ANNUAL REPORT 2008 - Polymer Bank Notes of the World

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USD operationsType oftransaction 1)Date ofsettlementDuration(days)Allottedamount($ billions)Marginalrate (%)Fixed rate(%) (RT) /Fixed swappoints (FX)Total bidamount($ billions)Number ofbiddersBid-coverratioRT 17 Jan. 2008 28 10.0 - 3.95 14.8 22 1.48RT 31 Jan. 2008 28 10.0 - 3.12 12.4 19 1.24RT 27 Mar. 2008 28 15.0 - 2.62 31.2 34 2.08RT 10 Apr. 2008 28 15.0 - 2.82 30.8 32 2.05RT 24 Apr. 2008 28 15.0 - 2.87 30.1 33 2.01RT 8 May 2008 28 25.0 - 2.22 39.5 31 1.58RT 22 May 2008 28 25.0 - 2.10 58.9 54 2.36RT 5 June 2008 28 25.0 - 2.26 64.9 50 2.59RT 19 June 2008 28 25.0 - 2.36 78.5 56 3.14RT 3 July 2008 28 25.0 - 2.34 84.8 57 3.39RT 17 July 2008 28 25.0 - 2.30 90.1 59 3.60RT 31 July 2008 28 25.0 - 2.35 101.7 63 4.07RT 14 Aug. 2008 28 20.0 - 2.45 91.1 66 4.55RT 14 Aug. 2008 84 10.0 - 2.75 38.5 57 3.85RT 28 Aug. 2008 28 20.0 - 2.38 89.2 69 4.46RT 11 Sep. 2008 28 10.0 - 2.53 43.3 53 4.33RT 11 Sep. 2008 84 10.0 - 2.67 31.7 40 3.17RT 18 Sep. 2008 1 40.0 4.00 - 101.7 61 2.54RT 19 Sep. 2008 3 40.0 3.50 - 96.7 64 2.42RT 22 Sep. 2008 1 40.0 3.25 - 82.1 48 2.05RT 23 Sep. 2008 1 40.0 3.30 - 77.6 48 1.94RT 24 Sep. 2008 1 40.0 2.50 - 61.7 40 1.54RT 25 Sep. 2008 1 40.0 2.55 - 72.7 43 1.82RT 25 Sep. 2008 28 25.0 - 3.75 110.1 71 4.40RT 26 Sep. 2008 3 30.0 2.25 - 41.4 33 1.38RT 26 Sep. 2008 7 35.0 4.50 - 82.5 52 2.36RT 29 Sep. 2008 1 30.0 3.00 - 57.4 42 1.91RT 30 Sep. 2008 1 30.7 0.50 - 30.7 32 1.00RT 30 Sep. 2008 1 30.0 11.00 - 77.3 57 2.58RT 1 Oct. 2008 1 50.0 3.25 - 70.9 61 1.42RT 2 Oct. 2008 1 50.0 2.75 - 67.2 55 1.34RT 3 Oct. 2008 3 50.0 2.51 - 82.9 59 1.66RT 6 Oct. 2008 1 50.0 4.00 - 90.9 59 1.82RT 7 Oct. 2008 1 50.0 6.75 - 109.2 67 2.18RT 8 Oct. 2008 1 70.0 9.50 - 122.0 69 1.74RT 9 Oct. 2008 1 100.0 5.00 - 116.2 66 1.16RT 9 Oct. 2008 85 20.0 - 1.39 88.7 70 4.43RT 10 Oct. 2008 4 93.9 0.50 - 93.9 62 1.00RT 14 Oct. 2008 1 98.4 0.20 - 98.4 67 1.00RT 15 Oct. 2008 1 100.0 0.50 - 120.2 70 1.20RT 16 Oct. 2008 7 170.9 - 2.28 170.9 86 1.00FX 23 Oct. 2008 7 3.9 - -2.45 3.9 11 1.00RT 23 Oct. 2008 7 68.0 - 2.03 68.0 61 1.00FX 23 Oct. 2008 28 22.6 - -8.60 22.6 16 1.00RT 23 Oct. 2008 28 101.9 - 2.11 101.9 91 1.00FX 30 Oct. 2008 7 14.5 - -3.03 14.5 16 1.00RT 30 Oct. 2008 7 92.1 - 1.91 92.1 70 1.00FX 6 Nov. 2008 7 1.0 - -3.61 1.0 5 1.00RT 6 Nov. 2008 7 58.6 - 1.53 58.6 47 1.00FX 6 Nov. 2008 84 0.7 - -26.55 0.7 3 1.00RT 6 Nov. 2008 