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The table below shows the annual<br />
average figures of banknotes in circulation<br />
during the past five years:<br />
Banknotes in<br />
circulation,<br />
annual average 1<br />
Change<br />
EUR million EUR million %<br />
2000 12,851 +756 +6.3<br />
2001 12,519 —332 —2.6<br />
2002 8,887 —3,632 —29.0<br />
2003 9,913 +1,026 +11.5<br />
<strong>2004</strong> 11,751 +1,838 +18.5<br />
1 The values for 2000 and 2001 represent schilling banknotes in circulation.<br />
In 2002 the figures cover both euro banknote circulation liabilities<br />
and schilling banknotes in circulation. From 2003, the figures refer exclusively<br />
to euro banknote circulation liabilities.<br />
2 Liabilities to euro area<br />
credit institutions related to<br />
monetary policy operations<br />
denominated in euro<br />
This item consists of the following<br />
accounts:<br />
Dec. 31, 2003 Dec. 31, <strong>2004</strong> Change<br />
EUR million EUR million EUR million %<br />
2.1 Current accounts<br />
(covering the minimum reserve system) 4,254.943 3,993.473 —261.470 —6.1<br />
2.2 Deposit facility 0.450 6.570 +6.120 —<br />
2.3 Fixed-term deposits — — — —<br />
2.4 Fine-tuning reverse operations — — — —<br />
2.5 Deposits related to margin calls — — — —<br />
Total 4,255.393 4,000.043 —255.350 —6.0<br />
2.1 Current accounts (covering the<br />
minimum reserve system)<br />
This subitem contains primarily<br />
credit institutionsÕ accounts that are<br />
used to hold minimum reserves.<br />
BanksÕ minimum reserve balances<br />
have been remunerated on a daily<br />
basis since January 1, 1999, at the<br />
prevailing interest rate for the EurosystemÕs<br />
main refinancing operations.<br />
Following a consultation of euro<br />
area credit institutions, the Governing<br />
Council of the ECB 7 decided to<br />
change the reserve maintenance period<br />
in <strong>2004</strong>. Accordingly, the maintenance<br />
period now starts on the settlement<br />
day of the main refinancing<br />
operation following the meeting of<br />
the Governing Council at which the<br />
monthly assessment of the monetary<br />
stance is prescheduled. To facilitate<br />
the transition to the new system,<br />
the first transition reserve maintenance<br />
period lasted until March 9,<br />
<strong>2004</strong>.<br />
7 Regulation (EC) No 1745/2003 of the European Central Bank of 12 September 2003 on the application of<br />
minimum reserves (ECB/2003/9).<br />
Financial Statements<br />
<strong>Annual</strong> <strong>Report</strong> <strong>2004</strong> ×<br />
103