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

3 Table 1. Liquidity in the banking sector between 2001 and 2006 Period NBP bills MF term deposits with the NBP NBP bills share in the total absorption (%) NBP bills and MF term deposits (total absorption) annual average (in mln zloty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

4 Table 2. Use of standing facility and the changes of money market rates between 2001 and 2006 Period Standing facility, annual average (in mln zloty) Marginal lending facility Deposit facility Balance (credit/ deposit) Average reference Deviation of rates from the reference rate in basis points (annual average) rate (%) O/N SW 2W 1M POLONIA Av. dev. of banks current accounts from req. reserve (in mln zloty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igure 1. Surplus of the banking sector liquidity in the years mln PLN Jan-01 Jun-01 Nov-01 Apr-02 Sep-02 Feb-03 Jul-03 Dec-03 May-04 Oct-04 Mar-05 Aug-05 Jan-06 Jun-06 Nov-06 NBP bills MF term deposits with the NBP in zloty

7 $!%'*",'+#&#$!5%,!5',1'-''!"0$!5(&%'$!",'7#!'"2(#&$%2$!" 7'!"2"'78 ",'.'(#$"+%$&$"2,-''!$!"#. %'./",'2"'7#+%#!. %"$!5#('!70'"#('"$#!,-''! %,!5'.+#7",'$'5 &"#'5 &#!'/",'7" $"2#+",'$ '.",'-$&,-''!5. &2 '. %'.+#7C.2",# 5,*="#.2!.",'%,!5'"#",''A $'.''1'2"'7,1'-''! $!"#. %'.:",'''1'"',-''!&#''.!.",'$!"''""'#!",'''1',-''! $!"#. %'.</,$&'"",'7'"$7'",'-$%$!"''""',1'-''!'. %'.!.",'-!. -'"''!",'7,-''!!#'.) ' &"#+",$%,!5'/",'$5!$+$%!"'. %"$#!#+",'$!"''""'+& %" "$#!$!",'$!"'-!0 70'",-''!#-'1'.) Figure 2. Changes in the level of fluctuations of the shortest-term interest rates in the interbank market against the open market operations conducted in the years ,00% 22,00% Introduction of regular basic operations podstawowych Reduction of basic operations` maturity from 28 to 14 days 17,00% Reductions of basic operations` maturity from 14 to 7 days 12,00% 7,00% 2,00% Source: NBP WIBOR O/N WIBOR SW WIBOR 2W WIBOR 1M NBP reference rate NBP lombard rate NBP deposit rate %&' ( )**+,' (& #+",'-!0$!5'%"#&$A $.$"2/7' '.$",",'%&'#+",'-$&$ '/'7$!'." ",'&'1'&#+*4/>C7$&$#!D&#"2#!1'5'$!!.-23/>47$&$#!D&#"2/:$)')*C)3?</,$5,' ",!",'1'5'&'1'&$!>),'+& %" "$#!$!",'&$A $.$"2$!",'7#!'270'"$!$!.$1$. & 7#!",' &"'.+#7,$5,1#&"$&$"2#+ "#!#7# +%"#","''$!.'('!.'!"#+",'%'!"&-!0),'&$"-'&#(''!"",'7#!",&2%,!5'#+",'7#"$7(#"!"+%"#$!:%,!5'$!",' 1'5'&'1'&#+",''&'%"'.+%"#$!5$1'!7#!",%#7('."#",'('1$# 7#!",$!-#& "' "'7<8 7

