ANNUAL REPORT 2008 - Polymer Bank Notes of the World

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Number 2 Originator SubjectCON/2009/5 Austria Payment by the Oesterreichische Nationalbank of theproposed increase in Austria’s IMF quotaCON/2009/6 Denmark Extension of the financial stability scheme guaranteeingfull coverage of claims by depositors and ordinarycreditors and a scheme for provision of state capital tocredit institutionsCON/2009/7 Luxembourg The Banque centrale du Luxembourg’s role in thecompilation of certain statisticsCON/2009/8 Sweden The smallest denomination coin ceasing to be legal tenderand amendments to the rounding rulesCON/2009/9 Hungary Operating rules of the central securities depository, theclearing house and the central counterpartyCON/2009/10 Latvia Deposit-guarantee scheme and the supervisoryauthority’s role in insolvency proceedingsCON/2009/11 Latvia Compensation paid by the state in the context of banktakeoversCON/2009/12 Cyprus Terms and conditions for granting state loans andguarantees in emergency situationsCON/2009/13 Bulgaria Additional eligibility criteria for the Governing Councilmembers of Българска народна банка (BulgarianNational Bank) and further rules for submittinginformation in this respectCON/2009/15 Ireland Financial support measures related to the remunerationof public servantsCON/2009/16 Ireland Legislation to allow the Minister for Finance to directthe National Pensions Reserve Fund to invest in financialinstitutions as part of the recapitalisation of the banksECBAnnual Report2008255
(b) ECB opinions following a consultation by a European institution 3Number 4 Originator Subject OJ referenceCON/2008/12 EU Council Community statistics relating to externaltrade with non-member countriesCON/2008/15 EU Council Codification of the Council Regulationon the application of the Protocol on theexcessive deficit procedureCON/2008/19 EU Council Introduction of the regulatory procedurewith scrutiny regarding some statisticalinstrumentsOJ C 70,15.3.2008, p. 1OJ C 88,9.4.2008, p. 1OJ C 117,14.5.2008, p. 1CON/2008/22EuropeanCommissionImplementing the Regulation on statisticson Community job vacancies as regardsseasonal adjustment procedures, qualityreports, data collection, transmissionspecifications and feasibility studiesOJ C 134,31.5.2008, p. 10CON/2008/28 EU Council Introduction of the euro in Slovakia andthe conversion rate to the euro for theSlovak korunaCON/2008/37 EU Council Amendment to the Directive onsettlement finality in payment andsecurities settlement systems andthe Directive on financial collateralarrangements as regards linked systemsand credit claimsOJ C 180,17.7.2008, p. 1OJ C 216,23.8.2008, p. 1CON/2008/45 EU Council Medals and tokens similar to euro coins OJ C 283,7.11.2008, p. 1CON/2008/63EuropeanCommissionNew decision on the Committee ofEuropean Banking SupervisorsOJ C 45,24.2.2009, p. 1CON/2008/70 EU Council Amendments to the Directive on depositguaranteeschemes as regards thecoverage level and the payment delayOJ C 314,9.12.2008, p. 1CON/2008/77 EU Council Proposal for a Council Regulationestablishing a facility providing mediumtermfinancial assistance for MemberStates’ balances of paymentsOJ C 328,23.12.2008, p. 13 Also published on the ECB’s website.4 Consultations are numbered in the order in which the Governing Council adopted them.256 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
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1 DECISION-MAKING BODIES AND CORPOR
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Council decided on the main aspects
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1.3 THE EXECUTIVE BOARDThe Executiv
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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 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 254 and 255: 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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