Monthly Bulletin April 2008 - European Central Bank - Europa

More documents

Recommendations

Info

1), 2) 1.3 Eurosystem monetary policy operations allotted through tenders (EUR millions; interest rates in percentages per annum) 1. Main and longer-term refinancing operations 3) Date of Bids Number of Allotment Variable rate tenders Running for settlement (amount) participants (amount) (...) days Minimum bid rate Marginal rate 4) Weighted average rate 1 2 3 4 5 6 7 Main refinancing operations 2007 12 Dec. 280,565 284 218,500 4.00 4.18 4.21 7 19 377,148 390 348,607 4.00 4.21 4.21 16 28 47,652 118 20,000 4.00 4.20 4.27 7 2008 4 Jan. 275,291 269 128,500 4.00 4.18 4.21 5 9 283,354 301 151,500 4.00 4.20 4.22 7 16 242,078 281 190,500 4.00 4.16 4.21 7 23 234,633 276 175,500 4.00 4.16 4.19 7 30 253,268 264 167,500 4.00 4.18 4.20 7 6 Feb. 223,805 226 161,500 4.00 4.17 4.20 7 13 223,706 229 187,500 4.00 4.10 4.18 7 20 226,655 262 178,000 4.00 4.10 4.15 7 27 233,242 260 183,000 4.00 4.10 4.15 7 5 Mar. 240,542 264 176,500 4.00 4.11 4.14 7 12 260,402 298 209,500 4.00 4.12 4.16 7 19 295,701 336 202,000 4.00 4.16 4.20 7 26 302,534 301 216,000 4.00 4.23 4.28 7 2 Apr. 283,699 306 150,000 4.00 4.21 4.25 7 9 247,590 295 130,000 4.00 4.23 4.24 7 Longer-term refinancing operations 2007 13 Sep. 139,021 140 75,000 - 4.35 4.52 90 27 85,353 159 50,000 - 4.50 4.63 84 1 Nov. 87,587 157 50,000 - 4.45 4.53 91 23 147,977 130 60,000 - 4.55 4.61 90 29 132,386 175 50,000 - 4.65 4.70 91 12 Dec. 105,126 122 60,000 - 4.81 4.88 92 20 48,476 97 48,476 - 4.00 4.56 98 2008 31 Jan. 98,183 151 50,000 - 4.21 4.33 92 21 Feb. 110,490 105 60,000 - 4.15 4.26 91 28 109,612 165 50,000 - 4.16 4.23 91 13 Mar. 132,591 139 60,000 - 4.25 4.40 91 27 131,334 190 50,000 - 4.44 4.53 91 3 Apr. 103,109 177 25,000 - 4.55 4.61 189 2. Other tender operations Date of settlement Type of Bids Number of Allotment Fixed rate tenders Variable rate tenders Running for operation (amount) participants (amount) (...) days Fixed rate Minimum Marginal Weighted bid rate rate 4) average rate 1 2 3 4 5 6 7 8 9 2007 7 Dec. Collection of fixed-term deposits 37,615 30 8,000 4.00 - - - 5 11 Collection of fixed-term deposits 23,550 20 21,000 4.00 - - - 1 17 Collection of fixed-term deposits 36,610 25 36,610 4.00 - - - 2 19 Collection of fixed-term deposits 133,610 52 133,610 4.00 - - - 1 20 Collection of fixed-term deposits 165,815 58 150,000 4.00 - - - 1 21 Collection of fixed-term deposits 141,565 55 141,565 4.00 - - - 6 27 Collection of fixed-term deposits 145,640 49 145,640 4.00 - - - 1 28 Collection of fixed-term deposits 160,450 52 150,000 4.00 - - - 3 2008 2 Jan. Collection of fixed-term deposits 168,640 54 168,640 4.00 - - - 1 3 Collection of fixed-term deposits 212,620 69 200,000 4.00 - - - 1 15 Collection of fixed-term deposits 45,712 28 20,000 4.00 - - - 1 12 Feb. Collection of fixed-term deposits 29,155 22 16,000 4.00 - - - 1 11 Mar. Reverse transaction 45,085 32 9,000 - 4.00 4.13 4.14 1 20 Reverse transaction 65,810 44 15,000 - 4.00 4.13 4.20 5 31 Reverse transaction 30,720 25 15,000 - 4.00 4.06 4.13 1 Source: ECB. 1) The amounts shown may differ slightly from those in Section 1.1 due to operations allotted but not settled. 2) With effect from April 2002, split tender operations, i.e. operations with one-week maturity conducted as standard tenders in parallel with a main refinancing operation, are classified as main refinancing operations. For split tender operations conducted before this month, see Table 2 in Section 1.3. 3) On 8 June 2000 the ECB announced that, starting from the operation to be settled on 28 June 2000, the main refinancing operations of the Eurosystem would be conducted as variable rate tenders. The minimum bid rate refers to the minimum interest rate at which counterparties may place their bids. 4) In liquidity-providing (absorbing) operations, the marginal rate refers to the lowest (highest) rate at which bids were accepted. ECB Monthly Bulletin S 8 April 2008
