ANNUAL REPORT 2008 - Polymer Bank Notes of the World

To31 December 2007From1 January 2008 1€ €Nationale Bankvan België/BanqueNationale de Belgique 1,423,341,996 1,423,341,996Deutsche Bundesbank 11,821,492,402 11,821,492,402Central Bank andFinancial ServicesAuthority of Ireland 511,833,966 511,833,966Bank of Greece 1,046,595,329 1,046,595,329Banco de España 4,349,177,351 4,349,177,351Banque de France 8,288,138,644 8,288,138,644Banca d’Italia 7,217,924,641 7,217,924,641Central Bank of Cyprus - 71,950,549Banque centrale duLuxembourg 90,730,275 90,730,275Central Bank of Malta - 35,831,258De Nederlandsche Bank 2,243,025,226 2,243,025,226OesterreichischeNationalbank 1,161,289,918 1,161,289,918Banco de Portugal 987,203,002 987,203,002Banka Slovenije 183,995,238 183,995,238Suomen Pankki –Finlands Bank 717,086,011 717,086,011Total 40,041,833,998 40,149,615,8051) Individual amounts are shown rounded to the nearest euro. Thecomponents may not add up to the total due to rounding.The claims of the Central Bank of Cyprusand the Central Bank of Malta were set at€71,950,549 and €35,831,258 respectively inorder to ensure that the ratio between theseclaims and the aggregate claim credited to theother NCBs that have adopted the euro willbe equal to the ratio between the weightingsof the Central Bank of Cyprus and the CentralBank of Malta in the ECB’s capital key andthe other participating NCBs’ aggregateweighting in this key. The difference betweenthe claim and the value of the assets transferred(see note 1, “Gold and gold receivables”, andnote 2, “Claims on non-euro area and euro arearesidents denominated in foreign currency”)was treated as part of the contributions of theCentral Bank of Cyprus and the Central Bankof Malta, due under Article 49.2 of the Statuteof the ESCB, to the reserves and provisionsequivalent to reserves of the ECB existing as at31 December 2007 (see note 13, “Provisions”,and note 14, “Revaluation accounts”).12 OTHER LIABILITIESOFF-BALANCE-SHEET INSTRUMENTS REVALUATIONDIFFERENCESThis item is composed mainly of valuationchanges in swap and forward transactions inforeign currency that were outstanding on31 December 2008 (see note 20, “Foreignexchange swap and forward transactions”).These valuation changes are the result of theconversion of such transactions into their euroequivalents at the exchange rates prevailingon the Balance Sheet date, compared with theeuro values resulting from the conversion of thetransactions at the average cost of the respectiveforeign currency (see “Gold and foreign currencyassets and liabilities” in the notes on accountingpolicies and also note 6, “Other assets”).Valuation losses on interest rate swaps are alsoincluded in this item.ACCRUALS AND INCOME COLLECTED IN ADVANCEThis item consists mainly of interest payableto the NCBs in respect of their claims relatingto the foreign reserves transferred (see note 11,“Intra-Eurosystem liabilities”), amounting to€1.4 billion. It also includes accruals onbalances due to NCBs in respect of TARGET2,accruals on financial instruments (see alsonote 2, “Claims on non-euro area and euro arearesidents denominated in foreign currency”, andnote 6, “Other assets”) and other accruals.SUNDRYThis item consists mainly of negative balancesrelated to swap and forward transactions inforeign currency that were outstanding on31 December 2008 (see note 20, “Foreignexchange swap and forward transactions”).These balances arise from the conversion ofsuch transactions into their euro equivalents atthe respective currency’s average cost on theBalance Sheet date, compared with the euroECBAnnual Report2008229