Financial Market Report Kosovo - Raiffeisen Bank International · 2019-12-22 · Kosovo has a modern tax system. All natural and legal persons who supply or provide goods or services

Financial Market Report

Kosovo

In cooperation with AUSSENWIRTSCHAFT AUSTRIA.

A U S S E N W I R T S C H A F T A U S T R I A

Country Profile: Kosovo Raiffeisen Research. As of April 2019.

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Currency: Euro ()

Gross Domestic Product and Budget 2017 2018 2019e 2020fReal GDP growth, % p.a. 4.2 4.2 4.0 3.0Nominal GDP, €bn 6.4 6.7 7.1 7.5Per capita GDP, PPP basis, € 7.600 7.900 n.v. n.v.Growth in industrial output, % p.a. n.v. n.v. n.v. n.v.Consolidated budget deficit, % of GDP -2.0 -1.8 -2.0 -1.8

Inflation and EmploymentJobless rate, annual average, % 30.0 29.0 27.5 27.5Average monthly gross wage, € 425 430 n.v. n.v.Consumer price inflation, annual average, % p.a. 1.5 1.0 1.5 1.7

Balance of Trade and Current AccountGoods exports, €bn 0.4 0.4 0.5 0.5Goods imports, €bn 2.8 2.8 2.6 2.6Current account deficit, €bn -0.4 -0.5 -0.5 -0.4Current account deficit, % of GDP -6.3 -7.4 -7.0 -5.4Foreign debt, % of GDP 34.4 34.1 35.2 33.5

Rates of Exchange and Interest RatesLocal currency/US$ (average) 1.13 1.18 1.14 1.21Local currency/€ (average) 1.00 1.00 1.00 1.003-month money market rate (TRIBOR), average, % n.v. n.v. n.v. n.v.

Country RatingsS&P NRMoody‘s NRFitch NR

n.a.: not available.U: unrated.

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The Kosovo Financial Market

1. The Economic and Political Situation in Kosovo . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

2. Company Law . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

3. Taxation and Legislation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

4. Arbitration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

5. Subsidies and Support . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

6. Risk Hedging and Finance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

7. Payment and Account Services at Raiffeisen Bank Kosovo J.S.C. . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

8. Raiffeisen Bank Kosovo J.S.C. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

9. Your International Business Specialists at Raiffeisen Bank Kosovo J.S.C.

and the Global Raiffeisen Network . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

Important:

Despite thorough research and the use of reliable sources, we cannot accept responsibility or liability for the com-pleteness or accuracy of this brochure’s contents. The purpose of this brochure is to give you initial, general infor-mation to help you develop business relationships in Kosovo. The content of this brochure does not constituteany form of advice or offer or invitation to make an offer.

Prepared in cooperation with AUSSENWIRTSCHAFT AUSTRIA at WKÖ (the Austrian FederalEconomic Chamber).

Sources:Raiffeisen Bank International AGWKO: Kosovo Country Report of the AUSSENWIRTSCHAFT AUSTRIABibliography: Skok B., Gotwald A., Jungreithmeir T. (2008), Förderinstrumente für Südosteuropa (Subsidy and Support Instruments for Southeastern Europe). Vienna: Linde Verlag Wien.

Copy deadline: May 2019.

Kosovo has a GDP per capita of EUR 3,525, which, in terms of purchasing power parity, corresponds to EUR 7,600, which is approximately 23% of the GDP per capita in the Eurozone. GDP per capita has increased markedly in recent years. In 2017, GDP in Kosovo grew by 4.1% compared to the previous year. Economic growth was mainly driven by the consumption of private households, investments and the strengthening of exports. We expect an almost unchanged strong increase in GDP in 2018 and 2019 of 4.2% and 4.0% respectively compared to the previous year. This forecast is supported by the persistently strong household demand and increased bank lending. At the same time, high transfers from Kosovars living abroad are also an important growth factor, though resulting in a certain vulnerability to external shocks. Inflation has recove-red in comparison with the previous year (0.3% p.a.), with an annual average of 1.5% in 2017 compared to the previous year. However, a further slowdown in inflation is expected for 2018, back to a level of 1.0% in comparison with 2017. Our prognosis for 2019 is an inflation rate of 1.5%. The unemployment rate in 2017 was 30.0%, which is a further rise in comparison with 2016. The high unemployment rate among young people continues to be a problem. However, we expect slightly falling unemployment figures of 29% and 27.5% respectively for 2018 and 2019.

