kB
    • Annex of tables  XLSX, 79 kB

2016

  • Financial Stability Report 32

    December 2016

    Content

    Full version (PDF, 4.7 MB) Download

    • Management summary  PDF, 72 kB
    • International macroeconomic environment: growth outlook in advanced economies remains subdued  PDF, 431 kB
    • Corporate and household sectors in Austria: financing conditions remain favorable  PDF, 1022 kB
    • Austrian financial intermediaries: structural reforms gain momentum in a challenging environment  PDF, 986 kB
    • The profitability of Austrian banking subsidiaries in CESEE: driving forces, current challenges and opportunities  PDF, 1006 kB Ebner, Endlich, Greiner, Gruber, Hobl, Kavan, Ohms, Redak, Schober-Rhomberg, Stockert, Widhalm, Wittenberger.
    • Banking employment in Austria  PDF, 808 kB Ritzberger-Grünwald, Stiglbauer, Waschiczek.
    • Bail-in: who invests in noncovered debt securities issued by euro area banks?  PDF, 616 kB Pigrum, Reininger, Stern.
    • From low to negative rates: an asymmetric dilemma  PDF, 555 kB Kerbl, Sigmund.
    • Annex of tables  PDF, 203 kB
    • Notes  PDF, 134 kB

  • Financial Stability Report 31

    July 2016

    Content

    Full version (PDF, 3.5 MB) Download

    • Management summary  PDF, 70 kB
    • International macroeconomic environment: global financial stability risks are rising amid weaker world economy  PDF, 411 kB
    • Corporate and household sectors in Austria: financing volumes start to rebound  PDF, 837 kB
    • Austrian financial intermediaries: adaptation process continues in the financial sector  PDF, 1 MB
    • The distribution of residential property price changes across homeowners and its implications for financial stability in Austria  PDF, 570 kB Albacete, Fessler, Lindner.
    • Minimum requirement for own funds and eligible liabilities (MREL) – initial assessment for Austrian banks and selected subsidiaries in the EU  PDF, 355 kB Langthaler, Metz, Pechmann, Richter, Rottensteiner, Unterkofler, Weiss.
    • Corporate financing in Austria in the run-up to capital markets union (This study is also available in German)  PDF, 514 kB Elsinger, Köck, Kropp, Waschiczek.
    • Annex of tables  PDF, 180 kB
    • Notes  PDF, 107 kB

2015

  • Financial Stability Report 30

    December 2015.

    Content

    Full version (PDF, 1.8 MB) Download

    • Call for applications: Visiting Research Program  PDF, 52 kB
    • Management summary  PDF, 71 kB
    • International macroeconomic environment: declining global growth reflects further slowdown in emerging markets and weaker recovery in advanced economies  PDF, 224 kB
    • Corporate and household sectors in Austria: financing volumes remain low  PDF, 258 kB
    • Austrian financial intermediaries: adapting to a changing environment  PDF, 312 kB
    • Analyzing the systemic risks of alternative investment funds based on AIFMD reporting: a primer  PDF, 177 kB Lehecka, Ubl.
    • The Russian banking sector – heightened risks in a difficult environment  PDF, 2.2 MB Barisitz.
    • Systemic liquidity and macroprudential supervision  PDF, 168 kB Houben, Schmitz, Wedow.
    • Annex of tables  PDF, 197 kB
    • Annex of tables  ZIP, 72 kB
    • Notes  PDF, 117 kB

  • Financial Stability Report 29

    June 2015.

