Annual Report 2004

More documents

Recommendations

Info

The strategic measures are complemented by tactical benchmarks, which are defined at the regular meetings of the responsible investment committee for shorter periods to reflect short-term market developments and the like. Interest rate risk is managed on the basis of duration targets or limits. Credit Risk Credit risk is the risk of incurring a loss due to the failure of a counterparty. Here, risk management relies on a credit risk limit system which documents current credit risk limits and actual exposure. Credit risk reports reflecting this information as well as information derived from monitoring developments in financial markets are discussed thoroughly at regular investment committee meetings and are reviewed at annual intervals by the Governing Board. Liquidity Risk Liquidity risk is the risk arising from a counterpartyÕs inability to meet its financial obligations in time or in full or the risk that the OeNB may not dispose of sufficient funds to meet its obligations. To avoid this risk, the OeNB selects counterparties with a high credit standing and strictly applies the established limits, with a particular emphasis on security and liquidity. These principles take precedence over profitability considerations. Operational risk Operational risk is the risk of incurring losses due to defects, inadequate procedures or systems, human error or unforeseen events affecting operations. The OeNB has set up adequate risk controls, as laid down in its risk management handbook ORION — Handbuch Risiko- und Krisenmanagement (ORION stands for Operationales Risikomanagement in der Oesterreichischen Nationalbank — operational risk management at the Oesterreichische Nationalbank). Valuation takes into account the impact of various risk scenarios on the OeNBÕs reputation, costs and any losses. Risk valuation is an ongoing process, and reports are submitted to management every half year. Financial Statements Annual Report 2004 × 85
Financial Statements Financial risk and financial provisions comprised the following items on December 31, 2004: Risk Risk assessment Financial provisions EUR million EUR million Gold risk VaR 509 509 1 Capital movements For details of the various changes, please refer to the notes to the respective balance sheet items. revaluation account Exchange rate risk VaR 1,548 537 reserve fund for exchange risks 40 revaluation accounts 931 reserve for nondomestic and price risks 40 provisions for foreign exchange risks 1,548 1,548 Risk of interest rate change and reserve for nondomestic and pro rata Eurosystem risk VaR 1,042 1,042 price risks Total 3,099 3,099 1 Holdings on the revaluation accounts come to EUR 743 million. Movements in Capital Accounts in 2004 Dec. 31, 2003 Increase Decrease Dec. 31, 2004 EUR million EUR million EUR million EUR million Capital 12.000 — — 12.000 Reserves General reserve fund 477.683 — 477.683 — Reserve for nondomestic and price risks 1,622.000 351.263 — 1,973.263 Reserve for retained earnings — 2.226 — 2.226 Earmarked capital funded with net interest income from ERP loans 569.399 16.040 — 585.439 OeNB Anniversary Fund for the Promotion of Scientific Research and Teaching Initial OeNB Anniversary Fund 31.500 — — 31.500 OeNB Anniversary Fund National Foundation endowment 1,500.000 — — 1,500.000 4,200.582 369.529 477.683 4,092.428 Profit for the year 47.208 — 17.454 29.754 Total 4,259.790 369.529 495.137 4,134.182 Revaluation accounts Reserve fund for exchange risks 851.190 — 313.841 537.349 Initial valuation reserve 281.441 — 0.290 281.151 Eurosystem revaluation accounts 1,236.817 55.165 174.495 1,117.487 Total 2,369.448 55.165 488.626 1,935.987 86 × Annual Report 2004
Page 1 and 2:
√ Oesterreichische Nationalbank S
Page 4 and 5:
ˆ Report on the Financial Year 200
Page 6 and 7:
In 2004 the global economy expanded
Page 8:
Financial Statements of the Oesterr
Page 11 and 12:
GeneralCouncil(Generalrat),StateCom
Page 13 and 14:
Organization Chart President Herber
Page 16:
ˆ Report of the Governing Board (D
Page 19 and 20:
The Eurosystem Secures Price Stabil
Page 21 and 22:
Page 23 and 24:
Page 25 and 26:
Page 27 and 28:
Page 29 and 30:
Page 31 and 32:
Page 33 and 34:
Page 35 and 36: The Eurosystem Secures Price Stabil
Page 37 and 38: The Eurosystem Secures Price Stabil
Page 39 and 40: The OeNB as a Competent Partner in
Page 49 and 50: Competition and transparency in cas
Page 51 and 52: Integration of Payment Services in
Page 63 and 64: ÒStability and SecurityÓ — the
Page 65 and 66: The OeNBÕs Information Policy —
Page 67 and 68: The OeNBÕs Information Policy —
Page 69 and 70: The OeNB — An Innovative, Dynamic
Page 78 and 79: ˆ Financial Statements of the Oest
Page 80 and 81: Liabilities December 31, 2004 Decem
Page 82 and 83: Notes to the Financial Statements 2
Page 84 and 85: Future market developments, especia
Page 88 and 89: Development of the OeNBÕs Currency
Page 90 and 91: SDRs equivalent to EUR 38.831 milli
Page 92 and 93: 4 Claims on non-euro area residents
Page 94 and 95: such credit is provided not by the
Page 96 and 97: 9.1 Participating interest in the E
Page 98 and 99: 9.2 Claims equivalent to the transf
Page 100 and 101: Equipment developed as follows: Cos
Page 102 and 103: 11.6 Sundry Sundry assets comprise
Page 104 and 105: The table below shows the annual av
Page 106 and 107: 11 Items in course of settlement Cl
Page 108 and 109: 13 Provisions Under the OeNBÕs ini
Page 110 and 111: 15 Capital and reserves A summary o
Page 112 and 113: Notes to the Profit and Loss Accoun
Page 114 and 115: ance with Article 69 paragraph 1 of
Page 116 and 117: Governing Board (Direktorium) Gover
Page 118: Profit for the Year and Proposed Pr
Page 122 and 123: ˆ Notes
Page 124 and 125: x = No data can be indicated techni
Page 126 and 127: Core inflation: inflation measure t
Page 128 and 129: Primary balance: government net bor
Page 130 and 131: Periodical Publications of the Oest
Page 132 and 133: Artwork All artwork featured in thi
Page 134: The Annual Report of the OeNB provi
show all

Annual Report 2004

Create successful ePaper yourself

Delete template?

Save as template?