ANNUAL REPORT 2008 - Polymer Bank Notes of the World

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3 OPERATIONAL ASPECTS OF THE INTEGRATIONOF NÁRODNÁ BANKA SLOVENSKA INTOTHE EUROSYSTEMFollowing the ECOFIN Council’s decisionof 8 July 2008 on the adoption of the euro bySlovakia on 1 January 2009, the ECB conductedtechnical preparations with a view to fullyintegrating Národná banka Slovenska into theEurosystem. In line with the provisions of theTreaty, Národná banka Slovenska joined theEurosystem with exactly the same rights andobligations as the NCBs of the EU MemberStates that had already adopted the euro.The technical preparations for the integration ofNárodná banka Slovenska into the Eurosystemcovered a wide range of areas, notably financialreporting and accounting, monetary policyoperations, foreign reserve management andforeign exchange operations, payment systems,statistics and banknote production. In the fieldof operations, preparations involved extensivetesting of the instruments, procedures andtechnical systems for the implementationof monetary policy and foreign exchangeoperations.3.1 MONETARY POLICY OPERATIONSFollowing the adoption of the euro by Slovakiaon 1 January 2009, 26 Slovak credit institutions,a list of which is published on the ECB’swebsite, became subject to the Eurosystem’sreserve requirements as from that date. Theentry of Slovakia into the euro area changedthe liquidity conditions in the Eurosystem onlyslightly. The aggregate reserve requirements ofeuro area credit institutions increased by lessthan 0.5% (€740 million). Net autonomousliquidity factors in Slovakia for the period from1 to 20 January 2009 were liquidity-providing,reducing the liquidity needs of the entire euroarea banking sector by €7.21 billion on average.This liquidity-providing effect occurred despitethe fact that the liquidity-absorbing monetarypolicy operations launched by Národná bankaSlovenska before entering the euro area, whichmatured between 6 and 13 January 2009,were also treated as autonomous factors, aswere debt certificates issued by the centralbank which matured on 20 January. Takingall of these factors into account, the entry ofSlovakia into the euro area reduced the totalliquidity needs of the euro area banking sectorby €11 billion, roughly equal to 1% of aggregateliquidity needs.Given the liquidity surplus, counterpartiesfrom Slovakia submitted bids for relativelysmall amounts in the open market operationsconducted at the beginning of 2009: €1 millionin the main refinancing operation which settledon 14 January, and €15 million in both the threemonthand the six-month longer-term refinancingoperations which settled on 8 January.On entering the euro area, Národná bankaSlovenska also adopted the collateral frameworkof the Eurosystem and reported €17.6 billionin assets located in Slovakia which wereeligible for Eurosystem credit operations as of1 January 2009.3.2 CONTRIBUTION TO THE ECB’S CAPITAL,RESERVES AND FOREIGN RESERVE ASSETSUpon joining the ESCB on 1 May 2004,Národná banka Slovenska paid up 7% of itsshare of the subscribed capital of the ECB asa contribution to the ECB’s operational costs.In accordance with Article 49.1 of the Statuteof the ESCB and the legal acts adopted by theGoverning Council on 31 December 2008,Národná banka Slovenska paid up the remainingpart of its subscription on 1 January 2009. Itstotal subscribed share amounts to €39.9 million,equivalent to 0.6934% of the ECB’s subscribedcapital of €5.761 billion as at 1 January 2009.At the beginning of 2009, in accordance withArticles 30 and 49.1 of the Statute of theESCB, Národná banka Slovenska, on the basisof its share of the ECB’s subscribed capital,transferred to the ECB foreign reserve assetsequivalent to a total of €443.1 million (85% ofwhich was in US dollar-denominated assetsand 15% in gold). Národná banka Slovenskahas opted to conduct the operational activitiesrelated to the management of its share of theECBAnnual Report2008143
ECB’s US dollar reserve assets on an individualbasis via a separate US dollar-denominatedreserve management portfolio. As a result ofthe transfer of foreign reserve assets to theECB, Národná banka Slovenska was creditedwith a euro-denominated claim on the ECB inaccordance with Article 30.3 of the Statute ofthe ESCB.144 ECBAnnual Report2008
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EN2008EUROPEAN CENTRAL BANK ANNUAL
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© European Central Bank, 2009Addre
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CHAPTER 4FINANCIAL STABILITY AND IN
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7 Statistical accounting consequenc
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ABBREVIATIONSCOUNTRIESOTHERSBE Belg
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in the course of the year, in line
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currencies, T2S will be a major ste
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CHAPTER 1ECONOMICDEVELOPMENTS ANDMO
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Chart 1 ECB interest rates and mone
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Despite moderating, the annual grow
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substantial downward revisions in r
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in July, annual inflation in the OE
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As regards the Chinese economy, rea
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generally tighter financing conditi
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were recorded in December, but thes
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was driven mainly by developments i
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market tensions, particularly for l
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anking and financial system. At the
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cash flows to compensate for a redu
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quarter of 2008 and -0.1% in Decemb
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whereby investors’ uncertainty su
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September onwards, amid the great u
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Chart C Trading volumes for governm
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sponsored rescue plans were initiat
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The annual growth rate of consumer
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end of 2007. By December 2008 this
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calculated as the balance between g
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commodity prices (see Box 4). Conve
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Chart D Longer-term inflation expec
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apidly to 1.7% in December, mainly
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productivity slowed to 0.2% in the
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Table 3 Composition of real GDP gro
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Corporate investment, which had exp
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Box 5LABOUR MARKET DEVELOPMENTS IN
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Chart C Breakdown of employment gro
