TASKS

§ 1. (1) A committee will be formed for participation in the administration of the national debt, having the following functions:

1. Evaluation and forecast of the financial-political situation. This, regarding the goals of Austria’s fiscal policy and the development tendencies on the money and capital markets;
2. Analyses of the effects of financial operations on the national economy in connection with the indebtedness of all the public authorities on the basis of investigations in accordance with 1;
3. Analysis of the sustainability and quality of the budgetary policy of public budgets;
4. Presentation of written recommendations concerning the financial policy of the public budgets in Austria taking economic conditions into consideration;
5. Annual presentation of a report on the recommendations made to the Federal Minister of Finance, including the results of the investigations and analyses included in 1 to 3, which the Federal Minister of Finance is to present to the National Council and Federal Government;
6. Supporting public opinion-making connected to the functions of the Government Debt Committee as well as the organization of informative events.  

(2) The members of the Government Debt Committee must be experts in the areas of finance and budget activities. To this committee, are sent:

1. six members, by the Federal Government;
2. three members, by the Austrian Chamber of Commerce, in agreement with the Presidium of the Chambers of Agriculture;
3. three members, by the Federal Chamber of Labour;
4. one member from each of the following organizations: the Austrian Association of Municipalities, the Association of Austrian Cities, and the Conference of Provincial Governors, having no voting rights.  

(3) The President of the Government Debt Committee is the member, first ranked, by the Federal Government. The vice-presidents are the first ranked members nominated by the bodies named in section 2; they carry out the functions of a first and second vice-president, for six months, in the sequence mentioned of the bodies sending them and alternate with each other after the expiration of this period.

(4) The members of the Government Debt Committee must be eligible for the National Council. Members of the National Council, Federal Council or a provincial assembly, the federal government or a provincial government can not be sent to the Government Debt Committee. Should circumstances subsequently arise which would have prevented the sending of the member, he shall retire from the Government Debt Committee.

(5) The functional period of the Government Debt Committee, which shall apply to all members of the Government Debt Committee for the same duration, shall be four years, in each case. Should a member retire prematurely, a successor will be sent for the remaining period. The re-instalment of members, after completion of their term in office, is permissible.

(6) Each sending organization must name a deputy, for each member, who represents the member in the case of temporary prevention. In this case section 4 applies.

(7) Membership in the Government Debt Committee is an honorary post. However, the members are due the reimbursement of actually expended costs.

(8) The Government Debt Committee meets, on the invitation of the president or the vice-president representing him, as often as required by the circumstances, however, at least once every quarter. Upon the written request of three members, a meeting of the Government Debt Committee must be called within one week.

(9) The application, to the president, for the calling of a meeting of the Government Debt Committee by the Federal Minister of Finance or the Austrian Central Bank shall be complied with, without delay. The Austrian Central Bank is authorized to take part in each meeting of the Government Debt Committee in an advisory capacity. 

(10) All members and the Austrian Central Bank are to be invited to the meetings of the Government Debt Committee and receive an agenda.

(11) The Government Debt Committee has a quorum when all members have been invited in time and at least seven members, including the president, who are entitled to vote are present or represented.

(12) The resolutions are passed with a simple majority. In the case of a tied vote, the chairman’s vote shall determine.

(13) The minutes of the meetings are to be signed by the chairman.

(14) The Government Debt Committee shall provide itself with rules of procedure.

(15) The Government Debt Committee can form sub-committees. These must be composed so that all those organizations which send members in accordance with this federal law are represented. Should the Austrian Central Bank so desire a representative of the Austrian Central Bank in an advisory capacity, shall be on these sub-committees. The sub-committees shall provide themselves with rules of procedure.

(16) The Government Debt Committee can take the advice of experts.

(17) The costs for the Government Debt Committee will be borne by the Austrian Central Bank which will also provide for the necessary personnel and material expenses.