    Content

    Full version (PDF, 3.9 MB) Download

    • Management summary  PDF, 72 kB
    • International macroeconomic environment: modest global recovery amid resurging market volatilities  PDF, 432 kB
    • Corporate and household sectors in Austria: financing conditions remain favorable  PDF, 684 kB
    • Austrian financial intermediaries: a financial system in structural transformation  PDF, 1 MB
    • The profitability of Austrian banks’ subsidiaries in Croatia, Hungary and Romania and how the financial crisis affected their business models  PDF, 697 kB Kavan, Martin.
    • Ukraine: struggling banking sector amid substantial uncertainty  PDF, 507 kB Barisitz, Fungáčová.
    • Foreign currency borrowers in Austria – evidence from the Household Finance and Consumption Survey  PDF, 490 kB Albacete, Lindner.
    • When Austrian banks cross borders  PDF, 565 kB Segalla.
    • Notes  PDF, 135 kB
    • Annex of Tables  PDF, 206 kB

2014

  • Financial Stability Report 28

    December 2014.

    Content

    Full version (PDF, 3.2 MB) Download

    • Management Summary  PDF, 72 kB
    • International Macroeconomic Environment: Weaker Global Growth and Geopolitical Tensions Rekindle Financial Sector Volatilities  PDF, 499 kB
    • Corporate and Household Sectors in Austria: Expansion of Debt Remains Muted  PDF, 761 kB
    • Austrian Banks in the Comprehensive Assessment  PDF, 246 kB Fandl, Ferstl.
    • Austrian Subsidiaries’ Profitability in the Czech Republic and Slovakia – CESEE Margins with an Austrian Risk Profile  PDF, 889 kB Kavan, Widhalm.
    • Workshop Summary: Are House Prices Endangering Financial Stability? If So, How Can We Counteract This?  PDF, 145 kB Schneider, Wagner.
    • The Banking Recovery and Resolution Directive and the EU’s Crisis Management Framework: Principles, Interplay with the Comprehensive Assessment and the Consequences for Recapitalizing Credit Institutions in Crisis Situations  PDF, 401 kB Huber, Merc.
    • Annex of Tables  PDF, 209 kB
    • Notes  PDF, 131 kB

  • Financial Stability Report 27

    June 2014.

    Content

    Full version (PDF, 4.5 MB) Download

    • Management Summary  PDF, 449 kB
    • International Macroeconomic Environment: Economic Momentum Increases but Financial Sector Weaknesses Remain  PDF, 2.2 MB
    • Corporate and Household Sectors in Austria: Debt Servicing Capacity Slightly Improved  PDF, 2.3 MB
    • Austrian Financial Intermediaries: Regaining Profitability to Increase Resilience of Crucial Importance  PDF, 2.8 MB
    • The Priorities of Deleveraging in the Euro Area and Austria and Its Implications for CE SEE  PDF, 986 kB Eidenberger, Schmitz, Steiner.
    • Macrofinancial Developments in Ukraine, Russia and Turkey from an Austrian Financial Stability Perspective  PDF, 1.9 MB Barisitz, Lahnsteiner, Widhalm, Wittenberger.
    • Capital Market Development in CESEE and the Need for Further Reform  PDF, 2.4 MB Jäger-Gyovai.
    • Macroprudential Supervision: A Key Lesson from the Financial Crisis  PDF, 2.1 MB Eidenberger, Liebeg, Schmitz, Seliger, Sigmund, Steiner, Strobl, Ubl.
    • Risk-Bearing Capacity of Households – Linking Micro-Level Data to the Macroprudential Toolkit  PDF, 2.3 MB Albacete, Eidenberger, Krenn, Lindner, Sigmund.
    • Annex of Tables  PDF, 845 kB
    • Annex of Tables  ZIP, 77 kB
    • Notes  PDF, 298 kB

2013

  • Financial Stability Report 26

    December 2013.

