ANNUAL REPORT 2008 - Polymer Bank Notes of the World

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Number Title OJ referenceECB/2008/10 Regulation of the European Central Bank of 22 October 2008amending Regulation ECB/2003/9 on the application ofminimum reservesECB/2008/11 Regulation of the European Central Bank of 23 October 2008on temporary changes to the rules relating to eligibility ofcollateralECB/2008/13 Guideline of the European Central Bank of 23 October 2008amending Guideline ECB/2000/7 on monetary policyinstruments and procedures of the EurosystemOJ L 282,25.10.2008, p. 14OJ L 282,25.10.2008, p. 17OJ L 36,5.2.2009, p. 31ECB/2008/14Decision of the European Central Bank of 28 October 2008 ontransitional provisions for the application of minimum reservesby the European Central Bank following the introduction ofthe euro in SlovakiaOJ L 319,29.11.2008, p. 73ECB/2008/15 Decision of the European Central Bank of 14 November 2008on the implementation of Regulation ECB/2008/11 of23 October 2008 on temporary changes to the rules relating toeligibility of collateralECB/2008/16 Recommendation of the European Central Bank of17 November 2008 to the Council of the European Union on theexternal auditors of the Banque centrale du LuxembourgECB/2008/17 Decision of the European Central Bank of 17 November 2008laying down the framework for joint Eurosystem procurementECB/2008/18 Guideline of the European Central Bank of 21 November 2008on temporary changes to the rules relating to eligibility ofcollateralECB/2008/19 Recommendation of the European Central Bank of5 December 2008 to the Council of the European Union on theexternal auditors of the Central Bank of MaltaECB/2008/20 Decision of the European Central Bank of 11 December 2008on the approval of the volume of coin issuance in 2009ECB/2008/21 Guideline of the European Central Bank of 11 December 2008amending Guideline ECB/2006/16 on the legal framework foraccounting and financial reporting in the European System ofCentral BanksECB/2008/22 Decision of the European Central Bank of 11 December 2008amending Decision ECB/2006/17 on the annual accounts ofthe European Central BankOJ L 309,20.11.2008, p. 8OJ C 299,22.11.2008, p. 5OJ L 319,29.11.2008, p. 76OJ L 314,25.11.2008, p. 14OJ C 322,17.12.2008, p. 1OJ L 352,31.12.2008, p. 58OJ L 36,5.2.2009, p. 46OJ L 36,5.2.2009, p. 22ECBAnnual Report2008247
Number Title OJ referenceECB/2008/23 Decision of the European Central Bank of 12 December 2008on the national central banks’ percentage shares in the key forsubscription to the European Central Bank’s capitalECB/2008/24 Decision of the European Central Bank of 12 December 2008laying down the measures necessary for the paying-up of theEuropean Central Bank’s capital by the participating nationalcentral banksECB/2008/25 Decision of the European Central Bank of 12 December 2008laying down the terms and conditions for transfers of theEuropean Central Bank’s capital shares between the nationalcentral banks and for the adjustment of the paid-up capitalECB/2008/26 Decision of the European Central Bank of 12 December 2008amending Decision ECB/2001/15 of 6 December 2001 on theissue of euro banknotesECB/2008/27 Decision of the European Central Bank of 12 December 2008laying down the measures necessary for the contribution to theEuropean Central Bank’s accumulated equity value and foradjusting the national central banks’ claims equivalent to thetransferred foreign reserve assetsECB/2008/28 Decision of the European Central Bank of 15 December 2008laying down the measures necessary for the paying-up of theEuropean Central Bank’s capital by the non-participatingnational central banksECB/2008/29 Decision of the European Central Bank of 18 December 2008to postpone the start of the rotation system in the GoverningCouncil of the European Central BankECB/2008/30 Regulation of the European Central Bank of 19 December 2008concerning statistics on the assets and liabilities of financialvehicle corporations engaged in securitisation transactionsECB/2008/31 Guideline of the European Central Bank of 19 December 2008amending Guideline ECB/2007/9 on monetary, financialinstitutions and markets statistics (recast)ECB/2008/32 Regulation of the European Central Bank of 19 December 2008concerning the balance sheet of the monetary financialinstitutions sector (recast)ECB/2008/33 Decision of the European Central Bank of 31 December 2008on the paying-up of capital, transfer of foreign reserve assetsand contributions by Národná banka Slovenska to the EuropeanCentral Bank’s reserves and provisionsOJ L 21,24.1.2009, p. 66OJ L 21,24.1.2009, p. 69OJ L 21,24.1.2009, p. 71OJ L 21,24.1.2009, p. 75OJ L 21,24.1.2009, p. 77OJ L 21,24.1.2009, p. 81OJ L 3,7.1.2009, p. 4OJ L 15,20.1.2009, p. 1OJ L 53,26.2.2009, p. 76OJ L 15,20.1.2009, p. 14OJ L 21,24.1.2009, p. 83248 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
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CHAPTER 7EXTERNALCOMMUNICATION
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2 COMMUNICATION ACTIVITIESThe ECB a
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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 243 and 244: 5 CONSOLIDATED BALANCE SHEET OF THE
Page 246 and 247: ANNEXES
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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