SECTION VIII. TRADE AND PROJECT FINANCING A. Synopsis of Banking System Austria has a highly developed banking system with worldwide connections and offices and branches in the U.S. and other major financial centers. Large Austrian banks also increasingly have branches, subsidiaries and joint venture operations in Eastern Europe. Major foreign banks, including American entities, maintain operations in Austria. A wide variety of sophisticated financing instruments is offered by major Austrian banks, all of which are full-service banks. B. Foreign Exchange Controls Affecting Trade Since November 1991, Austria has a fully liberalized foreign exchange regime. There are no limitations on any cross-border payments, whether related to foreign trade, capital investments or other transactions except for countries under UN sanctions such as the Republic of Yugoslavia. C. General Financing Ability The availability of general financing to establish foreign operations in Austria is very good. D. How to Finance Exports/ Methods of Payment American exporters to Austria can make a wide range of payment arrangements, from advances to letters of credit and bank guarantees, and are free to use domestic or foreign financing. Austrian banks can also help arrange financing for exports to and investments in Central and Eastern Europe. E. Types of Available Export Financing and Insurance Export financing and insurance through U.S. government agencies such as the Export-Import Bank and OPIC is difficult to obtain for operations planned in Austria. OPIC does not generally operate in Austria, although it has a cooperation agreement with the Austrian Finance Guarantee Company to insure investments in central and eastern Europe. Austria is considered a very low risk country for U.S. exporters. F. Project Financing Available Normal commercial financing is readily available from Austrian banks and institutions. Concessionary financing may be available for U.S. firms in association with Austrian companies for projects in neighboring countries. G. List of Banks with Correspondent U.S. Banking Arrangements Major Austrian banks have connections or correspondent banks in the United States. Subsidiaries of U.S. banks in Austria: American Express LTD. Commercial and private banking Kaertner Strasse 21-23 A-1015 Vienna, Austria Telephone: (43 1) 515 67 Fax: (43 1) 515 67-3 Citibank All banking services Lothringerstrasse 7 A-1015 Vienna, Austria Telephone: (43 1) 717 17 Fax: (43 1) 713 92 06 Merril Lynch Bank Austria AG Private banking Bauernmarkt 2 A-1010 Vienna, Austria Telephone: (43 1) 53 140 Fax: (43 1) 535 02 27 Austrian banks' subsidiaries in the U.S.: Bank Austria AG 565 Fifth Avenue Am Hof 2 New York, NY 10017 A-1010 Vienna, Austria Tel: (212) 880-1000 Tel: (43 1) 531 24-0 Fax: (212) 880-1110 Creditanstalt Bankverein AG 245 Park Ave. Schottengasse 6-8 New York, NY 10167 A-1010 Vienna, Austria Tel: (212) 856-1000 Tel: (43 1) 531 31-0 Fax: (212) 856-1234 GiroCredit Park Avenue Tower Schubertring 5 29th floor, 65 E. 55th Street A-1010 Vienna, Austria New York, NY 10022 Tel: (43 1) 711 94-0 Tel: (212) 644-0660 Fax: (212) 421-2719 69th floor 633 West 5th Street Los Angeles, CA 90071 Tel: (213) 892-9000 Fax: (213) 892-9005 Raiffeisen Zentralbank DG - Bank House Oesterreich AG 609 5th Avenue Am Stadtpark 9 New York, NY 10017-1021 A-1030 Vienna, Austria Tel: (212) 593-7593 Tel: (43 1) 717 07-0 Fax: (212) 593-9870