EURO MONEY MARKET SURVEY SEPTEMBER
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1 EURO MONEY MARKET SURVEY SEPTEMBER 29
2 EURO MONEY MARKET SURVEY SEPTEMBER 29 In 29 all ECB publications feature a motif taken from the 2 banknote.
3 European Central Bank 29 Address Kaiserstrasse Frankfurt am Main, Germany Postal address Postfach Frankfurt am Main, Germany Telephone Website Fax Telex ecb d All rights reserved. Reproduction for educational and non-commercial purposes is permitted provided that the source is acknowledged. ISSN (online)
4 CONTENTS 1 COUNTRY BREAKDOWN OF PARTICIPATING BANKS IN THE UNSECURED MARKET 2.1 Turnover analysis 2.2 Maturity analysis Market structure Qualitative assessment 8 3 THE SECURED MARKET Turnover analysis Maturity analysis Market structure Bilateral repos Triparty repos Qualitative assessment 14 4 THE DERIVATIVES MARKET The OTC derivatives market: Turnover analysis The OTC derivatives market: Maturity analysis Qualitative assessment 21 THE SHORT-TERM SECURITIES MARKET 27.1 Turnover analysis in the secondary market 27.2 Qualitative assessment 28 6 CROSS-MARKET ANALYSIS Turnover analysis Maturity analysis Market structure Qualitative assessment 33 ANNEXES 3 ECB September 29 3
5 1 COUNTRY BREAKDOWN OF PARTICIPATING BANKS IN NUMBER OF PARTICIPATING BANKS PER COUNTRY Number of banks AUSTRIA 1 BELGIUM 3 BULGARIA 4 CYPRUS 3 CZECH REPUBLIC 8 DENMARK 2 FINLAND 2 FRANCE 8 GERMANY 17 GREECE 8 HUNGARY 3 IRELAND 6 ITALY 7 LATVIA 4 LITHUANIA 3 LUXEMBOURG 3 MALTA 4 NETHERLANDS POLAND 9 PORTUGAL 14 ROMANIA 3 SLOVAKIA 3 SLOVENIA 3 SPAIN 16 SWEDEN 3 SWITZERLAND 1 UK 17 TOTAL 169 Note: A detailed list of participating banks can be found in Annex I. 4 ECB September 29
6 THE UNSECURED MARKET TURNOVER ANALYSIS Chart 1 Average daily turnover in unsecured cash lending and borrowing (index: cash lending volume in 22 = 1) Lending Borrowing Note: The panel comprised 8 credit institutions in 2 and 21 and 1 credit institutions thereafter. ECB September 29
7 2.2 MATURITY ANALYSIS Chart 2 Maturity breakdown for average daily turnover in unsecured lending (index: cash lending volume in 22 = 1) Chart 3 Maturity breakdown for average daily turnover in unsecured borrowing (index: cash borrowing volume in 22 = 1) Overnight (O/N) Tom/next to 1 month (T/N-1m) 1 month to 3 months (1m-3m) 3 months to 1 year (3m-1y) More than 1 year (>1y) Overnight (O/N) Tom/next to 1 month (T/N-1m) 1 month to 3 months (1m-3m) 3 months to 1 year (3m-1y) More than 1 year (>1y) Note: The panel comprised 8 credit institutions in 2 and 21 and 1 credit institutions thereafter. Chart 4 Maturity-weighted breakdown for average daily turnover in unsecured lending Chart Maturity-weighted breakdown for average daily turnover in unsecured borrowing O/N S/N 1w-1m 3m-6m >1y T/N <1w 1m-3m 6m-1y O/N S/N 1w-1m 3m-6m >1y T/N <1w 1m-3m 6m-1y Note: The panel comprised 169 credit institutions. 6 ECB September 29
8 2.3 MARKET STRUCTURE Chart 6 Geographical counterparty breakdown for unsecured average daily turnover in 28 Chart 7 Geographical counterparty breakdown for unsecured average daily turnover in % other 32.% national 23.7% other 34.3% national 46.9% euro area 42.% euro area Note: The panel comprised 169 credit institutions. ECB September 29 7
9 2.4 QUALITATIVE ASSESSMENT Chart 8 Is the unsecured segment in your opinion efficient? Chart 9 Has the market liquidity in the unsecured market changed with respect to last year? Limitedly Sufficiently Significantly Extremely Has worsened Has not changed Has improved slightly Has improved significantly Note: The panel comprised 1 credit institutions. Chart 1 Counterparty structure of unsecured transactions Chart 11 Trading structure of unsecured transactions National Euro area Other Direct trading Voice broker Electronic trading Note: The panel comprised 1 credit institutions. 8 ECB September 29