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Box 6DEVELOPMENTS IN THE ISSUANCE A
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Chart B Government bond yield sprea
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Box 7STATISTICAL ACCOUNTING CONSEQU
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warranted because of the need to co
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sharp depreciation of the euro was
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prices in the first eight months of
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focused more on the production rath
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segments and, in turn, affected eur
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and Bulgaria registered robust grow
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In the remaining non-euro area EU c
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Estonian kroon and the Lithuanian l
Page 94 and 95: Table 10 Official monetary policy s
Page 96 and 97: the Bank of England and Sveriges Ri
Page 98 and 99: CHAPTER 2CENTRAL BANKOPERATIONSAND
Page 100 and 101: Box 10MONETARY POLICY OPERATIONS DU
Page 102 and 103: Chart A Liquidity supply through op
Page 104 and 105: franc funding needs of banks with n
Page 106 and 107: MINIMUM RESERVE SYSTEMCredit instit
Page 108 and 109: with the ample allotments in the fi
Page 110 and 111: 2008. By contrast, the average shar
Page 112 and 113: and SDR holdings increased by aroun
Page 114 and 115: and the ECB). As a result of carefu
Page 116 and 117: cross-CSD settlement. T2S will thus
Page 118 and 119: ELIGIBLE LINKS BETWEEN NATIONAL SEC
Page 120 and 121: Chart 48 Number of euro banknotes i
Page 122 and 123: 3.3 BANKNOTE PRODUCTION AND ISSUANC
Page 124 and 125: 4 STATISTICSThe ECB, assisted by th
Page 126 and 127: iii) payments statistics and iv) de
Page 128 and 129: 5 ECONOMIC RESEARCHThe main functio
Page 130 and 131: were organised to disseminate resea
Page 132 and 133: the Financial Collateral Directive,
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Page 136 and 137: standards by individual Eurosystem
Page 138 and 139: CHAPTER 3ENTRY OF SLOVAKIAINTO THE
Page 140 and 141: Table 13 Main economic indicators f
Page 142 and 143: As of January 2009 Slovakia is thus
Page 146 and 147: 4 THE CASH CHANGEOVER IN SLOVAKIATH
Page 149 and 150: Willem F. Duisenberg accepting the
Page 151 and 152: 1 FINANCIAL STABILITYThe Eurosystem
Page 153 and 154: With regard to merger and acquisiti
Page 155 and 156: with the principles set out in Octo
Page 157 and 158: 2.2 BANKINGCAPITAL REQUIREMENTS DIR
Page 159 and 160: 3 FINANCIAL INTEGRATIONThe Eurosyst
Page 161 and 162: The market for short-term paper in
Page 163 and 164: de France and the Banca d’Italia.
Page 165 and 166: and the Eurosystem’s business con
Page 167 and 168: 4.2 RETAIL PAYMENT SYSTEMS ANDINSTR
Page 169 and 170: for Clearing and Settlement, and th
Page 171 and 172: Willem F. Duisenberg at his farewel
Page 173 and 174: 1 EUROPEAN ISSUESIn 2008 the ECB co
Page 175 and 176: for financial institutions, to faci
Page 177 and 178: 1.3 DEVELOPMENTS IN AND RELATIONS W
Page 179 and 180: On a number of occasions in 2008, t
Page 181 and 182: countries have voiced support for t
Page 183 and 184: Former Italian President Carlo Azeg
Page 185 and 186: 1 ACCOUNTABILITY VIS-À-VIS THE GEN
Page 187: implementation of the steps foresee
Page 190 and 191: CHAPTER 7EXTERNALCOMMUNICATION
Page 192 and 193: 2 COMMUNICATION ACTIVITIESThe ECB a
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Panel at the Fifth ECB Central Bank
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1 DECISION-MAKING BODIES AND CORPOR
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Council decided on the main aspects
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1.3 THE EXECUTIVE BOARDThe Executiv
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1.4 THE GENERAL COUNCILThe General
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The Eurosystem/ESCB committees have
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members of the Executive Board. 13
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for their current position. On the
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statistical office (Statistisches B
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4 ANNUAL ACCOUNTS OF THE ECB212 ECB
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function, and by the Governing Coun
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BALANCE SHEET AS AT 31 DECEMBER 200
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PROFIT AND LOSS ACCOUNT FOR THE YEA
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mid-market prices on 30 December 20
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The defined benefit obligation is c
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NOTES ON THE BALANCE SHEET1 GOLD AN
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Eurosystem (see “Banknotes in cir
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(see “Banknotes in circulation”
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values at which the transactions we
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15 CAPITAL AND RESERVESCAPITALPursu
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epresenting the remainder of its ca
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NOTES ON THE PROFIT AND LOSS ACCOUN
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individual circumstances. Basic sal
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5 CONSOLIDATED BALANCE SHEET OF THE
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ANNEXES
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Number Title OJ referenceECB/2008/1
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Number Title OJ referenceECB/2009/1
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Number 2 Originator SubjectCON/2008
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Number 4 Originator Subject OJ refe
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oth the marginal lending facility a
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OVERVIEW OF THE ECB’S COMMUNICATI
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y the respective NCBs will also be
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OPEN MARKET OPERATIONS BY CURRENCYE
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USD operationsType oftransaction 1)
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DOCUMENTS PUBLISHED BY THEEUROPEAN
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95 “Financial stability challenge
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1012 “Petrodollars and imports of
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GLOSSARYThis glossary contains sele
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Economic analysis: one pillar of th
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Financial stability: condition in w
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MFIs (monetary financial institutio
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Reserve base: the sum of the eligib
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ANNUAL REPORT 2008 - Polymer Bank Notes of the World

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