    Content

    Full version (PDF, 2.3 MB) Download

    • Management Summary  PDF, 1.2 MB
    • International Macroeconomic Environment: Broadly Stable Macrofinancial Development despite Market Turbulences  PDF, 1.7 MB
    • Corporate and Household Sectors in Austria: Indebtedness Declines  PDF, 1.4 MB
    • Austrian Financial Intermediaries: Achieving Sustainable Profitability and Strengthening the Capital Base Remain Key Challenges  PDF, 751 kB
    • Macroprudential Policy: A Complementing Pillar in Prudential Supervision – The EU and Austrian Frameworks  PDF, 492 kB Liebeg, Trachta.
    • Quantifying Financial Stability in Austria, New Tools for Macroprudential Supervision  PDF, 1.7 MB Eidenberger, Neudorfer, Sigmund, Stein.
    • Credit Boom in Russia despite Global Woes – Driving Forces and Risks  PDF, 1.5 MB Barisitz.
    • ARNIE in Action: The 2013 FSAP Stress Tests for the Austrian Banking System  PDF, 1.5 MB Feldkircher, Fenz, Ferstl, Krenn, Neudorfer, Puhr, Reininger, Schmitz, Schneider, Siebenbrunner, Sigmund, Spitzer.
    • Annex of Tables  PDF, 647 kB
    • Notes  PDF, 283 kB

  • Financial Stability Report 25

    June 2013.

    Content

    Full version (PDF, 4.3 MB) Download

    • Management Summary  PDF, 416 kB
    • International Macroeconomic Environment: Central Bank Action Supports Economic Outlook and Reduces Financial Tensions in the Euro Area and in CESEE  PDF, 1.8 MB
    • Corporate and Household Sectors in Austria: Subdued Growth of Indebtedness  PDF, 1017 kB
    • Austrian Financial Intermediaries: Further Strengthening of Financial System Is Needed for Sustainable Recovery  PDF, 2.6 MB
    • The Single Supervisory Mechanism within the Banking Union – Novel Features and Implications for Austrian Supervisors and Supervised Entities  PDF, 454 kB Huber, Pföstl.
    • Household Vulnerability in Austria – A Microeconomic Analysis Based on the Household Finance and Consumption Survey  PDF, 1.8 MB Albacete, Lindner.
    • Stress Test Robustness: Recent Advances and Open Problems  PDF, 1.4 MB Breuer, Summer.
    • Macroeconomic, Market and Bank-Specific Determinants of the Net Interest Margin in Austria  PDF, 1.4 MB Gunter, Krenn, Sigmund.
    • Measuring Financial (In)Stability in Emerging Europe: A New Index-Based Approach  PDF, 1.5 MB Jakubík, Slacík.
    • Annex of Tables  PDF, 708 kB
    • Notes  PDF, 261 kB

2012

  • Financial Stability Report 24

    December 2012.

    Content

    Full version (PDF, 3.3 MB) Download

    • Management Summary  PDF, 1.8 MB
    • International Macroeconomic Environment: Subdued Economic Growth as External Environment Worsens  PDF, 2.4 MB
    • Austria’s Real Economy: Supported by the Low Interest Rate Environment  PDF, 2.4 MB
    • Austrian Financial Intermediaries: Operating under Elevated Risks to Financial Stability  PDF, 2.1 MB
    • How Do Austrian Banks Fund Their Swiss Franc Exposure?  PDF, 2.4 MB Auer, Kraenzlin, Liebeg.
    • Contagiousness and Vulnerability in the Austrian Interbank Market  PDF, 2.8 MB Puhr, Seliger, Sigmund.
    • Clustering Austrian Banks’ Business Models and Peer Groups in the European Banking Sector  PDF, 2.2 MB Ferstl, Seres.
    • Annex of Tables  PDF, 1.7 MB
    • Notes  PDF, 126 kB

  • Financial Stability Report 23

    June 2012.

    Content

    Full version (PDF, 2.7 MB) Download

    • Management Summary  PDF, 2.4 MB
    • CESEE: Modest Impact of Sovereign Debt Crisis  PDF, 2.3 MB
    • Austria’s Real Economy: Slight Increase in Corporate Debt  PDF, 2.3 MB
    • Austrian Financial Intermediaries Burdened By Difficult International Environment  PDF, 2.5 MB
    • Ukrainian Banks Face Heightened Uncertainty and Challenges  PDF, 2.4 MB Barisitz, Gunter, Lahnsteiner.
    • Risk Buffer Profiles of Foreign Currency Mortgage Holders  PDF, 2.5 MB Albacete, Fessler, Schürz.
    • Intra-Group Cross-Border Credit and Roll-Over Risks in CESEE – Evidence from Austrian Banks  PDF, 2.5 MB Hameter, Lahnsteiner, Vogel.
    • Annex of Tables  PDF, 1.9 MB
    • Notes  PDF, 1.6 MB

2011

  • Financial Stability Report 22

    December 2011.