10 THE SECURED MARKET 3 3.I TURNOVER ANALYSIS Chart 12 Average daily turnover in secured cash lending and borrowing (index: cash lending volume in 22 = 1) Lending Borrowing Note: The panel comprised 8 credit institutions in 2 and 21 and 1 credit institutions thereafter. ECB September 29 9
11 3.2 MATURITY ANALYSIS Chart 13 Maturity breakdown for average daily turnover in secured lending and borrowing Chart 14 Maturity breakdown for average daily turnover in secured lending and borrowing 9 Overnight (O/N) Tom/next to 1 month (T/N-1m) 9 1 month to 3 months (1m-3m) 3 months to 1 year (3m-1y) More than 1 year (>1y) Note: The panel comprised 1 credit institutions. Chart 1 Maturity-weighted breakdown for average daily turnover in secured lending Chart 16 Maturity-weighted breakdown for average daily turnover in secured borrowing O/N S/N 1w-1m 3m-6m >1y T/N <1w 1m-3m 6m-1y O/N S/N 1w-1m 3m-6m >1y T/N <1w 1m-3m 6m-1y Note: The panel comprised 169 credit institutions. 1 ECB September 29
12 3.3 MARKET STRUCTURE Chart 17 Trading structure breakdown 1 Direct trading Voice broker Electronic trading Note: The panel comprised 1 credit institutions. Chart 18 Geographical collateral breakdown for bilateral repos in 28 Chart 19 Geographical collateral breakdown for bilateral repos in 29 4.% other 4.% other 31.8% national 34.8% national 64.1% euro area 6.7% euro area Note: The panel comprised 169 credit institutions. ECB September 29 11
13 Chart 2 Total repo market breakdown Bilateral Bilateral repos, non-ccp transactions only (reporting started in 29) Triparty repos Bilateral repos, CCP transactions only (reporting started in 29) Note: The panel comprised 1 credit institutions. 3.4 BILATERAL REPOS Chart 21 Maturity breakdown for average daily turnover in the bilateral repo market in 29 Non-CCP CCP O/N T/N S/N <1w 1w-1m 1m-3m >3m Note: The panel comprised 169 credit institutions. 12 ECB September 29
14 3. TRIPARTY REPOS Chart 22 Maturity breakdown for average daily turnover in the triparty repo market O/N T/N S/N <1w 1w-1m 1m-3m >3m Note: The panel comprised 169 credit institutions. ECB September 29 13
15 3.6 QUALITATIVE ASSESSMENT Chart 23 Is the secured segment in your opinion efficient? Chart 24 Has the market liquidity in the secured market changed with respect to last year? Limitedly Sufficiently Significantly Extremely Has worsened Has not changed Has improved slightly Has improved significantly Note: The panel comprised 1 credit institutions. Chart 2 Counterparty structure of secured transactions Chart 26 Trading structure of secured transactions National Euro area Other Direct trading Voice broker Electronic trading Note: The panel comprised 1 credit institutions. 14 ECB September 29
16 THE DERIVATIVES MARKETS 4 4.I THE OTC DERIVATIVES MARKET: TURNOVER ANALYSIS Chart 27 Average daily turnover in the various OTC derivatives markets (index: OTC derivatives volume in 22 = 1) Overnight index swaps (OISs) Foreign exchange swaps (FX swaps) Other interest rate swaps (other IRSs) Cross-currency swaps (Xccy swaps) Forward rate agreements (FRAs) Note: The panel comprised 8 credit institutions in 21 and 1 credit institutions thereafter. ECB September 29 1
17 4.2 THE OTC DERIVATIVES MARKET: MATURITY ANALYSIS Chart 28 Average daily turnover in the OIS segment (index: OIS volume in 22 = 1) Up to 1 month (<1m) 1 month to 3 months (1m-3m) 3 months to 1 year (3m-1y) More than 1 year (>1y) Note: The panel comprised 8 credit institutions in 2 and 21 and 1 credit institutions thereafter. Chart 29 Maturity-weighted breakdown for average daily turnover in the OIS segment <1w 1w-1m 1m-3m 3m-6m 6m-1y >1y Note: The panel comprised 169 credit institutions. 16 ECB September 29