EURO AREA STATISTICS Monetary policy statistics 1.4 Minimum reserve and liquidity statistics (EUR billions; period averages of daily positions, unless otherwise indicated; interest rates as percentages per annum) 1. Reserve base of credit institutions subject to reserve requirements Reserve Total Liabilities to which a 2% reserve coefficient is applied Liabilities to which a 0% reserve coefficient is applied base as at 1) Deposits Debt securities Deposits Repos Debt securities (overnight, up to 2 years’ (over 2 years’ over 2 years’ up to 2 years’ agreed maturity agreed maturity agreed maturity agreed maturity and notice period) and notice period) 1 2 3 4 5 6 2005 14,040.7 7,409.5 499.2 1,753.5 1,174.9 3,203.6 2006 15,648.3 8,411.7 601.9 1,968.4 1,180.3 3,486.1 2007 Q1 16,253.0 8,634.2 657.4 2,009.8 1,358.8 3,592.8 Q2 16,753.3 8,940.5 677.6 2,066.6 1,383.5 3,685.1 Q3 16,968.2 9,073.2 745.5 2,075.7 1,424.9 3,649.0 2007 Aug. 16,890.0 8,994.1 713.9 2,086.8 1,407.8 3,687.5 Sep. 16,968.2 9,073.2 745.5 2,075.7 1,424.9 3,649.0 Oct. 2) 17,242.4 9,255.8 799.4 2,098.1 1,425.0 3,664.2 Nov. 2) 17,338.9 9,302.0 804.7 2,096.9 1,489.0 3,646.4 Dec. 2) 17,394.7 9,438.8 815.0 2,143.1 1,364.0 3,633.9 2008 Jan. 17,678.5 9,525.5 845.1 2,140.6 1,512.9 3,654.4 2. Reserve maintenance Maintenance Required Credit institutions’ Excess Deficiencies Interest rate on period reserves current accounts reserves minimum reserves ending on: 1 2 3 4 5 2005 152.0 153.0 1.0 0.0 2.07 2006 172.5 173.2 0.7 0.0 3.30 2007 Q2 185.3 186.2 0.9 0.0 3.80 Q3 191.9 192.7 0.9 0.0 4.09 2007 11 Dec. 195.9 196.8 1.0 0.0 4.17 2008 15 Jan. 3) 199.8 200.9 1.1 0.0 4.20 12 Feb. 201.6 202.4 0.8 0.0 4.17 11 Mar. 204.6 205.3 0.7 0.0 4.10 15 Apr. 206.9 . . . . 3. Liquidity Maintenance Liquidity-providing factors Liquidity-absorbing factors Credit Base period institutions’ money ending on: Monetary policy operations of the Eurosystem current accounts Eurosystem’s Main Longer-term Marginal Other Deposit Other Banknotes Central Other net assets refinancing refinancing lending liquidity- facility liquidity- in government factors in gold operations operations facility providing absorbing circulation deposits (net) and foreign operations operations with the currency 4) Eurosystem 1 2 3 4 5 6 7 8 9 10 11 12 2005 313.2 301.3 90.0 0.0 0.0 0.1 0.3 539.8 51.0 -39.6 153.0 692.9 2006 327.0 313.1 120.0 0.1 0.1 0.1 0.0 598.6 54.9 -66.4 173.2 771.8 2007 Q1 321.6 288.7 134.6 0.0 0.0 0.5 0.8 606.2 47.1 -90.0 180.6 787.2 Q2 326.4 284.9 150.0 0.3 0.0 0.2 0.2 625.2 49.1 -99.4 186.2 811.7 Q3 317.3 268.7 171.7 0.2 10.7 0.4 1.7 639.2 52.3 -117.8 192.7 832.4 2008 12 Feb. 353.6 173.8 268.5 0.2 0.0 0.4 0.6 651.7 51.7 -110.7 202.4 854.5 11 Mar. 343.3 181.3 268.5 0.1 0.3 0.3 0.0 653.2 59.7 -125.0 205.3 858.7 Source: ECB. 1) End of period. 2) Includes the reserve bases of credit institutions in Malta and Cyprus. On a transitional basis, credit institutions located in the euro area may have decided to deduct from their own reserve bases any liabilities owed to credit institutions located in Malta and Cyprus. Starting from the reserve base as at end-January 2008, the standard treatment applies (see Regulation (EC) No 1348/2007 of the ECB of 9 November 2007 concerning transitional provisions for the application of minimum reserves by the ECB following the introduction of the euro in Cyprus and Malta (ECB/2007/11)). 3) Owing to the adoption of the euro by Cyprus and Malta on 1 January 2008, the reserve requirement is an average - weighted by the number of calendar days - of the reserve requirements for the then 13 countries of the euro area for the period 12-31 December 2007 and the reserve requirements for the 15 countries now in the euro area for the period 1-15 January 2008. 4) Starting from 1 January 2008, includes monetary policy operations in the form of collection of fixed-term deposits which were conducted by the Central Bank of Malta and the Central Bank of Cyprus before 1 January 2008 and were still outstanding after this date. ECB Monthly Bulletin April 2008S 9