The budget deficit was 2.0% of GDP in 2017. According to the IMF, the 2017 budget was executed in com-pliance with the targets set. The high level of economic growth in 2016 and 2017 was also a motor for tax income. The budget plan for 2018 aims to increase investment expenditure, while inefficiencies are to be eliminated with a reform in the field of social and health services. As a result, it will be possible to address problem areas such as education, health and infrastructure better and more effectively. However, the IMF has warned against increasing ongoing expenditures too much in order to comply with a deficit of less than 2% as set by it. Thanks to the discipline shown during the IMF Stand-By-Arrangement (SBA), the deficit should not increase to more than these 2% in 2018 and 2019. The SBA involves carrying out fiscal reforms (social insurance and pensions). National debt is very low and reached 16.6% of GDP in 2017. In view of the developments in budget deficits described above, we expect the national debt ratio to rise slightly in the next few years. Kosovo’s current account had a deficit of 6.3% of GDP in 2017. The external deficit reflects a goods deficit, which can be traced back to the lack of domestic production of physical goods. With con-sumption remaining a growth factor and with domestic production unlikely to grow quickly enough to satisfy this demand, the current account deficit will remain high in the next few years. The portion caused by inflows which finance the consumption-related deficit, but also cause debt, is a potential risk. Foreign debt amounts to 34.7% of GDP (2017) and has therefore increased in the last few years. Over 40% of foreign debt relates to cross-company lending, which reduces the associated risks. However, banks as well as companies have very high levels of short-term foreign debt.

Kosovo has a stable monetary policy and is one of the few countries outside the EU to have introduced the euro as its official currency. The introduction of the euro in 2002 resulted in a lower inflation rate and a stable macroeconomic environment. The euro has given Kosovo an advantage over its competitors in the East in terms of foreign investment and trade because it enabled transaction costs to be kept low and has eliminated both exchange rate and currency risks. Since the Brussels Agreement of 2013, there have been increasing signs that Kosovo and Serbia are cooperating with one another, but political tensions flared up again during the Serbian presidential elections. However, both countries have strong incentives not to allow the situation to escalate, as it could make it more difficult to forge closer ties (or cooperate) with the EU.

1. The Economic and Political

Situation in Kosovo

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2. Company Law

In Kosovo too, there is a standardisation requirement, in that companies can only operate in the form of a retailer, a general partnership, a limited partnership, a limited liability company, or a joint-stock company.

Kosovo has a modern tax system. All natural and legal persons who supply or provide goods or services as part of their commercial activities in Kosovo are subject to tax.

Value Added Tax / VAT number Since 1 January 2001 a value added tax of 16% has been in place, based on the western model. The legal basis for this is the Kosovan Law on Value Added Tax (Law no. 03/L – 146 of 29 December 2009, available in English at http://goo.gl/ophUT).Companies only become liable for value added tax once their yearly turnover exceeds EUR 50,000. The introduction of this tax regime brought substantially larger revenues for the public sector.

Reverse Charge SystemThis is similar to the Austrian system.

Excise TaxFor some goods, an excise tax is levied in addition to the customs duty:

Petrol, diesel and other fuels, cigarettes and tobacco products; beer, alcohol, ethanol, wine, coffee, mineral water, and non-alcoholic beverages.

Double Taxation TreatiesKosovo does not currently have a double taxation treaty with Austria or any other EU country.

Input Tax DeductionOnly registered suppliers are entitled to deduct input taxes on supplies on which VAT is imposed. A ded-uction of input taxes may only be applied to items used for supplies that are subject to VAT.

3. Taxation and Legislation

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Rebate ProcedureCompanies can only claim VAT refunds if they have a fiscal number in Kosovo. This has to be applied for by submitting a form to the tax authority with which the company is registered.

Income TaxA comprehensive tax reform was implemented as of 1 January 2010, lowering corporation tax to 10% and income tax to 0, 4, 8 and 10% brackets.

