Terms and conditions for MNB s euro liquidity-providing six-month EUR/HUF FX swap tenders

Transcription

1 Terms and conditions for MNB s euro liquidity-providing six-month EUR/HUF FX swap tenders May 2009 A General conditions of becoming a counterparty to the tender From 2 March 2009, the Magyar Nemzeti Bank will introduce euro liquidity-providing six-month EUR/HUF FX swap tenders. Domestic credit institutions undertaking to keep at least constant at its 3 December 2008 value or increase their outstanding domestic corporate lending, after adjusting for exchange rate effects, on a quarterly basis from the second quarter of 2009 until the end of 2009, while the 2009 average of their net foreign liabilities (calculated using month-end data), after adjusting for exchange rate effects, does not fall below the amount outstanding on 3 December 2008 will be eligible to participate in the tenders. Domestic credit institutions participating in the tender undertake to raise new funding in 2009 from non-residents with maturities of more than one year and/or to reduce the value of their total foreign assets, after adjusting for exchange rate effects, up to the euro amount defined by themselves. The MNB will establish a swap line for each credit institutions participating in the tender, equal to the euro amount they have undertaken. In defining new total outstanding liabilities to non-residents, the MNB will take into account new equity raised from non-residents as well as government-guaranteed foreign borrowing, pursuant to Act CIV of 2008 on strengthening the stability of the financial intermediary system. The sum of the individual swap lines of the participating credit institutions cannot exceed EUR 5 billion. Outstanding six-month EUR/HUF FX swaps of credit institutions participating in the tender may reach their swap line at the end of 2009, in a way that the maximum allowable value of their outstanding amount increases at equal monthly rates up to the end of 2009 and then it falls at equal rates up to the end of 200. Domestic credit institutions may apply for registration as counterparties to the euro liquidityproviding six-month EUR/HUF FX swap tenders until 25 February The letter containing the application should be addressed to the MNB s Money and Foreign Exchange Markets Department, indicating the amount of swap line required. The MNB will conclude bilateral agreements with credit institutions willing to participate in euro liquidity-providing six-month EUR/HUF FX swap tenders until 27 February 2009, establishing the amounts of individual swap lines, compliance with the conditions set by the MNB and the monitoring of compliance, as well as the sanctions applicable in the event of non-compliance. B Detailed terms and conditions of the tender Domestic credit institutions agreeing to meet the conditions of becoming a counterparty, as detailed in points A and C, and concluding a bilateral agreement with the MNB to meet those conditions (Counterparties) will be eligible to participate in six-month EUR/HUF FX swap tenders.