18 Chart 3 Average daily turnover in the other IRS segment (index: other IRS volume in 22 = 1) Up to 2 years (<2y) 2 years to years (2y-y) years to 1 years (y-1y) More than 1 years (>1y) Note: The panel comprised 8 credit institutions in 2 and 21 and 1 credit institutions thereafter. Chart 31 Maturity-weighted breakdown for average daily turnover in the other IRS segment <1y 1y-2y 2y-y y-1y >1y Note: The panel comprised 169 credit institutions. ECB September 29 17
19 Chart 32 Average daily turnover in the FRA segment (index: FRA volume in 22 = 1) Up to 1 week (<1w) 1 week to 1 month (1w-1m) 1 month to 3 months (1m-3m) 3 months to 6 months (3m-6m) 6 months to 1 year (6m-1y) More than 1 year (>1y) Note: The panel comprised 8 credit institutions in 21 and 1 credit institutions thereafter. Chart 33 Maturity-weighted breakdown for average daily turnover in the FRA segment <1w 1w-1m 1m-3m 3m-6m 6m-1y >1y Note: The panel comprised 169 credit institutions. 18 ECB September 29
20 Chart 34 Average daily turnover in the FX swap segment (index: FX swap volume in 22 = 1) Up to 1 month (<1m) 1 month to 3 months (1m-3m) 3 months to 1 year (3m-1y) More than 1 year (>1y) Note: The panel comprised 8 credit institutions in 2 and 21 and 1 credit institutions thereafter. Chart 3 Maturity-weighted breakdown for average daily turnover in the FX swap segment O/N <1w 1w-1m 1m-3m 3m-6m 6m-1y >1y Note: The panel comprised 169 credit institutions. ECB September 29 19
21 Chart 36 Average daily turnover in the Xccy swap segment (index: Xccy swap volume in 22 = 1) Up to 2 years (<2y) 2 years to years (2y-y) years to 1 years (y-1y) More than 1 years (>1y) Note: The panel comprised 8 credit institutions in 2 and 21 and 1 credit institutions thereafter. Chart 37 Maturity-weighted breakdown for average daily turnover in the Xccy swap segment <1y 1y-2y 2y-y y-1y >1y Note: The panel comprised 169 credit institutions. 2 ECB September 29
22 4.3 QUALITATIVE ASSESSMENT Chart 38 Is the OIS segment in your opinion efficient? Chart 39 Has the market liquidity in the OIS market changed with respect to last year? Limitedly Sufficiently Significantly Extremely Has worsened Has not changed Has improved slightly Has improved significantly Note: The panel comprised 1 credit institutions. Chart 4 Counterparty structure of OIS transactions Chart 41 Trading structure of OIS transactions National Euro area Other Direct trading Voice broker Electronic trading Note: The panel comprised 1 credit institutions. ECB September 29 21
23 Chart 42 Is the other IRS segment in your opinion efficient? Chart 43 Has the market liquidity in the other IRS market changed with respect to last year? Limitedly Sufficiently Significantly Extremely Has worsened Has not changed Has improved slightly Has improved significantly Note: The panel comprised 1 credit institutions. Chart 44 Counterparty structure of other IRS transactions Chart 4 Trading structure of other IRS transactions National Euro area Other Direct trading Voice broker Electronic trading Note: The panel comprised 1 credit institutions. 22 ECB September 29
24 Chart 46 Is the FRA segment in your opinion efficient? Chart 47 Has the market liquidity in the FRA market changed with respect to last year? Limitedly Sufficiently Significantly Extremely Has worsened Has not changed Has improved slightly Has improved significantly Note: The panel comprised 1 credit institutions. Chart 48 Counterparty structure of FRA transactions Chart 49 Trading structure of FRA transactions National Euro area Other Direct trading Voice broker Electronic trading Note: The panel comprised 1 credit institutions. ECB September 29 23