    Content

    Full version (PDF, 3.6 MB) Download

    • Developments in the ­Sovereign Dept Crisis Will Be Crucial for Financial Stability  PDF, 1.6 MB
    • Deteriorating Outlook for the World Economy  PDF, 3.1 MB
    • Real Economy’s Risk Position Remains Below Precrisis Level  PDF, 2.3 MB
    • Austrian Financial System Faces a Persistently Difficult Environment  PDF, 2.4 MB
    • Detecting Financial Stability Vulnerabilities in Due Time: Can Simple Indicators Identify a Complex Issue?  PDF, 2.1 MB Neudorfer, Sigmund, Trachta.
    • What Drives Aggregate Credit Risk?  PDF, 2.6 MB Kerbl, Sigmund.
    • The Austrian Insurance Industry in CESEE: Risks and Opportunities from a Financial Stability Point of View  PDF, 1.9 MB Bianchi, Ebner, Korherr, Ubl.
    • Bank Supervision and Resolution: National and International Challenges  PDF, 2 MB Summer.
    • Annex of Tables  PDF, 1.8 MB
    • Notes  PDF, 1.6 MB

  • Financial Stability Report 21

    June 2011.

    Content

    Full version (PDF, 14.4 MB) Download

    • Austrian Financial Sector Stable in General with Risks in Particular Business Segments  PDF, 3 MB
    • Economic Recovery to Continue, Commodity Price Surge Dampens Growth   PDF, 3 MB
    • Favorable Financing Conditions for Real Economy   PDF, 3.2 MB
    • The Austrian Financial System Has Recovered, Yet Challenges Remain  PDF, 2.3 MB
    • The Road to Basel III – Quantitative Impact Study, the Basel III Framework and Implementation in the EU  PDF, 1.7 MB Gromova-Schneider, Niziolek.
    • Macroprudential Regulation and Supervision: From the Identification of Systemic Risks to Policy Measures  PDF, 2.2 MB Liebeg, Posch.
    • Preserving Macrofinancial Stability in Serbia: Past Legacies, Present Dilemmas and Future Challenges  PDF, 8.8 MB Gardó.
    • Annex of Tables  PDF, 1.7 MB
    • Notes  PDF, 1.5 MB

2010

  • Financial Stability Report 20

    December 2010.

    Content

    Full version (PDF, 2 MB) Download

    • EU Support Measures Underpin Fragile Recovery – Financial Markets Still Face Challenges  PDF, 237 kB
    • Fragile Post-Recession Recovery  PDF, 1.4 MB
    • Financing Conditions Stabilize for Real Economy   PDF, 788 kB
    • Recovery of Austrian Financial System on Course, while Overall Conditions Remain Difficult  PDF, 588 kB
    • Foreign Currency Lending in Central, Eastern and Southeastern Europe: The Case of Austrian Banks  PDF, 456 kB Pann, Seliger, Übeleis.
    • Russian Banks on the Route of Fragile Recovery  PDF, 760 kB Barisitz, Lahnsteiner.
    • The Economic Impact of Measures Aimed at Strengthening Bank Resilience – Estimates for Austria  PDF, 906 kB Kopp, Ragacs, Schmitz.
    • The Economics of Bank Insolvency, Restructuring and Recapitalization  PDF, 697 kB Elsinger, Summer.
    • Annex of Tables  PDF, 337 kB
    • Notes  PDF, 146 kB

  • Financial Stability Report 19

    June 2010.

