Annual Report 2004

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Primary balance: government net borrowing or net lending excluding interest payments (as defined by ESA 1995) on consolidated government liabilities. Rating: assessment of the creditworthiness of an enterprise against standardized qualitative and quantitative criteria. Ratings are used to determine a debtorÕs probability of default. Repatriation of capital: return of resident investorsÕ foreign investment capital into the home country, which entails the dissolution of external assets, e.g. through the sale of foreign securities or the withdrawal of cash holdings abroad. Retail payments: low-value or customer payments as opposed to largevalue or interbank payments. Return on assets: ratio of net profit after taxes to total assets. Securitization: form of transferring risk from loans or other liabilities by converting them into tradable securities issued by corporations specifically set up to this effect (so-called special purpose entities). Repayment of these securities is contingent on the redemption of the purchased debt instrument (traditional securitization). SEPA: Single Euro Payments Area. Initiative launched by the European banking industry in spring 2002 to establish standards for payment services in Europe. Stability and Growth Pact: framework which is based on two EU regulations issued in 1997 and is intended to serve as a means of safeguarding sound government finances in Stage Three of Economic and Monetary Union (EMU) in order to strengthen the conditions for price stability. Over the medium term, the Stability and Growth Pact requires Member States to post a budget close to balance or in surplus. Stability programs: the euro area countriesÕ annual medium-term government plans and assumptions for the development of key economic and, in particular, budget variables in line with the requirements of the Stability and Growth Pact. Countries not participating in the euro area must submit annual convergence programs under the provisions of the Stability and Growth Pact. Glossary Annual Report 2004 × 127
Glossary STEP2: the first and, to date, only PEACH for intra-EU credit transfers, which started operation in April 2003 and had some 90 direct and around 1,350 indirect participants at year-end 2004. With this system, the Euro Banking Association (EBA) offers credit institutions a technical infrastructure for cost-efficient and swift processing of transactions that meet specific requirements. Transactions must, for instance, be in euro, and both the International Bank Account Number (IBAN) and Bank Identifier Code (BIC) must be correctly indicated on the payment order. The Oesterreichische Nationalbank has been providing access to STEP2 since November 3, 2003. Stress test: analysis of the impact of drastic, yet plausible stress scenarios in terms of credit and market risk on the adequacy of a bankÕs capital. TARGET: Trans-European Automated Real-time Gross settlement Express Transfer. A real-time gross settlement (RTGS) system that processes largevalue euro payments in real time, which consists of the 15 national RTGS systems of the EU-15, the ECB payment mechanism (EPM) and the Interlinking system connecting the individual TARGET components. The ARTIS system operated by the Oesterreichische Nationalbank is the Austrian RTGS system connected to TARGET. TARGET2: next generation of the TARGET system scheduled to start operation in January 2007. A Single Shared Platform (SSP) to be built by the Deutsche Bundesbank, the Banque de France and the Banca dÕItalia will be at the heart of TARGET2, which will offer extended, standardized functionality across Europe at harmonized prices. Tax-to-GDP ratio: the sum of direct, indirect and capital taxes as well as social security contributions (excluding imputed contributions) as a percentage of GDP at market prices. Terms of trade: ratio of a countryÕs export prices to import prices in a single currency. Treaty: refers to the Treaty establishing the European Community and the subsequent amendments. The Treaty was signed in Rome (ÒTreaty of RomeÓ), entered into force on January 1, 1958, and created the European Economic Community (EEC). It was amended by the Treaty on European Union (ÒMaastricht TreatyÓ), which took effect on November 1, 1993, and established the European Union (EU). The Stability and Growth Pact (ÒTreaty of Amsterdam,Ó May 1, 1999) amended both the Treaty establishing the European Community and the Treaty on European Union; the most recent amendment — the ÒTreaty of NiceÓ — entered into force on February 1, 2003. Twin deficit: a general government deficit coinciding with a current account deficit. 128 × 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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ÒStability and SecurityÓ — the
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The OeNBÕs Information Policy —
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The OeNBÕs Information Policy —
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The OeNB — An Innovative, Dynamic
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Page 78 and 79: ˆ Financial Statements of the Oest
Page 80 and 81: Liabilities December 31, 2004 Decem
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Annual Report 2004

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