25 Chart Is the FX swap segment in your opinion efficient? Chart 1 Has the market liquidity in the FX swap market changed with respect to last year? Limitedly Sufficiently Significantly Extremely Has worsened Has not changed Has improved slightly Has improved significantly Note: The panel comprised 1 credit institutions. Chart 2 Counterparty structure of FX swap transactions Chart 3 Trading structure of FX swap transactions National Euro area Other Direct trading Voice broker Electronic trading Note: The panel comprised 1 credit institutions. 24 ECB September 29
26 Chart 4 Is the Xccy swap segment in your opinion efficient? Chart Has the market liquidity in the Xccy swap market changed with respect to last year? Limitedly Sufficiently Significantly Extremely Has worsened Has not changed Has improved slightly Has improved significantly Note: The panel comprised 1 credit institutions. Chart 6 Counterparty structure of Xccy swap transactions Chart 7 Trading structure of Xccy swap transactions National Euro area Other Direct trading Voice broker Electronic trading Note: The panel comprised 1 credit institutions. ECB September 29 2
27 Chart 8 Is the options segment in your opinion efficient? Chart 9 Has the market liquidity in the options market changed with respect to last year? Limitedly Sufficiently Significantly Extremely Has worsened Has not changed Has improved slightly Has improved significantly Note: The panel comprised 1 credit institutions. Chart 6 Is the futures segment in your opinion efficient? Chart 61 Has the market liquidity in the futures market changed with respect to last year? Limitedly Sufficiently Significantly Extremely Has worsened Has not changed Has improved slightly Has improved significantly Note: The panel comprised 1 credit institutions. 26 ECB September 29
28 THE SHORT-TERM SECURITIES MARKET.I TURNOVER ANALYSIS IN THE SECONDARY MARKET Chart 62 Average daily turnover in outright transactions (index: outright transaction volume in 22 = 1) Government issues Credit institution issues Non-credit institution issues Note: The panel comprised 8 credit institutions in 2 and 21 and 1 credit institutions thereafter. ECB September 29 27
29 .2 QUALITATIVE ASSESSMENT Chart 63 Is the short-term securities segment in your opinion efficient? Chart 64 Has the market liquidity for short-term securities changed with respect to last year? Limitedly Sufficiently Significantly Extremely Has worsened Has not changed Has improved slightly Has improved significantly Note: The panel comprised 1 credit institutions. Chart 6 Counterparty structure of short-term securities transactions Chart 66 Trading structure of short-term securities transactions National Euro area Other Direct trading Voice broker Electronic trading Note: The panel comprised 1 credit institutions. 28 ECB September 29
30 CROSS-MARKET ANALYSIS 6 6.I TURNOVER ANALYSIS Chart 67 Aggregated average daily turnover of the euro money market (index: aggregated average daily turnover volume in 22 = 1) 2 Unsecured Secured Overnight index swaps (OISs) Foreign exchange swaps (FX swaps) Other interest rate swaps (other IRSs) Cross-currency swaps (Xccy swaps) Forward rate agreements (FRAs) Short-term securities (ST-securities) Note: The panel comprised 8 credit institutions in 2 and 21 and 1 credit institutions thereafter. Chart 68 Average daily turnover in various money market segments (index: unsecured transaction volume in 22 = 1) Chart 69 Average daily turnover in various money market segments (index: unsecured transaction volume in 22 = 1) Unsecured Secured OISs FX swaps FRAs Other IRSs Xccy swaps ST-securities Note: The panel comprised 8 credit institutions in 2 and 21 and 1 credit institutions thereafter. ECB September 29 29
31 6.2 MATURITY ANALYSIS Chart 7 Maturity breakdown for various money market segments in 29 (index: unsecured volume = 1) Up to 1 week (<1w) 1 week to 1 month (1w-1m) 1 month to 3 months (1m-3m) 3 months to 6 months (3m-6m) 6 months to 1 year (6m-1y) More than 1 year (>1y) Unsecured Secured OISs FX swaps FRAs Note: The panel comprised 169 credit institutions. 3 ECB September 29