2 Counterparties will be able to sell Hungarian forints to the MNB in exchange for euros on the first trading day of the week, at implied euro interest rates (expressed in swap points) set by the MNB. The total outstanding amount of six-month swaps of a Counterparty may not, in any month, exceed the maximum amount defined for that month in the agreement entered into with the MNB (prevailing swap line). The MNB will accept all bids until the prevailing swap line is fully drawn down. The initial exchange rate used in the starting leg of transactions conducted via the euro liquidityproviding six-month EUR/HUF FX swap tender will be equal to the prevailing EUR/HUF market exchange rate. The Bank will keep margin accounts for Counterparties and will mark to market daily all outstanding EUR/HUF FX swap transactions. In respect of these transactions, the sum of the amount on the forint leg, increased by interest, and the amount on the margin account (collectively: forint margin) must reach 05 per cent of the forint equivalent of a Counterparty s euro liabilities to the Bank arising from such transactions. The euro amounts are converted into forints at the Bank s daily official exchange rate. If the forint margin of a Counterparty does not reach the required amount at the time the positions are marked to market daily, the Bank, while simultaneously notifying the Counterparty, will debit the Counterparty s settlement account at the Bank by the amount needed to restore the required margin and will credit the amount to the margin account of the Counterparty. If the forint margin exceeds the required amount at the time the positions are marked to market daily, the Bank will subtract the amount in excess of the required margin from the Counterparty s margin account and add to its settlement account at the Bank. The Bank remunerates the Counterparty s positive balance in the margin account at the prevailing central bank base rate, with interest settled on the Counterparty s settlement account at the Bank on the last day of the month. The Counterparty pays interest to the Bank at the prevailing central bank base rate for the negative balance on the Counterparty s margin account, with interest debited by the Bank to the Counterparty s settlement account at the Bank on the last day of the month. All mutual obligations between the Bank and the Counterparty arising from any maturing as well as new transactions conducted under this and other EUR/HUF FX swap tenders of the Bank, which are for the same value date and denominated in the same currency, will be offset and settled on a net basis, by paying the resulting balance. The payment after payment (PaP) principle will applied to euro liquidity-providing six-month EUR/HUF FX swap tenders, meaning that the MNB will honour its obligation arising from such transactions after the Counterparty has met its settlement obligation. Detailed procedures and conditions for euro liquidity-providing six-month EUR/HUF FX swap tenders Type of operation Time, place and contents of announcement/invitation Eligible counterparties Euro liquidity-providing six-month EUR/HUF FX swap tender The MNB announces the date of settlement of the starting and maturing legs, the technical EUR/HUF exchange rates used in the transactions, as well as the price of euro liquidity, expressed in swap points, at 0:00 a.m. on the first business day of the week on Reuters NBHM and Bloomberg s NBH0 wire service pages Resident credit institutions required to hold minimum reserves with the MNB, with direct membership in VIBER or BKR, agreeing to comply with the terms and of participation set by the MNB and concluding a bilateral agreement on the fulfilment of those conditions with the MNB 2

3 Initiator Business hours/time of acceptance of bids Formal properties and contents of bids Number of bids that an individual bidder can submit Minimum bid amount Modification of bids Time and place of announcement of results Starting exchange rate Daily revaluation and time of margin account operations Fulfilment of euro settlement obligations vis-àvis the MNB Counterparty Between 0:00 a.m. and 0:30 a.m. on the first business day of the week Bids can be submitted through the Reuters Dealing platform or by fax, indicating the euro amount required At least EUR 5 million per bid, as a whole-number multiple of EUR million Of bids received within the deadline for receipt, the one received last will be processed At :30 a.m. on the day of the tender on Reuters NBHM and Bloomberg s NBH0 wire service pages Prevailing EUR/HUF market exchange rate Participating banks will be notified of the results by until 4:00 p.m. Time of account operations: between Notification and VIBER closing To the euro account designated in the standing correspondent accounts of the Magyar Nemzeti Bank used in spot FX market operations To issues not regulated in this document, the Terms and Conditions for Money Market Operations of the Central Bank on Forint and Other Currency Markets apply. C Detailed conditions of becoming a counterparty to the tender and sanctions First condition of participation in the tender The quarterly average amount outstanding of loans to the corporate sector, after eliminating the effect of exchange rate changes, is kept at least level at its value on 3 December 2008 on a quarterly basis over the period from the second quarter of 2009 until the end of 2009, according to the conditions as follows: 2 A - >= 0 i 2 A 0, where A is identical to the A coded Statutory Balance Sheet item as shown in the Appendix. 0= values on 3 December i= average of end-of-month stocks at the end of the calendar quarter. Sanction If a credit institution participating in the tender fails to fulfil this criterion at the end of 2009, the MNB may exclude it from its counterparties to euro liquidity-providing six-month EUR/HUF FX swap tenders. 3