    Content

    Full version (PDF, 9 MB) Download

    • Fragile Recovery of Austria's Financial System  PDF, 1.5 MB
    • Return to Growth  PDF, 2.3 MB
    • Real Economy Financing Remains Weighed Down by Crisis  PDF, 1.7 MB
    • Austria's Financial System Benefits from Improvement in Eastern Europe, but Economic Environment Remains Challenging  PDF, 1.8 MB
    • From Stormy Expansion to Riding out the Storm: Banking Development in Kazakhstan  PDF, 1.7 MB Barisitz, Lahnsteiner.
    • Stress Testing Austrian Households  PDF, 2 MB Albacete, Fessler.
    • Effects of the Payment Services Act on the Austrian Financial Market  PDF, 1.9 MB Freitag, Schimka.
    • Assessing the Relevance of Austrian Investment Companies and Mutual Funds for Financial Stability  PDF, 1.8 MB Kavan, Sedlacek, Seliger, Ubl.
    • Annex of Tables  PDF, 1.7 MB
    • Notes  PDF, 1.6 MB

2009

  • Financial Stability Report 18

    December 2009.

    Content

    Full version (PDF, 1.8 MB) Download

    • Government and Central Bank Support Measures Make an Impact  PDF, 40 kB
    • Abatement of Global Crisis  PDF, 686 kB
    • Decline in Real Economy's Financing Volumes  PDF, 189 kB
    • The Financial Sector Benefits from Improvement in Financial Markets  PDF, 391 kB
    • Recent Developments in the Austrian Banking System's Liquidity Situation and the International Regulatory Debate  PDF, 99 kB Schmitz, Weidenholzer.
    • Investor Commitment Tested by Deep Crisis: Banking Development in Ukraine  PDF, 133 kB Barisitz, Lahnsteiner.
    • The Austrian Insurance Industry from a Financial Stability Perspective: an Analysis of the Period from 2002 to 2008  PDF, 255 kB Ebner, Ubl.
    • Quantifying the Cyclicality of Regulatory Capital – First Evidence from Austria  PDF, 202 kB Kerbl, Sigmund.
    • Annex of Tables  PDF, 188 kB
    • Notes  PDF, 84 kB

  • Financial Stability Report 17

    June 2009.

    Content

    Full version (PDF, 1.3 MB) Download

    • Foreword  PDF, 34 kB
    • From Financial Crisis to Global Economic Crisis  PDF, 35 kB
    • Global Financial and Economic Crisis Hits Eastern Europe  PDF, 336 kB
    • Financial Crisis Hits the Real Economy  PDF, 177 kB
    • The Financial Crisis Takes Its Toll on the Austrian Financial System  PDF, 291 kB
    • A Review of the Impact of the Crisis on Austria’s Financial Sector  PDF, 153 kB Schürz, Schwaiger, Übeleis.
    • EU Bank Packages: Objectives and Potential Conflicts of Objectives  PDF, 235 kB Posch, Schmitz, Weber.
    • Modeling Credit Risk through the Austrian Business Cycle: An Update of the OeNB Model  PDF, 378 kB Boss, Fenz, Pann, Puhr, Schneider, Ubl.
    • Direct Cross-Border Lending by Austrian Banks to Eastern Europe  PDF, 304 kB Puhr, Schwaiger, Sigmund.
    • Banking and Financial Stability in Russia and the Euro Area amid International Financial Market Turbulences  PDF, 305 kB Barisitz, Ebner, Lahnsteiner, Pann.
    • Annex of Tables  PDF, 143 kB

2008

  • Financial Stability Report 16

    December 2008.