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

10 ,- -)**+. / &&+ %"'.-2",'%'!"&-!0'&"'."#'1$%$!5 ",'+#'$5!% '!%$'( %,'"!%"$#!/'&"'."#",' '#+('9!.(#"9%%'$#!+!.$! ",'#&$,D&#"2/"!+''.-2",' #('! #77$$#!$!' #),'#77#!5$% &" &#&$%2 +!.,.",'-$55'",'$!",#'"!%"$#!:>?#+'H%,!5'.+!.<),'&'#++#'$5!% '!%$'-2",'%'!"&-!0$!'&"'.7$!&2"#",''H%,!5'#+(" #+",'#&$,7'7-',$(+''($."#",'$!D&#"2)!",'('1$# 2'/",' #('!#77$$#! 'H%,!5'.",'7'7-',$(+''($.$!D&#"2!#"#!&2$",",'- "&#$!",'70'"),#' "!%"$#!"##0(&%'$!",'+$"",''7#!",#+",'2') ' &"#+",'#('"$#!'&"'."##&!.I7'7-',$($!",'/",'( %,'.+#'$5! % '!%$'7#!"$!5"#!'"1&'#+/347$&$#!D&#"2/,$%,+'%"'.",'$!%''$!",'-!0$!5 '%"#&$A $.$"2). + /,'#('"$#!#+",'""'' 2'&"'."#",''1$%$!5#++#'$5!&$-$&$"$'!.'%'$1-&'#+",' ""'' 2/%#!$"$!5$!",'( %,'#++#'$5!% '!%$'-2",'/$!+& '!%'.",'-!0$!5 '%"#&$A $.$"2)#'$5!'H%,!5'"!%"$#!$!''%#!. %"'.(!""#!!'H"#",' 5''7'!"%#!%&.'.-'"''!",'$!$"2#+$!!%'!.",'$!'%'7-'>)!3'%'7-'>/",'$!$"2#+$!!%'!.",'$5!'.!!!'H"#",'5''7'!"#! ( %,'!. &'#+ +#'$5!% '!%$' +# '1$%$!5 +#'$5!&$-$&$"$'!. '%'$1-&'#+",' ""' ' 2!.#!",''1$%$!5($!%$(&'#+*K! 2=),'!!'H$!"#. %'.&$7$"#!",' 1& '#++#'$5!'H%,!5'"!%"$#!$!8",'( %,'#++#'$5!% '!%$'-2",' ("# 3/47$&$#!' #!.",'&' ("#3/47$&$#!' #/$",",'%% 7 &"'.-#& "'.$+''!%' -'"''!",'&'7#!"!.",'( %,'7#!""",''!.#+",'2'!#"'H%''.$!5! 'A $1&'!"#+*/>7$&$#!' #)!/",'5''7'!"'H'% "'.$!*=)C4?'5.",'( %,'#++#'$5!% '!%$'-2",' ),'1& '#+",'%#!. %"'."!%"$#!7#!"'."#/=>7$&$#!D&#"2)#+#'$5!% '!%$' '' #&. +#",'( (#'#+ '1$%$!5",' +#'$5!.'-"#+",' ""' ' 2),' +#'$5!'H%,!5' #('"$#!%#!$"$!5$!",''(27'!"#+",'&$-$&$"$'#+",'""'' 2. '"#",'+#'$5! %'.$"#'''H'% "'.$",",' '#+",'+!.+#7",'+#'$5!% '!%2%%#!",'&.$",",' ),'%%#!"%'.$"'.$",+!.+#7",'' 2-#!.$ '"#+#'$5!70'")!",'$!$"2#+$!!%'$ '.",'-#!.7#!"$!5"#3/7$&$#!' #!.C>/7$&$#! 2'!"#",'+#'$5!70'"),'+!.''"!+''."#",'% '!%2%%#!"$",",'!. 7#!"'."#",''A $1&'!"#+*3/>>*7$&$#!D&#"2),$7#!"!.",'+!."!+''.+#7",' ('1$# 2':3/3C7$&$#!D&#"2<'' '."#%#1'",'&$-$&$"$'. '"#",'%'.$"#+#7",'$ 10

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

12 Figure 3. Average level of the Ministry of Finance term deposits with the NBP in individual months of January February March April May mln PLN June July August September October November December (!",'$!$"2#+$!!%','&.+!.#!",'"'7.'(#$"D&#"2%%#!"$",",' 7#!"$!5"#",'7#!",&21'5'#+>/>7$&$#!D&#"2/$)')",'$7$&7#!"$!",'('1$# 2':>/C7$&$#!D&#"2<),'7#!"%%#!"'.+#C)?#+",''".$&2&$7$"#+.'(#$"/'"+#", $!",' "",'&'1'&#+>)-$&$#!D&#"2)!>",' $!$"2#+$!!%' '.)=?#+",'.$&2&$7$"#+.'(#$"#!1'5'"",'&'1'&#+C-$&$#!D&#"2),'&'1'&#+.'(#$"$!",'&""#2'''$5!$+$%!"&2&#'",!",',$5,'"&'1'&'%#.'.$! =,'!!#.'(#$"&$7$"''$!+#%'!.",'1'5'1& '#+"'7.'(#$"$!",'2'7#!"'. "#*/*47$&$#!D&#"2) Figure 4. Use of MF term deposits limit with the NBP in mln PLN limit of deposits level of deposits 12

