ANNUAL REPORT 2008 - Polymer Bank Notes of the World

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oth the marginal lending facility and the depositfacility, to 4.75% and 2.75% respectively, withimmediate effect. Moreover, the GoverningCouncil decides that, as from the operation settledon 15 October, the weekly main refinancingoperations will be carried out through a fixedratetender procedure with full allotment at theinterest rate on the main refinancing operation.Furthermore, as of 9 October, the ECB willreduce the corridor of standing facilities from200 basis points to 100 basis points around theinterest rate on the main refinancing operation.The two measures will remain in place for aslong as needed, and at least until the end of thefirst maintenance period of 2009, on 20 January.15 OCTOBER 2008The Governing Council of the ECB decides tofurther expand the collateral framework andenhance the provision of liquidity. To do so, theGoverning Council decides: (i) to expand thelist of assets eligible as collateral in Eurosystemcredit operations, with this expansion remainingin force until the end of 2009, (ii) to enhancethe provision of longer-term refinancing, witheffect from 30 October 2008 and until the end ofthe first quarter of 2009, and (iii) to provide USdollar liquidity through foreign exchange swaps.6 NOVEMBER 2008The Governing Council of the ECB decidesto decrease the interest rate on the mainrefinancing operations by 50 basis points to3.25%, starting from the operations to be settledon 12 November 2008. In addition, it decides todecrease by 50 basis points the interest rates onboth the marginal lending facility and the depositfacility, to 3.75% and 2.75% respectively, witheffect from 12 November 2008.4 DECEMBER 2008The Governing Council of the ECB decides todecrease the interest rate on the main refinancingoperations of the Eurosystem by 75 basis pointsto 2.50%, starting from the operations to besettled on 10 December 2008. In addition,it decides to decrease by 75 basis points theinterest rates on both the marginal lendingand the deposit facility to 3.00% and 2.00%respectively, with effect from 10 December2008.18 DECEMBER 2008The Governing Council of the ECB decidesthat the main refinancing operations willcontinue to be carried out through a fixed ratetender procedure with full allotment beyond themaintenance period ending on 20 January 2009.This measure will be in place for as long asneeded, and at least until the last allotment of thethird maintenance period in 2009 on 31 March.Moreover, as of 21 January 2009, the corridor ofstanding facility rates, which on 9 October 2008was reduced to 100 basis points around theprevailing interest rate of the main refinancingoperation, will be be re-widened symmetricallyto 200 basis points.15 JANUARY 2009The Governing Council of the ECB decides todecrease the fixed rate on the main refinancingoperations by 50 basis points to 2.00%,starting from the operations to be settled on21 January 2009. In addition, it decides thatthe interest rates on the marginal lending andthe deposit facility will be 3.00% and 1.00%respectively, with effect from 21 January 2009,in line with the decision of 18 December 2008.5 FEBRUARY 2009The Governing Council of the ECB decidedthat the interest rate on the main refinancingoperations and the interest rates on the marginallending facility and the deposit facility willremain unchanged at 2.00%, 3.00% and 1.00%respectively.ECBAnnual Report2008259
5 MARCH 2009The Governing Council of the ECB decides todecrease the fixed rate on the main refinancingoperations by 50 basis points to 1.50%,starting from the operations to be settled on11 March 2009. In addition, it decides thatthe interest rates on the marginal lending andthe deposit facility will be 2.50% and 0.50%respectively, with effect from 11 March 2009.Moreover, the Governing Council decidesto continue the fixed rate tender procedurewith full allotment for all main refinancingoperations, special-term refinancing operationsand supplementary and regular longer-termrefinancing operations for as long as needed,and in any case beyond the end of 2009. Inaddition, the Governing Council decidesto continue with the current frequency andmaturity profile of supplementary longertermrefinancing operations and special-termrefinancing operations for as long as needed,and in any case beyond the end of 2009.260 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
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The Eurosystem/ESCB committees have
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members of the Executive Board. 13
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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
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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
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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 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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