4 2 Second condition of participation in the tender The 2009 average of total net foreign liabilities (calculated using month-end data), after eliminating the effect of exchange rate changes, may not fall below the value on 3 December 2008, as follows: C 70 B 94 C 70 ( j - j ) - ( 0 - B 0 ) >= 0 94, where B and C are identical to the B and C coded Statutory Balance Sheet items as shown in the Appendix. 0= values on 3 December j= average of end-of-month stocks of Sanction If a credit institution participating in the tender fails to fulfil this criterion at the end of 2009, the MNB may exclude it from its counterparties to euro liquidity-providing six-month EUR/HUF FX swap tenders and, for a fixed term, from its counterparties to forint deposit and lending facilities with maturities longer than overnight as well. 3 Condition related to the amount of swap line The credit institution participating in the tender agrees to borrow foreign funds in 2009, up to the amount of the swap line, and/or to reduce the value of its total foreign liabilities, after eliminating the effect of exchange rate changes, relative to their value on 3 December 2008, as follows: 70 B 0-70 B + 4 D - 4 D0 + 3 E + capital increase >= swap limit, where B and D are identical to the B and D coded Statutory Balance Sheet items as shown in the Appendix. E is identical to the corresponding item in Report R2 as shown in the Appendix (balance of payments statistics). Capital increase means provision of capital from external sources by non-resident(s), valued at the prevailing exchange rate. 0= stock on 3 December = stock on 3 December Sanction If a credit institution participating in the tender fails to fulfil this criterion at the end of 2009, the MNB may exclude it from its counterparties to euro liquidity-providing six-month EUR/HUF FX swap tenders and, for a fixed term, from its counterparties to forint deposit and lending facilities with maturities longer than overnight as well. 4

5 Appendix Description Statistics Table Row Column Code Residents - non financial corporates F d A0 Non-financial corporations (excl. associated enterprises) - overdraft credit F d A02 Non-financial corporations (excl. associated enterprises) - bill of exchange - short-term F d A03 Non-financial corporations (excl. associated enterprises) - bill of exchange - long-term - with a maturity of not more than 5 years F d A04 Non-financial corporations (excl. associated enterprises) - bill of exchange - long-term - with a maturity of over 5 years F d A05 Non-financial corporations (excl. associated enterprises) - claims purchased - short-term F d A06 Non-financial corporations (excl. associated enterprises) - claims purchased - long-term - with a maturity of not more than 5 years F d A07 Non-financial corporations (excl. associated enterprises) - claims purchased - long-term - with a maturity of over 5 years F d A08 Non-financial corporations (excl. associated enterprises) -loans granted for purchasing securities - short-term F d A09 Non-financial corporations (excl. associated enterprises) -loans granted for purchasing securities - long-term - with a maturity of not more than 5 years F d A0 Non-financial corporations (excl. associated enterprises) -loans granted for purchasing securities - long-term - with a maturity of over 5 years F d A Non-financial corporations (excl. associated enterprises) - housing loan - short-term F d A2 Non-financial corporations (excl. associated enterprises) - housing loan - longterm - with a maturity of not more than 5 years F d A3 Non-financial corporations (excl. associated enterprises) - housing loan - longterm - with a maturity of over 5 years F d A4 Non-financial corporations (excl. associated enterprises) - other loans - shortterm F d A5 Non-financial corporations (excl. associated enterprises) - other loans - longterm - with a maturity of not more than 5 years F d A6 Non-financial corporations (excl. associated enterprises) - other loans - longterm - with a maturity of over 5 years F d A7 Non-financial corporations (excl. associated enterprises) - financial lease - with a maturity of not more than 5 years F d A8 Non-financial corporations (excl. associated enterprises) - financial lease - with a maturity of over 5 years F d A9 Non-financial corporations (excl. associated enterprises) - authentic repurchase agreement - short-term F d A20 Non-financial corporations (excl. associated enterprises) - authentic repurchase agreement - long-term - with a maturity of not more than 5 years F d A2 Non-financial corporations (excl. associated enterprises) - authentic repurchase agreement - long-term - with a maturity of over 5 years Foreign assets F0 0 3 b-c B0 Cash balance ( only foreign currency) F0 0 8 d B02 Nostro accounts with EMU credit institutions F0 0 9 d B03 Nostro accounts with other non-resident banks F d B04 EMU - government securities - short-term 5