Page 1 and 2:
EN EUROPEAN CENTRAL BANK MONTHLY BU
Page 3 and 4:
© European Central Bank 2008 Addre
Page 5 and 6:
ABBREVIATIONS COUNTRIES LU Luxembou
Page 7 and 8:
months, moderating only gradually o
Page 10 and 11:
ECONOMIC AND MONETARY DEVELOPMENTS
Page 12 and 13:
Page 14 and 15:
Page 16 and 17:
Page 18 and 19:
Page 20 and 21:
Page 22 and 23:
Page 24 and 25:
Page 26 and 27:
Page 28 and 29:
Page 30 and 31:
Page 32 and 33:
Page 34 and 35:
Page 36 and 37:
Page 38 and 39:
Page 40 and 41:
Page 42 and 43:
Page 44 and 45:
Page 46 and 47: ECONOMIC AND MONETARY DEVELOPMENTS
Page 58 and 59: ARTICLES BUSINESS INVESTMENT IN THE
Page 60 and 61: Thereafter, in the early part of th
Page 62 and 63: from an investment project in order
Page 64 and 65: of fixed capital investment, but al
Page 66 and 67: ARTICLES of 2007. However, as monet
Page 68 and 69: ARTICLES Relationship between inves
Page 70 and 71: SHORT-TERM FORECASTS OF ECONOMIC AC
Page 72 and 73: designed to extract the common move
Page 74 and 75: Chart 2 Evolution of GDP forecast p
Page 76 and 77: DEVELOPMENTS IN THE EU ARRANGEMENTS
Page 78 and 79: ability to deliver results, and pro
Page 80 and 81: anking acts in line with the spirit
Page 82 and 83: There is a close interrelationship
Page 84 and 85: ARTICLES 2. In a crisis situation,
Page 86 and 87: the role of the consolidating super
Page 88 and 89: The ECB strongly supports the initi
Page 91 and 92: CONTENTS 1 EURO AREA OVERVIEW Summa
Page 93 and 94: EURO AREA OVERVIEW Summary of econo
Page 95: EURO AREA STATISTICS Monetary polic
Page 99 and 100: EURO AREA STATISTICS Money, banking
Page 115 and 116: EURO AREA STATISTICS Euro area acco
Page 123 and 124: FINANCIAL MARKETS 4 4.1 Securities,
Page 125 and 126: EURO AREA STATISTICS Financial mark
Page 135 and 136: PRICES, OUTPUT, DEMAND AND LABOUR M
Page 137 and 138: EURO AREA STATISTICS Prices, output
Page 143 and 144: GOVERNMENT FINANCE 6 6.1 Revenue, e
Page 145 and 146: EURO AREA STATISTICS Government fin
Page 147 and 148:
EURO AREA STATISTICS Government fin
Page 149 and 150:
EURO AREA STATISTICS External trans
Page 151 and 152:
Page 153 and 154:
Page 155 and 156:
Page 157 and 158:
Page 159 and 160:
Page 161 and 162:
EURO AREA STATISTICS Exchange rates
Page 163 and 164:
EURO AREA STATISTICS Developments o
Page 165 and 166:
TECHNICAL NOTES RELATING TO THE EUR
Page 167 and 168:
EURO AREA STATISTICS Technical note
Page 169:
EURO AREA STATISTICS Technical note
Page 172 and 173:
OVERVIEW Developments in key indica
Page 174 and 175:
EURO AREA ACCOUNTS Section 3.1 show
Page 176 and 177:
seasonally adjusted growth rates ha
Page 178 and 179:
using harmonised criteria and defin
Page 180 and 181:
statistics, such as the MFI consoli
Page 183 and 184:
ANNEXES CHRONOLOGY OF MONETARY POLI
Page 185:
CHRONOLOGY 5 JULY, 2 AUGUST, 6 SEPT
Page 188 and 189:
“Globalisation, trade and the eur
Page 190 and 191:
853 “The cyclical behaviour of eq
Page 192 and 193:
“Bond markets and long-term inter
Page 194 and 195:
Debt (general government): the gros
Page 196 and 197:
Fixed rate tender: a tender procedu
Page 198 and 199:
MFI interest rates: the interest ra
show all

Monthly Bulletin April 2008 - European Central Bank - Europa

Create successful ePaper yourself

Delete template?

Save as template?