Austria - The public external debt

E.C. 26 CONFIDENTIAL I Opy This report is limited to those members of the staff to whose work it directly relates. INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT THE PUBLIC EXTERNAL DEBT OF AUSTRIA February 25, 1954 Economic Staff Prepared by: Andrew C. Huang Reviewed by: Carel deBeaufort Table of Contents Page I. Debt Outstanding 1 II. Service Payments 2 Table A-l: External Public Debt of Austria Table A-2: Estimated Contractual Interest and Amortization Payments on the External Public Debt of Austria THE FUBLIC EXTERNAL DEBT OF AUSTRIA I. Debt Outstanding As of June 30, 1953, the public external debt of Austria is tentatively estimated at the equivalent of $102.6 million. A definitive figure cannot be given until the validation, i.e. the proving of title to bonafide ownership, of all pre-World aVr II bonds has been completed. The principal components, detailed in Table A-1, are summed up as follows: Amt. outstdg. in millions of $ equiv. 1. Pre-Viorld War I Debt Share of old Austria-Hungary Debt a) Gold FTorin oEds 15.0 b) Swiss and French Franc bonds 3.0 Sub-total 19.0 2. Inter-Wars Debt a) Sterling bonds 13.8 b) Swiss Franc bonds 11.7 c) Dollar bonds 6.6 d) Other foreign currency bonds 5.2 e) Debt payments in arrears 11.9 Sub-total 9.2 3. Post-World War II Debt 1) Inter-Governmental Loans a) U.S. Government loans 17.3 b) U.K. Government loan 7.3 c) Debt to Swiss Government 2.0 d) Norwegian Government loan 0.4 Sub-total 27.0 2) Swiss Banks loan 8.4 Total 33.7 Grand Total .......* . .... .. . ... . * ....... 102.6 1. Pre-World War I Debt Under the 1952 Rome Agreement on Austria's external debt which was ratified by the Austrian Government in 1953, the amount of Austria's share of the old Austrian-Hungarian Monarchy debt to be settled was estimated at the equivalent of US$18 million. -2- 2. Inter-Wars Debt The principal outstanding of foreign currency issues of 1920-36,to- gether with service payments in arrears and compensation to guarantor governments on three issues of internationally guaranteed loans covered by the Rome Agreement, amounted to the equivalent of about $49.2 million. 3. Post-World War II Debt 1) Inter-governmental debt a) As of June 30, 1953 Austria's indebtedness to the U.S. Govern- ment totalled $17.3 million, consisting of (1) Eximbank credits of $9 million and (2) Surplus Property and other credits of $8.3 million. The Eximbank loans of $9 million included the $6 million 18-month cotton credit of 1952, which was disbursed to the extent of $5.2 million as of December 30, 1953. b) The outstanding amount of British Government credit to Austria was estimated at ;2.6 million ($7.3 million) as of June 1953. The loan was obtained under the December 1946 Agreement, in which provisions were made for British re- construction credits to Austria, up to a maximum of L8.5 million, partly as a grant and partly as a repayable credit. No further details are readily available. c) The debt of $2 million (Sw fr 8.5 million) to the Swiss Government represents the amount to be paid by Austria, under the Agreement of April 1953, in full settlement of a number of inter-war loans. d) No additional detail is available concerning the Norwegian Government credit of NKr 2.8 million ($389,000). 2) The h5$ 1953-60 Swiss Banks' loan of Sw fr 36 million ($8.4 million) to the Postal Administration for the modernization of telecommunications is guaranteed by the Austrian National Bank, and secured to the full amount by gold deposited at the Swiss National Bank. II. Service Payments No comprehensive schedule of total service payments on the Austrian ex- ternal debt can be made until the validation of pre-World War II bonds is completed. However, service payments during 1954-75 on the part of the debt discussed at the Rome Conference, as well as the part of post-World War II debts for which informa- tion is available, are roughly estimated in Table A-2. Payments for a few repre- sentative years during the period under review are summed up on the following page. - 3 - (Amount in millions of dollars) Service Payments ' By currency of which Ster- Swiss Year Total Amortization U.S.$ ling francs Others 1954 7.0 4.0 2.8 0.6 2.6 1.n 1955 13.2 10.0 8.3 0.6 3.3 1.0 1956 6.0 3.2 1.4 0.6 3.2 0.8 1960 4.7 2.3 1.3 1.J 1.5 0.9 1963 3.9 2.4 1.0 1.0 0.9 1.0 1965 3.6 2.2 0.9 1.0 0.9 0.8 1970 3.2 2.1 n.8 1.0 0.9 0.5 1975 3.2 2.6 0.8 1.0 0.9 0.5 Service payments rise from an estimated amount of $7 million in 1954 to the maximum of $13.2 million in 1955. During 1956-63 service charges amount to about $4-6 million p.a. Thereafter they will remain at the annual rate of $3.2 million during 1964-75. Table A-1: AUSTRIA - EXTERNAL PUBLIC DEBT (In thousamds) Page 1 Debt outstanding Identification June 30, 195 In currency Expressed in of payment U.S. dollars TOTAL EXTERNAL PUBLIC DEBT 102,553 NATIONAL AND GOVERNMENT GUARANTEED DEBT 70,912 U.S. DOLLAR DEBT 6 19,615 19,615 Securities 44 2 $25,000,000 Republic of Austria S.F. Gold (International Loan) 7%, 1930-1957 2V $ 2,273 2,273 $2,046,500 Austrian Creditanstalt, no interest, 1936-1956 /20 20 U.S. Government loans 17,322 17,322 ExportwImport Bank loans 8,280 Creditanstalt-Bankverein / 0697,560.53 - 3 1/2%, 1947-1956 $ 396 396 0244,877.21 - 3 1/2%, 1947-1956 $ 146 146 $250,000 - 3 1/2%, 1947-1955 6.35 135 w1, 784,812.37 - 3 1/2%, 1947-1956 1,032 1032 u1953,191.76 - 3%, 1947-1953 2 2 11929620.61 - 3 1/2%, 1947-1956 107 107 Osterreichische Landerbank A.G. 6278s234.38 - 3 1/2%, 1947-191 192 192 $76, 333.54 - 3 1/2%, 1947-1956 41, 379, 119.06 - 3 1/2%, 1947-1957 740 740 Republic of Austria 500,000 - 3 1/2%, 1947-1955 175 175 $6,000,000 -2 3/4 h 3 1/2%, 1952, 18 months' drafts 6,000 6,000 Other U.S. Government loans 6 8042 8042 $2, 93.9,000 GSA 3%, 197,-1963 61,535 1535 $8,837,,000 Surplus Property 2 3/8%, 1946/48 - 1876 980 Se6 17 107 See ootntes t en9o2 ab9e Table A-1: AUSTRIA - EXTERNAL PUBLIC DEBT - Continued (In thousands) Page 2 Debt outstanding, Identification June 30, 1953 2 In currency Expressed in of payment U.S. dollars NATIONAL AND GOVERNMENT GUARANTEED DEBT - Continued STERLING DEBT Z 7,532 21,089 Securities 4 ,932 13,809 £3,500,000 Republic of Austria International Loan 7%, 1930-1957 2 & 1,125 3, 150 £10,163,900 Republic of Austria Guaranteed Conversion Loan 4 1/2%, 1934-1,959 7/ £ 3,663 10,312 £579,500 Austrian Creditanstalt, no interest, 1936-1956 3z £ 124 347 British Government Loan 8 £ 2,600 7,280 SWISS FPANC DEBT Sw fr 54,884 12,811 