ANNUAL REPORT 2008 - Polymer Bank Notes of the World

More documents

Recommendations

Info

and Settlement Advisory Monitoring ExpertGroup (CESAME) which addresses the removalof the first set of barriers. The ECB also continuedto take part in the Legal Certainty Group, whichin August 2008 presented 15 recommendationson the removal of legal barriers related topost-trading.Since harmonisation of the European legalframework forms the basis for SEPA, theEurosystem has taken an active interest inCommunity legislation in this area. ThePayment Services Directive 13 was formallyadopted in November 2007. According to theEuropean Commission, the Member States arewell on track with their work on transposing theDirective into national law before the deadlineof 1 November 2009. The ECB participates inthe Commission’s transposition working group.The review of Regulation (EC) No 2560/2001on cross-border payments in euro 14 also hasmajor consequences for SEPA and especially forSEPA direct debits. It is widely recognised thatthis Regulation was the trigger for the bankingindustry’s decision to start developing SEPAin 2002. The Commission’s proposal 15 aims atadapting the Regulation to the current paymentslandscape, for example by extending it to directdebit transactions. This will mean that the pricesfor cross-border SEPA direct debit transactionscannot be higher than those for correspondingnational direct debit transactions. The ECB hasbeen involved in the Commission’s work on thedraft regulation and has published an opinion inthis context. 16The ECB has also been involved in theCommission’s preparations for a review of theE-Money Directive, which establishes the legalframework for e-money institutions’ activities. 17The Commission states that the provision anduse of e-money is not growing as expected andtherefore suggests amending the Directive.From the ECB’s point of view, the review iswelcome; however, some parts of theCommission’s proposal cause concern,particularly with regard to the prudentialframework and institutional status of e-moneyinstitutions. 18PROVIDING CENTRAL BANKING SERVICES WHICHFOSTER FINANCIAL INTEGRATIONTARGET2, the second generation of theEurosystem’s large-value payment system,successfully went live on 19 November 2007,and fully replaced the first-generation TARGETsystem on 19 May 2008. The new system isdesigned to give euro money and financialmarkets an effective and secure executionmechanism for the real-time settlementin central bank money of euro payments.TARGET2 represents a decisive contributionby the Eurosystem to European financialintegration. It is the first market infrastructure tobe completely integrated and harmonised at theEuropean level, and has remedied the previousfragmentation in the management of centralbank liquidity and the execution of large-valuepayments. The new system’s features haveboth enabled and driven organisational changesamong credit institutions that operate in severalEuropean countries, by allowing these entitiesto rationalise their back office functions and toconsolidate their management of euro liquidity(see Section 2.1 of Chapter 2).Furthermore, the Eurosystem and marketparticipants have continued their work onthe TARGET2-Securities (T2S) project. T2Swill be a multi-currency platform used byEuropean central securities depositories for thesettlement of securities transactions in centralbank money. The Governing Council decidedon 17 July 2008 to build T2S and to assign itsdevelopment and operation to the DeutscheBundesbank, the Banco de España, the Banque13 Directive 2007/64/EC of the European Parliament and of theCouncil of 13 November 2007 on payment services in the internalmarket amending Directives 97/7/EC, 2002/65/EC, 2005/60/ECand 2006/48/EC and repealing Directive 97/5/EC.14 Regulation (EC) No 2560/2001 of the European Parliament andof the Council of 19 December 2001 on cross-border paymentsin euro.15 See http://ec.europa.eu/internal_market/payments/crossborder/index_en.htm16 Opinion on a new regulation on cross-border payments in theCommunity (CON/2009/1).17 See http://ec.europa.eu/internal_market/payments/emoney/index_en.htm18 Opinion on a directive on the taking up, pursuit andprudential supervision of the business of electronic moneyinstitutions (CON/2008/84).ECBAnnual Report2008161
de France and the Banca d’Italia. By offeringharmonised, borderless and neutral settlementservices in euro and other currencies, T2S willbe a major step forward in the delivery of anintegrated securities market and an importantcontribution to financial integration in Europe(see Section 2.2 of Chapter 2).Finally, in the area of collateral management,the Governing Council decided in July 2008 toestablish a single shareable platform (CCBM2)for euro area NCBs with a view to consolidatingand increasing the efficiency of the Eurosystem’sinternal systems and enhancing counterparties’liquidity and collateral management. TheGoverning Council assigned the Nationale Bankvan België/Banque Nationale de Belgique andDe Nederlandsche Bank to develop and operatethe platform on behalf of the Eurosystem.It is being developed in close cooperationwith market participants (see Section 2.3 ofChapter 2).162 ECBAnnual Report2008
