ANNUAL REPORT 2008 - Polymer Bank Notes of the World

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Reserve base: the sum of the eligible balance sheet items (in particular liabilities) that constitutethe basis for calculating the reserve requirement of a credit institution.Reserve ratio: the ratio defined by the central bank for each category of eligible balance sheetitems included in the reserve base. The ratio is used to calculate reserve requirements.Reserve requirement: the minimum amount of reserves a credit institution is required to holdwith the Eurosystem over a predefined maintenance period. Compliance with the requirementis determined on the basis of the average of the daily balances in the reserve accounts over themaintenance period.Reverse transaction: an operation whereby the central bank buys or sells assets under a repurchaseagreement or conducts credit operations against collateral.Securities settlement system (SSS): a transfer system for settling securities transactions. Itcomprises all of the institutional arrangements required for the clearing and settlement of securitiestrades and the provision of custody services for securities.Securitisation: the pooling of financial assets, such as residential mortgage loans, and theirsubsequent sale to a special-purpose vehicle, which then issues fixed income securities for sale toinvestors. The principal and interest of these securities depend on the cash flows produced by thepool of underlying financial assets.Settlement risk: the risk that settlement in a transfer system will not take place as expected, usuallyowing to a party defaulting on one or more settlement obligations. This risk comprises, in particular,operational risk, credit risk and liquidity risk.Stability and Growth Pact: the Stability and Growth Pact is intended to serve as a means ofsafeguarding sound government finances in Stage Three of Economic and Monetary Union inorder to strengthen the conditions for price stability and for strong, sustainable growth conduciveto employment creation. To this end, the Pact prescribes that Member States specify medium-termbudgetary objectives. It also contains concrete specifications on the excessive deficit procedure.The Pact consists of the Resolution of the Amsterdam European Council of 17 June 1997 on theStability and Growth Pact and two Council Regulations, namely i) Regulation (EC) No 1466/97of 7 July 1997 on the strengthening of the surveillance of budgetary positions and the surveillanceand coordination of economic policies as amended by Regulation (EC) No 1055/2005 of27 June 2005, and ii) Regulation (EC) No 1467/97 of 7 July 1997 on speeding up and clarifying theimplementation of the excessive deficit procedure as amended by Regulation (EC) No 1056/2005of 27 June 2005. The Stability and Growth Pact is complemented by the ECOFIN Council’s reportentitled “Improving the implementation of the Stability and Growth Pact”, which was endorsedby the Brussels European Council of 22 and 23 March 2005. It is also complemented by the newCode of Conduct entitled “Specifications on the implementation of the Stability and Growth Pactand Guidelines on the format and content of stability and convergence programmes”, which wasendorsed by the ECOFIN Council on 11 October 2005.Standing facility: a central bank facility available to counterparties on their own initiative. TheEurosystem offers two overnight standing facilities: the marginal lending facility and the depositfacility.ECBAnnual Report2008283
Straight-through processing (STP): the automated end-to-end processing of trades/paymenttransfers, including, where relevant, the automated completion of confirmation, matching,generation, clearing and settlement of orders.Systemic risk: the risk that the inability of one participant to meet its obligations in a system willcause other participants to be unable to meet their obligations when due, with possible spillovereffects such as significant liquidity or credit problems that may threaten the stability of the financialsystem. Such inability may be caused by operational or financial problems.TARGET (Trans-European Automated Real-time Gross settlement Express Transfer system):the real-time gross settlement (RTGS) system for the euro.TARGET2: a new generation of the TARGET system which replaces the former decentralisedtechnical structure with a single shared platform offering a harmonised service with a uniformpricing scheme.Treaty: refers to the Treaty establishing the European Community (“Treaty of Rome”). The Treatyhas been amended on several occasions, in particular by the Treaty on European Union (“MaastrichtTreaty”) which laid the foundations for Economic and Monetary Union and contained the Statuteof the ESCB.284 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
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BALANCE SHEET AS AT 31 DECEMBER 200
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PROFIT AND LOSS ACCOUNT FOR THE YEA
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mid-market prices on 30 December 20
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The defined benefit obligation is c
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NOTES ON THE BALANCE SHEET1 GOLD AN
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Eurosystem (see “Banknotes in cir
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(see “Banknotes in circulation”
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values at which the transactions we
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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 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
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ANNUAL REPORT 2008 - Polymer Bank Notes of the World

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