Securities Sw fr 10,384 2,423 **owesotenso e* * * Sw fr 25,000,000 Republic of Austria International Loan 7, 1930-1957 2/ Sw fr 7,199 1,671 Sw fr 15,,850,000 Republic of Austria Guaranteed Conversion Loan 5%, 193- 1959 7/ Sw fr 3,176 741 Sw fr 2,320, 500 Austrian Creditanstalt, no interest, 1936-1956 3/ Sw fr 4 9 11 Other privately-held debt Sw fr 36,000 8,404 Sw fr 36,000,000 loan from Swiss banks .4 1/2%, 1953-1959 21 Sw fr 36,000 8,4o4 Debt to Swiss Government Sw fr 8,500 1,984 *** ** **0 '* t4 coa 0* * * *0 e*** * Sw fr 8,500,000 settlement with Swiss Government, 1953-1963 10/ Sw fr 8,500 1,984 CZECHOSLOVAK KORUNA DEBT Kos 87,281 1,746 Securities Kcs 87,281 1,746 **+*** **@****&**** See footnotes at end of tablet See footnotes at end of table. Table A-1: AUSTRIA - EXTERNAL PUBLIC DEBT - Continued (In thousands) Page 5 Debt outstandin Identiication0, 5 IdetifcatonIn currency Expre*sed In of paymnent UWSo dollars DEBT OF POLITICAL SUBDIVISIONS 6/ 13,631 U.S. DOLLAR DEBT 4,36 4,336 Securities 17:/ p4,36 4,336 '2,500,000 City of Graz Ext. Sec. S.F. 8", 1924-1954 1,396 1,396 420,000,000 City of Vienna Ext. S.F. 6%, 1927-1952 1,31 1,31 2,000'000 Province of Lower Austria Ext. Sec. S.F. 7 1/2/, 1925-1950 160 160 43,000,000 Tyrol Hydro-Electric Power Co. lst S.F. 1 1/2%, 1925-1955 LY 941 941 03,000,000 Tyrol Hydro-Electric Power Co. Guaranteed Sec. SF. 7%, 1927-1952 E/ 508 508 SVSS FRANC DEBT Sw fr p9,817 9,295 Securities 12/ Sw.fr.39,817 9,295 Sw fr 75,000,000 City of Vienna 4p, 1931- 1971 Sw fr 28,789 6,721 Sw fr 15,000,000'City of Salzburg 4% (formerly 7 1/2e) 1925-1955) Sw fr 5,783 1,50 Sw fr 2,500,000 City of Bregenz 4%, 1929-1945 Sv fr 1,289 301. Sw fr 1,250,000 City of Dornbirn 5%,, 1926-1948 Sw fr 275 64 Sw fr 7,000,000 Province of Vorarlberg 4 1/2%, 1929-1956 Sv fr 3,681 859 SHARE IN DEBT 01-' AW1 RIA-HUNG-!RY 2/18.,010 DEBT IN qUSTRIA-HUNG. RY CURRENCY Gfl1 31, 123 15, 144 Securities Gf1 34,123 15,)144~ Gf1 490,800,D000 Austrian Gold Rentes 4%,o 1876/95 Gfl1 31,123 15,144 SWISS FRANC DEBT Svr fr 12,9200 2,8h8 Securities Scw er 12,0 2 Sw fr 416,000,.000 Austrian Redeemable Treasury Notes 4 1/2%, 1914-1929 Sw Cr 12,200 2,848 See footnotes at end of table. Table A-1: AUSTRIA - EXTERNAL PUBLIC DEBT - Continued (In thousands) Page 6 Debt outstanding June 30, 1953 j/ Identification Jn 0 93 In currency Expressed in of payment U.S. dollars SHARE IN DEBT OF AUSTRIA-HUNGARY 20/ - Continued FRENCH FRANC DEBT fr 6,415 18 Securities fr 6441 18 fr 814,000,000 Austro-Hungarian Chartered State Railway (STEG) 4%, 1900 fr 6,415 18 Exchange rates: £I = 2.80; Lit 1 = W0.0016; Sw fr I - 0.23344; fr 1 - '0,00286; fl - 40.26316; Skr 1 = 0,0.193304; Ptas 1 0.04566; Bfr 1 - 0.02; Bg 1 = 40.10; Nkr 1 = 0.139997; S 1 = %0.03834, 21 Amounts outstanding on the U.S. Government loans were derived from U.S. Govern- ment sources. The amounts outstanding on securities were supplied by the Austrian Government and represent their estimate of the amounts which will be outstanding on January 1, 1954 after validation has taken placee 2/ This loan was issued in the following countries and currencies: Country Amount Great Britain Z 3,000,000 Netherlands Z 500000 a/ Italy Lit 100$000,000 Sweden SKr 10,000;000 Switzerland Sw fr 25,000,000 United States 25,000,000 Austria 50,000,000 Amount outstanding on June 30, 1953 is included under sterling securities. Service payments were made regularly to and including the coupon of January 1, 1938. The July 1, 1938 coupon was paid in full on the Swedish and Austrian issues. However, only five-sixths of the July 1,1938 coupon was paid on the other issues. Holders of the dollar issue have not received any interest pay- ments since that time. After the union of Austria and Germany, the German Government concluded clearing agreements with the various interested govern- ments, with the exception of the United States, whereby holders received interest at reduced rates. Under the 1938 agreement, British holders received 5% in 1939, Swedish holders received 51 from 1939 to 1945 and Swiss holders'received payments as follows: January 1, 1939 coupon at the rate of 4l p.a., July 1, 1939 coupon at 2 3/4 p.a. and coupons due January 1, 1940 to January 1, 1945 inclusive at 2% p.a. In addition, Germany retired a, considerable portion of this loan both through amortization and through exchange into the 4 1/2% Reich loan of 1938, second issue, Table A-1: AUSTRIA - EXTERNAL PUBLIC DEBT - Continued Page 7 2 - Continued By an agreement on February 27, 1953 the Federal Republic of Germany agreed to pay 75' of the coupons which became due between March 12, 1938 and May 8, 1945. Payment is to be spread from July 1, 1953 to July 1, 1962. From November 25 to December 6, 1952 a conference was held in Rome on the settlement of the external bonded indebtedness of Austria. It was agreed that the following settlement of the International Loan of 1930 would be made: 1. Interest at 4 1/2% starting January 1, 1954. 2. Starting on the first coupon date in 1959 a cumulative annuity of 7.2545665, sufficient to retire the bonds by 1980. 3. Interest arrears to be calculated at 4 1/2%. 4. Unpaid coupons dated July 1, 1945 to July 1, 1953 inclusive will be paid at 4 1/2' p.a. on the semi-annual coupon dates from January 1, 1954 to January l, 1962 inclusive. In 1936 the Austrian Creditanstalt issued bonds as follows: F 579,500 2,046,500 S P1,109,500 fr 1.0,642,000 Sw fr 2,320,500 Bg 168,000 Lit 17,000 RM, 703,000 The bonds bore no interest and carried semi-annual amortization coupons running to Iarch 1, 1956. By 1938 when Austria was taken over by Germany, the belga and lira tranches had been retired. From then until Iday 8, 1945 the German Government retired additional bonds by an exchange into the Reich loan 1938, second issue. On May 8, 1945 the amount showmn in the table below remained outstandin2. According to the decision of the London Conference on Germany Debts, the German Governiaent agreed to pay the 1939-1945 maturities over a period of five years from 1953 to 1957. According to the settlement agreed upon at the Rome Conference the maturities from September 1, 1945 to March 1, 1956 are to be extended 8 1/2 years and are to be paid by Austria from March 1, 1954 to September 1, 1964. Principal outstanding as of May 8, 1945 may be classified as follows: Table A-1: AUSTRIA - EXTE.RNAL PUBLIC DEBT - Continued Page 8 3 - Continued Mlaturities to Maturities to be paid by Germany be paid by Austria In in In cr Expressed n xpressed Expressed currency i US currency i S. currency in U.S. of of -o Currency payment dollars payment dollaTs payment dollars Total . 