ANNUAL REPORT 2008 - Polymer Bank Notes of the World

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NOTE ON PROFIT DISTRIBUTION/ALLOCATION OF LOSSESThis note is not part of the fi nancial statementsof the ECB for the year 2008.INCOME RELATED TO THE ECB’S SHARE OF TOTALBANKNOTES IN CIRCULATIONIn 2007, following a decision by the GoverningCouncil, the full income of €2,004 millionearned on the ECB’s share of total banknotes incirculation was retained to ensure that the ECB’stotal profit distribution for the year did not exceedits net profit for the year. In respect of 2008, anamount of €1,206 million, comprising part ofthe income earned on the ECB’s share of totaleuro banknotes in circulation, was distributed tothe NCBs on 5 January 2009, in proportion totheir paid-up shares in the subscribed capital ofthe ECB.€117 million to the euro area NCBs in proportionto their paid-up capital.Non-euro area NCBs are not entitled to receiveany share of the ECB’s profit.2008 2007€ €Profit for the year 1,322,253,536 0Income on the ECB’s banknoteissue distributed to NCBs (1,205,675,418) 0Profit for the year afterdistribution of income on theECB’s banknote issue 116,578,118 0Distribution of profit to NCBs (116,578,118) 0Total 0 0PROFIT DISTRIBUTION/COVERAGE OF LOSSESPursuant to Article 33 of the Statute of the ESCB,the net profit of the ECB shall be transferred inthe following order:(a) an amount to be determined by the GoverningCouncil, which may not exceed 20% of thenet profit, shall be transferred to the generalreserve fund subject to a limit equal to 100%of the capital; and(b) the remaining net profit shall be distributedto the shareholders of the ECB in proportionto their paid-up shares.In the event of a loss incurred by the ECB, theshortfall may be offset against the generalreserve fund of the ECB and, if necessary,following a decision by the Governing Council,against the monetary income of the relevantfinancial year in proportion and up to theamounts allocated to the NCBs in accordancewith Article 32.5 of the Statute of the ESCB. 1The Governing Council decided on 5 March2009 to make no transfer to the general reservefund and to distribute the remaining balance of1Under Article 32.5 of the Statute of the ESCB, the sum of theNCBs’ monetary income shall be allocated to the NCBs inproportion to their paid-up shares in the capital of the ECB.ECBAnnual Report2008241
5 CONSOLIDATED BALANCE SHEET OF THEEUROSYSTEM AS AT 31 DECEMBER 2008(EUR MILLIONS)ASSETS31 DECEMBER 31 DECEMBER2008 1 2007 21 Gold and gold receivables 217,722 201,5842 Claims on non-euro area residents denominatedin foreign currency 160,372 139,0302.1 Receivables from the IMF 13,192 9,0572.2 Balances with banks and security investments,external loans and other external assets 147,180 129,9733 Claims on euro area residents denominated inforeign currency 234,293 41,9754 Claims on non-euro area residents denominated in euro 18,651 18,8224.1 Balances with banks, security investments and loans 18,651 18,8224.2 Claims arising from the credit facility under ERM II 0 05 Lending to euro area credit institutions related tomonetary policy operations denominated in euro 860,312 637,1785.1 Main refinancing operations 239,527 368,6075.2 Longer-term refinancing operations 616,662 268,4775.3 Fine-tuning reverse operations 0 05.4 Structural reverse operations 0 05.5 Marginal lending facility 4,057 915.6 Credits related to margin calls 66 26 Other claims on euro area credit institutions denominatedin euro 56,988 23,7987 Securities of euro area residents denominated in euro 271,196 143,9838 General government debt denominated in euro 37,438 37,0629 Other assets 218,134 264,454Total assets 2,075,107 1,507,887Totals/subtotals may not add up due to rounding.1 Consolidated figures as at 31.12.2008 also include the Central Bank of Cyprus and the Central Bank of Malta which have beenmembers of the Eurosystem since 01.01.2008.2 Comparative data as at 31.12.2007 has been restated to include reclassifications which took place on 31.12.2008.242 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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On a number of occasions in 2008, t
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countries have voiced support for t
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Former Italian President Carlo Azeg
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1 ACCOUNTABILITY VIS-À-VIS THE GEN
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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 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
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 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
Page 280 and 281: Financial stability: condition in w
Page 282 and 283: MFIs (monetary financial institutio
Page 284 and 285: Reserve base: the sum of the eligib
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ANNUAL REPORT 2008 - Polymer Bank Notes of the World

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