6 F d B05 EMU - government securities - long-term F0 0 5 d B06 EMU - other general government securities - short-term F d B07 EMU - other general government securities - long-term F d B08 Bonds of EMU MFIs - short-term F d B09 Bonds of EMU MFIs - long-term - with a maturity of not F d B0 Bonds of EMU MFIs - long-term - with a maturity of over 2 years F d B Bonds of other EMU residents - short-term F d B2 Bonds of other EMU residents - long-term F d B3 Other non-residents - government securities - short-term F d B4 Other non-residents - government securities - long-term F d B5 Bonds of other non-residents - short-term F0 0 6 d B6 Bonds of other non-residents - long-term F d B7 Investment fund shares of EMU money market funds F d B8 Shares of EMU MFIs F d B9 Shares and investment fund shares of other EMU residents F d B20 Investment fund shares of other non-resident money market funds F d B2 Shares and investment fund shares of other non-residents F0 0 5 d B22 EMU - government securities F0 0 6 d B23 EMU - other general government securities F0 0 7 d B24 Bonds of EMU MFIs - with a maturity of not F0 0 8 d B25 Bonds of EMU MFIs - with a maturity of over 2 years F0 0 9 d B26 Bonds of other EMU residents F d B27 Other non-residents - government securities F0 0 2 d B28 Bonds of other non-residents F d B29 Investment fund shares of EMU money market funds F d B30 Shares of EMU MFIs F d B3 Shares and investment fund shares of other EMU residents F d B32 Investment fund shares of other non-resident money market funds F d B33 Shares and investment fund shares of other non-residents F d B34 Interbank deposits placed with EMU credit institutions - short-term F d B35 Interbank deposits placed with EMU credit institutions - long-term F0 0 7 d B36 Interbank deposits placed with other non-resident banks - short-term F d B37 Interbank deposits placed with other non-resident banks - long-term 6

7 F d B38 Claims on EMU credit institutions - short-term F d B39 Claims on EMU credit institutions - long-term F d B40 Claims on EMU money market funds - short-term F d B4 Claims on EMU money market funds - long-term F d B42 Loans granted to EMU other general government - short-term F d B43 Loans granted to EMU other general government - long-term F d B44 Loans granted to EMU other financial intermediaries and financial auxiliaries - short-term F d B45 Loans granted to EMU other financial intermediaries and financial auxiliaries - long-term - for a maturity of not more than 5 years F0 0 3 d B46 Loans granted to EMU other financial intermediaries and financial auxiliaries - long-term - with a maturity of over 5 years F d B47 Loans granted to EMU insurance corporations and pension funds - shortterm F d B48 Loans granted to EMU insurance corporations and pension funds - long-term - for a maturity of not more than 5 years F d B49 Loans granted to EMU insurance corporations and pension funds - long-term - with a maturity of over 5 years F d B50 Loans granted to EMU non-financial corporations - short-term F d B5 Loans granted to EMU non-financial corporations - long-term - for a maturity of not more than 5 years F d B52 Loans granted to EMU non-financial corporations - long-term - with a maturity of over 5 years F d B53 Consumer credit granted to EMU households and non-profit institutions serving households - short-term F d B54 Consumer credit granted to EMU households and non-profit institutions serving households - long-term - for a maturity of not more than 5 years F d B55 Consumer credit granted to EMU households and non-profit institutions serving households - long-term - with a maturity of over 5 years F d B56 Lending for house purchase to EMU households and non-profit institutions serving households - short-term F d B57 Lending for house purchase to EMU households and non-profit institutions serving households - long-term - for a maturity of not more than 5 years F d B58 Lending for house purchase to EMU households and non-profit institutions serving households - long-term - with a maturity of over 5 years F d B59 Other loans granted to EMU households and non-profit institutions serving households - short-term F d B60 Other loans granted to EMU households and non-profit institutions serving households - long-term - for a maturity of not more than 5 years F d B6 Other loans granted to EMU households and non-profit institutions serving households - long-term - with a maturity of over 5 years F d B62 Claims on other non-resident banks - short-term F d B63 Claims on other non-resident banks - long-term F d B64 Claims on other non-residents - short-term F d B65 Claims on other non-residents - long-term F d B66 Shares of EMU credit institutions F d B67 Shares of EMU other sectors F d B68 EMU shares, participations and other business shares from loan-to-capital conversions 7