660,460 25,5314 415,16 Sterling 196,525 550$270 72;995 204,386 123,530 345,884 U.S. dollars 31,937 31,937 11,862 1,862 20;075 20,07 Guilders 148,663 39,12? 55,218 16,531 93,h5 24,591 French francs 7,361,550 21,054 2,73,9550 7,821 h,627,000 13,233 Swiss francs 77,437 18,077 28,762 6,714 48,675 11,363 The amounts in the table were converted to U.S. dollars at the rate in force on June 30, 1953. Guaranteed by the Republic of Austria. Of this amount W5, 724.,194.74 was undisbnusede The agreement provides that the United States may elect to accept either real property and improvements to real property or local currency instead of U.S. dollars for cultural and educational programs. 7/ This loan was issued in the following countries and currencies: Country Amount Great Britain £ 10,163,900 Austria S 93,00,000 Belgium Bg 2,842,900 Czechoslovakia Kcs 36h,612,000 France fr 109;358,OO0 Netherlands f 1)-970,000 Italy Lit 131,500,000 Sweden SKr 8,558,000 Switzerland Sw fr 15,850,000 Spain Ptas 33,940,500 The Spanish issue is guaranteed 100% by the Spanish Governmeplt. All other issues are guaranteed jointly by the various governments in the following percentages: Country Percentage Great Britain 24 1/2% France 24 1/2% Czechoslovakia 24 1/2% Italy 20 1/2 Belgium 2% Sweden 2% Denmark 1, Netherlands 1% Table A-1: AUSTRIA - EXTERNAL PUBLIC DEBT - Continued Page 9 7/ - Continued This loan was serviced regularly by Austria until 1938. On October 2, 1938 the German Reich suspended service. The Reich made special offers for re- tirement to the various governments and also a general offer of exchange into the 4 1/2% Reich Loan of 1938. Also considerable amortization on the Swedish tranche was effected during WTorld War II by agreements with Sweden. After July 1, 1939 the Belgian, French, British, Netherlands and Swiss tranches were serviced by the guarantor governments. From that time through 1948 interest payments were met, although with some delay on the part of certain guarantors (Italy-did not pay from 1945 to 1948 but settled in 1948). Since 1949 all guarantor nations except Czechoslovakia have met the interest payments on the due dates, Sinking fundpayments have been made since 1939 in part by the guarantors and drawn bonds have been stamped for the partial payments. By an agreement dated February 27, 193 the Federal Republic of Germany consented to make a settlement of claims due the guarantor governments on both the International Guaranteed Loan and the Guaranteed Conversion Loan. Germany will pay in respect of claims from the period March 12, 1938 to May 8, 1945 a sum in various currencies equivalent to Z 3,600,000 in 15 annual instalments, starting July 1, 1953. At the Rome Conference of 1952 it was agreed that Austria ill make the following settlement, such settlement not to alter the claims of the bond- holders against the guarantors: 1. Interest will be paid at 4 1/2% per annum on bonds in circulation on January 1, 1954, including bonds stamped between Iay 19L$ and December 1953 as being partially paid. 2. Starting in 1959 there will be a cumulative annuity of 7.2545651 sufficient to retire bonds by 1980. 3. Interest arrears not paid by Czechoslovakia between December 1945 and December 1953 will be paid by Austria on the semi,-annual coupon dates between June 1, 1954 and 1961 at 3% per annim. 'This interest amounted to the equivalent of S 16,000,000 and is hereby reduced to S 10,000,000. 4, The Austrian'Government considers that bonds drawn between June 1, 1940 and June 1, 19h belong to the group of bonds maturing between March 12, 1938 and May 8, 1945 and thus constitute an obligation of the German Government. However, since the German Government has not assumed the obligation and in order not to penalize the bondholders, the Austrian Government will make the following provisions: Table A-1: AUSTRIA - EXTERNAL PUBLIC DEBT-- Continued Page 10 Z - Continued a. Unpaid principal (24 1/2%) to be amortized by biennial payments over a period of 10 years starting in 1959. Unpaid interest for 1940-1944 is to be recalculated at 3% and paid in the same manner as the principal. By the recalculation of interest, principal and interest arrears amounting to S 60,800,000 are to be settled for S 53,600,000. b. Interest due on the unpaid principal starting from 1949 will be paid at 3% per annum starting in June 1959 and semi-annually thereafter, No information as to the interest rate or repayment terms on this loan is readily available at this time, 21 The proceeds of this loan are to be used for the modernization of the state- owned telephone system. The loan is guaranteed by the Austrian Government. Principal will be repaid over a six-year period starting on July 1, 1954. .)/ According to an agreement made in April 1953 the following obligations were settled: 1. Non-interest bearing Embroidery Loan of 1933/1934. 2. Swiss Government credit granted under the terms of the 41f, 1933-1953 International Guaranteed Austrian Federal Loan. 3. Swiss Government credit granted under the terms of the 4 1/2%, 1934-1959 Guaranteed Austrian-Conversion Loan. 4. The Swiss-Austrian Agreement of November 19, 1924 relative to the regulation of the Rhine between the mouth of the Ill River and Lake Constance. In settlement of these obligations the Austrian Government will pay the Swiss Government Sw fr 8,500,000 without interest in 20 equal semi-annual instalments each January and July 1, starting January 1, 1954. The agreement also provides that the Relief Credit of 1920 shall be cancelled and that the German contributions made between March 12, 1938 and May 8, 1945 in connection with the regulation of the Rhine shall be charged against future Austrian contributions. ll/ These loans arose out of the consolidation of interest and capital areears of Austrian Government indebtedness from World War I. Both interest and amorti- zation were paid regularly until March 12, 1938. From 1938 to 1945 further retirements were effected by conversion into obligations of the German Reich. on May 8, 1945 principal outstanding amounted to fr 23,995,000' on the 1923 issue and fr 9,173,000 on the 1926 issue (fr 33,168,900 total), plus arrears of interest for 1939-1945 amounting to fr ll,6,0,l00. According to the London Agreement on German debts, the German Government was to settle the interest arrears of 1939-1945 by a cash payment of Dm 135,795 on July 1, 1953. Table A-1: AUSTRIA -~EXTERNAL PUBLIC DEBT - Continued Page 11 1/ - Continued According to the agreement made at the Rome,Conference the principal of fr 33,168,900 (494,764) and interest arrears from 1945 to 1954 of fr 14,927,185 (4-2,647), a total of fr 48,096,085 ()l37,611) will be settled by the payment of Austria of fr 30,000,000 on July 1, 195L and fr 20, 000,000 on January 2, 1955. The amount outstanding of fr 50,000,000 shown above is the amount of the settlement. 