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SDRs equivalent to EUR 38.831 million.<br />
Interest credited, above all<br />
remunerations of the participation<br />
in the IMF, boosted holdings by<br />
EUR 11.368 million.<br />
No purchases arising from designations<br />
by the IMF were effected in<br />
<strong>2004</strong>. Principally, the OeNB continues<br />
to be obliged under the IMFÕs<br />
statutes to provide currency on<br />
demand in exchange for SDRs. Members<br />
designated by the IMF may use<br />
SDRs up to the point at which the<br />
OeNBÕs holdings of SDRs are three<br />
timesashighasitsnetcumulativeallocation.<br />
The OeNBÕs net cumulative<br />
allocation amounted to SDR 179.045<br />
million on December 31, <strong>2004</strong>.<br />
Other claims against the IMF comprise<br />
the OeNBÕs other contributions<br />
to loans under special borrowing<br />
arrangements. In the financial statements<br />
for <strong>2004</strong>, this item relates<br />
exclusively to claims arising from<br />
contributions (SDR 10 million) to<br />
the Poverty Reduction and Growth<br />
Facility (PRGF). The PRGF is a special<br />
initiative designed to support<br />
the IMFÕs objectives by granting the<br />
poorest countries credits at highly<br />
concessional terms in order to finance<br />
economic programs targeted<br />
at fostering economic growth and<br />
ensuring a strong, sustainable recoveryofthebalanceofpayments.<br />
Financial Statements<br />
<strong>Annual</strong> <strong>Report</strong> <strong>2004</strong> ×<br />
89
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