8 F d B69 Shares of other non-residents F d B70 Participations and other business shares in other non-residents from loan-tocapital conversions Foreign liabilities F d C0 Liabilities to EMU central government - short-term F d C02 Liabilities to EMU central government - long-term - with a maturity of not F d C03 Liabilities to EMU central government - long-term - maturing over 2 years F d C04 Liabilities to EMU central government from repo transactions F d C05 EMU other general government - sight and current account deposits F d C06 Liabilities to EMU other general government - short-term F d C07 Liabilities to EMU other general government - long-term - with a maturity of not F d C08 Liabilities to EMU other general government - long-term - maturing over 2 years F d C09 Liabilities to EMU other general government from repo transactions F d C0 EMU other financial intermediaries and financial auxiliaries - sight and current account deposits F d C Other liabilities to EMU other financial intermediaries and financial auxiliaries - short-term F d C2 Other liabilities to EMU other financial intermediaries and financial auxiliaries - long-term - with a maturity of not F d C3 Other liabilities to EMU other financial intermediaries and financial auxiliaries - long-term - maturing over 2 years F d C4 Liabilities to EMU other financial intermediaries and financial auxiliaries from repo transactions F d C5 EMU insurance corporations and pension funds - sight and current account deposits F d C6 Other liabilities to EMU insurance corporations and pension funds - shortterm F d C7 Other liabilities to EMU insurance corporations and pension funds - longterm - with a maturity of not F d C8 Other liabilities to EMU insurance corporations and pension funds - longterm - maturing over 2 years F d C9 Liabilities to EMU insurance corporations and pension funds from repo transactions F d C20 EMU non-financial corporations - sight and current account deposits F d C2 EMU non-financial corporations - deposits with agreed maturity - short-term F d C22 EMU non-financial corporations - deposits with agreed maturity - long-term - with a maturity of not F d C23 EMU non-financial corporations - deposits with agreed maturity - long-term - maturing over 2 years F d C24 Liabilities to EMU non-financial corporations from repo transactions F d C25 EMU households and non-profit institutions serving households - sight and current account deposits F d C26 EMU households and non-profit institutions serving households - deposits with agreed maturity - short-term F d C27 EMU households and non-profit institutions serving households - deposits with agreed maturity - long-term - with a maturity of not F d C28 EMU households and non-profit institutions serving households - deposits with agreed maturity - long-term - maturing over 2 years 8