1/ Austria, Hungary, Yugoslavia and Italy are obligors on this loan under the Accord of Rome of 1923. The exact liability of Austria is undetermined at this time. The total amount outstanding is Gfr 2,080,951. Variable payments were made in either U.S. dollars or French francs through the year 1939. A payment of q1 per bond was made on July 15, 1952 on account of the coupon dated March 1, 1940. The bondholders' committee has not received any pay- ments from Austria since 1939; the other obligors have made some payment recently. On June 20, 1953 the Austrian Government made a provisional two-year agree- ment with the Committee of Bondholders of the Danube-Save-Adria R.R. Co., pending the time that the relationship between the four countriest interest in the DOSAG and the Company is definitively settled. Under this-agreement Austria will pay the equivalent of 950,000 gold francs in 1954 and 1,000,000 gold francs in 1955* The payments will be made half in French francs and half in Swiss francs in two equal instalments on May 1 and November l These payments are to be considered as advance payments and will be charged against whatever future settlement is made. Both parties to the agreement indicate their readiness to start negotiations not later than September 1954 for a definitive settlement. 131 Less than 500. 14/ The obligations in this category will be paid in various currenciep (see footnotes on specific obligations). However, since the amounts of the obli- gations were furnished to the Bank by Austria expressed in schillings, it is not possible for us at this time to divide it according to the currencies in which they will be paid, The amounts outstanding represent the total amounts of the settlement expressed in Austrian schillings. 151 The International Guaranteed Loan was issued in the following countries and currencies: Country Amount Great Britain 6 4,5l14i200 Belgium Bg 5;160;000 France fr 408,125; 000 Italy Lit 92,750'000 Switzerland Sw fr 5,434,000 Netherlands f 1,050,200 Table A-1: AUSTRIA - EXTERNAL PUBLIC DEBT - Continued Page 12 19/ - Continued The various issues are guaranteed as to principal and interest by the respective governments of the countries of issue, there being no joint guarantee and*no guarantor government being liable for service or re- demption of bonds not included in the issue guaranteed by it. The loan was regularly serviced by Austria until March 12, 1938 and then serviced by Germany until July 1, 1939. Thereafter, the Netherlands, Swiss and Italian tranches were redeemed as a result of bilateral agreements between Germany and the three governments. From July 1, 1939 through 1953 (when the entire loans is to be redeemed) the guarantor governments have fully serviced the Belgian, British and French tranches, Gerzany has been held responsible under the London Agreement for the service from 1939-1945 and will settle it at approximately 58% of the nominal value. By an agreement dated February 27, 1953 the German Government consented to make.a settlement of claims due the guarantor governments on both the Inter,- national Guaranteed Loan and the Guaranteed Conversion Loan. Germany will pay in respect of claims from the period March 12, 1938 to May 8, 1945 a sum in various currencies equivalent to Z 3,600,000 in 15 annual instalments, starting July 1, 1953. Under the Rome Agreement Austria will settle the principal and interest payments made by the guarantors from 1945 to 1953 at 28.7%o The payments made from 1939 to 1953 by guarantors, therefore, may be divided as follows: Payments 194,1953 Payments 1939-1945, 7ortion to be kortion for which to be settled by set-led by guarantors will Tranche Germany at 58% Austria not be compengated Belgian Bfr 1,389,59 Bfr 727,63 Bfr 2,120,09 British 1, 480o,786 L 5h9,311 F" 1,600,803 French fr 128,28,315 fr 50,067,358 fr l45,906,327 In addition, interest payments in the 1945-1953 period amounted to the equivalent of S 70,600,000. The Rome agreement provides a joint qompensation by Austria to the guarantor governments for amounts paid from 1945 to 1953 on the International Guaranteed Loan and on the Guaranteed Conversion Loan as follows: Payments (expressed in schillings) a/c Int. a/c Guar. Each.year Total Guar.Loan Coriy. Loan 1954-1963 5,000,000 2,093,940 2,906,060 3,964-1968 7,000,000 2,931,515 4,068,..85 1969-1978 8,000,000 3,350,303 4,649,697 Table A-1: AUSTRIA - EXTERNAL PUBLIC DEBT - Continued Page 13 IW - Continued These payments are without interest and are in final settlement. They will be divided among the guarantor governments which fulfilled their obligations. Payment will be made at the rate of exchange for financial transactions in effect on December 1, 1952 either in the currency paid by the guarantor or in the currency of the country receiving the payment. The amount outstanding shown in this table is the sum of the schilling payments shown above. 16/ The Rome Conference made the following recommendations for the settlement of the debt of political subdivisions: 1. The Austrian Government will urge the debtors to arrive at bilateral agreements with the creditors as soon as possible. 2. Regular service will commence on the same date as on the obligations of the Austrian Government. 3. Payments made to the Konversionskasse will be recognized by the creditors. 4. Arrears of interest from 1945 to 1953 will be settled with an equitable reduction. 5o Current service will be resumed with interest not exceeding 5 1/41o and with a reasonable amortization schedule. 6. Obligations with a gold clause will be settled on the basis that the gold U.S. dollar or gold Swiss franc shall equal the present dollar or Swiss franc respectively. 