Annual Indicators

Data on contingent liabilities and other indicators which may indicate potential impact on the general government deficit and/or debt are published annually. These indicators include guarantees, liabilities of public corporations, off balance sheet public private partnerships, non-performing loans and participation of government in the capital of corporations.

Data are published in aggregated form, structured by subsector and additional categories.

Guarantees

Data on guarantees cover all general government subsectors with the exception of social security funds. Data are categorized into guarantees to public corporations, financial corporations and guarantees issued during financial turmoil.

Standardized guarantees versus one-off guarantees:

“Standardised guarantees are guarantees that are issued in large numbers, usually for fairly small amounts, along identical lines. There are three parties involved in these arrangements- the borrower, the lender and the guarantor. Either the borrower or the lender may contract with the guarantor to repay the lender if the borrower defaults. It is not possible to estimate precisely the risk of each loan being in default but it is possible to estimate how many, out of a large number of such loans, will default. Examples are mortgage loan guarantees, student loan guarantees, etc.“ (Task force on the implications of council directive 2011/85, Final report)

„A one-off guarantee is defined as individual, and guarantors are not able to make a reliable estimate of the risk of calls. One-off guarantees are linked to debt instruments (e.g. loans, bonds).” (TF on the implications of council directive 2011/85, Final report)

The data do not include

  • Government guarantees issued within the guarantee mechanism under the Framework Agreement of the European Financial Stability Facility (EFSF)
  • Derivative-type guarantees (guarantees that meet the definition of a financial derivative)
  • Deposit insurance guarantees and comparable schemes
  • Government guarantees issued on events whose occurrence is very difficult to cover via commercial insurance (earth quakes, large scale flooding, nuclear accidents, certain art exhibitions, etc.)
  • Guarantees provided to units classified within general government (TF on the implications of council directive 2011/85, Final report)

Publication: 31 October

Non-performing loans

“Definition: a loan is non-performing when (a) payments of interest or principal are 90 days or more past their due date; (b) interest payable of 90 days or more has been capitalised, refinanced, or delayed by agreement; or (c) payments are less than 90 days overdue, but there are other good reasons (such as a debtor filing for bankruptcy) to doubt that payments will be made in full.” (ESA 2010 paragraph 7.101)

The loan amount recorded as nonperforming should be the gross value of the loan as recorded on the balance sheet, not just the amount that is overdue.

Publication: 31 October

Off-balance sheet Public-Private Partnerships (PPPs)

“Public-private partnerships (PPPs) are long-term contracts between two units, whereby one unit acquires or builds an asset or set of assets, operates it for a period and then hands the asset over to a second unit. Such arrangements are usually between a private enterprise and government but other combinations are possible, with a public corporation as either party or a private NPI as the second party. Governments engage in PPPs for a variety of reasons, such as the hope that private management will lead to more efficient production and that access to a broader range of financial sources can be obtained and the wish to reduce government debt.

In the contract period the PPP contractor has the legal ownership. Once the contract period is over, the government has both economic and legal ownership.” (ESA 2010 paragraph 15.41)

On- or off-balance sheet PPP

If construction risk and either demand or availability risk have been effectively transferred to the operator and the majority of financing risk does not lie at the governmental unit, then the PPP is classified as off-balance sheet PPP. Otherwise it is classified as on-balance sheet PPP, in that case the investments have to be represented in the governmental budget.

Published data include the adjusted capital value which is defined as “Initial contractual capital value in the contract, progressively reduced over time on the basis of estimates or actual data (in order to better reflect the GFCF and debt impact in case government would take over the assets during the life of the contract)” (Task Force on the implications of council directive 2011/85, Final report)

Publication: 31 October

Liabilities of public corporations

This indicator covers liabilities of public corporations classified in the sectors S.11, S.12, S.15 and S.2.

Public corporations are institutional units (ESA 2010, paragraph 2.12) which are controlled by one or more general government units (ESA 2010 paragraphs 2.35 ff., e.g. predominantly directly/indirectly owned or when general policy is determined by governmental units) but are market producers according to the market/non-market test (ESA 2010 paragraphs 20.29-20.31).

Liabilities of public institutions are not recorded within the governmental sector but might have a potential impact on the governmental unit and are therefore monitored. The published table includes liabilities of public corporations with individual liabilities > 0.01% of GDP (30 million €) separately for financial and non-financial units. (Task force on the implications of council directive 2011/85, Final report)

Publication: 31 December

Participation of government in the capital of corporations

The value covers (direct) government participations where the amount of government participation (as opposed to the whole value of the corporation capital) is > 0.01% of GDP. Valuation is conducted according to the market value or a book value if the market value is not available. Assets of government – value of shares and other equity which represent property rights of government on corporation capital - entitle the holders to a share on corporation profit and on net worth of the corporation in the event of liquidation.

Publication: 31 December

Guarantees, General government, central, state and local government
Guarantees by Subsectors and Länder
Non-performing loans, General government and subsectors
Off balance sheet Public Private Partnerships (PPPs), General government and subsectors
Liabilities (and assets) of government controlled entities classified outside general government, General government and subsectors
Participation of government in the capital of corporations, General government and subsectors


Martin Fuchs Tel. + 43 (1) 71128-7154

Tommaso Gerstgrasser Tel. + 43 (1) 71128-7238


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