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

14 Figure 5. Growth rate of the currency in circulation against inflation in ,0% 15,0% 10,0% 5,0% 0,0% -5,0% I 2000 IV VII X I 2001 IV VII X I 2002 IV VII X I 2003 IV VII X I 2004 IV VII X I 2005 IV VII X I 2006 IV VII X -10,0% CPI annual growth rate of currency in circulation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

15 Figure 6. Growth rate of the currency in circulation against M1 and M3 monetary aggregates % I 2005 II III IV V VI VII VIII IX X XI XII I 2006 II III IV V VI VII VIII IX X XI XII currency in circulation y/y M1 y/y M3 y/y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

16 Figure 7. Level of the currency in circulation and its share in the M3 broad monetary aggregate in2005 and , , % 15,5 15,0 14, m ln P L N 14, I I I I I I I V V V I V I I V I I I I X X X I X I I I I I I I I I V V V I V I I V I I I I X X X I X I I as at the end of month share of the currency in circulation in M3,''&'7'!",$%,%#!"$!'.",'.2!7$%5#",#+",'% '!%2$!%$% &"$#!",'+ ",'.'1'&#(7'!"#+",'!#!9%,(27'!"70'"),$$" "$#!% '.",'2"'7"$%'. %"$#!$!",' &'1'&#+",'% '!%2$!%$% &"$#!,$%,"",'7'"$7'%#!"$- "'."#",'$!%''$!",' (& #+ ",'-!0$!5'%"#&$A $.$"2),'%#!"!" (."'!.$!",'%#!'% "$1'7#!",#+ #-'1'.$",'5."#-#",",'! 7-'!.",'1& '#+"!%"$#!('+#7'.$",",' '#+ 1$# "2('#+%.),'1& '#+",'"!%"$#!('+#7'.$",1$# "2('#+%.$!%''.-2 4/33)37$&$#!D&#"2$!!.7#!"'."#/34C)7$&$#!D&#"2"",''!.#+=/# "#+,$%,)?''",'"!%"$#!#+%,$",.&"",'%,.$('!') Figure 8. Development of the payment cards in mln PLN tys.of the pieces I 2000 II III IV I 2001 II III IV I 2002 II III IV I 2003 II III IV I 2004 II III IV I 2005 II III IV I 2006 II III IV value of tne transactions cunducted with payment cards (left axis) number of payment cards (right axis) 0 16

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igure 9. NBP interest rates in Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec-06 NBP deposit rate NBP reference rate NBP lombard rate 17

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igure 10. Average monthly issue of the NBP bills in 2006 mln PLN , , , , , ,0 0,0 Jan-06 Feb-06 Mar-06 Apr-06 May-06 Jun-06 Jul-06 Aug-06 Sep-06 Oct-06 Nov-06 Dec-06 NBP bills ( 18

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

20 Figure 11. Changes in the level of required and maintained reserves in reserve maintained reserve requirements mln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igure 12. WIBOR and POLONIA fluctuations against NBP interest rates in ,50% 6,00% 5,50% 5,00% 4,50% 4,00% 3,50% 3,00% 2,50% 2,00% 02-Jan Jan Jan Feb Feb Mar Mar Apr Apr May May Jun Jun Jul Jul Jul Aug Aug Sep Sep Oct Oct Nov Nov Dec Dec-06 POLONIA WIBOR O/N WIBOR SW Reference rate Lombard rate Deposit rate 7(,$('$#. +%'",'&5'" +$!!%$& +&#,$%, ' &" $!",' "#!5'" +& %" "$#!#+",' %#77'%$&-!0B% '!"%%#!"-&!%')! %,$" "$#!-!0%! '"!.$!5+%$&$"$'$", ",'%'!"&-!0)+",'&$A $.$"2 (& #%% $!",''!"$'-!0$!52"'7/-!0 '",'deposit facility "",''!.#+",'7$!"'!!%'('$#.)!/ %,$" "$#!"##0(&%'$!'1'27$!"'!!%' ('$#.!.",'1'5'&'1'&#+.'(#$"+%$&$"2$!",'$!.$1$. &7#!",+& %" "'.-'"''!37$&$#! D&#"2$!%"#-'!.34C7$&$#!D&#"2$!'%'7-')!",''1'!"#+",'&$A $.$"2,#"5'/%#77'%$& 23

