Following the adoption of a joint framework by euro-area countries in response to the intensifying financial crisis in October 2008, Austria enacted a package of measures including the Interbank Market Support Act (Interbankmarktstärkungsgesetz, "IBSG"). In addition to calling for the establishment of a new clearing bank to facilitate interbank lending, IBSG permitted the Austrian government to guarantee debt securities issued by other eligible institutions. Securities issued by eligible institutions with a maturity of three years or less (five years in exceptional circumstances) were eligible for guarantee. According to IBSG, the amount outstanding for all measures taken under the act could not exceed €75 billion. Of this, €4 billion was specifically allocated for guarantees of the clearing bank, Oesterreichische Clearingbank AG (OeCAG). This was subsequently reduced to €50 billion. The guarantee scheme established by IBSG was used by six institutions in addition to OeCAG, for a total of approximately €25 billion (€24.05 billion, CHF 325 million, and ¥20 billion). After being extended by one year the issuance window for guarantees closed on December 31, 2010. None of the participating institutions defaulted on the guaranteed debt. The amount of guaranteed debt outstanding declined steadily, and all had matured by June 2014.
"Austria's IBSG Guarantee Program (Austria GFC),"
Journal of Financial Crises: Vol. 2
Iss. 3, 593-606.
Available at: https://elischolar.library.yale.edu/journal-of-financial-crises/vol2/iss3/29