32 6.3 MARKET STRUCTURE Table 1 Concentration of unsecured market activity in 29 Lending Borrowing Top credit institutions Top 1 credit institutions Top 2 credit institutions Table 2 Concentration of secured market activity in 29 Bilateral Bilateral Bilateral Bilateral Triparty Triparty Total Total reverse repos repos reverse repos, repos, reverse repos repos reverse repos repos CCP only CCP only Top credit institutions Top 1 credit institutions Top 2 credit institutions Table 3 Concentration of activity in the OTC derivatives markets and short-term securities in 29 ST-securities OISs Other IRSs FRAs FX swaps Xccy swaps Top credit institutions Top 1 credit institutions Top 2 credit institutions Note: For Tables 1, 2 and 3 the panel comprised 169 credit institutions. ECB September 29 31
33 Chart 71 Lorenz curve: concentration of activity in various market segments in 29 (x axis: percentage of market participants; y axis: percentage of activity) 1 Unsecured Overnight index swaps (OISs) Forward rate agreements (FRAs) Cross-currency swaps (Xccy swaps) Secured Foreign exchange swaps (FX swaps) Other interest rate swaps (other IRSs) Short-term securities (ST-securities) Note: The panel comprised 169 credit institutions. 32 ECB September 29
34 6.4 QUALITATIVE ASSESSMENT Chart 72 Is the euro market (for the different segments) in your opinion efficient? Chart 73 Has the market liquidity in the euro money market changed with respect to last year? Limitedly Sufficiently Significantly Extremely Has worsened Has not changed Has improved slightly Has improved significantly Unsecured FX swaps Repos FRAs Note: The panel comprised 169 credit institutions. OISs Xccy swaps Options Other IRSs ST-securities Futures 1 1 Unsecured FX swaps Repos FRAs OISs Xccy swaps Options Other IRSs ST-securities Futures 1 Chart 74 Counterparty structure of various money market segments in 29 Chart 7 Trading structure of various money market segments in 29 National Euro area Other Direct trading Voice broker Electronic trading Unsecured FX swaps Secured FRAs OISs Xccy swaps Other IRSs ST-securities Unsecured FX swaps Secured FRAs OISs Xccy swaps Other IRSs ST-securities Note: The panel comprised 169 credit institutions. ECB September 29 33
35
36 ANNEX 1 CREDIT INSTITUTIONS PARTICIPATING IN THE 2999 EURO MONEY MARKET SURVEY AT Allgemeine Sparkasse Oberösterreich Bank AG AT Erste Group Bank AG AT Oberbank AG AT Österreichische Volksbanken-AG AT Raiffeisen Zentralbank Oesterreich AG AT Raiffeisenlandesbank Niederösterreich- Wien AG AT Raiffeisenlandesbank Oberösterreich AG AT Raiffeisen-Landesbank Steiermark AG AT UniCredit Bank Austria AG AT UniCredit CAIB AG BE Dexia Banque Belgique BE Fortis Banque BE KBC Bank NV BG BNP Paribas S.A. BG DSK Bank BG Eurobank EFG Bulgaria BG United Bulgarian Bank CH UBS AG CY Bank of Cyprus Public Company Ltd CY Hellenic Bank Public Company Ltd CY Marfin Popular Bank Public Co Ltd CZ ABN AMRO Bank N.V. CZ Česká spořitelna, a. s. CZ Československá obchodní banka, a. s. CZ Citibank Europe plc CZ HSBC Bank plc CZ ING Bank N.V. CZ Komerční banka, a. s. CZ UniCredit Bank Czech Republic a. s. DE Bayerische Hypo- und Vereinsbank AG DE Bayerische Landesbank DE BHF-BANK AG DE Commerzbank AG DE DekaBank Deutsche Girozentrale DE Deutsche Bank AG DE Deutsche Postbank AG DE DZ BANK AG Deutsche Zentral- Genossenschaftsbank DE Hamburger Sparkasse AG DE HSH Nordbank AG DE Landesbank Baden-Württemberg DE Landesbank Berlin AG DE Landesbank Hessen -Thüringen Girozentrale DE Landwirtschaftliche Rentenbank DE SEB AG DE WestLB AG DE WGZ BANK AG Westdeutsche Genossenschafts-Zentralbank DK Danske Bank A/S DK ES ES ES ES ES ES ES ES ES ES ES ES ES ES ES ES FI FI FR FR FR FR FR FR FR FR GB GB GB