24 -!072 '",'75$!&&'!.$!5+%$&$"2)!-!0 '.",'I75$!&&'!.$!5+%$&$"2 +# "$7' (" +#7 $!5",'.'(#$" +%$&$"2)!",'&".2#+",' ($&!. '%'7-' 7$!"'!!%'('$#./",'7#!"'&"'."#",'75$!&&'!.$!5+%$&$"2'H%''.'.",#''&"'."#",'.'(#$"+%$&$"2),''#('"$#!''&"$1'&2%#"&2:",'75$!&&'!.$!5+%$&$"2.'"'7$!'",' %'$&$!5#!",'%#"#+",'#1'!$5,".'(#$"$!",'70'"<#'!"$&&#"(#+$":",'.'(#$"+%$&$"2.'"'7$!'",'&#'"'"!#!#1'!$5,".'(#$"<) Figure 13. Standing facilities offered by the NBP against the deviation of WIBOR rates from the NBP reference rate in ,5 1,3 1,0 0,8 0,5 0,3 0,0-0,3-0,5-0,8-1,0-1,3-1,5 01-Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec-06 percentage points mln PLN deposit facility (right axis) WIBOR O/N deviation WIBOR SW deviation marginal lending facility (right axis) beginning of the maintenance period Negative values on the right axis indicate reduced liquidity of the banking sector (deposits placed at the NBP), whereas positive values indicate provided liquidity (marginal lending facility offered by the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

25 Figure 14. Liquidity conditions and use of the standing facilities of the central bank in November and December ,5 1,0 0,5 0,0-0,5-1,0-1,5 30-Nov Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-06 percentage points mln PLN deposit facility (right axis) marginal lending facility (right axis) WIBOR O/N deviation WIBOR SW deviation Negative values on the right axis indicate reduced liquidity of the banking sector (deposits placed with the NBP), whereas positive values indicate provided liquidity (marginal lending facility offered by the NBP). 7( ",# &.-''7(,$'.",".'($"'",'#-'1-&'('$#.$%&"#!5'+& %" "$#!#+$!"''""'$! ",'1'5'.'1$"$#!#+;+#7",''+''!%'"'7&'!."##."* -$(#$!"/,'' $! > $" 7#!"'."# *-$(#$!"),' 1'5'.'1$"$#!#+ +#7",''+''!%'"'$!7#!"'."#-$(#$!"/$)')"",'&'1'&$7$&"#","#+ >) 25

26 *+ (, *, #$"*-!./,0 Average level of NBP bills Average level of central budget deposits with the NBP Average level of overnight deposits Average level of marginal lending facility Total I II III IV V VI VII VIII IX X XI XII Share of the average level of NBP bills in liquidity absorption Share of the average level of central budget deposits with the NBP in liquidity absorption Share of the average level of overnight deposits in liquidity absorption Share of the average level of marginal lending in liquidity absorption Total 2006 I 63,71% 35,97% 0,32% 0,00% 100,00% II 59,72% 39,83% 0,45% 0,00% 100,00% III 70,95% 28,78% 0,27% 0,00% 100,00% IV 73,30% 26,92% 0,31% -0,53% 100,00% V 72,16% 27,57% 0,31% -0,04% 100,00% VI 78,79% 20,64% 0,57% 0,00% 100,00% VII 71,59% 28,01% 0,41% 0,00% 100,00% VIII 73,20% 26,25% 0,55% 0,00% 100,00% IX 70,99% 28,24% 0,77% 0,00% 100,00% X 65,34% 34,62% 0,11% -0,06% 100,00% XI 62,12% 37,17% 0,71% 0,00% 100,00% XII 67,26% 32,70% 1,49% -1,45% 100,00% 26

