ANNUAL REPORT 2008 - Polymer Bank Notes of the World

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Net realised gains arising from financialoperations decreased from €779 million in 2007to €662 million in 2008, due mainly to the lowervolume of gold sold in accordance with theCentral Bank Gold Agreement, which came intoeffect on 27 September 2004 and of which theECB is a signatory. The resulting lower realisedgains from these operations were only partiallyoffset by higher net realised gains from securitysales in 2008, following the drop in US interestrates in that year.Total administrative expenses of the ECB,including depreciation, increased from€385 million in 2007 to €388 million in 2008.INFORMATION TECHNOLOGY SERVICEMANAGEMENTIn 2008, the ECB was the first central bankto receive certification of compliance withinternational standard ISO/IEC 20000 forexcellence in IT service management (ITSM).ISO/IEC 20000 describes an integrated set ofmanagement processes for the effective deliveryof IT services to the business and its customers.Its application was a major contribution to thedelivery of IT services at the ECB and it hasalready resulted in measurable benefits andhigher end-user satisfaction.CHANGE TO THE CAPITAL OF THE ECBPursuant to Council Decisions 2007/503/ECand 2007/504/EC of 10 July 2007, Cyprusand Malta adopted the single currency on1 January 2008. Consequently, in accordancewith Article 49.1 of the Statute of the ESCB,the Central Bank of Cyprus and the CentralBank of Malta paid up the remainder of theircapital subscription to the ECB as of thatdate. As a result of these payments, the ECB’spaid-up capital increased from €4,127 millionon 31 December 2007 to €4,137 million on1 January 2008.5 OTHER ISSUESENVIRONMENTAL ISSUESOn the basis of the ECB’s “EnvironmentalPolicy Framework”, adopted at the end of2007, an inventory of environmental aspects ofthe ECB’s administration and a first estimateof its ecological impact were prepared in2008. The ECB has also decided to establishan environmental management system that iscompliant with the internationally recognisedstandards ISO 14001 and EMAS. A projecthas been launched to obtain certification of thebank’s environmental management system in2010, and some measures were successfullyimplemented in 2008.ECBAnnual Report2008215
BALANCE SHEET AS AT 31 DECEMBER 2008ASSETSNOTENUMBER2008€2007€Gold and gold receivables 1 10,663,514,154 10,280,374,109Claims on non-euro area residentsdenominated in foreign currency 2Receivables from the IMF 346,651,334 449,565,998Balances with banks and securityinvestments, external loans and otherexternal assets 41,264,100,632 28,721,418,91241,610,751,966 29,170,984,910Claims on euro area residentsdenominated in foreign currency 2 22,225,882,711 3,868,163,459Claims on non-euro area residentsdenominated in euro 3Balances with banks, securityinvestments and loans 629,326,381 0Other claims on euro area creditinstitutions denominated in euro 4 25,006 13,774Intra-Eurosystem claims 5Claims related to the allocation of eurobanknotes within the Eurosystem 61,021,794,350 54,130,517,580Other claims within the Eurosystem (net) 234,095,515,333 17,241,183,222295,117,309,683 71,371,700,802Other assets 6Tangible fixed assets 202,690,344 188,209,963Other financial assets 10,351,859,696 9,678,817,294Off-balance-sheet instruments revaluationdifferences 23,493,348 34,986,651Accruals and prepaid expenses 1,806,184,794 1,365,938,582Sundry 1,272,185,672 69,064,93413,656,413,854 11,337,017,424Total assets 383,903,223,755 126,028,254,478216 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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3 FINANCIAL INTEGRATIONThe Eurosyst
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The market for short-term paper in
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de France and the Banca d’Italia.
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Page 167 and 168: 4.2 RETAIL PAYMENT SYSTEMS ANDINSTR
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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
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
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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
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Page 211 and 212: statistical office (Statistisches B
Page 213 and 214: 4 ANNUAL ACCOUNTS OF THE ECB212 ECB
Page 215: function, and by the Governing Coun
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
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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 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
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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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