ANNUAL REPORT 2008 - Polymer Bank Notes of the World

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In order to improve the balance betweenprofessional and private life, and to furtherdevelop the resilience of the ECB, the ExecutiveBoard decided in 2008 to launch a pilot projectwith a view to progressively introducingteleworking. After completion of the projectin 2009, the benefits and drawbacks will becarefully assessed before a decision is taken onwhether to extend the scheme.2.2 THE HUMAN RESOURCES CONFERENCEThe activities of the Human ResourcesConference (HRC) and its substructurescovered multiple aspects of staff trainingand development in 2008. Based on a needsanalysis, new ESCB training activities havebeen developed and will be introduced in2009. The HRC also took measures to increaseintra-ESCB mobility with a view to extendingopportunities for staff from Eurosystem/ESCBcentral banks to learn from one another andpromoting cooperation and team spirit.Furthermore, with the aim of exchangingexperiences and moving towards theestablishment of best practices, the HRC and theEurosystem/ESCB Communications Committeeorganised a conference on communicationin HR, at which all ESCB central banks wererepresented. At its meetings, the HRC coveredother topics, such as demographics, assessmentcentres, and the future of HR in Europe and thekey challenges up until 2015.2.3 NEW ECB PREMISESFurther progress was made in 2008 with regardto the ECB’s new premises in the Ostend part ofFrankfurt.In April 2008 preparatory works commenced onthe new site in advance of the building works.The two four-storey annex buildings at theend of the Grossmarkthalle were demolishedmanually, with most of the clinker bricks beingreserved for the renovation of the facade of theGrossmarkthalle in order to retain the colouringand texture of the original bricks. In late springinitial excavation works began for the twobasement floors of the office towers and theunderground staff car park in the southern part ofthe site. The foundation piles were subsequentlyinserted into the ground. These preliminaryworks were completed by September 2008, onschedule and within budget.On 6 May 2008 the Lord Mayor of theCity of Frankfurt, Petra Roth, presented thebuilding permit for the ECB’s new premisesto the President of the ECB. The buildingpermit constitutes formal legal approval forthe new premises on the site of the formerGrossmarkthalle.On 25 June 2008 the ECB decided to formallyclose the international public tender procedurefor a general contractor to construct the newECB premises, since it had not produced asatisfactory economic result, with the receivedbid considerably exceeding the ECB’s estimatedbudget. During the summer and autumn of2008, the architects and planners conducted anin-depth analysis of the situation in theconstruction market. On the basis of thisanalysis, the Governing Council decided inNovember 2008 to change the tender strategy,dividing up the construction works into separatetrades and lots, and to re-launch the tenderprocess for the construction works accordingly.In the course of 2009 around 15 distinctinvitations to tender will be issued for thestructural works, the facade and other parts ofthe building. The aim of this tender strategy isto attract more competitive bids, including frommedium-sized companies, and to find specialisedcompanies for each trade. The tender strategywill be based on balanced contractual termswhich are frequently used in the constructionmarket.The ECB remains fully committed to adheringto the estimated building costs of around€500 million (at 2005 constant prices). Thesecosts are revaluated in line with the relevantofficial price indices compiled by the GermanECBAnnual Report2008209
statistical office (Statistisches Bundesamt).The construction of new premises designed tomeet the ECB’s specific needs is considered torepresent the best option in terms of value formoney.At the end of 2009, following the evaluation ofthe tenders, the Governing Council will take thenecessary follow-up decisions.2.4 THE EUROSYSTEM PROCUREMENTCOORDINATION OFFICEIn July 2007 the Governing Council decidedto establish the Eurosystem ProcurementCoordination Office (EPCO) in order toenhance cooperation within the Eurosystem inthe field of procurement. A total of 20 centralbanks from the ESCB participate on a voluntarybasis. In December 2007 the Banque centrale duLuxembourg was designated to host EPCO from1 January 2008 to 31 December 2012. In 2008all four EPCO staff members were recruitedand seven meetings of procurement expertsfrom the participating central banks were held.Work focused on establishing best practices.In November 2008 the Governing Counciladopted a decision laying down the frameworkfor joint Eurosystem procurement. Based onthis decision, which aims to ensure a levelplaying-field for central banks participating injoint procurements, the Governing Council alsoapproved a procurement plan for 2009. EPCOis guided by the EPCO Steering Committee,which reports to the Governing Council via theExecutive Board.210 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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With regard to merger and acquisiti
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with the principles set out in Octo
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2.2 BANKINGCAPITAL REQUIREMENTS DIR
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Page 173 and 174: 1 EUROPEAN ISSUESIn 2008 the ECB co
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Page 177 and 178: 1.3 DEVELOPMENTS IN AND RELATIONS W
Page 179 and 180: On a number of occasions in 2008, t
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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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Page 197 and 198: 1 DECISION-MAKING BODIES AND CORPOR
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Page 201 and 202: 1.3 THE EXECUTIVE BOARDThe Executiv
Page 203 and 204: 1.4 THE GENERAL COUNCILThe General
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Page 207 and 208: members of the Executive Board. 13
Page 209: for their current position. On the
Page 213 and 214: 4 ANNUAL ACCOUNTS OF THE ECB212 ECB
Page 215 and 216: function, and by the Governing Coun
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Page 219 and 220: PROFIT AND LOSS ACCOUNT FOR THE YEA
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Page 225 and 226: NOTES ON THE BALANCE SHEET1 GOLD AN
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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
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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
Page 258 and 259: 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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