Page 1 and 2:
EN2008EUROPEAN CENTRAL BANK ANNUAL
Page 3 and 4:
© European Central Bank, 2009Addre
Page 5 and 6:
CHAPTER 4FINANCIAL STABILITY AND IN
Page 7 and 8:
7 Statistical accounting consequenc
Page 9:
ABBREVIATIONSCOUNTRIESOTHERSBE Belg
Page 12 and 13:
in the course of the year, in line
Page 14 and 15:
currencies, T2S will be a major ste
Page 16 and 17:
CHAPTER 1ECONOMICDEVELOPMENTS ANDMO
Page 18 and 19:
Chart 1 ECB interest rates and mone
Page 20 and 21:
Despite moderating, the annual grow
Page 22 and 23:
substantial downward revisions in r
Page 24 and 25:
in July, annual inflation in the OE
Page 26 and 27:
As regards the Chinese economy, rea
Page 28 and 29:
generally tighter financing conditi
Page 30 and 31:
were recorded in December, but thes
Page 32 and 33:
was driven mainly by developments i
Page 34 and 35:
market tensions, particularly for l
Page 36 and 37:
anking and financial system. At the
Page 38 and 39:
cash flows to compensate for a redu
Page 40 and 41:
quarter of 2008 and -0.1% in Decemb
Page 42 and 43:
whereby investors’ uncertainty su
Page 44 and 45:
September onwards, amid the great u
Page 46 and 47:
Chart C Trading volumes for governm
Page 48 and 49:
sponsored rescue plans were initiat
Page 50 and 51:
The annual growth rate of consumer
Page 52 and 53:
end of 2007. By December 2008 this
Page 54 and 55:
calculated as the balance between g
Page 56 and 57:
commodity prices (see Box 4). Conve
Page 58 and 59:
Chart D Longer-term inflation expec
Page 60 and 61:
apidly to 1.7% in December, mainly
Page 62 and 63:
productivity slowed to 0.2% in the
Page 64 and 65:
Table 3 Composition of real GDP gro
Page 66 and 67:
Corporate investment, which had exp
Page 68 and 69:
Box 5LABOUR MARKET DEVELOPMENTS IN
Page 70 and 71:
Chart C Breakdown of employment gro
Page 72 and 73:
Box 6DEVELOPMENTS IN THE ISSUANCE A
Page 74 and 75:
Chart B Government bond yield sprea
Page 76 and 77:
Box 7STATISTICAL ACCOUNTING CONSEQU
Page 78 and 79:
warranted because of the need to co
Page 80 and 81:
sharp depreciation of the euro was
Page 82 and 83:
prices in the first eight months of
Page 84 and 85:
focused more on the production rath
Page 86 and 87:
segments and, in turn, affected eur
Page 88 and 89:
and Bulgaria registered robust grow
Page 90 and 91:
In the remaining non-euro area EU c
Page 92 and 93:
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,
Page 134 and 135: on the Banque centrale du Luxembour
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 144 and 145: 3 OPERATIONAL ASPECTS OF THE INTEGR
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: The market for short-term paper in
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
Page 195 and 196: Panel at the Fifth ECB Central Bank
Page 197 and 198: 1 DECISION-MAKING BODIES AND CORPOR
Page 199 and 200: Council decided on the main aspects
Page 201 and 202: 1.3 THE EXECUTIVE BOARDThe Executiv
Page 203 and 204: 1.4 THE GENERAL COUNCILThe General
Page 205 and 206: The Eurosystem/ESCB committees have
Page 207 and 208: members of the Executive Board. 13
Page 209 and 210: for their current position. On the
Page 211 and 212: statistical office (Statistisches B
Page 213 and 214:
4 ANNUAL ACCOUNTS OF THE ECB212 ECB
Page 215 and 216:
function, and by the Governing Coun
Page 217 and 218:
BALANCE SHEET AS AT 31 DECEMBER 200
Page 219 and 220:
PROFIT AND LOSS ACCOUNT FOR THE YEA
Page 221 and 222:
mid-market prices on 30 December 20
Page 223 and 224:
The defined benefit obligation is c
Page 225 and 226:
NOTES ON THE BALANCE SHEET1 GOLD AN
Page 227 and 228:
Eurosystem (see “Banknotes in cir
Page 229 and 230:
(see “Banknotes in circulation”
Page 231 and 232:
values at which the transactions we
Page 233 and 234:
15 CAPITAL AND RESERVESCAPITALPursu
Page 235 and 236:
epresenting the remainder of its ca
Page 237 and 238:
NOTES ON THE PROFIT AND LOSS ACCOUN
Page 239:
individual circumstances. Basic sal
Page 243 and 244:
5 CONSOLIDATED BALANCE SHEET OF THE
Page 246 and 247:
ANNEXES
Page 248 and 249:
Number Title OJ referenceECB/2008/1
Page 250 and 251:
Number Title OJ referenceECB/2009/1
Page 252 and 253:
Number 2 Originator SubjectCON/2008
Page 254 and 255:
Page 256 and 257:
Page 258 and 259:
Number 4 Originator Subject OJ refe
Page 260 and 261:
oth the marginal lending facility a
Page 262 and 263:
OVERVIEW OF THE ECB’S COMMUNICATI
Page 264 and 265:
y the respective NCBs will also be
Page 266 and 267:
OPEN MARKET OPERATIONS BY CURRENCYE
Page 268 and 269:
USD operationsType oftransaction 1)
Page 270 and 271:
DOCUMENTS PUBLISHED BY THEEUROPEAN
Page 272 and 273:
95 “Financial stability challenge
Page 274 and 275:
1012 “Petrodollars and imports of
Page 276 and 277:
GLOSSARYThis glossary contains sele
Page 278 and 279:
Economic analysis: one pillar of th
Page 280 and 281:
Financial stability: condition in w
Page 282 and 283:
MFIs (monetary financial institutio
Page 284 and 285:
Reserve base: the sum of the eligib
show all

ANNUAL REPORT 2008 - Polymer Bank Notes of the World

Create successful ePaper yourself

Delete template?

Save as template?