Austrian Financial Market Stability Package
Based on resolutions at the European level aimed at maintaining financial market stability, the Austrian Parliament approved a comprehensive sustainable package of measures in October 2008 to protect savers and strengthen credit institutions and insurance companies. It included in particular instruments for ensuring liquidity in the interbank market, measures to strengthen and stabilise individual credit institutions and insurance companies, and improved supervision.
The banking package provided considerable financial resources for implementing the individual measures. The approved statutory guarantee facility under the Interbankmarktstärkungsgesetz (Interbank Market Support Act – IBSG) was set at EUR 75 billion in 2008. It was gradually reduced in subsequent years and the IBSG expired at the end of 2010. EUR 15 billion in resources was approved for measures under the Finanzmarktstabilitätsgesetz (Financial Market Stability Act – FinStaG).