17/ All of the securities in this category were serviced regularly until July 1932 when Austria declared'a transfer moratorium under which interest and amorti- zation payments were deposited in schillings in a blocked account in the National Bank of Austria. This moratorium was lifted in May 1935 and all arrears were paid up in foreign exchange. Payments were then made regularly until March 1938 when Austrian external debts became subject to the German transfer moratorium. Thereafter until the end of World War II, payments were deposited in reichsmarks with the Konversionskasse ful Deutsche Auslandschulden. No payments have been received by the bondholders since 1938, although amortization payments have been partially met by the cities of Graz and Vienna,through the surrender and cancellation of bonds, 18/ Guaranteed jointly and severally by the State of Tyrol and the City of Innsbruck. All of the securities in this category received the same treatment described in footnote 17 until March 1938. Thereafter payments were made as follows under a German-Swiss transfer agreements Rate of payment Coupons maturing per annum / 356/30/39 3 1/A% //39-6/3d0/L 2 3/4% T/4h-/ea 5 2% Thereafter none Table A-1: AUSTRIA - EXTERNAL PUBLIC DEBT - Continued Page 14 20 The obligations in this category are only those former debts of Austria- Hungary on which Austria is liable. These obligations went into default upon the outbreak of World War I. The Austrian Peace Treaty was signed on July 15, 1920 and arrears of service from 19 4-1920 were paid in periodic instalments through 1923. In 1923 the Innsbruck Protocol was signed by Austra, Czechoslovakia, Hungary, Italy, Poland, Roumania and Yugoslavia. The Prague Agreements of 1925 and the Paris Annex of 1926 further defined and interpreted the Innsbruck Protocol. The principal provisions of these agreements as they apply to Austria's liability are as follows: 1. Current service was to start on January 1, 1926 a., at 32% of full interest in gold on the Austrian Wo Gold Rentes b. at 27% of full interest in currency of issue on the 4 1/2% Redeemable Treasury Notes c. current interest and amortization on the STEG Bonds to be paid in full in French francs. Arrears to be spread over 10 years from January 15, 1926. 2. Arrears of interest on the 4% Rentes and the b 1/2% Treasury Notes from July 16, 1920 through 192 were to be paid at the new rates over a period of 12 years, 1926 to 1937. Arrears for 1925 were to be paid in six quarterly instalments starting April 1, 1926. 3. The collection of the contributions due from the various countries and their distributions among the bondholders was placed in the hands of the Caisse Corimune de Porteurs des Dettes Publiques Autrichienne et Hongroise which was set up for the prpose. Payments were made under these agreements but in 1930 an agreement was signed in Paris changing the interest percentages as follows: 1. Interest on the 4Z Gold Rentes to be paid at 33% starting in 1931 and thereafter on a scale rising finally to 70 in 1955. 2. The h% Gold Rentes to be converted to Rentes redeemable in 50 years. 3. Interest to be paid on the 4 1/2, Treasury Notes at 30% in 1931 and thereafter on a scale rising to 100% in 1945 and the amorti- zation to be completed by 1955. Payments were made in full until 1932 when Austria imposed a transfer mora- torium but in 1933 Austria paid up the 1932 arrears.. Payments were then continued by Austria (but not always by the other debtor states) until 1936 when the 1930 Agreements expired. The Caisse Commune was unsuccessful in obtaining another agreement and the debtots returned to payments on the basis of the Innsbruck Protocol. Austria continued payments until absorption by Germany in 1938. No payments have been made by Austria since that time although there have been intermittent payments by some of the other debtors. Table A-1: AUSTRIA - EXTERNAL PUBLIC DEBT - Continued Page 15 2/ Continued After occupying AusLria, Germany effected considerable amortization, partly through an exchange offer of the Reich Loan of 1938, Second Issue., As a result of this, Austria has with the Caisse Commune an asset of approximately Gfr 10,600,000 face value of 3% STEG bonds. The agreement made at the Rome Conference makes the following provisions for Austria's liability on the Austro-Hungarian debt: 1. STEG Bonds as The obligation of Austria on the 316 STEG Bonds will be cancelled. b. The Caisse Commune will appropriate the proceeds of the sale of 17,929 3% STEG Bonds, which were delivered to the Caisse in 1939, in excess of claim against Austria, to the partial amortization of bonds on which Austria remains a debtor, c. On January 2, 1954 the Caisse Commune will distribute to holders of the h% STEG Bonds: fr 2,309,48 for interest arrears from August 1, 19h5 to February 1, 1954 inclusive fr 6,415,234 for principal owed by Austria These amounts will be provided for by the sale of 3% aTEG Bonds by the Caisse Commune. 2. 4% Gold Rentes and 4 1/2% Treasury Notes .1914: a, Interest arrears for the period from July 1, 1945 to October 1, 1953 inclusive are agreed to be: US$ 1,106,240 (money of account) for the 4% Gold Rentes SW fr 503,976 (money of account) for the 4 1/2% Treasury Notes b. These arrears will be settled by quarterly payments from January 1, 1954 to October 1, 1963 of US V 27,656 (money of account) - Sw fr 12,000 (money of account)* c. As interest, Austria will pay quarterly from January 1, 1954 to October 1, 1957 inclusive 60% of the amounts due under the terms of the Innsbruck Protocol; US$ 48,804 (money of account) each quarter on accont o;C the 4, Gold Rentes Sw Xr 22,324 (money of account)'each quarter on account of the 4 1/20 Treasury Notes. Table A-1: AUSTRIA - EXTERNAL PUBLIC DEBT - Continued Page 16 20/ - Continued d. Payments under b and c will be made: 10% in pounds sterling, 10% in Belgian francs, 50% in French francs, 4% in Netherlands guilders and 26% in Swiss francs, to be calculated at the official exchange rate of the U.S. dollar or the Swiss franc in the creditor country on the first day of the month preceding the coupon date. e. The Austrian Government and the Caisse Commune agree to start negotiations not later than July 197 to determine the conditions for payment of interest and amortization starting with Japuary 1, 1958. 