GB GB GB GB GB GB GB GB GB GB GB GB GB GB GR GR GR GR Nordea Bank Danmark A/S Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) Banco Cooperativo Español, S.A. Banco de Sabadell, S.A. Banco Español de Crédito, S.A. Banco Pastor, S.A. Banco Popular Español, S.A. Banco Santander, S.A. Bankinter, S.A. Barclays Bank, S.A. Caixa d' Estalvis de Catalunya Caja de Ahorros de Galicia Caja de Ahorros del Mediterráneo Caja de Ahorros y M.P. de Madrid Caja de Ahorros y Pensiones de Barcelona Confederación Española de Cajas de Ahorros ING Direct, N.V. S.E Nordea Bank Finland Abp Pohjola Pankki Oyj BNP Paribas Bred - Banque Populaire Calyon Crédit Agricole S.A. Crédit Industriel et Commercial - CIC HSBC France Natixis Société Générale Abbey National Treasury Services plc ABN AMRO Bank N.V. Banco do Brasil SA Banco Espirito Santo SA Barclays Bank plc BNP Paribas Calyon Citibank NA Credit Suisse Deutsche Bank AG Dexia Banque Internationale à Luxembourg SA Goldman Sachs International Bank HBOS Treasury Services plc HSBC Bank plc JP Morgan Chase Bank Lloyds TSB Bank plc The Royal Bank of Scotland plc Alpha Bank, S.A. ATE Bank, S.A. BNP Paribas EFG Eurobank Ergasias, S.A. ANNEX ECB September 29 3
37 GR GR GR GR HU HU HU IE IE IE IE IE IE IT IT IT IT IT IT IT LT LT LT LU LU LU LV LV LV LV MT MT MT MT NL NL NL NL NL PL PL PL PL PL PL PL PL Emporiki Bank of Greece, S.A. HSBC Bank plc National Bank of Greece, S.A. Piraeus Bank, S.A. ING Bank N.V. (Magyarország) Zrt. K and H Bank Zrt. UniCredit Bank Hungary Zrt. Allied Irish Banks plc DePfa-Bank plc Irish Life & Permanent plc Rabobank Ireland plc The Governor and Company of the Bank of Ireland UniCredit Bank Ireland plc Banca IMI Spa Banca Monte dei Paschi di Siena Spa Banca Nazionale del Lavoro Spa (BNL) BNP Paribas S.A. Dexia Crediop Spa Intesa Sanpaolo Spa UniCredit Spa AB SEB bankas AB bankas SNORAS Swedbank, AB Banque et Caisse d'epargne de l'etat, Luxembourg HVB Banque Luxembourg S.A. KBL European Private Bankers S.A. Parex banka Rietumu Banka SEB banka Swedbank Bank of Valletta plc BAWAG Malta Bank Ltd HSBC Bank Malta plc Volksbank Malta Ltd ABN AMRO Bank N.V. Bank Nederlandse Gemeenten N.V. Coöperatieve Centrale Raiffeisen- Boerenleenbank B.A. (Rabobank) F. van Lanschot Bankiers N.V. ING Bank N.V. Bank BPH S.A. Bank Gospodarstwa Krajowego Bank Handlowy w Warszawie S.A. Bank Polska Kasa Opieki S.A. (Bank Pekao S.A.) Bank Zachodni WBK S.A. Deutsche Bank Polska S.A. Kredyt Bank S.A. Powszechna Kasa Oszczędności Bank Polski S.A. (Bank PKO BP) PL PT PT PT PT PT PT PT PT PT PT PT PT PT PT RO RO RO SE SE SE SI SI SI SK SK SK Societe Generale S.A. Oddział w Polsce Banco BPI, SA Banco Comercial Português, SA Banco do Brasil AG - Sucursal em Portugal Banco Espírito Santo, SA Banco Finantia, SA Banco Itaú Europa, SA Banco Santander Totta, SA BANIF-Banco Internacional do Funchal, SA Barclays Bank plc BPN - Banco Português de Negócios, SA Caixa Central - Caixa Central de Crédito Agrícola Mútuo, CRL Caixa Económica Montepio Geral Caixa Geral de Depósitos, SA Deutsche Bank (Portugal), SA Banca Comerciala Romana S.A. BRD - Groupe Societe Generale S.A. RBS Bank (Romania) S.A. Skandinaviska Enskilda Banken AB (publ) (SEB) Svenska Handelsbanken AB (publ) Swedbank AB (publ) Abanka Vipa D.D. Nova Ljubljanska Banka d.d., Ljubljana UniCredit Banka Slovenija d.d. Československá obchodná banka, a.s. Slovenská sporiteľňa, a.s. Všeobecná úverová banka, a.s. (VUB) 2436 ECB September 29
38 ANNEX 2 COORDINATION OF THE 29 ECB EURO MONEY MARKET SURVEY ANNEX The 29 ECB was conducted by a working group comprising staff members from the ECB and NCBs, which reported to the ESCB s Market Operations Committee. ECB September
39
In 2008 all ECB publications feature a motif taken from the 10 banknote.
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