27 #$* Tender date Payment date Nominal value of sales offers (m zloty) Nominal value of offers to buy (m zloty) Nominal value of accepted offers (m zloty) Average accepted price (for 10,000 zloty) Value in sales price (m zloty) Average yield on bills (annual) (365/360) , ,50% , ,50% , ,50% , ,50% , ,25% , ,25% , ,25% , ,25% , ,00% , ,00% , ,00% , ,00% , ,00% , ,00% , ,00% , ,00% , ,00% , ,00% , ,00% , ,00% , ,00% , ,00% , ,00% , ,00% , ,00% , ,00% , ,00% , ,00% , ,00% , ,00% , ,00% , ,00% , ,00% , ,00% , ,00% , ,00% , ,00% , ,00% , ,00% , ,00% , ,00% , ,00% , ,00% , ,00% , ,00% , ,00% , ,00% , ,00% , ,00% , ,00% , ,00% , ,00% Total 2006:

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

29 2,.+0 Items XII 2005 I 2006 II 2006 III 2006 IV 2006 V 2006 VI 2006 VII 2006 VIII 2006 IX 2006 X 2006 XI 2006 XII 2006 (m zloty) CENTRAL BUDGET: revenues , , , , , , , , , , , , ,99 expences , , , , , , , , , , , , ,93 deficit(-)/surplus(+) ,56-406, , , , , , , , , , , ,94 central budget funds 3 757, , , , , , , , , , , , ,87 MF foreign currency account 3 392, , , , , , , , , ,99 385, , ,04 MF zloty term deposits 0, , , , , , , , , , , ,41 0,00 CURRENCY IN CIRCULATION , , , , , , , , , , , , ,24 CURRENT ACCOUNT 7 880, , , , , , , , , , , , ,61 balance deviation from required reserve 327,12-210,77 571, ,45 181,41 12,57-505, , ,67 302, , ,82 224,11 REFINANCING LOAN 3 055, , , , , , , , , , , , ,17 marginal lending 464,00 0,00 0,00 0, ,00 0,00 0,00 0,00 0,00 0,00 0,00 0, ,24 rediscount 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 INTRADAY CREDIT , , , ,17 0, , , , , , , , ,62 DEPOSIT FACILITY 2 581,81 2,60 0,00 0,00 683,31 0,00 2,10 2,20 3, ,88 10,81 5, ,74 OPEN MARKET OPERATIONS*/ , , , , , , , , , , , , ,00 repo 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 NBP-money market bills<7 days 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 NBP-money market bills 7 -days , , , , , , , , , , , , ,00 POLONIA**/ 3,95% 4,32% 4,15% 4,06% 4,20% 4,02% 4,02% 4,08% 4,02% 3,40% 4,04% 4,00% 5,11% WIBOR O/N 3,61% 4,46% 4,29% 4,14% 4,16% 4,11% 4,10% 4,10% 4,09% 3,47% 4,10% 4,10% 4,18% T/N 4,60% 4,44% 4,30% 4,14% 4,14% 4,12% 4,10% 4,10% 4,10% 4,10% 4,11% 4,10% 4,11% SW 4,60% 4,40% 4,27% 4,15% 4,12% 4,11% 4,11% 4,11% 4,11% 4,11% 4,11% 4,11% 4,11% 2W 4,60% 4,40% 4,25% 4,15% 4,12% 4,11% 4,11% 4,11% 4,11% 4,11% 4,11% 4,11% 4,11% 1M 4,60% 4,40% 4,22% 4,15% 4,12% 4,11% 4,12% 4,12% 4,12% 4,13% 4,13% 4,13% 4,12% 3M 4,60% 4,40% 4,16% 4,17% 4,13% 4,15% 4,21% 4,18% 4,19% 4,22% 4,21% 4,20% 4,20% 12M 4,60% 4,37% 4,10% 4,17% 4,20% 4,28% 4,71% 4,55% 4,60% 4,74% 4,61% 4,53% 4,51% WIBID O/N 3,32% 4,21% 4,10% 3,97% 3,97% 3,94% 3,94% 3,94% 3,94% 3,17% 3,95% 3,93% 3,90% T/N 4,35% 4,20% 4,09% 3,97% 3,97% 3,95% 3,95% 3,95% 3,95% 3,94% 3,96% 3,95% 3,91% SW 4,40% 4,20% 4,08% 3,97% 3,96% 3,96% 3,96% 3,96% 3,96% 3,96% 3,97% 3,97% 3,94% 2W 4,40% 4,20% 4,05% 3,98% 3,96% 3,96% 3,97% 3,97% 3,97% 3,96% 3,97% 3,97% 3,95% 1M 4,40% 4,20% 4,02% 3,98% 3,97% 3,96% 3,97% 3,97% 3,97% 3,97% 3,98% 3,97% 3,96% 3M 4,40% 4,20% 3,96% 3,99% 3,98% 3,99% 4,03% 4,01% 4,01% 4,03% 4,03% 4,02% 4,01% 12M 4,40% 4,17% 3,90% 3,99% 4,02% 4,09% 4,51% 4,35% 4,40% 4,54% 4,42% 4,33% 4,31% USD/PLN ( fix ) 3,2613 3,1630 3,1768 3,2491 3,0841 3,0671 3,1816 3,0831 3,0651 3,1425 3,0631 2,8911 2,9105 EUR/PLN ( fix ) 3,8598 3,8285 3,7726 3,9357 3,8740 3,9472 4,0434 3,9321 3,9369 3,9835 3,8871 3,8166 3,8312 EUR/USD 1,1835 1,2104 1,1875 1,2113 1,2561 1,2869 1,2709 1,2754 1,2844 1,2676 1,2690 1,3201 1,3163 official reserve assets (as at the end of the month) m zloty , , , , , , , , , , , , ,70 m euro , , , , , , , , , , , , ,80 (-purchase) sale of foreign currency -426,07 97,75 473,41-375,00-160, ,44-794,22-881,21-221, ,61 509,43 251,26-657,33 */ - Open market operations are reported as at nominal value. **/ - As of 24 Jan 2005, the NBP calculates POLONIA (POLISH Overnight Index Average) which is the reference rate for O/N deposits accepted or granted among participants of the POLONIA fixing.