    Content

    Full version (PDF, 2.4 MB) Download

    • Difficult Environment for Austria’s Financial System  PDF, 77 kB
    • Financial Crisis Increases Risk of Recession   PDF, 289 kB
    • Financial Crisis Affects Real Economy Sectors   PDF, 236 kB
    • Continued Financial Turmoil Clouds Outlook for Austrian Financial Intermediaries   PDF, 386 kB
    • The Refinancing Structure of Banks in Selected CESEE Countries  PDF, 335 kB Walko.
    • ICAAP Implementation in Austria’s Major Banks   PDF, 196 kB Woschnagg.
    • The Austrian Carry Trade: What Are the Characteristics of Households Borrowing in Foreign Currency?   PDF, 637 kB Beer, Ongena, Peter.
    • An Analysis of Credit to the Household Sector in Austria   PDF, 305 kB Fritzer, Reiss.
    • Corporate Governance and Credit Institutions   PDF, 183 kB Sauerzopf.
    • Annex of Tables   PDF, 151 kB

  • Financial Stability Report 15

    June 2008.

    Content

    Full version (PDF, 7.1 MB) Download

    • Austria’s Financial System Faces Difficult Conditions  PDF, 42 kB
    • Continued Financial Turmoil Dampens Global Economic Outlook  PDF, 367 kB
    • Financing Conditions Have Tightened for the Real Economy Sectors  PDF, 199 kB
    • Austrian Financial Intermediaries Perform Well despite Financial Market Turbulence  PDF, 375 kB
    • Stress Tests for the Austrian FSAP Update 2007: Methodology, Scenarios and Results  PDF, 296 kB Boss, Fenz, Krenn, Pann, Puhr, Scheiber, Schmitz, Schneider, Ubl.
    • Systemically Important Accounts, Network Topology and Contagion in ARTIS  PDF, 5.1 MB Boss, Krenn, Metz, Puhr, Schmitz.
    • Is Current Capital Regulation Based on Conservative Risk Assessment?  PDF, 206 kB Breuer, Jandacka, Rheinberger, Summer.
    • Walking the Tightrope: A First Glance on the Impact of the Recent Global Financial Market Turbulence on Central, Eastern and Southeastern Europe  PDF, 582 kB Gardó, Hildebrandt, Walko.
    • Annex of Tables  PDF, 199 kB

2007

  • Financial Stability Report 14

    December 2007.

    Content

    Full version (PDF, 1.9 MB) Download

    • Austria’s Financial System Continues to Perform Well in a Difficult Environment  PDF, 53 kB
    • Global Growth Continues until Mid-2007, but Downside Risks Increase  PDF, 463 kB
    • Financing Conditions Have Tightened for the Real Economy Sectors  PDF, 205 kB
    • Austrian Financial Intermediaries Develop Dynamically Despite Turbulent Environment  PDF, 431 kB
    • Determinants of Bank Interest Margins in Central and Eastern Europe  PDF, 301 kB Liebeg, Schwaiger.
    • Banking in Belarus – On a Trajectory of its Own?  PDF, 220 kB Barisitz.
    • Indicators for Analyzing the Risk Exposure of Enterprises and Households  PDF, 167 kB Beer, Waschiczek.
    • Quantitative Validation of Rating Models for Low Default Portfolios through Benchmarking  PDF, 224 kB Pföstl, Ricke.
    • Annex of Tables  PDF, 219 kB

  • Financial Stability Report 13

    June 2007.

    Content

    Full version (PDF, 1.8 MB) Download

    • Framework Conditions for the Austrian Financial System Remain Favorable  PDF, 47 kB
    • International Environment Continues to be Favorable in General, but Risk Factors Remain  PDF, 405 kB
    • Stable Financial Position of the Real Economy Sectors  PDF, 189 kB
    • Austrian Financial Intermediaries Benefit from the Benign Economic Climate  PDF, 353 kB
    • Banking Efficiency and Foreign Ownership in Transition: Is There Evidence of a Cream-Skimming Effect?  PDF, 269 kB Borovicka.
    • The Concept of Capital within the Framework of Basel II  PDF, 204 kB Pföstl.
    • Demographic Change, Bank Strategy and Financial Stability  PDF, 185 kB Schmitz.
    • Stress Testing the Exposure of Austrian Banks in Central and Eastern Europe  PDF, 311 kB Boss, Krenn, Puhr, Schwaiger.
    • Annex of Tables  PDF, 209 kB

2006

  • Financial Stability Report 12

    December 2006.