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As Yugoslavia ratified the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (the New York Convention), this convention is still valid in Kosovo. In it, the contracting states undertake to reco-gnize and enforce arbitral awards made in another contracting state. Consequently, the jurisdiction of the Internationales Schiedsgericht der Wirtschaftskammer Österreich (International Arbitral Centre of the Austrian Federal Economic Chamber), the International Chamber of Commerce (ICC) or another arbitrator can be agreed in your contract with a Kosovan counterparty. Unlike the judgements of state courts, arbitral awards can be enforced practically worldwide. For a dispute to be settled by a court of arbitration, its jurisdiction must have been agreed upon beforehand in writing. It is therefore advisable to include an arbitration clause in the contract with your foreign counterparty.

The Austrian Federal Economic Chamber offers institutional arbitration as a service through the International Arbitral Centre of the Austrian Federal Economic Chamber.

The arbitration clause of the International Arbitral Centre of the Austrian Federal Economic Chamber reads as follows (versions are also available in the languages that are most important for Austrian exporters):

‘All disputes arising out of this contract or related to its violation, termination or nullity shall be finally settled under the Rules of Arbitration and Conciliation of the International Arbitral Centre of the Austrian Federal Economic Chamber in Vienna (Vienna Rules) by one or more arbitrators appointed in accordance with these Rules.’Useful agreements to supplement this arbitration clause:

• the number of arbitrators shall be .......................... (one or three); • the applicable law shall be ............................; • the language used during arbitration proceedings shall be ......................................

Detailed information:

• Internationales Schiedsgericht der Wirtschaftskammer Österreich International Arbitral Centre of the Austrian Federal Economic Chamber Dr. Manfred Heider; Phone: +43-5-90 900-4398; Fax: +43-5-90 900-216. E-mail: [email protected]; Internet: wko.at/arbitration

4. Arbitration

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The fact that you as an Austrian company are a member of the Federal Economic Chamber can in some cir-cumstances be a cause for concern for a strong foreign counterparty. In this case we recommend that you agree on a different arbitral court, such as the one belonging to the International Chamber of Commerce. This has its headquarters in Paris and is represented in Austria by ICC Austria.

Therefore you have the following options:

• If your company has a strong starting position in contract negotiations or if you and your counterparty are roughly equal, we recommend you use the arbitration clause of the Austrian Federal Economic Chamber.• If on the other hand your company holds a weaker position, or if your counterparty is of equal strength and will not agree to the Austrian Federal Economic Chamber’s arbitration clause, then we recommend that you agree on a different arbitral court, such as that of the International Chamber of Commerce (ICC).

The arbitration clause of the International Chamber of Commerce (ICC) reads as follows: ‘All disputes ari-sing out of or in connection with the present contract shall be finally settled under the Rules of Arbitration of the International Chamber of Commerce by one or more arbitrators appointed in accordance with the said Rules.’ This arbitration clause is also available in other languages.

Detailed information:

• ICC Austria, International Chamber of Commerce Dr. Maximilian Burger-Scheidlin; Phone: +43-5-90 900-3701; Fax: +43-5-90 900-3703; E-mail: [email protected]; Internet: www.icc-austria.org.

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5. Subsidies and Support

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EU cohesion policy / regional policy 2014-2020Initial situation / status quoThe various regions of Europe, especially Central and Southeastern Europe, exhibit large differences in economic and social development. To strike a balance between the regions, the EU has set the following targets as part of its Europe 2020 strategy:

• Creation of jobs• Strengthening companies’ competitive position• Promotion of economic growth and sustainable development• Improvement in EU citizens’ life quality

The cohesion / regional policy is aimed at all regions in the EU in order to create intelligent, sustainable and integrative growth. The cohesion policy is defined for a seven-year period (2014-2020). A budget of EUR 351.8 billion, i.e. almost one third of the entire EU budget, is set aside for achieving the above targets in the timeframe mentioned. Within the scope of this budget, funding is granted in the form of non-repayable grants.

Structure of the funding programmes / From EU target to national funding programmeThe individual EU member states use the EU targets set under the Europe 2020 strategy to define their national and regional priorities, from which the individual Operational Programmes (OPs) are derived. The Operational Programmes are structured according to region and topic. Within these programmes “priority axes” are defined, which are subject to guidelines approved by the European Commission. The following topics are priorities for the individual countries: Innovation, research & development, job creation, environmental protection, education, SMEs, transport and regional development.