30 #$,,%3%%& Item Required reserves Issue of NBP bills Issue/repurchase of NBP bonds Repo/reverse repo Outright Loans for central investments Rediscount loan Marginal lending facility Deposit facility Loan limits Deposits for households Intraday credit 30

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

32 Figure 1. Surplus liquidity of the banking sector in the Czech Republic (daily balance of open market operations) Jan 06 Feb 06 Mar 06 Apr 06 May 06 CZK million Jun 06 Jul 06 Aug 06 Sep 06 Oct 06 Nov 06 Dec (,''!6#2",'$5,""#%2# "",'+$!'9"!$!5#('"$#!"!27#7'!"$!#.'"#%#!"'%" ",'!'H('%"'.%,!5'$!",'-!0$!5'%"#&$A $.$"2!.",'$$7(%"#!",'&'1'&#+",',#"'" "'770'""') "!.$!5+%$&$"$''1'+#",'"-$&$"$#!#+",'&$A $.$"2%#!.$"$#!$!",'70'"),'2&#",' -!0"#'&$7$!"'",',#"5'#+",'&$A $.$"2#"#.'(#$"",' (& $",",'%'!"&-!0"",' '!.#+",'#('"$!5.2),'2$'&.#!",'"!.$!5+%$&$"$'.'"'7$!'",'('7$$-&'('.#+",' +& %" "$#!#+",'%#"#+",'#1'!$5,".'(#$"$!",'$!"'-!070'") Figure 2. Market rates against the official interest rates of the CNB 4,0 3,5 3,0 percentage points 2,5 2,0 1,5 1,0 0,5 0,0 Jan 06 Feb 06 Mar 06 Apr 06 May 06 Jun 06 Jul 06 Aug 06 Sep 06 Oct 06 Nov 06 Dec 06 Jan 07 Basic CNB rate Deposit rate Credit rate CZEONIA PRIBOR 2W 7 5(,' 'A $'. ''1' "' $?),' ''1' +!.-' $!"''" "",'&'1'&#+",' -$% "') 'A $'.''1'7$!"'!!%'('$#.-'5$!$",'1'2+$",.2#+5$1'!7#!",!.'!.#! '.!'.2('%'.$!5",'+$",.2#+",'+#&#$!57#!",) 32

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igure 3. Surplus liquidity of the banking sector in Slovakia (daily balance of open market operations) SKK million Jan 06 Feb 06 Mar 06 Apr 06 May 06 Jun 06 Jul 06 Aug 06 Sep 06 Oct 06 Nov 06 Dec 06 Basic open market operations 7 ( Longer-term open market operations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