    Content

    Full version (PDF, 1.7 MB) Download

    • Austrian Financial System Benefits from Good Economic Conditions  PDF, 55 kB
    • Robust International Economy Fuels Recovery of Financial Markets Following Corrections in Spring  PDF, 467 kB
    • Financing Conditions for the Real Sector Deteriorate Marginally  PDF, 227 kB
    • Austria’s Financial Intermediaries Are on a Dynamic Growth Path  PDF, 314 kB
    • Booming, but Risky: The Ukrainian Banking Sector – Hot Spot for Foreign Strategic Investors  PDF, 192 kB Barisitz.
    • Modeling Dependent Credit Risks for Application to Off-Site Banking Supervision  PDF, 353 kB Glogova, Warnung.
    • Austrian Banks’ Lending and Loan Pricing Strategies against the Background of Basel II  PDF, 170 kB Jäger, Redak.
    • Determinants of the Interest Rate Margins of Austrian Banks  PDF, 278 kB Liebeg, Schwaiger.
    • Annex of Tables  PDF, 198 kB

  • Financial Stability Report 11

    June 2006.

    Content

    Full version (PDF, 2.8 MB) Download

    • Growing Financial Market Volatility  PDF, 148 kB
    • Robust International Economy in a More Volatile Financial Environment  PDF, 500 kB
    • Good Financial Position of the Real Economy Sectors  PDF, 538 kB
    • Austrian Financial Intermediaries’ Business Develops Well  PDF, 541 kB
    • Main Features of Recent Banking Sector Developments in Selected Southeastern European Countries  PDF, 316 kB Backé, Reininger.
    • Systemic Risk Monitor: A Model for Systemic Risk Analysis and Stress Testing of Banking Systems  PDF, 1.5 MB Boss, Krenn, Puhr, Summer.
    • Operational Risk and Contagion in the Austrian Large-Value Payment System ARTIS  PDF, 323 kB Elsenhuber, Puhr, Schmitz.
    • Annex of Tables  PDF, 349 kB

2005

  • Financial Stability Report 10

    December 2005.

    Content

    Full version (PDF, 1.4 MB) Download

    • Austrian Financial System in Good Shape  PDF, 108 kB
    • International Environment Fraught with Increased Downside Risks  PDF, 312 kB
    • Increasing Capital Market Orientation of the Real Economy Sectors  PDF, 755 kB
    • Austria’s Financial Intermediaries Develop Dynamically  PDF, 358 kB
    • Payment Institutions – Potential Implications of the New Category of Payment Service Providers for the Austrian Financial Market  PDF, 221 kB Elsenhuber, Schimka.
    • The Exposure of Austrian Banks to Hedge Funds: Survey Results and Regulatory Aspects  PDF, 264 kB Endlich, Schwaiger, Stöffler.
    • Capital Market-Oriented Financing Prospects for Austrian SMEs  PDF, 252 kB Halling, Zechner.
    • Annex of Tables  PDF, 207 kB

  • Financial Stability Report 9

    June 2005.

    Content

    Full version (PDF, 1011 kB) Download

    • Austria's Financial System Has Further Improved Its Resilience to Crises  PDF, 59 kB
    • International Environment Increasingly Fraught with Risk  PDF, 235 kB
    • Financial Position of Real Economy Sectors Strengthened  PDF, 151 kB
    • Austrian Financial Intermediaries in Good Shape  PDF, 212 kB
    • The Consistency of Self-Declared Hedge Fund Styles — A Return-Based Analysis with Self-Organizing Maps  PDF, 177 kB Baghai-Wadj, El-Berry, Klocker, Schwaiger.
    • Institutional Determinants of Equity Financing in Austria  PDF, 169 kB Dirschmid, Waschiczek.
    • Demographic Developments, Funded Pension Provision and Financial Stability  PDF, 172 kB Schmitz.
    • The Croatian Banking System  PDF, 153 kB Reininger, Walko.
    • Annex of Tables  PDF, 109 kB

2004

  • Financial Stability Report 8

    December 2004.