Dedicated national funding agencies (ministries and investment agencies) are responsible for awarding the grants. While grants can be applied for continuously in framework programmes in Austria, they are mostly awarded in the context of “calls” (tender exercises) in Eastern Europe.

For each priority axis mentioned above, tender exercises are held once or twice a year and are open for one to three months. The main assessment criteria for company grants are company size, location, content and impact of the funding project.

How can your company obtain funding?Clearly defined projects can be submitted during the period when the tender exercise is open. Only complete applications (project description, approvals, budget,...) in the respective national language are accepted. The submitted projects are then evaluated by assessors using a points system based on the guidelines specified/defined in the program. All projects within a “call” take part in a competition. Only those with the highest score are shortlisted for funding commitments.

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Getting from the application to the possible disbursement of grants involves going through a complex, time-consuming process.It requires experience in dealing with public authorities and their targets.

National grantsIn addition to the EU structural funds, companies can also apply for funding from national resources.

The economic importance for the country or region is very important for determining whether the investment project can be funded.The criteria for evaluation are: Minimum investment volume and the number of jobs created as well as the minimum period for which these jobs will exist.

The following investment incentives are possible:• Tax reductions, tax deferrals and tax exemptions• Grants• Loans• Sureties• Equity participations• Discounted land purchases

However, these are subject to the respective national regulations and must be applied for at regional funding agencies.

Warning:• The application must be made before the project begins (= first legally binding obligation).• The details of the guidelines can change during the tender exercise and must therefore always be kept in view.• Make contact with the company’s bank/funding agency as early as possible.

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6. Risk Hedging and Financing

Risk hedging of Austria Wirtschaftsservice Gesell-

schaft mbH (aws, federal funding agency)

Legal framework conditions:

The legal framework conditions of the guarantees issued by aws were redrafted on 1 January 2017.In detail, the regulations are based on the guidelines of the Austrian Federal Ministry of Finance (BMF) for accepting guarantees by aws pursuant to the Guarantees Act 1977, including supplementary conditions for grants.

The aws offers small and medium-sized companies (max. 3,000 employees) with their registered office and operating site in Austria guarantees for loans and lease financing as part of domestic and foreign invest-ments.

Guarantees for national investments:aws guarantees the financing of economically desirable projects by Austrian companies, i.e.: Construction/expansion investments, modernisation of production facilities, the innovation of processes and procedures, environmental measures or the purchase of, or participation in, companies.

aws guarantees up to 80% (max. EUR 25 m) of the financing amount in the form of a financing guarantee and covers the economic risk of the investor (loan default due to the insolvency of the domestic company) for the bank. In the case of large projects, aws guarantees up to a maximum of one third of the project volume.

Guarantees for international investments:aws supports Austrian companies (max. 3,000 employees) with direct investments abroad, i.e. establish-ment of subsidiaries/joint ventures, acquisition of companies/company shares, expansion investments and investments in environmental technologies.The risk hedging of aws is provided either in the form of a project guarantee or a financing guarantee.

Under the project guarantee, aws hedges the economic risks (insolvency or similar circumstances) of a company’s investment project and undertakes to provide a certain amount of capital up to the maximum guaranteed amount in the event of damage or loss.

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aws guarantees up to 50% of the loan used (for large projects up to 1/3 of the project volume). The gua-rantee fee is dependent on the ratings result calculated when examining the respective project, as well as the term of the guarantee.

Under the international financing guarantee, aws guarantees the financing of Austrian companies for eco-nomically desirable projects abroad, i.e.: construction/expansion investments, modernisation of production facilities, the innovation of processes and procedures, environmental measures or the purchase of, or participation in, companies.

aws guarantees up to 80% (max. EUR 25 m) of the financing volume and thereby covers the economic risk of the investor for the bank.

Conditions of the aws guarantee:

National guarantees: • Processing fee: 0.25% (one-off) of the assessment basis (max. EUR 30,000)• Guarantee fee: The guarantee fee depends on the ratings result calculated when examining the

respective project as well as the term of the guarantee

International guarantees:• Processing fee: 0.25% (one-off) of the assessment basis (max. EUR 50,000)• Guarantee fee: The guarantee fee depends on the ratings result calculated when examining the

respective project as well as the term of the guarantee.

