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This item refers to covered bonds that do not correspond to mortgage bonds as defined in the Austrian Mortgage Bond Act and the Austrian Mortgage Bank Act but to covered bonds as defined in the Austrian Covered Bank Bond Act (Gesetz betreffend fundierte Bankschuldverschreibungen – FBSchVG). Such bonds are, as a rule, backed by a well-defined issuance-specific set of assets that is meant to provide maximum safety, namely usually a mix of e.g. mortgage loans, mortgage bonds, municipal bonds, public-sector loans/securities and state-guaranteed securities. Moreover, this item also comprises covered bonds issued as private placements by Oesterreichische Kontrollbank under its Export Financing Scheme. |