84 70.8 - 1.60 70.8 67 1.00FX 13 Nov. 2008 7 1.0 - -3.22 1.0 7 1.00RT 13 Nov. 2008 7 60.6 - 1.43 60.6 42 1.00FX 20 Nov. 2008 8 0.9 - -3.29 0.9 6 1.00RT 20 Nov. 2008 8 72.5 - 1.48 72.5 52 1.00FX 20 Nov. 2008 28 4.8 - -9.64 4.8 4 1.00RT 20 Nov. 2008 28 52.3 - 1.51 52.3 54 1.00FX 28 Nov. 2008 6 0.8 - -2.53 0.8 6 1.00RT 28 Nov. 2008 6 84.6 - 1.42 84.6 60 1.001) RT = reverse transaction; FX = foreign exchange swap.ECBAnnual Report2008267
USD operationsType oftransaction 1)Date ofsettlementDuration(days)Allottedamount($ billions)Marginalrate (%)Fixed rate(%) (RT) /Fixed swappoints (FX)Total bidamount($ billions)Number ofbiddersBid-coverratioFX 4 Dec. 2008 7 0.8 - -2.28 0.8 6 1.00RT 4 Dec. 2008 7 75.1 - 1.47 75.1 50 1.00FX 4 Dec. 2008 84 1.5 - -13.03 1.5 3 1.00RT 4 Dec. 2008 84 67.5 - 1.42 67.5 53 1.00FX 11 Dec. 2008 7 0.8 - -1.75 0.8 6 1.00RT 11 Dec. 2008 7 57.4 - 1.24 57.4 39 1.00FX 18 Dec. 2008 5 5.1 - -1.30 5.1 7 1.00RT 18 Dec. 2008 5 41.6 - 1.18 41.6 36 1.00FX 18 Dec. 2008 28 0.1 - -6.00 0.1 1 1.00RT 18 Dec. 2008 28 47.6 - 1.28 47.6 47 1.00FX 23 Dec. 2008 16 5.4 - -4.07 5.4 7 1.00RT 23 Dec. 2008 16 52.3 - 1.16 52.3 46 1.00FX 30 Dec. 2008 83 0.1 - -8.30 0.1 2 1.00RT 30 Dec. 2008 83 10.8 - 1.20 10.8 30 1.001) RT = reverse transaction; FX = foreign exchange swap.CHF operationsType oftransaction 1)Date ofsettlementDuration(days)Allottedamount(€ billions)Marginalrate (%)FixedswappointsTotal bidamount(€ billions)Number ofbiddersBid-coverratioFX 22 Oct. 2008 7 15.3 - -6.36 15.3 50 1.00FX 29 Oct. 2008 7 13.6 - -6.04 13.6 33 1.00FX 5 Nov. 2008 7 15.0 - -6.84 15.0 36 1.00FX 7 Nov. 2008 84 0.9 - -60.22 0.9 6 1.00FX 12 Nov. 2008 7 10.6 - -6.97 10.6 35 1.00FX 19 Nov. 2008 7 12.5 - -6.95 12.5 38 1.00FX 21 Nov. 2008 84 0.5 - -65.17 0.5 7 1.00FX 26 Nov. 2008 7 13.7 - -8.23 13.7 37 1.00FX 3 Dec. 2008 7 13.9 - -8.23 13.9 36 1.00FX 5 Dec. 2008 84 0.5 - -84.15 0.5 6 1.00FX 10 Dec. 2008 7 12.8 - -6.19 12.8 29 1.00FX 17 Dec. 2008 6 9.7 - -5.49 9.7 28 1.00FX 19 Dec. 2008 84 0.7 - -70.63 0.7 6 1.00FX 23 Dec. 2008 7 11.6 - -6.25 11.6 29 1.00FX 30 Dec. 2008 8 15.8 - -6.97 15.8 36 1.001) FX = foreign exchange swap.268 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
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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 266 and 267: OPEN MARKET OPERATIONS BY CURRENCYE
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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