2 /The pound sterling equivalent of this amount is given by the Council of Foreign Bondholders as Z 3,112,280. Since a dollar equivalent of the gold florin (the pre-11orld War I currency of Austria-Hungary) is not readily availablep the dollar equivalent shown above was computed on the basis of the pound sterling amount at £ 1 - i4.8665. IBRD - Statistics Section October 2, 1953 Table A-2t AUSTRIA - ESTIMATED CONTRACTUAL INTEREST AND AMORTIZATION PAYM2,NTS ON THE EXTERNAL PUBLIC DEBT (Expressed in thousands of U.S. dollars) PaRge 1 Total external public debt 1 Service payments by currency Year Debt out- Payments during year U.S. Pounds Swiss Swedish Spanish French Netherlands Belgian standing Amorti,- In- Jan. I zation terest Total dollars sterling francs kronor pesetas francs guilders francs 1953 75,127 ?J 1,331 412 1,743 1,664 - 79 - - - - - 1954 74,723 3,950 3,016 6,966 2,826 640 2,552 92 27 195 11 9 1955 70,956 10,040 3,144 13,184 8,279 640. 3,341 92 27 171 11 9 1956 61,109 3,215 2,776 5,991 1,412 640 3,169 92 27 17 11 9 1957 57,895 2,984 2,680 5,664 1,165 639 3,093 92 27 15 11 8 1958 549911 2,976 2,581 5,557 1,145 638 3,ol4 27 10 10 7 1959 51,935- 3,438 2,495 5,933 1,309 1,009 2,405 148 43 14 15 11 1960 48,498 2,329 2,419 4,748 1,297 1,oo 1,546 148 43 14 15 11 1961 46,171 2,689 2,361 5,050 1,285 1,oo9 1,546 148 43 14 15 11, 1962 43,485 2,193 1,959 4,152 1,166 1,009 1,314 148 43 14 15 10 1963 41,291 2,364 1,555 3,919 1,041 1,009 1,081 148 43 13 15 10 1964 38,929 1,834 1,489 3,323 883 1,009 882 148 43 12 15 10 1965 37,095 2,167 1,425 3,592 874 977 881 148 43 11 13 10 1966 34,928 1,904 1,363 3,267 867 977 881 148 43 11 13 10 1967 33,024 2,279 1,295 3,574 860 977 881 148 43 11 13 10 1968 30,745 2,029 1,224 3t253 853 977 881 148 43 11 13 10 1969 28,716 2,089 1,150 3,239 846 977 881 148 43 11 13 10 1970 26,627 2,158 1,074 3,232 839 977 881 148 43 11 13 10 1971 24,469 2,232 993 3,225 832 977 881 148 43 11 13 10 1972 22,237 2,310 908 3,218 825 977 881 148 43 11 13 10 1973 19,927 2,388 823 3,211 818 977 881 148 43 11 13 10 1974 17,539 2,473 731 3,204 811 977 881 148 43 11 13 10 1975 15,066 2,560 637 3,197 804 977 881 148 43 11 13 10 1976 12,506 2,653 536 3,189 796 977 881 148 43 11 13 10 1977 9,853 2,452 435 2,887 494 977 881 148 43 11 13 10 See footnotes at end of table. Table A-2: AUSTRIA - ESTIMATED CONTRACTUAL INTEREST AND AMORTIZATION PAYMENTS ON TIE EXTERNAL PUBLIC DEBT - Contd (Expressed in thousands of U.S. dollars) Page 2 Service payments Total debt of the Total debt of by currency national government political subdivisions Year Austrian Various Debt out- Payments during year Debt out- Payments during year schillings currencies 3 standing A In- Total standing Amorti- In- Total Jan. 1 zat-Lon terest Jan. 1 zation ter-t 1953 - - 61,496 1,331 412 1,743 3t631 - - - 1954 2 612 61,092 3,950 1,652 5602 13,631 - 1,364 1,364 1955 2 612 57,325 lo,oo 1,780 11,820 13,631 - 1,364 1,364 1956 2 612 47,478 3,215 1,412 4,627 1.30631 - 1,364 1,364 1957 2 612 44,264 2,984 1,316 4,300 13,631 - 1,364 1,364 1958 2 612 41,280 2,976 1,217 4,193 13,631 - 1,364 1,364 1959 3 976 38,304 3,085 1,131 4,216 13,631 353 1,364 1,717 1960 3 662 35,215 1,958 1,073 3,031 13,278 371 1,346 1,717 1961 3 976 33,265 2,299 1,034 3,333 12,907 390 1,327 1,717 1962 3 430 30,969 1,784 991 2,775 129517 409 968 1,377 1963 3 556 29,183 1,935 949 2,884 12,108 429 6o6 1,035 1964 3 318 27,250 1,383 905 2,288 11,679 451 584 1,035 1965 3 632 25,867 1,693 864 2,557 11,228 474 561 1,035 1966 3 314 24,174 1,407 825 2,232 10,754 497 538 1,035 1967 3 628 22,767 1,757 782 2,539 10,257 522 513 1,035 1968 3 314 21,010 1,481 737 2,218 9,735 548 487 1,035 1969 3 307 19,529 1,513 691 2,204 9,187 576 459 1,035 1970 3 307 18,016 1,554 643 2,197 8,611 604 431 1,035 1971 3 307 16,462 1,597 593 2,190 8,007 635 400 1,035 1972 3 307 14,865 1,643 540 2,183 7,372 667 368 1,035 197 3 307 13,222 1,689 487 2,176 6,705 699 336 1,035 197 3 307 11,533 1,739 430 2,169 6,006 734 301 1,035 1975 3 307 9,794 1,789 373 2,162 5,272 771 264 1,035 1976 3 307 8,005 1,843 311 2,154 4,501 810 225 1,035 1977 3 307 6,162 1,602 250 1,852 3,691 850 185 1,o35 See footnotes at end of table. Table A.21 AUSTRIA - ESTIMATED CONTRACTUAL INTEREST AND AMORTIZATION PAYMENTS ON THE EXTERNAL PUBLIC DEBT - Contd (Expressed in thousands of U.S. dollars) Pace 3 DEBT III-U.S. DOLLARS Securities of the Total Total securities Secritsofte national governrent Year Debt out- payments during year Debt out- Payments during year Debt out- PaymenTs durina year standing Amorti- In- Total standing Amorti- In" Total standing Amorti- In- Total Jan. 1 zation terest Jan. 1 zation terest Jan. 1 zation terest 1953 23,99 1,331 1,664 6.629 2,293 i* *- 198 23,547 1,994 2,826 6,629 2 536 538 2,293 2 102 104 1955 21,553 7,262 1, 7 8,279 6 627 2 536 538 2,291 2 102 104 1956 14,291 688 724 1,412 6,625 2 536 538 2,289 2 102 104 :1957 13,6o4 417 708 1,165 6,624 2 536 538 2,288, 2 102 104 1958 13,147 449 696 1,145 9,622 2 536 538 2,286 2 102 104 -1959 12,698- 624 685 1,309 6,620 177 536 713 2,284 65 102 167 1960 12,074 633 664 1,297 6,443 186 527 713 2,219 68 99 167 1961 11,442 642 643 1,-285 6,258 195 518 713 2,152 71 96 167 1962 10,800 651 515 1,166 6,o63 204 401 605 2,081 74 93 167 1963 lo,149 656 385 1,04 5,859 213 283 496 2,007 7? 90 167 1964 9,493 519 364 883 5,646 223 273 496 1,930 80 87 167 1965 8,974 529 345 874 5,423 233 261 494 1,850 82 83 165 1966 8g445 539 328 867 5,190 243 251 494 1,768 85 80 165 1967 7,906 551 309 86o 4,947 255 239 494 1,683 89 76 165 1968 7,355 563 290 853 4,692 267 227 494 1,594 93 72 165 1969 6,792 576 270 846 4,425 280 214 494 1,501 97 68 165 1970 6,216 590 249 839 4,145 294 200 494 1,404 102 63 165 1971 5,626 604 228 832 3,851 308 186 494 1,302 106 59 165 1972 5,02z 619 206 825 3,543 323 171 494 1,196 111 54 165 1973 4,403 634 184 818 3,220 338 156 494 1,085 116 165 1974 3,769 650 161 811 2,882 354 140 494 969 121 44 165 1975 3,119 668 136 804 2,528 372 122 494 848 127 38 165 1976 2,451 685 111 796 2,156 390 104 494 721 133 32 165 1977 1,766 409 85 494 1,766 409 85 494 588 139 26 165 Table A-2: AUSTRIA - ESTIMATED CONTRACTUAL INTEREST AND AMORTIZATION PAYMNTS ON TIME EXT'RNAL PUBLIC IZBT - Contd (Expressed in thousands of U.S. dollars) Pace 4 DEBT IN U.S, DOLLARS Securities of Total U.S. Government Exoort-Import Bank Year Dolitical subdivisions L Debt out- Payments during year Debt out- Payments during year Debt out- Payments during year standing Amorti- In- standing Amorti- In- standing Amorti- In- Jan. 1 zation terest Total Jan. 1 zation terest Total Jan. 1 zation terest Total 1953 4,336 - - 17,322 1,331 333 1,664 8,980 730 111 841 1954 4,336 - 434 434 16,918 1,992 296 2,288 8,605 1,545 90 1,635 1955 4,336 - 434 434 14,926 7,260 481 7,741 7,060 6,813 286 7,099 1956 4,336 - 434 434 7,666 686 188 874 247 239 5 244 195? 