9 F d C29 Liabilities to EMU households and non-profit institutions serving households from repo transactions F d C30 Liabilities to EMU residents from other authentic repurchase agreements F d C3 Deposits of other non-residents - short-term F d C32 Deposits of other non-residents - long-term - with a maturity of not more than 2 years F d C33 Deposits of other non-residents - long-term - maturing over 2 years F d C34 Liabilities to other non-residents from repo transactions F d C35 Liabilities to other non-residents from other authentic repurchase agreements F d C36 Loro accounts of EMU central banks, ECB and MFIs subject to EMU reserve requirements F d C37 Deposits with agreed maturity of EMU central banks, ECB and MFIs subject to EMU reserve requirements - short-term F d C38 F d C39 Deposits with agreed maturity of EMU central banks, ECB and MFIs subject to EMU reserve requirements - long-term - maturing over 2 years F d C40 Loro accounts of other MFIs not subject to EMU reserve requirement F d C4 Deposits with agreed maturity of other MFIs not subject to EMU reserve requirement - short-term F d C42 Deposits with agreed maturity of other MFIs not subject to EMU reserve requirement - long-term - with a maturity of not F d C43 Deposits with agreed maturity of other MFIs not subject to EMU reserve requirement - long-term - maturing over 2 years F d C44 Loro account of other non-resident banks F d C45 Deposits with agreed maturity of other non-resident banks - short-term F d C46 Deposits with agreed maturity of other non-resident banks - long-term - with a maturity of not F d C47 Deposits with agreed maturity of other non-resident banks - long-term - maturing over 2 years F d C48 Loans from EMU central banks, the ECB and MFIs subject to EMU reserve requirements - short-term F d C49 Loans from EMU central banks, the ECB and MFIs subject to EMU reserve requirements - long-term - with a maturity of not F d C50 Loans from EMU central banks, the ECB and MFIs subject to EMU reserve requirements - long-term - maturing over 2 years F d C5 Liabilities from EMU central banks, the ECB and MFIs subject to EMU reserve requirements from repo transactions F d C52 Liabilities from EMU central banks, the ECB and MFIs subject to EMU reserve requirements from authentic repurchase agreements F d C53 Loans from EMU central banks, the ECB and MFIs subject to EMU reserve requirements - called - with a notice of not more than 3 months F d C54 Loans from EMU central banks, the ECB and MFIs subject to EMU reserve requirements - called - with a notice of over 3 months but not more than 2 years F d C55 Loans from other MFIs not subject to EMU reserve requirements - shortterm F d C56 Loans from other MFIs not subject to EMU reserve requirements - long-term - with a maturity of not F d C57 Loans from other MFIs not subject to EMU reserve requirements - long-term - maturing over 2 years F d C58 Liabilities to other MFIs not subject to EMU reserve requirements from repo transactions 9

10 F d C59 Liabilities to other MFIs not subject to EMU reserve requirements from other authentic repurchase agreements F d C60 Loans from other MFIs not subject to EMU reserve requirements - called - with a notice of not more than 3 months F d C6 Loans from other MFIs not subject to EMU reserve requirements - called - with a notice of over 3 months but not F d C62 Other liabilities to other EMU sectors - short-term F d C63 Other liabilities to other EMU sectors - long-term - with a maturity of not F d C64 Other liabilities to other EMU sectors - long-term - maturing over 2 years F d C65 Other liabilities to other EMU sectors - called loan - with a notice of not more than 3 months F d C66 Other liabilities to other EMU sectors - called loan - with a notice of over 3 months but not F d C67 Loans from other non-resident banks - short-term F d C68 Loans from other non-resident banks - long-term - with a maturity of not F d C69 Loans from other non-resident banks - long-term - maturing over 2 years F d C70 Loans from other non-resident banks - called - with a notice of not more than 3 months F d C7 Loans from other non-resident banks - called - with a notice of over 3 months but not F d C72 Liabilities to other international institutions and non-resident governments - short-term F d C73 Liabilities to other international institutions and non-resident governments - long-term - with a maturity of not F d C74 Liabilities to other international institutions and non-resident governments - long-term - maturing over 2 years F d C75 Liabilities to other international institutions and non-resident governments - called loans - with a notice of not more than 3 months F d C76 Liabilities to other international institutions and non-resident governments - called loans - with a notice of over 3 months but not F d C77 Other liabilities to other non-residents - short-term F d C78 Other liabilities to other non-residents - long-term - with a maturity of not F d C79 Other liabilities to other non-residents - long-term - maturing over 2 years F d C80 Other liabilities to other non-residents - called loans - with a notice of not more than 3 months F d C8 Other liabilities to other non-residents - called loans - with a notice of over 3 months but not F d C85 Subordinated loan capital received from non-residents - eligible for regulatory capital/own funds F d C86 Subordinated loan capital received from non-residents - NOT eligible for regulatory capital/own funds F d C87 Supplementary subordinated loan capital received from non-residents F d C88 Property liabilities to non-resident owners F d C89 Other subordinated liabilities to non-residents F d C90 Own debt securities issued on domestic market - EMU member countries F d C9 Own debt securities issued on domestic market - Other non-residents F d C92 Debt securities issued abroad - EMU member countries 0

