Debt securities Bonds and notes Money market instruments

Of dated stocks in market hands as at 31 March .

Debt securities Bonds and notes Money market instruments Euro

Debt securities US Dollar Bonds and notes Money market instruments

Debt securities Other currencies Bonds and notes Money market instruments

( 5 ) bank to bank charges for customer payments

( e ) Primary and secondary market , Euro bonds and domestic straight bonds , convertibles , floating rate notes , CDs , short and mediumterm notes .

Some segments of the capital market which had previously been underdeveloped , such as the corporate bond market , have grown significantly .

Bonds that are issued simultaneously on the domestic and the euro market , privately issued bonds .

Money market rates , government bond yields , stock market indices monthly data from January 1994 .

the foreign reserves , all issued by non euro area residents

Short term interest rates ( Three month interbank rates

Settlement account balances ( liabilities ) , including the float of giro transfers

GDP represents the value of all the goods and services produced by an economy over a specified period .

The decision to purchase covered bonds outright was taken in order to support the covered bond market , which is a very important financial market in Europe and a primary source of financing for banks .

Marketable notes and bonds , bills , zero bonds , money market paper , all issued by non euro area residents

Marketable notes and bonds , bills , zero bonds , money market paper , all issued by non euro area residents

Settlement account balances ( liabilities ) , including the float of giro transfers

The amalgamation of infrastructures for large value payments and the restructuring of interbank activities have already altered the traditional channels for contagion at the liquid end of the market . Page 7 of 10

quantitative monetary easing in March 2001 aimed at providing ample liquidity and keeping short term interest rates close to zero percent . Over the second half of 2001 , long term bond yields did not decline further , reflecting market participants increasing concerns about the high level of issuance , and lowered credit ratings , of Japanese government debt .

The nominal bond yields are derived from the market prices of French fixed income bonds which also mature in 2009 .

Portfolio investment Equity securities Debt securities Bonds and notes Money market instruments III .

The nominal bond yields are derived from the market prices of French fixed income bonds which also mature in 2009 . 20

( c ) bank to bank transfers to request the movement of funds between financial institutions

5 Estonia does not have a developed market for long term bonds denominated in domestic currency .

Accruals and income collected in advance Nominal value , foreign exchange translated at market rate

notes and bonds , bills , zero bonds , money market paper held outright , including government securities stemming from before EMU , denominated in euro .

The covered bond purchases fostered primary issuance and reduced the particularly elevated spreads in this market .

If the ECB purchases their bonds, governments will be able to ignore market pressure.

Settlement account balances ( liabilities ) , including the float of giro transfers

This indicates that in 2005 market participants expected fairly limited near term yield fluctuations in the euro area bond market .

Note The real bond yields are derived from the market prices of French bonds which are indexed to the French CPI ( excluding tobacco ) and mature in 2009 .

Furthermore , the ECB calls for caution when designing measures on limits to inter bank exposures as the proposed measures should avoid impairing the smooth flow of liquidity within the inter bank market .

Net pension liabilities

The tight liquidity conditions and high interbank overnight rates resulting from the underbidding improved the understanding in the money market that the banking community cannot use underbidding as a profit making strategy .

Note The real bond yields are derived from the market prices of French bonds which are indexed to the French CPI ( excluding tobacco ) and mature in 2009 . The nominal bond yields are derived from the market prices of French fixed income bonds which also mature in 2009 .

Note The real bond yields are derived from the market prices of French bonds which are indexed to the French CPI ( excluding tobacco ) and mature in 2009 .

requirements to uphold market efficiency and integrity including transparency obligations ( articles 23 28 )

It comprises the President and the Vice President of the ECB and four other members appointed by common accord by the Heads of State or Government of the countries that have adopted the euro . Financial intermediary a company or an institution which serves as an interface between borrowers and lenders , for example , by collecting deposits from the public and making loans to households and businesses .

It comprises the President and the Vice President of the ECB and four other members appointed by common accord by the Heads of State or Government of the countries that have adopted the euro . Financial intermediary a company or an institution which serves as an interface between borrowers and lenders , for example , by collecting deposits from the public and making loans to households and businesses .

It comprises the President and the Vice President of the ECB and the governors of the national central banks of all EU Member States . Governing Council the supreme decision making body of the ECB .

Short term interest rate differentials against Germany ( three month interbank rates

Items in course of settlement Settlement account balances ( liabilities ) , including the float of giro transfers

This decision aimed to support the covered bond market , which is a very important segment of the financial market in the euro area and a primary source of financing for banks .

Bonds that are placed simultaneously on the market of at least two countries and are denominated in a currency which need not be that of either , usually through an international syndicate of financial corporations of several countries , global bonds .