Annual Report 2004

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The table below shows the annual average figures of banknotes in circulation during the past five years: Banknotes in circulation, annual average 1 Change EUR million EUR million % 2000 12,851 +756 +6.3 2001 12,519 —332 —2.6 2002 8,887 —3,632 —29.0 2003 9,913 +1,026 +11.5 2004 11,751 +1,838 +18.5 1 The values for 2000 and 2001 represent schilling banknotes in circulation. In 2002 the figures cover both euro banknote circulation liabilities and schilling banknotes in circulation. From 2003, the figures refer exclusively to euro banknote circulation liabilities. 2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro This item consists of the following accounts: Dec. 31, 2003 Dec. 31, 2004 Change EUR million EUR million EUR million % 2.1 Current accounts (covering the minimum reserve system) 4,254.943 3,993.473 —261.470 —6.1 2.2 Deposit facility 0.450 6.570 +6.120 — 2.3 Fixed-term deposits — — — — 2.4 Fine-tuning reverse operations — — — — 2.5 Deposits related to margin calls — — — — Total 4,255.393 4,000.043 —255.350 —6.0 2.1 Current accounts (covering the minimum reserve system) This subitem contains primarily credit institutionsÕ accounts that are used to hold minimum reserves. BanksÕ minimum reserve balances have been remunerated on a daily basis since January 1, 1999, at the prevailing interest rate for the EurosystemÕs main refinancing operations. Following a consultation of euro area credit institutions, the Governing Council of the ECB 7 decided to change the reserve maintenance period in 2004. Accordingly, the maintenance period now starts on the settlement day of the main refinancing operation following the meeting of the Governing Council at which the monthly assessment of the monetary stance is prescheduled. To facilitate the transition to the new system, the first transition reserve maintenance period lasted until March 9, 2004. 7 Regulation (EC) No 1745/2003 of the European Central Bank of 12 September 2003 on the application of minimum reserves (ECB/2003/9). Financial Statements Annual Report 2004 × 103
Financial Statements 2.2 Deposit facility The deposit facility refers to overnight deposits placed with the OeNB by AustrianbanksthataccesstheEurosystemÕs liquidity-absorbing standing facility at the prespecified rate. In 2004, the volume of such transactions averaged EUR 18.319 million. 5 Liabilities to other euro area residents denominated in euro Closing balance Dec. 31, 2004 EUR 7.626 million Closing balance Dec. 31, 2003 EUR 18.485 million Change —EUR 10.859 million —58.7% This item comprises general government deposits of EUR 6.903 million and current account deposits of credit institutions that are not subject to minimum reserve requirements and of nonbanks. 6 Liabilities to non-euro area residents denominated in euro Closing balance Dec. 31, 2004 EUR 6.293 million Closing balance Dec. 31, 2003 EUR 2.378 million Change +EUR 3.915 million +164.7% This item contains euro-denominated liabilities to non-Eurosystem central banks and monetary institutions. 9 Counterpart of Special Drawing Rights allocated by the IMF Closing balance Dec. 31, 2004 EUR 204.040 million Closing balance Dec. 31, 2003 EUR 210.915 million Change —EUR 6.875 million —3.3% This item represents the counterpart in euro of the SDR 179 million allocated gratuitously to the OeNB, measured at current market values on the balance sheet date. The OeNB was allocated SDRs in six installments from 1970 to 1972 and from 1979 to 1981, always on January 1. 10 Intra-Eurosystem liabilities Closing balance Dec. 31, 2004 EUR 9,000.500 million Closing balance Dec. 31, 2003 EUR 3,063.716 million Change +EUR 5,936.784 million +193.8% In the financial statements for 2004, this item shows the net liabilities arising from balances of TARGET accounts with the 11 other Eurosystem central banks as well as the remaining 3 ESCB central banks (the Bank of England, Sveriges Riksbank and Danmarks Nationalbank) on the one hand and with the ECB on the other hand. Moreover, this item covers the net result at yearend of the difference between monetary income to be pooled and distributed, the balances arising from the redistribution of ECB seignorage income as well as the balances arising from the correspondent accounts 8 of individual NCBs. The individual bilateral end-ofday balances of the OeNB with the other NCBs are netted by novating them to the ECB. The ECB remunerates the net balance at the prevailing interest rate for the EurosystemÕs main refinancing operations. On December 31, 2003, this item consisted exclusively of net liabilities related to the allocation of euro banknotes within the Eurosystem. 8 The correspondent accounts may be used for a limited number of transactions in case of temporary disruptions of TARGET. 104 × Annual Report 2004
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√ Oesterreichische Nationalbank S
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ˆ Report on the Financial Year 200
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In 2004 the global economy expanded
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Financial Statements of the Oesterr
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GeneralCouncil(Generalrat),StateCom
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Organization Chart President Herber
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ˆ Report of the Governing Board (D
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The Eurosystem Secures Price Stabil
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The OeNB as a Competent Partner in
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Competition and transparency in cas
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Integration of Payment Services in
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Annual Report 2004

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