ANNUAL REPORT 2008 - Polymer Bank Notes of the World

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OPEN MARKET OPERATIONS BY CURRENCYEUR operationsType of Durationoperation 1) (days)Date ofsettlementAllottedamount 2)(€ billions)Total bidamount 2)(€ billions)Marginalrate (%)Weightedaveragerate (%)Fixed rate(%)Number ofbiddersBid-coverratioFTO 1 2 Jan. 2008 -168.6 -168.6 - - 4.00 54 1.00FTO 1 3 Jan. 2008 -200.0 -212.6 - - 4.00 69 1.06MRO 5 4 Jan. 2008 128.5 275.3 4.18 4.21 - 269 2.14MRO 7 9 Jan. 2008 151.5 285.4 4.20 4.22 - 301 1.87FTO 1 15 Jan. 2008 -20.0 -45.7 - - 4.00 28 2.29MRO 7 16 Jan. 2008 190.5 242.1 4.16 4.21 - 281 1.27MRO 7 23 Jan. 2008 175.5 234.6 4.16 4.19 - 276 1.34MRO 7 30 Jan. 2008 167.5 253.3 4.18 4.20 - 264 1.51LTRO 92 31 Jan. 2008 50.0 98.2 4.21 4.33 - 151 1.96MRO 7 6 Feb. 2008 161.5 223.8 4.17 4.20 - 226 1.39FTO 1 12 Feb. 2008 -16.0 -29.2 - - 4.00 22 1.82MRO 7 13 Feb. 2008 187.5 223.7 4.10 4.18 - 229 1.19MRO 7 20 Feb. 2008 178.0 226.7 4.10 4.15 - 262 1.27SLTRO 91 21 Feb. 2008 60.0 110.5 4.15 4.26 - 105 1.84MRO 7 27 Feb. 2008 183.0 233.2 4.10 4.15 - 260 1.27LTRO 91 28 Feb. 2008 50.0 109.6 4.16 4.23 - 165 2.19MRO 7 5 Mar. 2008 176.5 240.5 4.11 4.14 - 264 1.36FTO 1 11 Mar. 2008 9.0 45.1 4.13 4.14 - 32 5.01MRO 7 12 Mar. 2008 209.5 260.4 4.12 4.16 - 298 1.24SLTRO 91 13 Mar. 2008 60.0 132.6 4.25 4.40 - 139 2.21MRO 7 19 Mar. 2008 202.0 295.7 4.16 4.20 - 336 1.46FTO 5 20 Mar. 2008 15.0 65.8 4.13 4.20 - 44 4.39MRO 7 26 Mar. 2008 216.0 302.5 4.23 4.28 - 301 1.40LTRO 91 27 Mar. 2008 50.0 131.3 4.44 4.53 - 190 2.63FTO 1 31 Mar. 2008 15.0 30.7 4.06 4.13 - 25 2.05MRO 7 2 Apr. 2008 150.0 283.7 4.21 4.25 - 306 1.89SLTRO 189 3 Apr. 2008 25.0 103.1 4.55 4.61 - 177 4.12MRO 7 9 Apr. 2008 130.0 247.6 4.23 4.24 - 295 1.90FTO 1 15 Apr. 2008 -14.9 -14.9 - - 4.00 7 0.71MRO 7 16 Apr. 2008 204.5 249.7 4.21 4.26 - 310 1.22MRO 7 23 Apr. 2008 173.0 218.4 4.21 4.25 - 302 1.26MRO 7 30 Apr. 2008 170.0 247.5 4.26 4.29 - 316 1.46LTRO 90 2 May 2008 50.0 101.2 4.67 4.75 - 177 2.02MRO 7 7 May 2008 150.0 229.3 4.26 4.29 - 304 1.53FTO 1 13 May 2008 -23.5 -32.5 - - 4.00 29 1.38MRO 7 14 May 2008 191.5 208.5 4.18 4.26 - 287 1.09MRO 7 21 May 2008 176.5 203.1 4.15 4.22 - 326 1.15SLTRO 84 22 May 2008 50.0 86.6 4.50 4.68 - 138 1.73MRO 7 28 May 2008 170.0 224.1 4.19 4.23 - 330 1.32LTRO 91 29 May 2008 50.0 97.7 4.51 4.62 - 171 1.95MRO 7 4 June 2008 153.0 210.1 4.17 4.22 - 336 1.37FTO 1 10 June 2008 -14.0 -18.5 - - 4.00 15 1.32MRO 7 11 June 2008 191.0 202.8 4.03 4.18 - 343 1.06SLTRO 91 12 June 2008 50.0 99.8 4.60 4.72 - 128 2.00MRO 7 18 June 2008 188.0 224.3 4.03 4.13 - 425 1.19MRO 7 25 June 2008 208.0 243.3 4.07 4.25 - 439 1.17LTRO 91 26 June 2008 50.0 89.8 4.50 4.67 - 174 1.80MRO 7 2 July 2008 154.5 254.7 4.10 4.15 - 433 1.65FTO 1 8 July 2008 -14.6 -14.6 - - 4.00 12 0.69MRO 7 9 July 2008 175.0 263.6 4.32 4.37 - 400 1.51SLTRO 182 10 July 2008 25.0 74.6 4.93 5.03 - 141 2.98MRO 7 16 July 2008 155.0 265.9 4.34 4.36 - 440 1.72MRO 7 23 July 2008 175.5 268.2 4.35 4.38 - 461 1.53MRO 7 30 July 2008 166.0 247.4 4.38 4.42 - 430 1.49LTRO 91 31 July 2008 50.0 107.7 4.70 4.76 - 189 2.15MRO 7 6 Aug. 2008 160.0 241.9 4.38 4.41 - 424 1.51FTO 1 12 Aug. 2008 -21.0 -22.6 - - 4.25 10 1.08MRO 7 13 Aug. 2008 176.0 233.4 4.37 4.40 - 430 1.331) MRO = main refinancing operation; LTRO = longer-term refinancing operation; SLTRO = supplementary longer-term refinancingoperation; STRO = special-term refinancing operation.2) Positive amounts in the case of liquidity-providing operations; negative amounts in the case of liquidity-absorbing operations.ECBAnnual Report2008265