Austria

Abroad

BANK

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OeKB (Oesterreichische Kontrollbank AG)In order to achieve sustainable success in the export business and for investments made abroad, com-panies need good risk management and attractive financing arrangements. With federal export guaran-tees and OeKB refinancing packages, the OeKB offers instruments via the respective house banks that strengthen Austrian companies and their partners in global competition. By processing export guarantees, the OeKB acts as the Export Credit Agency (ECA) of the Republic of Austria.

Export guarantees protect the entrepreneur against payment defaults (for economic or political reasons) related to export transactions. In the case of foreign investments, export guarantees provide protection against political risks.

Federal export guarantees also offer an attractive way to access financing for export and investment acti-vities. Export guarantees can be utilised by all large, medium and small companies whose guaranteed transactions have a positive impact on Austria’s current account balance or are in the national interest.

Companies can learn more about the ideal kinds of guarantee from the OeKB Export Service (www.export-service.at) or from their house bank. OeKB’s export financing process provides the possibility of refinancing exports and equity participations abroad. This export financing process is available as a source of refinan-cing at domestic and foreign commercial banks and is offered to companies via these banks within the scope of their export business and foreign investments.

The prerequisites for this type of financing are• A federal guarantee as required by the Export Funding Act (EFA), or• A guarantee from a credit insurer within the meaning of the EFA• A guarantee from aws, or• A guarantee of an international organisation within the meaning of the EFA.Furthermore, the financing of the underlying supplies/services must bring about a direct or indirect impro-vement in the Austrian current account balance or be in the Austrian national interest.

ERP fundThe ERP fund is a fund with its own legal personality, which was attached to aws in 2002. ERP loans are reduced-interest loans with multi-year redemption-free periods and multi-year redemption periods, and are collateralised by a guarantee from aws or a bank.

ERP financing programme Companies are eligible to apply which have their registered office and operating site in Austria and which are active in one of the following sectors: industrial or commercial production, research and development services, transport, processing of agricultural products, and trading companies.

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The following provides an overview of the available ERP financing programmes:• ERP - Micro-Credit• ERP - Technology Programme• ERP - SME Programme• ERP - Regional Programme• ERP - Tourism Programme• ERP - Transport Programme• ERP - Forestry Programme• ERP - Agriculture Programme

Conditions of ERP loansThe maximum financing volume is EUR 30 m.• Term: 6 years (up to 15 years is possible)• Utilisation period: 0.5 years• Redemption-free period: 2-3 years, interest fixed at 0.50% p.a.• Redemption period: 3–4 years, interest fixed at 0.75% p.a.

- Longer redemption-free and redemption periods are offered for some programmes, i.e.:- Future industries, research infrastructure within the scope of the technology programme- Infrastructure measures within the scope of the Regional Programme

• Interest rate and redemption costs are anticipatory• Processing fee: 0.5% - 0.9% of the ERP loan• The guarantee fee of the guaranteeing bank must be added to these costs.

Austrian Company

BANK

Guarantee

Trust Money

ERP LoanLoan Agreement

Chart 2: ERP Loan Process

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7. Payment and Account Services at

Raiffeisen Bank Kosovo J.S.C.

Cash management productsAccount Services Local Currency Foreign Currencies (LCY) Current Acc. LCY Deposit (FCY) Current Acc. FCY DepositResident 3 3 3 3

Non-resident 3 3 3 3

Credit Interest 3 3 3

Overdraft Facility 3 3

Cash Management: Group Products and Services

• Cash Management International• CMI@Web• International Account Reporting• International Disbursement Service*• Intra Group Payments (IGP)• Cross-border Margin Pooling • Swift for Corporates (SCORE)

* however, restrictions due to local regulations

Payments, Deposits • Domestic payments LCY• Domestic payments FCY• Foreign payments LCY• Foreign payments FCY• Cash payments / withdrawals LCY• Cash payments / withdrawals FCY• Purchase & Sale of FCY• KosGiro Payments• RBKO cheques payments• Standing order (domestic)• Payroll Services• Deposits• Domestic Direct Debit• Debit card (VISA, Maestro Card)

Cash Management: Local Products and Services

• Charge Card/Overdraft Card (Master Card)

• Credit Card (VISA REVOL-VING)

• Prepaid Card• US Visa Payments Electronic Banking• Electronic Banking solution (Raiffeisen CONNECT)• Internet Banking (e-banking)• M Banking• Electronic Account

Statement

• Email Account Statement• SMS Banking for Customs• MT101• MT940

Liquidity Management • Cash Collection• Sweep Service• CBTB

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Legal & Foreign Exchange RegulationsCurrent Accounts • Foreign and local customers are allowed to open and maintain foreign currency accounts as well as Euro

accounts (Local currency) Domestic Payments • There are no restrictions

Foreign Payments • Cross border payments are allowed and there are no restrictions.

