ANNUAL REPORT 2008 - Polymer Bank Notes of the World

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OVERVIEW OF THE ECB’S COMMUNICATIONRELATED TO THE PROVISION OF EURO LIQUIDITY 114 JANUARY 2008MAIN REFINANCING OPERATIONSThe ECB continues to closely monitor liquidityconditions and aims at keeping very short-termrates close to the minimum bid rate on the mainrefinancing operations. The ECB will, for aslong as needed, allocate more liquidity thanthe benchmark amount in main refinancingoperations to accommodate the demand ofcounterparties to fulfil reserve requirementsearly in the maintenance period. The ECB aimsat balanced liquidity conditions at the end of themaintenance period.7 FEBRUARY 2008SUPPLEMENTARY LONGER-TERM REFINANCINGOPERATIONSThe Governing Council today decided to renewthe two supplementary longer-term refinancingoperations (LTROs) that were allotted on23 November 2007 (€60 billion) and on12 December 2007 (€60 billion) and thatwill mature on 21 February 2008 and on13 March 2008 respectively. The renewal ofthese two supplementary LTROs is aimed atfurther consolidating the progress achieved so farin the normalisation of the euro money market.The renewal will be carried out as followsand will not affect the regular LTROs: Thetwo supplementary LTROs will be carried outthrough variable rate tenders, each with a presetamount of €60 billion. The first operation willbe settled on 21 February 2008 and will matureon 22 May 2008. The second operation will besettled on 13 March 2008 and will mature on12 June 2008. The two supplementary LTROswill be carried out through a standard tenderprocedure, with announcement and allotmenttaking place two days and one day respectivelybefore settlement.28 MARCH 2008SUPPLEMENTARY LONGER-TERM REFINANCINGOPERATIONSThe Governing Council decided at its meetingon 27 March 2008 to conduct supplementarylonger-term refinancing operations (LTROs)with a maturity of six months. In addition, theGoverning Council decided to conduct furthersupplementary LTROs with a three-monthmaturity. The regular monthly LTROs remainunaffected. These supplementary three-monthand six-month LTROs are aimed at supportingthe normalisation of the functioning of the euromoney market. The supplementary three-monthand six-month operations will be carried outas follows: They will all be carried out througha variable rate standard tender procedure withpreset amounts. As a rule, they will matureon the second Thursday of the given month.One supplementary six-month LTRO with apreset amount of €25 billion will be allottedon Wednesday, 2 April, settled on Thursday,3 April, and will mature on Thursday,9 October 2008. Another supplementary sixmonthLTRO, in the amount of €25 billion,will be allotted on Wednesday, 9 July, settledon Thursday, 10 July 2008, and will matureon Thursday, 8 January 2009. Two newsupplementary three-month LTROs, with presetamounts of €50 billion each, will replace thetwo currently outstanding supplementary threemonthLTROs of €60 billion each. The first willbe allotted on Wednesday, 21 May, settled onThursday, 22 May, and will mature on Thursday,14 August 2008. The second will be allottedon Wednesday, 11 June, settled on Thursday,12 June, and will mature on Thursday,11 September 2008.1 An overview of the communication related to the provision ofliquidity in currencies other than euro is available on the ECB’swebsite.ECBAnnual Report2008261
31 JULY 2008SUPPLEMENTARY LONGER-TERM REFINANCINGOPERATIONSThe Governing Council decided today to renewthe two outstanding three-month supplementarylonger-term refinancing operations (LTROs)that were allotted on 21 May 2008 (€50 billion)and on 11 June 2008 (€50 billion) and that willmature on 14 August 2008 and on 11 September2008 respectively. The renewal of these twosupplementary three-month LTROs is aimedat further consolidating the progress achievedso far in the normalisation of the euro moneymarket. The renewal will not affect the regularLTROs and will be carried out as follows: Thetwo supplementary LTROs will be carried outthrough variable rate tenders, each with a presetamount of €50 billion. The first operation willbe settled on 14 August 2008 and will mature on13 November 2008. The second operation willbe settled on 11 September 2008 and will matureon 11 December 2008. The two supplementaryLTROs will be carried out through a standardtender procedure, with their announcement andallotment taking place two days and one dayrespectively before settlement.4 SEPTEMBER 2008SUPPLEMENTARY LONGER-TERM REFINANCINGOPERATIONSThe Governing Council today decided to renewthe outstanding six-month supplementary longertermrefinancing operation (LTRO) of €25 billionthat was allotted on 2 April and that will matureon 9 October 2008. It also decided to renewthe two three-month supplementary LTROs(€50 billion) that will mature on 13 Novemberand 11 December 2008 respectively. The renewalof these supplementary LTROs is aimed atsupporting the further normalisation of the euromoney market. The renewal will not affect theregular LTROs. The supplementary LTROs willbe carried out as follows: The two supplementarythree-month LTROs will be carried out throughvariable rate tenders, each with a preset amountof €50 billion. The first operation will be settledon 13 November 2008 and will mature on12 February 2009. The second operation will besettled on 11 December 2008 and will mature on12 March 2009. The supplementary six-monthLTRO will be carried out through a variable ratetender, with a preset amount of €25 billion. Theoperation will be settled on 9 October 2008 andwill mature on 9 April 2009. As in previous cases,a maximum bid amount of €2.5 billion will beapplied in the six-month supplementary LTRO.The supplementary LTROs will be carried outthrough a standard tender procedure, with theirannouncement and allotment taking place twodays and one day respectively before settlement.29 SEPTEMBER 2008SPECIAL-TERM REFINANCING OPERATIONThe Governing Council of the ECB decided toconduct a special-term refinancing operation.The aim of this operation is to improve theoverall liquidity position of the euro areabanking system. The operation will be carriedout as follows: It will be conducted todaythrough a standard tender procedure, using avariable rate tender with no preset amount. Itwill be settled on Tuesday, 30 September 2008and will mature on Friday, 7 November 2008.The ECB will continue to steer liquidity towardsbalanced conditions in a way which is consistentwith the objective to keep very short-term ratesclose to the minimum bid rate. The special-termrefinancing operation will be renewed until atleast beyond the end of the year.3 OCTOBER 2008 2GENERAL ANNOUNCEMENT ON LIQUIDITY POLICYThe Governing Council of the ECB has decidedthat, from 6 October 2008 until further notice,all institutions that are eligible to participatein Eurosystem open market operations basedon standard tenders and that fulfil additionaloperational or other selection criteria specified2 General announcements on liquidity policy which were notdirectly related to the provision of liquidity are not included inthis list. They are available on the ECB’s website.262 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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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
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Page 225 and 226: NOTES ON THE BALANCE SHEET1 GOLD AN
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Page 229 and 230: (see “Banknotes in circulation”
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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 260 and 261: oth the marginal lending facility a
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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