Federal Financing Act
Sec. 2 (1) (Constitutional provision) On behalf and for the account of the Federation, the Austrian Federal Financing Agency is to perform the following tasks under consideration of the aims defined in Sec. 2 Federal Budget Accounting Act:
1. to incur financial debts for the Federation,
2. to enter into swaps and other credit transactions, i.e., in particular agreements on the
a) exchange of fixed rate amounts against floating rate amounts in the same currency and
b) exchange of interest and/or capital amounts in different currencies,
3. to restructure the credit transactions mentioned in nos. 1 and 2, including the public debt existing when this Act enters into force, swaps and other credit transactions if the currency risk or interest requirement is reduced or the redemption structure is improved,
4. to service the credit transactions under nos. 1 to 3, including the financial debt existing when this Act enters into force, swaps and other credit transactions,
5. to manage the treasury according to Sec. 40 par. 1 and 3 Federal Budget Accounting Act,
6. (Remark: repealed by Federal Law Gazette I no. 124/1997)
7. to invest the funds of the Emergency Fund according to the Emergency Fund Act,
8. (Remark: Qualified as no longer applicable by Art. 2 Sec. 2 par. 3 no. 26, Federal Law Gazette I no. 2/2008)
9. to invest the funds for the housing water supply in accordance with Sec. 7 par. 4 Financial Burden Sharing act 1993,
10. to incur debts, to enter into swaps and to invest funds also for other entities and special accounts of the Federation upon request of the Federal Minister of Finance.
Sec. 2 (2) Upon request of the Federal Minister of Finance, the Austrian Federal Financing Agency shall opine on other financing projects with effect on the federal budget accounts as well as on the risk management and financial controlling of the Federation. In accordance with the Federal Minister of Finance, all other partial sectors pertaining to the sector of the Federation according to the European System of Accounts 95 (ESA 95), as well as all entities whose majority is directly or indirectly owned by such partial sectors or by the Federation or which are managed or supervised by institutions appointed by the same, can ask the Austrian Federal Financing Agency for advice in matters of credit transactions, risk management and financial controlling.
Sec. 2 (3) The Austrian Federal Financing Agency is to perform credit transactions according to Sec. 5 par. 1 Inland Water Navigation Fund Act, Federal Law Gazette no. 69/2000.
Sec. 2 (4) Upon request of the Federal Minister of Finance, the Austrian Federal Financing Agency shall, on behalf of and for the account of the Federation, following targets according to Sec. 2 Budget Accounting Act, Federal Law Gazette no. 213/1986,
1. perform and enter into credit transactions for Provincial States and provide such states with money from such funds,
2. enter into swaps to conclude agreements with Provincial States in order to retroactively modify liabilities from credit transactions of such Provincial States by transferring active and passive debts of such swaps.
Sec. 2 (5) The Austrian Federal Financing Agency can also carry out the administration and settlement of credit transactions, the handling of money market transactions, the disposition of accounts, payment transactions or other financial transactions on behalf and for the account of other legal entities in which the Federation has a majority stake or for the credit transactions of which the Federation – based on a legal authorisation in the Federal Finance Act or in a special Federal Act according to Sec. 42 par. 5 Federal Constitution Act – may assume the liability in accordance with Sec. 1357 General Civil Code or in the form of guarantees.
Sec. 2 (6) The Austrian Federal Financing Agency shall, on behalf of and for the account of the Federation, carry out the funding of the special endowment of the Research Billion.