Cash Deposits and Withdrawals

• Every cash payment / withdrawal exceeding 10,000.00 Euro is reported to Central Banking Authority of Kosovo

Clearing MechanismsSettlement • Description: ICS clearing is organized by CBK with mandatory membership of all Kosovo licen-

sed commercial banks.

• Type: ATS & RTGS

• Transaction value: One business day • Settlement cycle: Remitting bank: 0 – 1 day Clearing system: 0 day Beneficiary bank: 0 – 1 day

A recipient should receive the payment with value D+1.

Clearing Membership of the BankMandatory for all banks in Kosovo.

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Raiffeisen Bank Kosovo is a subsidiary of Raiffeisen Bank International AG (RBI). RBI came to Kosovo by the end of 2002 by purchasing most of the shares of the American Bank of Kosovo to complete the purchase and rename the bank in June 2003. In June 2003, RBI became the owner of 100% of shares and named the Bank Raiffeisen Bank Kosovo. RBI offers corporate and investment banking for Austrian and international companies, an extensive banking and leasing network in CEE for both corporate and retail customers. Additionally, the Group comprises numerous other financial service providers, for instance in the fields of leasing, asset management as well as mergers and acquisitions.

The bank is considered a leader in innovation among banks in the market and is constantly aiming at implementing new products and services for its customers via the most relevant and attractive channels.

Raiffeisen Bank offers a wide range of banking services and products for all clients: individuals, small and medium enterprises and corporate. Since its presence in the market, Raiffeisen Bank is very successful by achieving continuous development in all segments including loans and deposits.

Raiffeisen Bank Kosovo J.S.C.Rruga UÇK nr. 191Pristina 10000 - KosovoPhone: +381 38 22 22 22Fax: +381 38 2030 1130www.raiffeisen-kosovo.com

8. Raiffeisen Bank Kosovo J.S.C.

Assets, €m 919

Branches 48

Staff 839

Shareholder structure

Raiffeisen SEE Region Holding GmbH 100 %

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9. Your International Business

Specialists at Raiffeisen Bank Kosovo

J.S.C. and the Global Raiffeisen Network

Your specialist at Raiffeisen Bank KosovoAnita [email protected]+381 38 222 222 184

Your international business specialists Raiffeisen Bank International AGHerwig [email protected]: +43 / 1 / 717 07 – 1574

Raiffeisen Bank International AGRudolf [email protected]: +43 / 1 / 717 07 – 3537

Raiffeisenlandesbank NÖ-Wien AGNadja [email protected]: +43 / 5 / 1700 – 92426

Irene [email protected]: +43 / 5 / 1700 – 92157

Raiffeisen-Landesbank Steiermark AGFranz [email protected]: +43 / 316 / 4002 – 7110

Beatrix [email protected]: +43 / 316 / 4002 – 7141

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Raiffeisenlandesbank Oberösterreich AGHelmut [email protected]: +43 / 732 / 6596 – 23113

Artem [email protected]: +43 / 732 / 6596 – 23161

Raiffeisenverband SalzburgBernhard [email protected]: +43 / 662 / 8886 – 14161

Raiffeisen-Landesbank Tirol AGAndrea [email protected]: +43 / 512 / 5305 – 12230

Raiffeisenlandesbank VorarlbergAlexandra [email protected].: +43 / 5574 / 405 - 528

Raiffeisenlandesbank BurgenlandWilhelm [email protected]: +43 / 2682 / 691 – 605

Raiffeisenlandesbank KärntenMichael Stegmü[email protected]: +43 / 463 / 99300 – 2280

Herbert Schö[email protected]: +43 / 463 / 99300 – 2269

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Notes

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Notes

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Notes

Received from: