ANNUAL REPORT 2008 - Polymer Bank Notes of the World

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to €3.9 billion (see note 20, “Foreign exchangeswap and forward transactions”), and (b) balancesin Swiss francs with a value of €1.2 billion whicharose in connection with the swap arrangementestablished with the Swiss National Bank 11(see note 9, “Liabilities to non-euro area residentsdenominated in euro”). The appreciation ofthe Japanese yen and the US dollar against theeuro, unrealised gains on securities (see note 14,“Revaluation accounts”), the investment of theproceeds of gold sales (see note 1, “Gold and goldreceivables”), and the income received primarilyon the US dollar portfolio have also contributed tothe increase in the total value of these items.Deposits related to operations conducted byEurosystem central banks in order to provide USdollar liquidity to credit institutions in the euroarea are included under the component moneymarket deposits with euro area residents.Additionally, upon the adoption of the singlecurrency by Cyprus and Malta with effect from1 January 2008, the Central Bank of Cyprusand the Central Bank of Malta transferred USdollars with an aggregate value of €93.5 millionto the ECB, in accordance with Article 30.1 ofthe Statute of the ESCB.The ECB’s net foreign currency holdings 12 ofUS dollars and Japanese yen, as at31 December 2008, were as follows:million currency unitsUS dollars 40,062Japanese yen 1,084,5483 CLAIMS ON NON-EURO AREA RESIDENTSDENOMINATED IN EUROIn 2007 money market deposits and currentaccounts held with non-euro area residents as adirect counterpart to the capital and reserves ofthe ECB were included under this heading. TheECB has decided to reclassify these holdingsas a dedicated portfolio, which is now includedunder the heading “Other financial assets”. Thecomparable balance as at 31 December 2007 hasbeen adjusted accordingly.As at 31 December 2008 this item consistedmainly of a claim of €460.0 million on theMagyar Nemzeti Bank in connection withan agreement established with the ECB onrepurchase transactions. This agreementprovides the Magyar Nemzeti Bank with afacility to borrow up to €5 billion in order tosupport its domestic operations for the provisionof euro liquidity.4 OTHER CLAIMS ON EURO AREA CREDITINSTITUTIONS DENOMINATED IN EUROIn 2007 money market deposits and currentaccounts held with euro area residents as adirect counterpart to the capital and reserves ofthe ECB were included under this heading. TheECB has decided to reclassify these holdingsas a dedicated portfolio, which is now includedunder the heading “Other financial assets”. Thecomparable balance as at 31 December 2007 hasbeen adjusted accordingly.As at 31 December 2008 this claim consisted ofa current account with a euro area resident.5 INTRA-EUROSYSTEM CLAIMSCLAIMS RELATED TO THE ALLOCATION OF EUROBANKNOTES WITHIN THE EUROSYSTEMThis item consists of the claims of the ECBvis-à-vis the euro area NCBs relating tothe allocation of euro banknotes within the11 The balances in Swiss francs reflect the risk control measuresapplied by the ECB in its EUR/CHF foreign exchange swaptender operations, which take the form of initial margins of 5%for one-week operations and 15% for 84-day operations.12 Assets minus liabilities denominated in the respective foreigncurrency that are subject to foreign currency revaluation. Theseare included under the headings “Claims on non-euro arearesidents denominated in foreign currency”, “Claims on euroarea residents denominated in foreign currency”, “Accruals andprepaid expenses”, “Liabilities to euro area residents denominatedin foreign currency”, “Liabilities to non-euro area residentsdenominated in foreign currency”, “Off-balance-sheet instrumentsrevaluation differences” (Liabilities side) and “Accruals andincome collected in advance”, also taking into account foreignexchange forward and swap transactions under off-balance-sheetitems. The effects of the price revaluation gains on financialinstruments denominated in foreign currency are not included.ECBAnnual Report2008225
Eurosystem (see “Banknotes in circulation” inthe notes on accounting policies).OTHER CLAIMS WITHIN THE EUROSYSTEM (NET)In 2008 this item consisted mainly of theTARGET2 balances of the euro area NCBsvis-à-vis the ECB (see “Intra-ESCB balances/intra-Eurosystem balances” in the notes onaccounting policies). The increase in thisposition was due mainly to back-to-backswap transactions conducted with NCBs inconnection with US dollar liquidity-providingoperations (see note 9, “Liabilities to non-euroarea residents denominated in euro”).This item also includes the amount due to euroarea NCBs in respect of the interim distributionof the ECB’s income derived from banknotes(see “Banknotes in circulation” in the notes onaccounting policies).2008 2007€ €Due from euro areaNCBs in respect ofTARGET2 420,833,781,929 145,320,642,526Due to euro areaNCBs in respect ofTARGET2 (185,532,591,178) (128,079,459,304)Due to euro areaNCBs in respectof the interimdistribution of theECB’s incomederived frombanknotes (1,205,675,418) 0Other claims withinthe Eurosystem (net) 234,095,515,333 17,241,183,2226 OTHER ASSETSTANGIBLE FIXED ASSETSThese assets comprised the following items on31 December 2008:2008€2007€Change€CostLand andbuildings 159,972,149 156,964,236 3,007,913Computerhardware andsoftware 174,191,055 168,730,634 5,460,4212008€The increase in the category “Assets underconstruction” is due mainly to initial worksrelated to the ECB’s new premises. Transfersfrom this category to the relevant fixed assetheadings will occur once the assets are in use.OTHER FINANCIAL ASSETS2007€Change€Equipment,furniture, plantin building andmotor vehicles 28,862,720 27,105,564 1,757,156Assets underconstruction 83,407,619 59,791,855 23,615,764Other fixed assets 3,577,485 1,195,290 2,382,195Total cost 450,011,028 413,787,579 36,223,449AccumulateddepreciationLand andbuildings (59,885,983) (49,672,589) (10,213,394)Computerhardware andsoftware (160,665,542) (150,195,777) (10,469,765)Equipment,furniture, plantin building andmotor vehicles (26,618,732) (25,562,068) (1,056,664)Other fixed assets (150,427) (147,182) (3,245)Totalaccumulateddepreciation (247,320,684) (225,577,616) (21,743,068)Net book value 202,690,344 188,209,963 14,480,381The amortisation of discounts and premiums onsecurities denominated in euro was previouslyincluded under the headings “Accruals andprepaid expenses” and “Accruals and incomecollected in advance”, respectively. The ECBhas decided, for presentational reasons, toreclassify these items under this heading. Inaddition, money market deposits and currentaccounts in euro held as a direct counterpartto the capital and reserves of the ECB are nowincluded under this heading (see note 3, “Claimson non-euro area residents denominated ineuro”, and note 4, “Other claims on euro areacredit institutions denominated in euro”). Thecomparable balances as at 31 December 2007have been adjusted accordingly.226 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
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4.2 RETAIL PAYMENT SYSTEMS ANDINSTR
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for Clearing and Settlement, and th
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Willem F. Duisenberg at his farewel
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1 EUROPEAN ISSUESIn 2008 the ECB co
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Page 177 and 178: 1.3 DEVELOPMENTS IN AND RELATIONS W
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Page 183 and 184: Former Italian President Carlo Azeg
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
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 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: NOTES ON THE BALANCE SHEET1 GOLD AN
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
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
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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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