ANNUAL REPORT 2008 - Polymer Bank Notes of the World

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Athanasios OrphanidesGovernor of the Central Bank of CyprusGeorge A. ProvopoulosGovernor of the Bank of Greece(from 20 June 2008)Guy QuadenGovernor of the Nationale Bank van België/Banque Nationale de BelgiqueIlmārs RimšēvičsGovernor of Latvijas BankaReinoldijus ŠarkinasChairman of the Board of Lietuvos bankasAndrás SimorGovernor of the Magyar Nemzeti BankSławomir SkrzypekPresident of Narodowy Bank PolskiIvan ŠramkoGovernor of Národná banka SlovenskaPanayotis-Aristidis ThomopoulosActing Governor of the Bank of Greece(from 14 June until 19 June 2008)Zdeněk TůmaGovernor of Česká národní bankaAxel A. WeberPresident of the Deutsche BundesbankNout WellinkPresident of De Nederlandsche Bank1.5 EUROSYSTEM/ESCB COMMITTEES, THE BUDGET COMMITTEE, THE HUMAN RESOURCES CONFERENCEAND THE EUROSYSTEM IT STEERING COMMITTEEEUROSYSTEM/ESCB COMMITTEES, B UDG ET COMMITTEE, HUMAN R ESOUR CESCONFER ENCE AND THEIR CHAIR PER SONSAccounting and Monetary Income Committee (AMICO)Ian IngramInternational Relations Committee (IRC)José ViñalsBanking Supervision Committee (BSC)Peter PraetLegal Committee (LEGCO)Antonio Sáinz de VicuñaBanknote Committee (BANCO)Ton RoosMarket Operations Committee (MOC)Francesco PapadiaCommittee on Cost Methodology (COMCO)Wolfgang DuchatczekMonetary Policy Committee (MPC)Wolfgang SchillEurosystem/ESCB Communications Committee (ECCO)Elisabeth Ardaillon-PoirierPayment and Settlement Systems Committee (PSSC)Jean-Michel GodeffroyInformation Technology Committee (ITC)Hans-Gert PenzelStatistics Committee (STC)Steven KeuningInternal Auditors Committee (IAC)Klaus GressenbauerBudget Committee (BUCOM)José de MatosHuman Resources Conference (HRC)Koenraad De GeestECBAnnual Report2008203
The Eurosystem/ESCB committees havecontinued to play an important role in assistingthe ECB’s decision-making bodies in theperformance of their tasks. At the request ofboth the Governing Council and the ExecutiveBoard, the committees have providedexpertise in their fields of competence andhave facilitated the decision-making process.Membership of the committees is usuallyrestricted to staff of the Eurosystem centralbanks. However, the NCBs of the MemberStates which have not yet adopted the eurotake part in the meetings of a committeewhenever it deals with matters that fall withinthe field of competence of the General Council.Where appropriate, other competent bodies,such as national supervisory authorities in thecase of the Banking Supervision Committee,may also be invited. As at 31 December 2008,13 Eurosystem/ESCB committees had beenestablished under Article 9.1 of the Rules ofProcedure of the ECB.The Budget Committee, which was establishedunder Article 15 of the Rules of Procedure,assists the Governing Council in matters relatedto the ECB’s budget.The Human Resources Conference wasestablished in 2005 under Article 9a of theRules of Procedure as a forum for the exchangeof experience, expertise and information amongEurosystem/ESCB central banks in the field ofhuman resources management.In line with the Eurosystem mission statementand the organisational principles, which statethe aim of exploiting synergies within theEurosystem and achieving cost-efficiency gainsthrough economies of scale, the GoverningCouncil established the Eurosystem IT SteeringCommittee (EISC) in August 2007, with amandate to steer continuous improvement in theuse of IT within the Eurosystem. The EISC’sresponsibilities relate in particular to EurosystemIT governance, and it aims to increase theefficiency and effectiveness of the GoverningCouncil’s decision-making on Eurosystem/ESCBIT projects and operations. The EISC, composedof one member per Eurosystem central bank,reports to the Governing Council via theExecutive Board.1.6 CORPORATE GOVERNANCEIn addition to the decision-making bodies, thecorporate governance of the ECB encompassesa number of external and internal controllayers, three codes of conduct as well as rulesconcerning public access to ECB documents.EXTERNAL CONTROL LAYERSThe Statute of the ESCB provides for two layers,namely the external auditor, which is appointedto audit the annual accounts of the ECB(Article 27.1 of the Statute of the ESCB), and theEuropean Court of Auditors, which examines theoperational efficiency of the management of theECB (Article 27.2). The annual report of theEuropean Court of Auditors, together with theECB’s reply, is published on the ECB’s websiteand in the Official Journal of the European Union.In order to reinforce public assurance as to theindependence of the ECB’s external auditor,the principle of audit firm rotationis applied. 