ANNUAL REPORT 2008 - Polymer Bank Notes of the World

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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
values at which the transactions were initiallyrecorded (see “Off-balance-sheet instruments”in the notes on accounting policies).This item also includes outstanding repurchasetransactions of €337.6 million conducted inconnection with the management of the ECB’sown funds (see note 6, “Other assets”) and thenet liability in respect of the ECB’s pensionobligations as described below.THE ECB’S RETIREMENT PLAN AND OTHERPOST-EMPLOYMENT BENEFITSThe amounts recognised in the Balance Sheetin respect of the ECB’s pension obligations(see “The ECB’s retirement plan and otherpost-employment benefits” in the notes onaccounting policies) are as follows:2008 2007€ millions € millionsPresent value of obligations 317.0 285.8Fair value of plan assets (226.7) (229.8)Unrecognised actuarialgains/(losses) 7.6 35.4Liability recognised in theBalance Sheet 97.9 91.4The present value of the obligations includesunfunded obligations of €42.3 million (2007:€36.8 million) relating to the pensions ofExecutive Board members and to staff disabilityprovisions.The amounts recognised in the Profit andLoss Account in 2008 and 2007 in respect of“Current service cost”, “Interest on obligation”,“Expected return on plan assets” and “Netactuarial (gains)/losses recognised in the year”are as follows:2008€ millions2007€ millionsCurrent service cost 24.7 26.5Interest on obligation 10.7 8.6Expected return on plan assets (10.0) (7.9)Net actuarial (gains)/lossesrecognised in the year (1.1) 0Under the “10% corridor” approach (see “TheECB’s retirement plan and other postemploymentbenefits” in the notes on accountingpolicies), net cumulative unrecognised actuarialgains exceeding the greater of (a) 10% of thepresent value of the defined benefit obligationand (b) 10% of the fair value of plan assets, areamortised over the expected average remainingworking lives of the participating employees.Changes in the present value of the definedbenefit obligation are as follows:2008€ millions2007€ millionsOpening defined benefitobligation 285.8 258.5Service cost 24.7 26.5Interest cost 10.7 8.6Contributions paid by planparticipants 17.9 14.2Other net changes in liabilitiesrepresenting plan participants’contributions (12.3) 2.5Benefits paid (3.8) (2.5)Actuarial (gains)/losses (6.0) (22.0)Closing defined benefitobligation 317.0 285.8Changes in the fair value of plan assets are asfollows:2008€ millions2007€ millionsOpening fair value of plan assets 229.8 195.3Expected return 10.0 7.9Actuarial gains/(losses) (32.7) (4.0)Contributions paid by employer 17.5 16.2Contributions paid by planparticipants 17.8 14.1Benefits paid (3.4) (2.2)Other net changes in assetsrepresenting plan participants’contributions (12.3) 2.5Closing fair value of plan assets 226.7 229.8In preparing the valuations referred to in thisnote, the actuaries have used assumptionswhich the Executive Board has accepted for thepurposes of accounting and disclosure.Total included in “Staff costs” 24.3 27.2230 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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for financial institutions, to faci
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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
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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 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 and 226: NOTES ON THE BALANCE SHEET1 GOLD AN
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Page 229: (see “Banknotes in circulation”
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
Page 276 and 277: GLOSSARYThis glossary contains sele
Page 278 and 279: 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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