EUR operationsType of Durationoperation 1) (days)Date ofsettlementAllottedamount 2)(€ billions)Total bidamount 2)(€ billions)Marginalrate (%)Weightedaveragerate (%)Fixed rate(%)Number ofbiddersBid-coverratioSLTRO 91 14 Aug. 2008 50.0 78.9 4.61 4.74 - 124 1.58MRO 7 20 Aug. 2008 151.0 228.7 4.38 4.40 - 454 1.51MRO 7 27 Aug. 2008 167.0 226.5 4.39 4.42 - 424 1.36LTRO 91 28 Aug. 2008 50.0 77.2 4.60 4.74 - 191 1.54MRO 7 3 Sep. 2008 160.0 226.3 4.39 4.41 - 411 1.41FTO 1 9 Sep. 2008 -20.1 -20.1 - - 4.25 17 0.63MRO 7 10 Sep. 2008 176.5 223.3 4.39 4.41 - 422 1.27SLTRO 91 11 Sep. 2008 50.0 69.5 4.45 4.66 - 114 1.39FTO 1 15 Sep. 2008 30.0 90.3 4.30 4.39 - 51 3.01FTO 1 16 Sep. 2008 70.0 102.5 4.32 4.40 - 56 1.46MRO 7 17 Sep. 2008 150.0 328.7 4.53 4.58 - 533 2.19FTO 1 18 Sep. 2008 25.0 49.3 4.30 4.39 - 43 1.97MRO 7 24 Sep. 2008 180.0 334.0 4.73 4.78 - 506 1.86FTO 1 24 Sep. 2008 40.0 50.3 4.25 4.35 - 36 1.26LTRO 84 25 Sep. 2008 50.0 154.6 4.98 5.11 - 246 3.09STRO 38 30 Sep. 2008 120.0 141.7 4.36 4.88 - 210 1.18MRO 7 1 Oct. 2008 190.0 228.0 4.65 4.96 - 419 1.20FTO 1 1 Oct. 2008 -173.0 -173.0 - - 4.25 52 1.00FTO 1 2 Oct. 2008 -200.0 -216.1 - - 4.25 65 1.08FTO 3 3 Oct. 2008 -193.8 -193.8 - - 4.25 54 1.00FTO 1 6 Oct. 2008 -171.9 -171.9 - - 4.25 111 1.00FTO 1 7 Oct. 2008 -147.5 -147.5 - - 4.25 97 1.00MRO 7 8 Oct. 2008 250.0 271.3 4.70 4.99 - 436 1.09SLTRO 182 9 Oct. 2008 50.0 113.8 5.36 5.57 - 181 2.28FTO 6 9 Oct. 2008 24.7 24.7 - - 3.75 99 1.00MRO 7 15 Oct. 2008 310.4 310.4 - - 3.75 604 1.00MRO 7 22 Oct. 2008 305.4 305.4 - - 3.75 703 1.00MRO 7 29 Oct. 2008 325.1 325.1 - - 3.75 736 1.00LTRO 91 30 Oct. 2008 103.1 103.1 - - 3.75 223 1.00MRO 7 5 Nov. 2008 312.0 312.0 - - 3.75 756 1.00STRO 33 7 Nov. 2008 20.4 20.4 - - 3.75 55 1.00FTO 1 11 Nov. 2008 -79.9 -149.7 3.60 3.51 - 117 1.87MRO 7 12 Nov. 2008 334.4 334.4 - - 3.25 848 1.00SLTRO 91 13 Nov. 2008 66.8 66.8 - - 3.25 139 1.00SLTRO 182 13 Nov. 2008 41.6 41.6 - - 3.25 127 1.00MRO 7 19 Nov. 2008 338.0 338.0 - - 3.25 851 1.00MRO 7 26 Nov. 2008 334.5 334.5 - - 3.25 836 1.00LTRO 91 27 Nov. 2008 42.2 42.2 - - 3.25 161 1.00MRO 7 3 Dec. 2008 339.5 339.5 - - 3.25 787 1.00FTO 1 9 Dec. 2008 -137.5 -152.7 3.05 2.94 - 95 1.11MRO 7 10 Dec. 2008 217.9 217.9 - - 2.50 783 1.00STRO 42 10 Dec. 2008 134.9 134.9 - - 2.50 139 1.00SLTRO 91 11 Dec. 2008 55.9 55.9 - - 2.50 105 1.00SLTRO 182 11 Dec. 2008 38.1 38.1 - - 2.50 96 1.00MRO 6 17 Dec. 2008 209.7 209.7 - - 2.50 792 1.00LTRO 98 18 Dec. 2008 50.8 50.8 - - 2.50 169 1.00MRO 7 23 Dec. 2008 223.7 223.7 - - 2.50 640 1.00MRO 7 30 Dec. 2008 238.9 238.9 - - 2.50 629 1.001) MRO = main refinancing operation; LTRO = longer-term refinancing operation; SLTRO = supplementary longer-term refinancingoperation; STRO = special-term refinancing operation.2) Positive amounts in the case of liquidity-providing operations; negative amounts in the case of liquidity-absorbing operations.266 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
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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 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 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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