ANNUAL REPORT 2008 - Polymer Bank Notes of the World

epresenting the remainder of its capitalsubscription to the ECB. In accordance withArticle 30.1 of the Statute of the ESCB,Národná banka Slovenska transferred foreignreserve assets with a total value equivalent to€443,086,156 to the ECB with effect from1 January 2009. The total amount transferredwas determined by multiplying the euro value,at the exchange rates prevailing on31 December 2008, of the foreign reserveassets already transferred to the ECB by theratio between the number of shares subscribedby Národná banka Slovenska and the numberof shares already paid up by the other NCBswithout a derogation. These foreign reserveassets comprised amounts of US dollars in theform of securities and cash, and gold, inproportions of 85 to 15 respectively.Národná banka Slovenska was credited withclaims in respect of the paid-up capital andforeign reserve assets equivalent to the amountstransferred. The latter is to be treated in anidentical manner to the existing claims of theother participating NCBs (see note 11, “Intra-Eurosystem liabilities”).EFFECT ON THE ECB’S CAPITALThe adjustment of the NCBs’ capital key sharesin conjunction with Slovakia joining the euroarea resulted in an increase of €5,100,251 in theECB’s paid-up capital.EFFECT ON THE NCBS’ CLAIMS EQUIVALENT TOTHE FOREIGN RESERVE ASSETS TRANSFERRED TOTHE ECBThe net effect of the change in NCBs’weightings in the ECB’s capital key and of thetransfer by Národná banka Slovenska of foreignreserve assets on the NCBs’ claims equivalentto the foreign reserve assets transferred to theECB was an increase of €54,841,411.OFF-BALANCE-SHEET INSTRUMENTS17 AUTOMATIC SECURITY LENDING PROGRAMMEAs part of the management of the ECB’s ownfunds, the ECB has concluded an automaticsecurity lending programme agreement,whereby an appointed agent enters into securitylending transactions on behalf of the ECBwith a number of counterparties, designatedby the ECB as eligible counterparties. Underthis agreement, reverse transactions witha value of €1.2 billion (2007: €3.0 billion)were outstanding as at 31 December 2008(see “Reverse transactions” in the notes onaccounting policies).18 INTEREST RATE FUTURESIn 2008 interest rate futures were used as part ofthe management of the ECB’s foreign reservesand own funds. As at 31 December 2008 thefollowing transactions were outstanding:Foreign currency interestrate futuresContract value€Purchases 2,041,082,857Sales 1,209,470,518Contract valueEuro interest rate futures€Purchases 50,000,000Sales 33,000,00019 INTEREST RATE SWAPSInterest rate swap transactions with a contractvalue of €459.3 million were outstanding as at31 December 2008. These transactions wereconducted in the context of the management ofthe ECB’s foreign reserves.234 ECBAnnual Report2008