4,336 - 434 434 6,980 455 172 627 8 8 8 1958 4,336 - 434 434 6,525 447 160 607 1959 4,336 112 434 546 6,078 447 149 596 1960 4,224 118 428 546 5,631 447 137 584 1961 4,106 '124 422 546 5,184 447 125 572 1962 3,982 '130 308 438 4,737 447 114 561 1963 3,852 136 193 329 4,290 443 102 545 1964 3,716 143 186 329 3,847 296 91 387 1965 3,573 151 178 329 3,551 296 84 380 1966 3,422 158 171 329 3,255 296 77 373 1967 3,264 166 163 329 2,959 296 70 366 1968 3,098 174 155 329 2,663 296 63 359 1969 2,924 183 146 329 2,367 296 56 352 1970 2,741 192 137 329 2,071 296 49 345 1 2,549 202 :127 329 1:475 296 42 338 1972 2347 212 117 329 1, 79 296 35 331 1973 2,135 222 107 329 1,183 296 28 324 1974 1,913 233 96 329 887 296 21 317 1975 1,680 245 84 329 591 296 14 310 1976 1,435 257 72 329 295 295 7 302 1977 1,178 270 59 329 See footnotes at end of table.. Table A-2: AUSTRIA - ESTIMATED CONTRACTUAL INTEREST AND AMORTIZATION PAYMENTS ON THE EXTERNAL PUBLIC DEBT - Contd (Expressed in thousands of U.S. dollars) Pagp DEBT IN U,S, DOLLARS DEBT IN POUNDS ST"RLING Other Total Securities of the Share in U.S. Government national governmer& the debt Year Debt out- Payments during year Debt out- -ayments curing year Debt out- PMments during year standing Amorti- In- Total standing Amorti- In- Total standing Amorti- in_ Tt Austria-- Jan. 1 zation terest Jan, 1 zation terest Jan, 1 zation terest 1953 8,342 601 222 823 13,809 - - l3v809 - - - - 1954 8,313 447 206 653 13,809 32 608 64o 809 32 606 6-8 2 1955 7,866 447 195 642 13,777 32 608 640 13t777 32 6o6 638 2 1956 7,419 447 183 630 13,746 32 6o8 64o 13,746 32 6o6 638 2 1957 6,972 447 172 619 13,714 32 607 639 13,714 32 6 638 1 1958 6,525 447 160 607 13,683 32 6o6 638 13,683 32 606 638 51 1959 6,078 447 149 596 13t651 403 6G6 1,009 13,651 403 6 10009 1960 5,631 447 137 584 13,249 420 589 1,009 13,249 420 589 1,009 1961 5,184 447 125 572 12,829 437 572 1,009 12,829 437 572 1,009 1962 4,737 447 114 561 12,93 456 553 1,009 12,393 456 555 l,009 1963 4,290 443 102 545 11,937 475 534 1,009 11,937 475 534 1,009 1964 3,847 296 91 387 11,463 495 514 1,009 11,463 495 514 1,009 1965 3,551 296 84 380 lop968 484 493 977 10,968 44 493 977 1966 3,255 296 77 373 10,484 505 472 977 10,484 505 472 977 1967 2,959 296 70 366 9,979 528 449 977 9,979 528 449 977 1968 2,663 296 63 359 9,451 552 425 977 9,451 552 425 977 1969 2,367 296 56 352 8v899 577 40 977 8,899 577 400 977 1970 2,071 296 49 345 &v322 603 374 977 8,22 603 374 977 1971 1,775 296 42 338 7,719 6qo 347 977 7,719 63o 347 977 1972 1,479 296 35 331 7,089 658 319 977 7,089 658 319 977 1973 1,183 296 28 324 69431 688 289 977 6,431 688 289 977 1974 887 296 21 317 5,743 719 258 977 5t743 719 258 977 1975 591 296 14 310 5024 751 226 977 5,024 751 226 977 1976 295 295 7 302 4,273 785 192 977 4,273 785 192 977 -1977 3,488 820 157 977 3,488 820 157 977 See footnotes at end of tablei Table A-2: AUSTRIA - ESTIMATED CONTRACTUAL INTEREST AND AMORTIZATION PAYMENTS ON THE EXER11AL PUBLIC DEBT - Contd. (Expressed in thousands of U.S. dollars) Page 6 DEBT IN SWISS FRANICS Securities of the Share in Total Total securities national government the debt Year Debt out- Payments during year Debt out- Payments during year Debt out- Payments during year of standing Amorti- In- T standing Amorti- In- Tt standing Amorti- In- Austria- Jan. 1 zation terest Jan. 1 zation terest Jan. 1 zation teres Total unga6 195 22,106 - 79 79 11,718 - - - 2,423 - -- - 19i 22,106 1,131 1,421 2,552 11,718 93 1,043 1,136 2,423 93 109 202 4 1955 21,066 1,977 1,364 3,341 l717 98 1,043 1,141 2,422 98 109 207 4 1956 19,185 1,880 1,289 3,169 11,716 1 1,043 1,044 2,421 1 109 110 4 1957 17,305 1,880 19213 3,093 11,715 1 1,043 1,044 2,420 1 109 110 4 1958 15,425 1,880 1,134 39014 11714 1 1,040 1,041 2,419 1 109 110 1 1959 139545 1,346 1,059 2,405 11,713 308 1,040 1,348 2,418 67 109 176 1 1960 12,198 521 1,025 1,546 11,405 323 1,025 '1,348 2,351 70 106 176 1 1961 11,677 538 1,008 1,546 11,082 340 1,008 1,348 2,281 74 102 176 1 1962 11,139 554 760 1,314 10,742 356 760 1,116 2,207 77 99 176 1 1963 l0,584 571 510 1,081 10,386 373 510 883 2,130 80 96 176 1 1964 lo,013 392 490 882 10,013 .392 490 882 2,050 84 92 176 1965 9,621 41o 471 881 9,621 410 471 881 1,966 87 88 175 1966 -9,211 429 452 881 9?211 429 452 881 1,879 90 85 175 1967 8,782 450 431 881 8,782 450 431 881 1,789 94 81 175 1968 8332 473 408 881 8,332 473 408 881 1,695 99 76 175 1969 7,859 496 385 881 7,859 496 385 881 1,596 103 72 175 1970 7+363 520 361 881 7,363 520 361 881 1,493 08 67 175 1971 6,843 546 335 881 6,843 546 335 881 1,385 113 62 175 1972 6,297 573 308 881 6,297 573 308 881 1,272 118 57 175 1973 5,724 600 281 881 5,724 600 281 881 1,154 123 52 175 1974 5,124 630 251 881 5;124 630 251 881 1,031 129 46 175 '1975 4,494 660 221 881 4,494 660 221 881 902 134 41 175 1976 3,834 693 188 881 3,834 693 188 881 768 140 35 175 1977 3,141 727 154 881 3,141 727 154 881 628 147 28 175 See footnotes at end of table. Table A-2t AUSTRIA - ESTIMATED CONTRACTUAL INTEREST AND AMORTIZATION PAYMENTS ON TIM EXTERNAL PUBLIC DEBT - Contd. (Expressed in thousands of U.S. dollars) Page 7 DEBT IN SWISS FRANCS Securities of Other Drivate Debt of the Year political subdivisions / eSwiss Government Debt out- Payments durinp year Debt out- Payments during year Debt out- Payments during year standing Amorti- In- Total standing Amorti- In- Total standing Amorti- In- Total Jan. 1 zation terest Jan. 1 zation terest Jan. 1 zation terest 1953 9,295 - - - 8,404 - 79 79 1,984 - - - 1954 9,295 - 930 930 8,404 840 378 1,218 1,984 198 - 198 1955 9,295 - 930 930 7,564 1,681 321 2,002 1,785 198 - 198 1956 9,295 - 930 930 5,883 1,681 246 1,927 1,586 198 - 198 1957 9,295 - 930 930 4,202 1,681 170 1,851 1,388 198 - 198 1958 9,295 - 930 930 2,521 1,681 94 1,775 1,190 198 - 198 1959 9,295 241 930 1,171 840 840 19 859 992 198 - 198 1960 9,054 253 918 1,171 793 198 - 198 1961 8,801 266 905 1,171 595 198 - 198 1962 8,535 279 660 939 397 198 - 198 1963 8,256 293 413 706 198 198 - 198 1964 7,963 308 398 706 1965 7,655 323 383 706 1966 .7,332 339 367 706 1967 6,993 356 350 706 1968 6,637 374 332 706 1969 6,263 393 313 706 1970 5,870 412 294 706 1971 5,458 433 273 706 1972 5,025 455 251 706 1973 4,570 477 229 706 1974 4,093 501 205 706 1975 3,592 526 180 706 1976 3,o66 553 153 706 1977 2,513 580 126 706 See footnotes at end of table. Table A-2: AUSTRIA - ESTIMATED CONTRACTUAL INTEREST AND AMORTIZATION PAYENTS ON TEE EXTERNAL PUBLIC DEBT - Contd (Expressed in thousands of U.S. dollars) Total Swedish kronor Total Spanish pesetas DEBT IN FotlCH ZRANCS Total Year Debt out- Payments during year Debt out- Payments during year Debt