11 F d C93 Debt securities issued abroad - Other non-residents F d C94 Debt securities issued abroad - Not classifiable by sector Foreign liabilities with original maturity over year F d D0 Liabilities to EMU central government - long-term - with a maturity of not F d D02 Liabilities to EMU central government - long-term - maturing over 2 years F d D03 Liabilities to EMU other general government - long-term - with a maturity of not F d D04 Liabilities to EMU other general government - long-term - maturing over 2 years F d D05 Other liabilities to EMU other financial intermediaries and financial auxiliaries - long-term - with a maturity of not F d D06 Other liabilities to EMU other financial intermediaries and financial auxiliaries - long-term - maturing over 2 years F d D07 Other liabilities to EMU insurance corporations and pension funds - longterm - with a maturity of not F d D08 Other liabilities to EMU insurance corporations and pension funds - longterm - maturing over 2 years F d D09 EMU non-financial corporations - deposits with agreed maturity - long-term - with a maturity of not F d D0 EMU non-financial corporations - deposits with agreed maturity - long-term - maturing over 2 years F d D EMU households and non-profit institutions serving households - deposits with agreed maturity - long-term - with a maturity of not F d D2 EMU households and non-profit institutions serving households - deposits with agreed maturity - long-term - maturing over 2 years F d D3 Deposits of other non-residents - long-term - with a maturity of not more than 2 years F d D4 Deposits of other non-residents - long-term - maturing over 2 years F d D5 F d D6 Deposits with agreed maturity of EMU central banks, ECB and MFIs subject to EMU reserve requirements - long-term - maturing over 2 years F d D7 Deposits with agreed maturity of other MFIs not subject to EMU reserve requirement - long-term - with a maturity of not F d D8 Deposits with agreed maturity of other MFIs not subject to EMU reserve requirement - long-term - maturing over 2 years F d D9 Deposits with agreed maturity of other non-resident banks - long-term - with a maturity of not F d D20 Deposits with agreed maturity of other non-resident banks - long-term - maturing over 2 years F d D2 Loans from EMU central banks, the ECB and MFIs subject to EMU reserve requirements - long-term - with a maturity of not F d D22 Loans from EMU central banks, the ECB and MFIs subject to EMU reserve requirements - long-term - maturing over 2 years F d D23 Loans from other MFIs not subject to EMU reserve requirements - long-term - with a maturity of not F d D24 Loans from other MFIs not subject to EMU reserve requirements - long-term - maturing over 2 years F d D25 Other liabilities to other EMU sectors - long-term - with a maturity of not F d D26 Other liabilities to other EMU sectors - long-term - maturing over 2 years F d D27 Loans from other non-resident banks - long-term - with a maturity of not F d D28 Loans from other non-resident banks - long-term - maturing over 2 years

12 F d D29 Liabilities to other international institutions and non-resident governments - long-term - with a maturity of not F d D30 Liabilities to other international institutions and non-resident governments - long-term - maturing over 2 years F d D3 Other liabilities to other non-residents - long-term - with a maturity of not F d D32 Other liabilities to other non-residents - long-term - maturing over 2 years F d D33 Subordinated loan capital received from non-residents - eligible for regulatory capital/own funds F d D34 Subordinated loan capital received from non-residents - NOT eligible for regulatory capital/own funds F d D35 Supplementary subordinated loan capital received from non-residents F d D36 Other subordinated liabilities to non-residents F d D37 Own debt securities issued on domestic market - EMU member countries F d D38 Own debt securities issued on domestic market - Other non-residents F d D39 Debt securities issued abroad - EMU member countries F d D40 Debt securities issued abroad - Other non-residents F d D4 Debt securities issued abroad - Not classifiable by sector Foreign liabilities due in 2009 R2 LEJ2 g E0 Liabilities due in 2009 R2 LEJ3 d E02 Liabilities due in 2009 E2 E03 Securities issued due in Only held by foreigners. 2