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The basis for the comfort letter of Bayerische Hypo- und Vereinsbank AG, Munich, no longer exists with the transfer of its shares in Bank Austria Creditanstalt AG to UniCredit S.p.A., Genoa.
Bank Austria Creditanstalt AG no longer issues general comfort letters in public, like those published in previous annual reports, for liabilities of certain subsidiaries.
Liability undertakings have been given in favour of S.W.I.F.T. for 14 subsidiaries of Bank Austria Creditanstalt AG.
With regard to letters of comfort for a total of € 9.1 bn issued in connection with international leasing transactions, it is not to be expected, given the nature of collateral for these transactions, that claims will be lodged against Bank Austria Creditanstalt AG because the rights to payment undertaking amounts serving as collateral and held with the leasing companies themselves or with Bank Austria Creditanstalt AG or the rights to other collateral of stable value have been transferred to the leasing companies.