ANNUAL REPORT 2008 - Polymer Bank Notes of the World

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LIABILITIESNOTENUMBER2008€2007€Banknotes in circulation 7 61,021,794,350 54,130,517,580Liabilities to other euro area residentsdenominated in euro 8 1,020,000,000 1,050,000,000Liabilities to non-euro area residentsdenominated in euro 9 253,930,530,070 14,571,253,753Liabilities to euro area residentsdenominated in foreign currency 10 272,822,807 0Liabilities to non-euro area residentsdenominated in foreign currency 10Deposits, balances and other liabilities 1,444,797,283 667,076,397Intra-Eurosystem liabilities 11Liabilities equivalent to the transfer offoreign reserves 40,149,615,805 40,041,833,998Other liabilities 12Off-balance-sheet instruments revaluationdifferences 1,130,580,103 69,589,536Accruals and income collected in advance 2,284,795,433 1,848,257,491Sundry 1,797,414,878 659,763,9205,212,790,414 2,577,610,947Provisions 13 4,038,858,227 2,693,816,002Revaluation accounts 14 11,352,601,325 6,169,009,571Capital and reserves 15Capital 4,137,159,938 4,127,136,230Profit for the year 1,322,253,536 0Total liabilities 383,903,223,755 126,028,254,478ECBAnnual Report2008217
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDING31 DECEMBER 2008NOTENUMBER2008€2007€Interest income on foreign reserve assets 997,075,442 1,354,887,368Interest income arising from the allocationof euro banknotes within the Eurosystem 2,230,477,327 2,004,355,782Other interest income 8,430,894,437 4,380,066,479Interest income 11,658,447,206 7,739,309,629Remuneration of NCBs’ claims in respectof foreign reserves transferred (1,400,368,012) (1,356,536,045)Other interest expense (7,876,884,520) (3,962,006,944)Interest expense (9,277,252,532) (5,318,542,989)Net interest income 23 2,381,194,674 2,420,766,640Realised gains/losses arising fromfinancial operations 24 662,342,084 778,547,213Write-downs on financial assets andpositions 25 (2,662,102) (2,534,252,814)Transfer to/from provisions for foreignexchange rate and price risks (1,339,019,690) (286,416,109)Net result of financial operations,write-downs and risk provisions (679,339,708) (2,042,121,710)Net expense from fees and commissions 26 (149,007) (621,691)Income from equity shares andparticipating interests 27 882,152 920,730Other income 28 7,245,593 6,345,668Total net income 1,709,833,704 385,289,637Staff costs 29 (174,200,469) (168,870,244)Administrative expenses 30 (183,224,063) (184,589,229)Depreciation of tangible fixed assets (23,284,586) (26,478,405)Banknote production services 31 (6,871,050) (5,351,759)Profit for the year 1,322,253,536 0Frankfurt am Main, 24 February 2009EUROPEAN CENTRAL BANKJean-Claude TrichetPresident218 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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and the Eurosystem’s business con
Page 167 and 168: 4.2 RETAIL PAYMENT SYSTEMS ANDINSTR
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Page 171 and 172: Willem F. Duisenberg at his farewel
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
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: BALANCE SHEET AS AT 31 DECEMBER 200
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 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
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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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