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Investor Presentation

Innsbruck, January 2018


Contents

12/31/2017 2

Hypo Tirol Bank 3

Our customers 5

Tirol & Austria 6

Rating 10

Core Capital Ratio according to CRR/CRD IV 11

Some Key Company Figures 12

Own Investments (Nostro) 14

Funding 15

Pfandbriefe 16

Public Pfandbriefe 17

Mortgage Pfandbriefe 26

Property Price Developments in Innsbruck & Austria 31

Why Hypo Tirol Bank 36

Your Contact Person 37

Appendix 39

The Pfandbrief Law 41

Real Estate Cover Pool Pfandbrief 44

Differences Pfandbriefe – Covered Bonds 45


About us

12/31/2017 3

Focus: Core Market Tirol. On the one hand, the strategic commitment as a universal bank lies clearly in the core markets of Tirol and South Tirol. In addition, Hypo Tirol Bank is active in the Vienna area with a selective customer and product focus.

Hypo Group encompasses 20 branches and a specialised unit for private banking and professionals in Tirol, a branch in Bozen, as well as a branch in Vienna. In addition, business customers are offered comprehensive advice throughout the Tirol from 3 locations.

Strong sole owner. Since its founding in 1901, Hypo Tirol Bank is owned 100 % by the State of Tirol.


Hypo Tirol Bank. Our regional bank

12/31/2017 4

Local connectedness. Hypo Tirol Bank sees itself as a partner to the State of Tirol, at the centre of which is the people of the region. This affinity which has grown since its formation in 1901 is reflected not only in its business orientation, but also in its economic, social and cultural commitment.

As a Tirolean tradition bank, Hypo Tirol Bank is particularly well positioned to help its clients:

• As a connoisseur of the domestic economy

• Close to customers and their everyday life

• Connected to the region, its people and its traditions

• Bound to the economic, social, cultural and scientific concerns and the successes of the country and its people


Our customers

12/31/2017 5

State of Tirol

Municipalities and cities

Country corporations

Entities

Non-profit housing developers

Support in all financial matters

A balanced range of investment products

tailored range of insurance products

funding know-how for private residential construction and for enterprises

modern account solutions

flexible financing options

Private clients

Corporate clients

Private banking &

liberal professions

Public Institutions

Investor Presentation12/31/2017 6

Factbox: Tirol• Tirol is the third-largest state in Austria, with 85% of the

country's surface area more than 1,000 m above sea level.

• 12% of the total area of Tirol can be settled. Around two-thirds of the land area is covered by the Alps and forests.

• Tourism. Tirol is Austria's most tourism-oriented state with 45.6 million overnight stays (in 2015). With 61 overnight stays per inhabitant, Tirol is tourism world champion.

• Science. The combination of good infrastructure, strategic location, scientific focus (universities, universities of applied science) and a wide range of leisure activities make Tirol an attractive region.

• Eight universities with over 47,000 students, more than 3,000 teachers and an annual budget of over 400 million euros.

• Expenses of the country for science and research 2015: 37.4 million euro. Research rate: 3.14 percent.

• Industry. Thanks to modern industrial settlements such as Swarovski, GE Jenbacher, Tirolit, Adler Lacke, Plansee Group, Sandoz Kundl, Tirol is a sought-after location.

• Water kingdom. In Austria, which is blessed with water, around 2.5 billion cubic meters are consumed per year. This corresponds to about 3% of the quantity available per year.

• Renewable energy. By 2050, the entire energy supply will be covered by domestic, renewable resources.

• Family business. In Tirol, 85% of the companies are family-owned. (Location Tirol)


Short Profile: Tirol and Austria (1/2)

12/31/2017 7

Tirol Austria in %

Population/job market Inhabitants (12/31/2016) 746,153 8,772,865 8.5%

Unemployment rate (2016)EU comparison

3.5% 6.0%(EU28: 8.6%)

Gross added value at manufacturing prices (2014)

in EUR total 26.6 bn 293 bn 9.1%

primary sector (agriculture) 0.9% 1.4%

secondary sector (industry) 27.9% 28.0%

tertiary sector (services) 71.2% 70.6%

of which accommodation and catering 13.5% 4.9%

overnight stays winter (2014/15) 26.0 m 65.8 m 39.5 %

overnight stays summer (2015) 19.7 m 69.4 m 28.3 %

overnight stays per capita (2015) 60.8 15.4

Source: Statistik Austria, Eurostat


Short Profile: Tirol and Austria (2/2)