    Content

    Full version (PDF, 897 kB) Download

    • International Environment  PDF, 186 kB
    • Financial Intermediaries in Austria  PDF, 186 kB
    • The Real Economy in Austria  PDF, 118 kB
    • Credit and Deposit Interest Rate Margins in Four New EU Member States  PDF, 130 kB Reininger.
    • Banking Efficiency in Central and Eastern Europe  PDF, 137 kB Rossi, Schwaiger, Winkler.
    • The Bulgarian Financial Sector  PDF, 117 kB
    • Supervision of Financial Conglomerates  PDF, 78 kB Stöffler.
    • Annex of Tables  PDF, 81 kB

  • Financial Stability Report 7

    June 2004.

    Content

    Full version (PDF, 1.4 MB) Download

    • International Environment  PDF, 217 kB
    • Financial Intermediaries in Austria  PDF, 204 kB
    • The Real Economy and Financial Stability in Austria  PDF, 153 kB
    • New Approaches to Banking Analysis in Austria  PDF, 121 kB Bauer, Hayden.
    • Innovative Credit Risk Transfer Instruments and Financial Stability in Austria  PDF, 135 kB Redak, Weiss.
    • An Empirical Analysis of the Network Structure of the Austrian Interbank Market  PDF, 723 kB Boss, Elsinger, Summer, Thurner.
    • The Transformation of the Romanian Financial and Banking Sector  PDF, 164 kB Barisitz.

2003

  • Financial Stability Report 6

    December 2003.

    Content

    Full version (PDF, 641 kB) Download

    • International Environment  PDF, 187 kB
    • Financial Intermediaries in Austria  PDF, 193 kB
    • The Real Economy and Financial Stability in Austria 11/2003  PDF, 147 kB
    • Systemic Risk Factors in the Insurance Industry and Methods for Risk Assessment  PDF, 120 kB Krenn, Oschischnig.
    • The Third Quantitative Impact Study (Basel II)  PDF, 135 kB Tscherteu.
    • Cultural Risk and Risk Culture: Operational Risk after Basel I  PDF, 155 kB Buchelt, Unteregger.

  • Financial Stability Report 5

    June 2003.

    Content

    Full version (PDF, 720 kB) Download

    • Financial Intermediaries in Austria  PDF, 238 kB
    • The Real Economy and Financial Stability in Austria 04/2003  PDF, 158 kB
    • Basel II, Procyclicality and Credit Growth - First Conclusions from QIS 3  PDF, 179 kB Redak, Tscherteu.
    • Calibration of Rating Systems - A First Analysis  PDF, 167 kB Breinlinger, Glogova, Höger.
    • Overview of Austrian Banks Internal Credit Rating Systems  PDF, 159 kB Datschetzky, Straka, Wukovits.
    • Credit Derivatives - Overview and Implications for Monetary Policy and Financial Stability  PDF, 178 kB Scheicher.

2002

  • Financial Stability Report 4

    December 2002.

    Full version (PDF, 1.2 MB) Download

  • Financial Stability Report 3

    June 2002.

    Content

    Full version (PDF, 1.1 MB) Download

    • A New Approach to Assessing the Risk of Interbank Loans  PDF, 642 kB Elsinger, Lehar, Summer.
    • Determinants of Initial Public Offerings - A European Time-Series Cross-Section Analysis  PDF, 596 kB Breinlinger, Glogova.
    • Financial Intermediaries in Austria  PDF, 582 kB
    • International  PDF, 601 kB
    • Macroeconomic Stress Testing: Preliminary Evidence for Austria  PDF, 574 kB Kalirai, Scheicher.
    • The Real Economy and Financial Stability in Austria 05/2002  PDF, 552 kB

2001