At the end of 2023, the Austria Wirtschaftsservice (aws) was still liable for 1.2 billion euros in bridging loans granted by banks to companies. This is a decrease of 700 million euros compared to the end of 2022, according to the recently published annual report. The state development bank explained on request that 43.6 million euros were generated.
During the Corona crisis, the aws assumed liability for companies that were affected by the lockdowns, which they could use to apply for bridging loans from their bank. However, if the companies can no longer repay these loans, the bank gets the outstanding money from the guarantor, i.e. the aws.
The aws explained that the main reason for the reduction in liabilities was the scheduled loan repayments. The proportion of guarantees that came into effect “is less than the risk costs calculated for them at the beginning of the funding program and is in the single-digit percentage range,” said the aws.
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