Annual Report 2010 03 August 2011 - Banka Qendrore e ...
Annual Report 2010 03 August 2011 - Banka Qendrore e ... Annual Report 2010 03 August 2011 - Banka Qendrore e ...
Annual Report 2010 CBK Greece and Portugal. Returns from investments serve as a good benchmark and at the same time as a good point to compare the financial instruments of EU countries with Germany, which sustained a considerable expansion that was more significant during the last quarter of 2010. While return from investment in short-term securities of Germany reached the point of 0.40 percent, those of Portugal culminated at 4 percent. In November 2010, return from investment 10-year credit default swaps of Ireland increased to 9 percent. This is because the main countries of Europe, Germany and France agreed that private investors should pay for risks taken during investments in Ireland to avoid the entire barded fall on EU taxpayers. In July 2010, all state and corporate credit default swaps in Ireland were sold due to a risk of infection of the other European countries. EONIA (Euro Overnight Index Average) started relatively low in the first part of 2010, but it had a growing trend during the third and fourth quarters, making overnight investments of CBK portfolio generate satisfactory profits. In October 2010, the decline of EONIA driven by turbulences in European debt market was compensated by a considerable growth in the end of the year. One-week and one-month interest rates given by corresponding banks have also recorded a growing trend, making short-term investments the most favorable category of asset invested in CBK portfolio. Average EONIA for 2010 was 0.44 percent, while it reached the highest point of 0.87 percent on 30 September 2010. European Central Bank (ECB) kept maintaining key refunding ratio of 1 percent throughout 2010. Keeping short-term ratios relatively low, ECB created simultaneously conditions for an accommodating monetary policy in the region. This oriented investors towards capital markets that were more liquid and created other conditions for the credit default swaps prices to continue declining. Establishment of the financial assistance mechanism, respectively the European Financial Stability Facility, in May 2010, which aimed at assisting the Euro-zone countries in emergency liquidity needs, it created a stability in the market making the returns from investment in securities of Portugal, Spain and Ireland start decreasing in the end of 2010. Liquidity injection in European market to save Ireland and preparation to intervene in Portugal created a temporary security in money market. Private investors and institutions benefited from the instable situation, buying Portuguese and Greek securities which provided high returns. During this period, CBK invested a small part of assets in debt market in short-term instruments, generating profits and maintaining a low level of market risk and failure risk. Commercial banks of EU countries outside the public debt crisis had a stable performance and satisfactory returns throughout 2010. Among the category with sustainable performance are included banks of Austria, Germany, France, Netherlands and Scandinavian countries. Considering their risk return profile, investments in short-term deposits of CBK were concentrated in the safest banks in this region. Average time horizon for investments in short-term deposit in 2010 was 9 days. 5.4. Interbank payment System Interbank Electronic Clearing System Development of an efficient and safe system for domestic payments, as a key standard of the financial infrastructure, is one of the CBK primary functions. Interbank Electronic Clearing System (IECS) operated by CBK is the only interbank payment system in the Republic of Kosovo. IECS functions as a hybrid system which enables interbank channeling of a wide range of payment instruments. 80 |
CBK Annual Report 2010 In 2010, an increase was marked in volume, as well as in IECS transaction ratio and a further advancement was carried out, where we must especially emphasize launching the direct debit scheme. Another important development in the area of payments system was the preparation of the Strategy for developing a national payment system and beginning of its application. Among the developments of particular importance were automation of communication between IECS and the central system of CBK and initiation of some analytical studies for the future development needs. Figure 72. IECS transaction number Figure 73. IECS transaction value 627,702 990,887 1,314,710 2,725,175 3,763,307 3,927,732 1,919,156,425.49 2,325,049,960.63 2,460,258,416.32 3,166,222,722.73 3,975,562,123.68 4,660,207,982.40 2005 2006 2007 2008 2009 2010 Source: CBK (2011) 2005 2006 2007 2008 2009 2010 Source: CBK (2011) In continuation, the