EKZ Tulln Errichtungs GmbH
| Audit Id | 1490087722210 |
|---|---|
| Title | EKZ Tulln Errichtungs GmbH |
| Titre dans la langue originale |
EKZ Tulln Errichtungs GmbH German |
| Année | 2016 |
| Sujet |
Business and Industry |
| Type |
Financial |
| Type de performance |
Performed by single SAI |
| Description | In assessing its returns, the EKZ Tulln Errichtungs GmbH failed to take into account the interests on borrowings, thereby disregarding an essential component for assessing the financial situation of the company. This resulted in the fact that no evaluation could be performed on whether the part of the pension reserves of the Oesterreichische Nationalbank (central bank of Austria) that had been invested by the EKZ Tulln Errichtungs GmbH in real estate was managed in the best way possible. As regards a loan agreement of EUR 36.50 million concluded in July 2009 with variable interest rate conditions, the EKZ Tulln Errichtungs GmbH concluded four interest rate caps accounting for EUR 34.68 million on 30 September 2009. These interest rate caps involved an upper interest rate limit of 2% and had a duration until 30 September 2016. This hedging against increasing interest rates resulted in a surcharge on the company’s borrowing costs. The upper interest rate limit of 2%, however, did not take effect due to the actual development of interests. |
| Auteur |
Austria |
| Matériels |
Audit report German |
| Contact |
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