12/31/2017 8

All values in percentages, unless otherwise specifiedSource: Austrian Chambers of Commerce, Statistik Austria, Eurostat

2010 2011 2012 2013 2014 2015 2016

Real Austrian GDP growth rate +1.9 +2.8 +0.8 +0.3 +0.4 +1.0 +1.5

Unemployment rate 1)

– Austria 4.8 4.6 4.9 5.4 5.6 5.7 6.0

– Tirol 3.2 2.7 2.8 3.1 3.2 3.0 3.5

Debt level Austria (as % of GDP) 82.4 82.2 81.6 80.8 84.4 85.5 84.6

Public deficit (as % of GDP)

– Austria -4.4 -2.6 -2.2 -1.3 -2.7 -1.2 -1,6

– Tirol -0.01 +0.05 +0.03 +0.02 +0.03 ±0.00 ±0,00

Inflation (HVPI Austria, 2015=100, in %) 1.7 3.6 2.6 2.1 1.5 0.8 1.0

1) Calculation of the unemployment rate by EUROSTAT according to the international definition (ILO)


Comparison of the federal states

12/31/2017 9

Federal State Moody's S&P

Vienna Aa1

Salzburg

Vorarlberg AA+

Tirol AA+

Upper Austria AA+

Austria Aa1 AA+

Styria AA

Carinthia A3

Lower Austria Aa1 AA

Burgenland AA

Regional GDP per capita

27,500

32,500

33,300

35,400

39,400

40,300

42,000

42,300

46,100

47,700

0k 10k 20k 30k 40k 50k 60k

Burgenland

Lower Austria

Carinthia

Styria

Austria

Upper Austria

Tirol

Vorarlberg

Salzburg

Vienna

year 2015, in EUR

Source: Austrian Chambers of Commerce, Statistik Austria


Rating of Hypo Tirol Bank

12/31/2017 10

Non-guaranteed debts S&P Moody‘s

long-term BBB+ Baa2

short-term A-2

subordinated Ba2

outlook positive positive

Guaranteed debts 1) Moody‘s

long-term A3

subordinated Baa3

outlook positive

Pfandbriefe Moody‘s

Public Pfandbriefe Aa1

Mortgage Pfandbriefe Aa2

1) Liabilities of Hypo Tirol Bank that were made up until and including 04/02/2003 and liabilities of Hypo Tirol Bank, which were established between 04/03/2003 and 04/01/2007, provided their term does not exceed 30/09/2017.


Core Capital Ratio *

12/31/2017 11

* according to CRR/CRD IV as of 31 December 2014, respectively according to Basel II as of 31 December 2013

9.5010.00

10.80

12.21

13.7014.38 14.41 14.58 14.85

4.00 4.00

5.506.00

7.638.25

8.889.50 9.50

2012 2013 2014 2015 2016 2017 2018 2019 2020

core capital capital conservation buffer systemic capital buffer

core capital ratio * forecast according to business plan

Regulatory framework:

Hypo Tirol Bank AG:


Some Key Company Figures

12/31/2017 12

1) As of the 2016 financial year, Hypo Tirol Bank AG makes use of the option of IFRS 9.7.1.2, which is incorporated into EU law in November 2016, and directly reports the changes in its own creditworthiness risk in other comprehensive income. The operating result before changes in the creditworthiness risk of 2016 thus corresponds to earnings before taxes. The creditworthiness-induced fair value change in own liabilities in 2016 is -46,837 k EUR

2) According to CRR/CRD IV as of 31 December 2014, respectively according to Basel II as of 31 December 20133) According to CRR/CRD IV till 2014; according to delegated act EU/2015/61 since 2015

Capacity Figures in million Euro 2013 2014 2015 2016 Jun.17Balance sheet total 8,902 8,255 7,502 7,632 8,170

Receivables from clients 5,584 5,367 5,290 5,214 5,154

Liabilities evidenced by certificate 4,695 3,896 2,931 3,006 2,686

Equity capital according to Banking Act 567 562 562 567 568

of which Tier 1 430 449 480 505 502

Sales Figures in k Euro 2013 2014 2015 2016 Jun.17Net interest income after risk provision 71,269 45,698 69.898 104,284 31,899

Net commission income 28,996 25,572 26,980 26,338 13,337

Administrative expenses -82,883 -81,444 -79,561 -74,041 -32,622

Operative result prior to change of specific credit risk n.a. -2,105 20,243 n.a. 1) n.a. 1)

Consolidated result before taxation 18,016 -18,485 67,289 38,262 10,491

Company Ratios 2013 2014 2015 2016 Jun.17Equity capital ratio under CRR/CRD IV 2) 13.2% 13.5% 14.3% 15.4% 15.8%

Core Capital Ratio under CRR/CRD IV 2) 10.3% 10.8% 12.2% 13.7% 14.0%

Number of employees - annual average 582 566 513 519 525Liquidity Coverage Ratio (LCR) 3) n.a. 259% 159% 278% 319%Net Stable Funding Ratio (NSFR) n.a. 99% 99% 84% 107%Leverage Ratio gem. CRR/CRD IV (IFRS) n.a. 4.78 5.95 6.36 5.47


9.0

23.4 24.0 23.520.5 20.5 20.4

2014 2015 2016 2017 2018 2019 2020

21.3

An Overview of the Figures

12/31/2017 13

Balance sheet total 1)in million Euro

Interest & commission income 2)in million Euro

Number of employees 1) Material expenditure 2)in million Euro

1) 2017 = as of 06/30/2017, 2018-2019 = forecast according to business planning2) 2017 = as of 06/30/2017 and forecast as of 12/31/2017, 2018-2019 = forecast according to business planning

8,2557,502 7,632 7,664

7,006 7,018 7,038

2014 2015 2016 2017 2018 2019 2020

58

125 123112 109 111 116

2014 2015 2016 2017 2018 2019 2020

108

566

513 498 511 508 501 498

2014 2015 2016 2017 2018 2019 2020


Own Investments (Nostro)

12/31/2017 14

Werte sind Marktwerte in Mio. EUR, sofern nicht anders angegeben; as of 01/04/2018

• Over 99% are denominated in EUR an in the bond portfolio

• TOP 5 Countries: Austria, Germany, the Netherlands, Finland, Norway, France, Belgium – aggregated 76% of the portfolio

• Ø rating AA3

Portfolio Rating Share in %Market values in million EUR AAA 39.5

AA1 34.8

AA2 5.1

AA3 8.3

A1 2.5

A2 2.7

A3 2.5

BAA1 2.5

BAA2 1.4

BAA3 0.5

< BAA3 0.2

Covered Bonds369

Financials 91Corporate Bonds

36Others 19

Government Bonds 698


Funding

12/31/2017 15

Anticipated issue volume Issue planning 2018

2018: 200 to 400 million EUR



Debt Maturity Profile (Issues)

Documentation

Secu

red

Un

secu

red

in million Euro

MTN Base Prospectus x x

PP: bearer notes, without prospectus x x

PP: registered notes, without prospectus x x

Schuldscheindarlehen x

Retail x x

Housing construction convertible bonds x

220

512

145

622

105 95

2018 2019 2020 2021 2022 2023

75m

75m

100m

Private Placements

Mortgage Pfandbriefe

Retail


The Austrian Pfandbrief

Hypo Tirol Bank has been an issuer of Austrian mortgage bonds for over 100 years.


Public Pfandbriefe

12/31/2017 17

all values in EUR; data as at 12/31/2017

Cover pool

Total value of cover pool in EUR equivalent: 630,279,790

Assets in EUR 629,801,803

Assets in CHF 477,987

Assets in USD

Assets in JPY

No derivatives may be dedicated to the cover pool.

Issues

in EUR 440,000,000

in CHF -

in USD -

in YEN -

Other currencies -


Maturity Structure

12/31/2017 18

all values in million EUR; data as at 12/31/2017

9

65

42

255

259

60

335

0

15

30

0 100 200 300 400

Remaining life up to 12 months

Remaining life > 12 to 36 months



Remaining life > 120 months

Issues

Cover pool


Distribution by Size

12/31/2017 19


44%

28%

11%

7%

8%2%

over 5,000,000

1,000,000 - 5,000,000

500,000 - 1,000,000

300,000 - 500,000

100,000 - 300,000

below 100,000


Geographical Distribution

12/31/2017 20


Lower Austria (Aa1; AA) 5.8%

Styria (AA) 0.9%Carinthia (A3) 0.9%Upper Austria (AA+) 0.6%Salzburg 0.5%Burgenland (AA) 0.0%

Tirol (AA+)91%

Others 9%


Distribution by Type of Debtor

12/31/2017 21


Distribution by type of borrower/ guarantor in EUR in %

Direct claim against sovereign - 0.0%

Direct claim against region / federal state 207,985,147 33.0%

Direct claim against municipality 282,908,441 44.9%

Claim with guarantee of sovereign - 0.0%

Claim with guarantee of region / federal state 260,666 0.0%

Claim with guarantee of municipality 138,916,124 22.1%

Total 630,070,378 100.0%


Tirol has the lowest per capita debt in comparison with the federal states (2015)

Werte in EUR; Quelle: Statistik Austria

0 1,000 2,000 3,000 4,000 5,000 6,000 7,000

Tirol

Vorarlberg

Upper Austria

Vienna

Burgenland

Salzburg

Styria

Lower Austria

Carinthia

Federal states indebtedness p.c. Municipalities indebtedness p.c.


Austrian Fiscal Equalization Scheme

12/31/2017 23

Source: http://www.ris.bka.gv.at

• First step: Distribution of Revenue

• Second step: intergovernmental transfers• Third step: other intergovernmental transfers

•shared federal taxestax sharing

• + exclusive federal taxes

• = federal profit shareFederation

• + exclusive provincial taxes

Distribution to the provinces („Länder“)Provinces

• + exclusive municipal taxes

Distribution to the municipalitiesMunicipalities

Ver

tica

lFis

calE

qu

aliz

atio

n

Horizontal Fiscal Equalization


Figures

12/31/2017 24

Some Key Figures of the Cover Pool in EUR/No/%Over-collateralisation nominal 43%Committed over-collateralisation 9.5%Over-collateralisation consistent with current rating 8.5%Moody's covered bond rating Aa1Number of assets 884 Number of borrowers 326 Average exposure per borrower in EUR 1,963,282 Average loan amount in EUR 724,016 Share of non-performing loans with at least 90 days past due 0.0%Share of 10 largest loans 37.9%Share of 10 largest exposures by borrower/ guarantor 13.9%Share of bullet loans 2.2%Share of loans in foreign currency 0.1%Share of loans with fixed interest rate for longer than 1 year 38.6%

Some Key Figures of the Issues in EUR/NoNumber of issues 10 Average issue size in EUR 44,000,000

data as at 12/31/2017


Public Cover Pool in Proportion to the Public Pfandbriefe

12/31/2017 25

0

100

200

300

400

500

600

700

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

in m

illi

on

EU

R

Public Cover Pool

Public Pfandbriefe

Public Cover Pool incl. new business according to strategic planning


Mortgage Pfandbriefe

12/31/2017 26


Cover pool

Total value of cover pool in EUR equivalent: 2,030,895,416

Assets in EUR 1,865,436,566

Assets in CHF 149,282,979

Assets in USD

Assets in JPY 16,175,872

Assets in other currencies

No derivatives may be dedicated to the cover pool.

Issues

in EUR 1,576,401,756

in CHF -

in USD -

in YEN -

Other currencies -


Share of loans in foreign currency in the cover pool

12/31/2017 27

• The reduction of the share of the mortgage cover pool in foreign currency is being continuously and actively worked on.

• No new customer requirements in foreign currencies are being included.

• Approx. 90% of the foreign currency share is made up of Swiss Francs.

• The appreciation of the CHF as a consequence of the deregulation of the exchange rate in January 2015 led to increased conversion activities from CHF to EUR.

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

Jun

20

12

De

c 2

01

2

Jun

20

13

De

c 2

01

3

Jun

20

14

De

c 2

01

4

Jun

20

15

De

c 2

01

5

Jun

20

16

De

c 2

01

6

Jun

20

17

De

c 2

01

7

Jun

20

18

De

c 2

01

8

Loans in Foreign Currency Forecast

8.1%


Maturity Structure

12/31/2017 28

all values in million EUR; data as at 12/31/2017

51

122

116

249

1,493

77

301

825

300

74

0 400 800 1,200 1,600

Remaining life up to 12 months




Remaining life > 120 months

Issues

Cover pool


Distribution by Size

12/31/2017 29


9%

32%

10%6%

27%

16%

over 5,000,000

1,000,000 - 5,000,000

500,000 - 1,000,000

300,000 - 500,000

100,000 - 300,000

below 100,000


Vienna (Aa1) 10.6%

Lower Austria (Aa1; AA) 2.1%

Burgenland (AA) 1.0%

Styria (AA) 0.8%

Salzburg 0.5%

Vorarlberg (AA+) 0.3%

Carinthia (A3) 0.2%

Upper Austria (AA+) 0.1%

Geographical Distribution

12/31/2017 30


Germany (Aaa;

AAA)1%

Tirol (AA+)83%

Others 16%


Property Price Developments in Innsbruck

12/31/2017 31

• Because of its topographical situation, Innsbruck has very limited land resources.

• From 2006 to 2016 the average price per m² for new housing developments increased by about 85% and for the resale of real estate by about 71%.

* Source: Property market report by prochecked Immobilien OG, Innsbruck (www.prochecked.at)Statistics bases on actually achieved sales transactions and on actual contractually agreed prices

2,6002,785 2,762

2,935

3,289 3,3273,517

3,9444,187

4,468

4,803

2,0061,839

2,0412,221 2,198

2,370

2,703 2,7313,008

3,2063,432

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Prochecked Property Price Index *

Ø price per m² in EUR

First saleResale


Property Price Developments in Austria

12/31/2017 32

• Property prices in Austria increased by about 66% from 2006 to 2016.

• In the period stated, the price development without the Federal Capital of Vienna was +55%.

• Thus, the development in the Federal State of Tirol is above that of the Austrian average excluding Vienna.

Source: Austrian National Bank. Index calculated on the basis of the EURO price per square metre for new and second-hand owner-occupied apartments and single-family houses.

100

120

140

160

180

200

220

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Austrian National Bank Residential Property Price Index (base = year 2006)

AustriaViennaAustria ex Vienna


Distribution by Property Type

12/31/2017 33


Distribution by property type in EUR

Residential 1,365,986,833

thereof private use, incl. Multi-family housing 992,741,795

thereof non-profit housing association 296,783,606

thereof buy-to-let 76,461,432

Commercial real estate 664,908,583

thereof retail 91,297,772

thereof office 129,866,920

thereof tourism / hotel 206,646,456

thereof agriculture 18,898,793

thereof industrial 78,826,051

thereof mixed use 74,189,274

thereof others 65,183,316

Total 2,030,895,416


Figures

12/31/2017 34


Some Key Figures of the Cover Pool in EUR/No/%Over-collateralisation nominal 29%Committed over-collateralisation 2.0%Over-collateralisation consistent with current rating 3.0%Moody's covered bond rating Aa2Number of assets 11,734 Number of borrowers 8,964 Average exposure per borrower in EUR 230,280 Average loan amount in EUR 175,918 Share of non-performing loans with at least 90 days past due 0.8%Share of 10 largest loans 4.7%Share of bullet loans 14.4%Share of loans in foreign currency 8.1%Share of loans with fixed interest rate for longer than 1 year 8.9%

Some Key Figures of the Issues in EUR/NoNumber of issues 34 Average issue size in EUR 46,364,758


Mortgage Cover Pool in Proportion to the Mortgage Pfandbriefe

12/31/2017 35

0

500

1,000

1,500

2,000

2,500

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

in m

illi

on

EU

R

Mortgage Cover Pool Mortgage Pfandbriefe Mortgage Cover Pool incl. new business according to strategic planning


Why Hypo Tirol Bank?

12/31/2017 36

• Economically “healthy” and prosperous home market in Tirol

• Market dominating position with wealthy private customers, doctors, tourism operations and communities

• Stable ownership

• Bank of the State of Tirol since 1901

• Regional bank with short, efficient decision-making paths

• Many years’ experience as an issuer of mortgage and municipal bonds

• Issuance of mortgage and municipal bonds under the strict Austrian Mortgage Bond Act

• Over 80% of the mortgage cover pool is made up of properties in the core region of Tirol


Your Contact Person

12/31/2017 37

Chairman of the Board

Johann-Peter Hörtnagl tel.: +43 (0) 50700-2104 [email protected]

Treasury Divisional Director

Mag. Florian Weihs tel.: +43 (0) 50700-3200 [email protected]

Banking Book Management

Mag. Michael Blenke tel.: +43 (0) 50700-3210 [email protected]

Mag. Gernot Hackspiel tel.: +43 (0) 50700-3297 [email protected]

Robert Stern tel.: +43 (0) 50700-3296 [email protected]

Treasury Sales

Gernot Zimmermann tel.: +43 (0) 50700-3280 [email protected]

Markus Seeber tel.: +43 (0) 50700-3284 [email protected]

You can find more information on our website: www.hypotirol.com/ir

mailto:[email protected]







http://www.hypotirol.com/ir


Disclaimer

12/31/2017 38

This presentation has been prepared by Hypo Tirol Bank AG. It is for informational purposes only and may not be passed on to a third party without the express, written consent of Hypo Tirol Bank AG.All information in this presentation is based on generally available sources, which Hypo Tirol Bank AG regarded as reliable at the time of gathering the information. Any liability or guarantee of Hypo Tirol Bank AG for the correctness, topicality and completeness of the information presented here is excluded. Errors and misprints excepted.

APPENDIX


Hypo Tirol MTN Base Prospectus

12/31/2017 40

Volume: EUR 4.5 billion

Bonds: covered and senior unsecured

Currency: EUR

Stock market listing: Luxemburg, Vienna

Arranger: Deutsche Bank

Applicable law: German law


The Austrian Pfandbrief Law

12/31/2017 41

• The issuance of mortgage and public Pfandbriefe is regulated in Austria by the Pfandbrief Law 1927 or Mortgage Banking Act 1899.

• Only the regional mortgage banks, the Mortgage Bond Divisions of the regional mortgage banks and two financial institutions may issue mortgage and public Pfandbriefe .

• There are current attempts to revise the Pfandbrief Law and Mortgage Banking Act as well as the Law on Covered Bank Bonds and to mould them into one collective piece of legislation.

• In order to be able to issue securities of this type, a cover pool must be adhered to, which is compiled differently for the relevant category:


The Austrian Pfandbrief Law

12/31/2017 42

Mortgage Pfandbriefe Public Pfandbriefe

Ordinary cover Ordinary cover

• Through mortgages in Austria, EEA, Switzerland • Loans to public corporations, regional governments and local regional authorities in A, EEC and Switzerland

• Loans with guarantees by one of these bodies

• Bonds from public corporations, regional governments and local regional authorities in A, EEC and Switzerland

• Bonds with guarantees by one of these bodies

Mandatory over-securitisation Mandatory over-securitisation


Mandatory Over-securitisation

12/31/2017 43

Furthermore, a mandatory over-securitisation (of 2%) in assets eligible for substitute cover is to be maintained.

Assets eligible for substitute cover are:

• Bonds from states, regional governments and local regional authorities from the EEA zone and Switzerland

• Bonds from domestic public corporations

• Bonds must be traded domestically or in an EEA regulated market. Credit balances at OECD central banks or EEA financial institutions

• Money in the sense of means of payment having been issued for circulation as legal

The amount of the substitute cover is limited to 15% of the mortgage bonds circulating (mortgage and municipal bonds in total). Since a 2% cover is to be maintained in assets eligible for substitute cover, there are thus only another 13% of the total mortgage bonds in circulation that can be held in assets eligible for substitute cover.


Real Estate Cover Pool Mortgage Pfandbrief

12/31/2017 44

100 % = Estimated value of the real estate

40 % deduction as a “security cushion” for loss of value, etc.

60 % of the real estate value (= lending limit) less any prior charges; however, a maximum of the outstanding loan amount is dedicated to the cover pool

The 60% threshold is anchored both in the statutes of Hypo Tirol Bank and in the Mortgage Banking Act

Over-securitisation for external rating

Pfandbrief issuevolume

In addition, 2% of the outstanding Pfandbrief issue volume must be held in substitute cover assets (securities).

60 %

40 %

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Cover pool Pfandbrief


Differences Mortgage Bonds – Covered Bond

12/31/2017 45

Pfandbriefe Covered Bonds

• No mortgage Pfandbriefe or covered bonds may be included in the mortgage cover pool

• For the mortgage cover pool, the mandatory over-securitisation is to be held in securities eligible for substitute cover

• Specialist bank principle for mortgage Pfandbriefe

• The bonds of a domestic public corporation, states, regional governments and local public authorities, as well as cash and credit balances in a central bank of Zone A or in financial institutions in accordance with Article 2 (20) of the Austrian Banking Act (BWG) are also possible for substitute cover for Pfandbriefe.

• Restrictions in respect of issues with a duration of more than 15 years for bonds.

• For the issues to be found in circulation, of the permissible cover values, in addition to the amount of the nominal value and bearing at least the same interest, the anticipated administration costs in the event of the bankruptcy of the issuing financial institution must be covered.

• Other covered bonds or bonds may be included in the covered bond cover pool.

• For covered bond cover pools, the mandatory over-securitisation is to be held in the permissible cover values.

• Covered bonds may be issued by every bank in Austria.

• Serving as substitute cover for covered bonds: cash and credit balances in a central bank of Zone A or in financial institutions in accordance with Article 2 (20) of the Austrian Banking Act (BWG)

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