8 In 2008, in the context of theGoverning Council’s statutory task of makingrecommendations to the EU Council on theappointment of external auditors for the centralbanks of the ESCB, as provided for underArticle 27.1 of the Statute of the ESCB, theGoverning Council approved “Good practices forthe selection and mandate of External Auditors”,which were published on the ECB’s website.These good practices, which provide high-levelguidance for each Eurosystem central bank whenselecting external auditors and determining theirmandate thereafter, enable the Governing Councilto formulate its recommendations to the EUCouncil on the basis of harmonised, consistentand transparent selection criteria.8 KPMG Deutsche Treuhand-Gesellschaft AG Wirtschaftsprüfungsgesellschaftwas the ECB’s external auditor for thefinancial years 2003-07. Following the conclusion of a tenderprocedure and in line with the agreed practice of rotatingaudit firms, PricewaterhouseCoopers AktiengesellschaftWirtschaftsprüfungsgesellschaft was appointed as the ECB’sexternal auditor for the financial years 2008-12.204 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
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Table 10 Official monetary policy s
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the Bank of England and Sveriges Ri
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CHAPTER 2CENTRAL BANKOPERATIONSAND
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Box 10MONETARY POLICY OPERATIONS DU
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Chart A Liquidity supply through op
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franc funding needs of banks with n
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MINIMUM RESERVE SYSTEMCredit instit
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with the ample allotments in the fi
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2008. By contrast, the average shar
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and SDR holdings increased by aroun
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and the ECB). As a result of carefu
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cross-CSD settlement. T2S will thus
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ELIGIBLE LINKS BETWEEN NATIONAL SEC
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Chart 48 Number of euro banknotes i
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3.3 BANKNOTE PRODUCTION AND ISSUANC
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4 STATISTICSThe ECB, assisted by th
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iii) payments statistics and iv) de
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5 ECONOMIC RESEARCHThe main functio
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were organised to disseminate resea
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the Financial Collateral Directive,
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on the Banque centrale du Luxembour
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standards by individual Eurosystem
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CHAPTER 3ENTRY OF SLOVAKIAINTO THE
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Table 13 Main economic indicators f
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As of January 2009 Slovakia is thus
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3 OPERATIONAL ASPECTS OF THE INTEGR
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4 THE CASH CHANGEOVER IN SLOVAKIATH
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Willem F. Duisenberg accepting the
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1 FINANCIAL STABILITYThe Eurosystem
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Page 177 and 178: 1.3 DEVELOPMENTS IN AND RELATIONS W
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Page 185 and 186: 1 ACCOUNTABILITY VIS-À-VIS THE GEN
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Page 190 and 191: CHAPTER 7EXTERNALCOMMUNICATION
Page 192 and 193: 2 COMMUNICATION ACTIVITIESThe ECB a
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Page 197 and 198: 1 DECISION-MAKING BODIES AND CORPOR
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Page 201 and 202: 1.3 THE EXECUTIVE BOARDThe Executiv
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Page 207 and 208: members of the Executive Board. 13
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Page 213 and 214: 4 ANNUAL ACCOUNTS OF THE ECB212 ECB
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Page 225 and 226: NOTES ON THE BALANCE SHEET1 GOLD AN
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Page 233 and 234: 15 CAPITAL AND RESERVESCAPITALPursu
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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
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Number 2 Originator SubjectCON/2008
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Number 2 Originator SubjectCON/2009
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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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