volume and amount of transactions prescribed through the IECS were increased by reflecting the relative payment increase without cash and the increase of confidence in the domestic banking system. As in previous years, in 2010, the annual increase of volume as well as amount of IECS transactions was evident. Around 3.9 million transactions with an overall amount of euro 4.66 billion were channelized through IECS during 2010. Figure 74. Average daily IECS transaction number 2,511 3,964 5,259 10,901 15,053 15,711 Figure 75. Average daily IECS transaction value 7,676,626 9,300,200 9,841,034 12,664,891 15,902,248 18,640,832 2005 2006 2007 2008 2009 2010 Source: CBK (2011)) 2005 2006 2007 2008 2009 2010 Source: CBK (2011) The transaction volume increased by 4 percent and transaction amount increased by 17 percent compared to IECS transaction in the previous year. IECS considerable transaction increase can be seen also from the average daily data. The increase of IESC transactions can be seen from daily data. In 2010, the IECS daily transaction amount was around euro 18.6 million, compared to around euro 15.9 million in 2009. Furthermore, in 2010 the IECS daily transaction volume was nearly 15.7 thousand, compared to around 15.1 thousand transaction in 2009. One of the factors that impacted on the increase of the value of IECS transactions, were fiscal transactions from the Post and Telecommunication of Kosovo. Whereas, the increase of the number of interbank payments during this year was not as significant as in the previous years. | 81
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CBK<br />
<strong>Annual</strong> <strong>Report</strong> <strong>2010</strong><br />
In <strong>2010</strong>, an increase was marked in volume, as well as in IECS transaction ratio and a<br />
further advancement was carried out, where we must especially emphasize launching the<br />
direct debit scheme. Another important development in the area of payments system was<br />
the preparation of the Strategy for developing a national payment system and beginning of<br />
its application.<br />
Among the developments of particular importance were automation of communication<br />
between IECS and the central system of CBK and initiation of some analytical studies for<br />
the future development needs.<br />
Figure 72. IECS transaction number<br />
Figure 73. IECS transaction value<br />
627,702<br />
990,887<br />
1,314,710<br />
2,725,175<br />
3,763,307<br />
3,927,732<br />
1,919,156,425.49<br />
2,325,049,960.63<br />
2,460,258,416.32<br />
3,166,222,722.73<br />
3,975,562,123.68<br />
4,660,207,982.40<br />
2005 2006 2007 2008 2009 <strong>2010</strong><br />
Source: CBK (<strong>2011</strong>)<br />
2005 2006 2007 2008 2009 <strong>2010</strong><br />
Source: CBK (<strong>2011</strong>)<br />
In continuation, the volume and amount of transactions prescribed through the IECS were<br />
increased by reflecting the relative payment increase without cash and the increase of<br />
confidence in the domestic banking system. As in previous years, in <strong>2010</strong>, the annual<br />
increase of volume as well as amount of IECS transactions was evident. Around 3.9 million<br />
transactions with an overall amount of euro 4.66 billion were channelized through IECS<br />
during <strong>2010</strong>.<br />
Figure 74. Average daily IECS<br />
transaction number<br />
2,511<br />
3,964<br />
5,259<br />
10,901<br />
15,053<br />
15,711<br />
Figure 75. Average daily IECS transaction<br />
value<br />
7,676,626<br />
9,300,200<br />
9,841,<strong>03</strong>4<br />
12,664,891<br />
15,902,248<br />
18,640,832<br />
2005 2006 2007 2008 2009 <strong>2010</strong><br />
Source: CBK (<strong>2011</strong>))<br />
2005 2006 2007 2008 2009 <strong>2010</strong><br />
Source: CBK (<strong>2011</strong>)<br />
The transaction volume increased by 4 percent and transaction amount increased by 17<br />
percent compared to IECS transaction in the previous year. IECS considerable transaction<br />
increase can be seen also from the average daily data. The increase of IESC transactions<br />
can be seen from daily data. In <strong>2010</strong>, the IECS daily transaction amount was around euro<br />
18.6 million, compared to around euro 15.9 million in 2009. Furthermore, in <strong>2010</strong> the IECS<br />
daily transaction volume was nearly 15.7 thousand, compared to around 15.1 thousand<br />
transaction in 2009. One of the factors that impacted on the increase of the value of IECS<br />
transactions, were fiscal transactions from the Post and Telecommunication of Kosovo.<br />
Whereas, the increase of the number of interbank payments during this year was not as<br />
significant as in the previous years.<br />
| 81
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