out- Payments durin year standing Amorti- In- Total standing Amorti- In- Total standing Amorti- In- Total Jan. 1 zation terest Jan. 1 zation terest Jan. 1 zation terest 1953 2,049 - - - 593 - - - 305 - - - 1954 2,049 92 92 593 - 27 27 305 179 16 195 1955 2,049 - 92 92 593 - 27 27 218 155 16 171 1956 2,049 - 92 92 593 - 27 27 159 1 16 17 1957 2,049 - 92 92 593 - 27 27 158 1 14 15 1958 2,049 - 92 92 593 27 27 157 1 9 10 1959 2,o49 56 92 148 593 16 27 43 156 5 9 14 1960 1,993 59 89 148 577 17 26 43 151 5 9 14 1961 1,934 61 87 148 560 18 25 43 147 5 9 14 1962 1,873 64 84 148 542 19 24 43 143 6 8 14 1963 1,809 67 81 148 523 19 24 43 137 6 7 13 1964 1,742 70 78 148 504 20 23 43 132 6 6 12 1965 1,672 73 75 148 484 21 22 43 126 5 6 11 1966 1,599 76 72 148 463 22 21 43 121 6 5 11 1967 1,523 80 68 148 441 23 20 43 115 6 5 11 1968 1,443 83 65 148 418 24 19 43 109 6 5 11 1969 1,360 87 61 148 394 25 18 43 103 6 5 11 1970 1,273 90 58 148 369 26 17 43 97 7 4 11 1971 1,183 95 53 148 343 28 15 43 90 7 4 11 1972 1,088 99 49 148 315 29 14 43 83 7 4 11 1973 989 103 45 148 286 30 13 43 76 8 3 11 1974 886 109 39 148 256 31 12 43 68 8 3 11 1975 777 113 35 148 225 33 10 43 60 8 3 11 1976 664 119 29 148 192 34 9 43 52 .9 2 11 1977 545 123 25 148 158 36 7 43 43 9 2 11 See footnotes-at end of table. Table A-2: AUSTRIA - ESTIMATED CONTRACTUAL INTEREST AND AMORTIZATION PAYj\CNTS ON THE EXTERNAL PUBLIC DE]T - Contd. (Expressed in thousands of U.S. dollars) Page 9 DEBT IN FRENCH FRANCS DEBT IN GUILDERS Securities of the Share in Total national government the debt of Debt out- Payments during year Austria- Debt out- Payments during year standing Amorti- In- Total Hung standing Amorti- In- Total Jan. 1 zation terest *Jan. 1 zation terest 1953 305 - - - - 201 - - 1954 305 179 7 186 9 201 2 9 1 1955 218 155 7 162 9 199 2 9 11 1956 159 1 7 8 9 197 2 9 11 1957 158 1 7 8 7 195 2 9 11 1958 157 1 . 7 8 2 192 2 8 10 1959 156 5 7 12 2 190 7 8 15 1960 151. 5 7 12 2 183 7 8 15 1961 147 5 7 12 2 175 7 8 15 1962 143 6 6 12 2 168 '8 7 15 1963 137 6 6 12 1 160 8 7 15 1964 132 6 6 12 152 8 7 15 1965 126 5 6 11 144 7 6 13 1966 121 6 5 11 137 7 6 13 1967 115 6 5 11 130 7 6 13 1968 109 6 5 11 123 7 6 13 1969 103 6 5 11 116 8 5 13 1970 97 7 4 11 108 8 5 13 1971 90 7 4 11 100 8 5 13 1972 83 7 4 11 92 9 4 13 1973 76 8 3 11 83 9 4 13 1974 68 8 3 11 74 10 3 13 1975 60 8 3 11 64 10 3 13 1976 52 9 2 11 54 11 2 13 1977 43 9 .2 11 43 11 2 13 See footnotes at end of table. Table A-2: AUSTRIA - ESTIMATED CONTRACTUAL INTEREST AND AMORTIZATION PAYMNTS ON THC EXTLRNAL PUBLIC DEBT - Contd, (Expressed in thousands of U.S. dollars) Page 10 DEBT IN GUILDERS DEBT IN :BELGIAN FRANCS Securities of the Share in Total Year national government the debt of Debt out- Payments during year Austria- Debt out- Payments during year standing Amorti- In- Hun7ary standing Amorti- In- Jan. 1 zation terest Total Jan. 1 zation terest Total 1953 201 - - - - 135 - - - 1954 201 2 8 10 1 135 - 9 9 1955 199 2 8 10 1 135 - 9 9 1956 197 2 8 10 1 135 - 9 9 1957 195 2 8 10 1 135 - 8 8 1958 192 2 8 10 5/ 135 - 7 7 1959 190 7 8 15 5] 135 4 7 11 1960 183 7 8 15 5/ 132 4 7 11 1961 175 7 8 15 5] 129 4 7 11 1962 168 8 7 15 if 126 4 6 10 1963 16o 8 7 15 .J/ 122 5 5 10 1964 152 8 7 15 117 5 5 10 1965 144 7 6 13 112 5 5 10 1966 137 7 6 13 107 5 5 10 1967 130 7 6 13 102 5 5 10 1968 123 7 6 13 97 6 4 10 1969 116 8 5 13 91 6 4 10 1970 108 8 5 13 85 6 4 10 1971 100 8 5 13 79 6 4 10 1972 92 9 4 13 73 7 3 10 1973 83 9 4 13 66 7 3 10 -1974 74 10 3 13 59 7 3 10 1975 64 10 3 13 52 8 2 10 1976 54 11 2 13 44 8 2 10 1977 43 11 2 13 36 8 2 10 See footnotes at end of table. Table A,2t AUSTRIA - ESTIMATED CONTRACTUAL INT-REST AND AMORTIZATION PAYMENTS ON THE EXTERNAL PUBLIC DEBT - Contd. (Expressed in thousands of U.S. dollars) Page 11 DEBT IN BELGIAN FRANCS Securities of the Share in Total Austrian schillings Total of various currencies 3/ Year national government the debt Debt out- Payments during year of Debt out- Payments during year Debt out- Payments during year standing Amorti- In- Total Austria- standing Amorti- In- standing Amorti- In- Total Jan. 1 zation terest Hungary / Jan. 1 zation terest Total Jan. 1 zation terest, 1953 135 - - - 46 - - - 11,932 - 1954 135 - 7 7 2 46 - 2 2 11,932 612 - 612 1955 135 - 7 7 2 46 - 2 2 11,320 612 - 612 1956 135 - 7 7 2 46 - 2 2 10,708 612 - 612 1957 135 - 7 7 1 46 - 2 2 10,096 612 - 612 1958 135 - 7 7 1/ 46 - 2 2 9,484 612 - 612 1959 135 4 7 11 46 1 2 3 8,872 976 - 976 1960 132 4 7 11 45 1 2 3 7,896 662 - 662 1961 129 4 7 11 44 1 2 3 7,234 976 - 976 1962 126 4 6 10 43 1 2 3 6,258 430 - 430 1963 122 5 5 10 42 1 2 3 5,828 556 - 556 1964 117 5 5 10 41 1 2 3 5,272 318 - 318 1965 112 5 5 10 40 1 2 3 4,954 632 - 632 1966 107 5 5 10 39 1 2 3 4,322 314 - 314 1967 102 5 5 10 38 1 2 3 4,008 628 - 628 1968 97 6 4 10 37 1 2 3 3,380 314 - 314 1969 91 6 4 10 36 1 2 3 3,066 307 - 307 1970 85 6 4 10 35 1 2 3 2,759 307 - 307 1971 79 6 4 10 34 1 2 3 2,452 307 - 307 1972 73 7 3 10 33 2 1 3 2,145 307 - 307 1973 66 7 3 10 31 2 1 3 1,838 307 - 307 1974 59 7 3 10 29 2 1 3 1,531 307 - 307 1975 52 8 2 10 27 2 1 3 1,224 307 - 307 1976 44 8 2 10 25 2 1 3 917 307 - 307 1977 36 8 2 10 23 2 1 3 61o 307 - 307 See footnotes on page 12. Table A-2: AUSTRIA - ESTIMATED CONTRACTUAL INTEREST AND AMORTIZATION PAYMENTS ON THE EXTRNAL PUBLIC DEBT - Contd. Page 12 1 Does not include the following because no information is available concerning repayment terms:- a. British Government Loan E 2,600,000 ($7,280,000) b. Norwegian Government Credit - NKr 2,781,000 ($389,000) c. Czechoslovak Koruna bonds Kcs87,281,000 ($1,746,000) Also does not include the principal amount of the Danube-Save-Adriatic bonds and the debt of Austria-Hungary equivalent to $18,jU0,000. (See footnotes 12 and 20 respectively on Table A-1). / Amount outstanding for 1953 is as of June 30; payments shown are for the full year. 3. Since these amounts were furnished to the Bank expressed in Austrian schillings, it was not possible to allocate them to the currencies in which they will be paid (see footnote 14 on Table A-1). - It was assumed that a settlement would be agreed as follows: a.. Maturity to be extended to 1980 b. A cumulative sinking fund sufficient to retire the bonds by 1980 c. Interest at 5% d. Interest arrears to be paid at 5% over an 8 1/2 year period from 1954-1962. Less than $500. / Represents interest and interest arrears only, as agreed at the Rome Conference (see footnote 20 on Table A-1). IBRD - Statistics Section October 2, 1953