ANNUAL REPORT 2008 - Polymer Bank Notes of the World

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y the respective NCBs will also be eligibleto participate in quick tenders, i.e. the tenderprocedure normally used for fine-tuningoperations. The NCBs may announce furtherdetails applicable for institutions established inthe respective Member States, where necessary.7 OCTOBER 2008SUPPLEMENTARY LONGER-TERM REFINANCINGOPERATIONToday the Governing Council of the ECBdecided to increase from €25 billion to€50 billion the allotment amount in the sixmonthsupplementary longer-term refinancingoperation that was pre-announced in the pressrelease of 4 September 2008 and will be allottedon 8 October 2008. Accordingly, a maximumbid amount of €5 billion will be applied inthis operation.8 OCTOBER 2008GENERAL ANNOUNCEMENT ON LIQUIDITY POLICYThe Governing Council of the ECB todaydecided, by means of a teleconference, onthe following two measures: As from theoperation settled on 15 October, the weeklymain refinancing operations will be carriedout through a fixed rate tender procedure withfull allotment at the interest rate on the mainrefinancing operation, i.e. currently 3.75%. Asof 9 October, the ECB will reduce the corridorof standing facility rates from 200 basis pointsto 100 basis points around the interest rate onthe main refinancing operation. Therefore, as of9 October, the rate of the marginal lendingfacility will be reduced from 100 to 50 basispoints above the interest rate on the mainrefinancing operation, i.e. currently to 4.25%,and the rate of the deposit facility will beincreased from 100 to 50 basis points below theinterest rate on the main refinancing operation,i.e. currently to 3.25%. The two measures willremain in place for as long as needed, and atleast until the end of the first maintenance periodof 2009, on 20 January. The ECB will continueto steer liquidity towards balanced conditions ina way which is consistent with the objective tokeep short-term rates close to the interest rate onthe main refinancing operation.9 OCTOBER 2008FINE-TUNING OPERATIONThe operation implements the decision ofyesterday (see press release of 8 October) tosatisfy all demand of counterparties, i.e. fullallotment, for refinancing at the main refinancingrate of 3.75% against eligible collateral, foras long as needed, and at least until the endof the first maintenance period of 2009, on20 January.15 OCTOBER 2008SUPPLEMENTARY LONGER-TERM REFINANCINGOPERATIONS/SPECIAL-TERM REFINANCINGOPERATION 3The Governing Council of the ECB todaydecided, by means of a teleconference, that asfrom the operation settling on 30 October 2008and until the end of the first quarter of 2009,the provision of longer-term refinancing bythe Eurosystem will be enhanced as follows,consistent with the temporary expansion of thecollateral pool:All longer-term refinancing operations will,until March 2009, be carried out through afixed rate tender procedure with full allotment.The two three-month supplementary longertermrefinancing operations (LTROs) maturingin February and in March 2009 will be rolledover and an additional three-month operationwill be conducted in January 2009. Theoutstanding six-month supplementary LTROmaturing in January 2009 will be rolled over,and four additional six-month supplementaryLTROs will be carried out in November 2008,3 Announcements on the fixed rate applied in the LTROs,supplementary LTROs and special-term refinancing operationsbetween 30 October and 31 December 2008 are not included inthis list. They are available on the ECB’s website.ECBAnnual Report2008263
December 2008, February 2009 and March2009 in parallel with the respective three-monthsupplementary LTROs. As a result, two threemonthLTROs/supplementary LTROs and onesix-month LTRO will be carried out each monthup to and including March 2009. Moreover, thespecial-term refinancing operation allotted on29 September 2008 will be rolled over whenit matures on 7 November 2008 and will havea maturity equal to the length of the reservemaintenance period.The ECB will continue to steer liquidity towardsbalanced conditions in a way which is consistentwith the objective to keep short-term rates closeto the interest rate on the main refinancingoperation. For that purpose it will also acceptfixed-term deposits with a one-week maturity.16 OCTOBER 2008OTHER EURO LIQUIDITY PROVISIONOn 10 October 2008 the Magyar NemzetiBank announced new open market operationsto support liquidity in the domestic foreignexchange swap market. Today, the MagyarNemzeti Bank and the ECB are jointlyannouncing an agreement to support the MagyarNemzeti Bank’s instruments of euro liquidityprovision. They have established an agreementon repurchase transactions, which will providethe Magyar Nemzeti Bank with a facility toborrow up to €5 billion in order to provideadditional support to its operations. Furtherinformation about the Magyar Nemzeti Bank’sforeign exchange swap tenders is providedon the Magyar Nemzeti Bank’s website:http://www.mnb.hu.27 OCTOBER 2008OTHER EURO LIQUIDITY PROVISIONDanmarks Nationalbank is today announcingmeasures to improve liquidity in euro shorttermmarkets. In support of these measures, theECB and Danmarks Nationalbank have todayestablished a reciprocal currency arrangement(swap line) amounting to €12 billion, which willremain in place as long as needed.21 NOVEMBER 2008OTHER EURO LIQUIDITY PROVISIONNarodowy Bank Polski and the ECB are jointlyannouncing an agreement to support NarodowyBank Polski’s instruments of euro liquidityprovision. The agreement, which was concludedon 6 November 2008, relates to repurchasetransactions and will provide NarodowyBank Polski with a facility to borrow up to€10 billion in order to provide additionalsupport to its operations. Further informationabout Narodowy Bank Polski’s operations isprovided on Narodowy Bank Polski’s website:http://www.nbp.pl.18 DECEMBER 2008GENERAL ANNOUNCEMENT ON LIQUIDITY POLICYFurther to the press release on changes intender procedures and in the standing facilitiescorridor of 8 October 2008, the GoverningCouncil of the ECB today decided thefollowing: The main refinancing operationswill continue to be carried out through a fixedrate tender procedure with full allotmentbeyond the maintenance period ending on20 January 2009. This measure will be in placefor as long as needed, and at least until thelast allotment of the third maintenance periodin 2009 on 31 March. As of 21 January 2009,the corridor of standing facility rates, which on9 October 2008 was reduced to 100 basispoints around the prevailing interest rate on themain refinancing operation, will be restored to200 basis points. Therefore, as of 21 January,the rate of the marginal lending facility willbe increased from 50 to 100 basis pointsabove the interest rate on the main refinancingoperation, and the rate of the deposit facilitywill be reduced from 50 to 100 basis pointsbelow the rate on the main refinancingoperation.264 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
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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
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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
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 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 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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