Other external assets Nominal value , translation at the foreign exchange market rate

for each reference market , the Eurosystem defines the most representative price to be used for the calculation of market values .

Other external assets Nominal value , trans lation at the foreign exchange market rate

( d ) Other external assets Nominal value , translation at the foreign exchange market rate

( d ) Other external assets Nominal value , translation at market Foreign exchange rate

( d ) Other external assets Nominal value , translation at the year end foreign exchange market rate

( a )( i )

Other external assets Nominal value , translation at the foreign exchange market rate

The projections , which are published twice a year , form part of the second pillar of the monetary policy strategy of the European Central Bank ( ECB ) and are one of several inputs into the Governing Council 's assessment of the risks to price stability . Quick tender the tender procedure used by the Eurosystem for fine tuning operations .

Money market the market in which short term funds are raised , invested and traded using instruments which generally have an original maturity of up to and including one year . Open market operation an operation executed on the initiative of the central bank in the financial markets involving one of the following transactions ( i ) buying or selling assets outright ( spot or forward )

As for the instruments used , reverse transactions are the main open market instrument of the Eurosystem and can be employed in all four categories of operations .

This implies that if the market value of the underlying assets falls below the lower trigger point , counterparties have to supply additional assets ( or cash ) .

On a daily basis , national central banks calculate the required value of underlying assets taking into account changes in outstanding credit volumes , the valuation principles outlined in Section 6.5 and the required valuation haircuts .

Valuation principles for underlying assets When determining the value of underlying assets used in reverse transactions , the Eurosystem applies the following principles Marketable assets For each eligible marketable asset , the Eurosystem defines the most representative price source to be used for the calculation of the market value .

Market value

Maintenance periods begin on the settlement day of the first main refinancing operation following the meeting of the Governing Council at which the monthly assessment of the monetary policy stance is pre scheduled .

The value of their assets matters to them.

Main refinancing operations are conducted through weekly standard tenders and normally have a maturity of one week . Maintenance period the period over which compliance with reserve requirements is calculated .

Assets or claims ( from defaults ) Cost ( converted at the foreign exchange market rate at the time of the acquisition if financial assets are denominated in foreign currencies ) Nominal value

In practice , most national central banks require additional collateral whenever the haircut adjusted market value of the collateral pool falls below the total amount to be covered .

( b ) Market value

Initial Market Value

Ending Market Value

Pooling system see collateral pooling system . Post fixed coupon a coupon on floating rate instruments which is determined on the basis of the values taken by the reference index on a certain date ( or dates ) during the coupon accrual period .

Reserve requirement the requirement for institutions to hold minimum reserves with the central bank . Within the minimum reserve framework of the Eurosystem , the reserve requirement of a credit institution is calculated by multiplying the reserve ratio for each category of items in the reserve base with the amount of those items on the institution 's balance sheet .

In practice , most national central banks require additional collateral whenever the haircut adjusted market value of the collateral pool falls below the total amount to be covered .

2. Also takes note of the significant increase in the market value of the Fund's assets and the positive returns achieved during the biennium

Variation margins ( marking to market ) The Eurosystem requires the haircut adjusted market value of the underlying assets used in its liquidityproviding reverse transactions to be maintained over time .

Variation margins ( marking to market ) The Eurosystem requires the haircut adjusted market value of the underlying assets used in its liquidity providing reverse transactions to be maintained over time .

Similarly , if the market value of the underlying assets , following their revaluation , were to exceed the upper trigger point , the national central bank would return the excess assets ( or cash ) to the counterparty ( see Box 9 ) ,

Nominal value , translation at foreign exchange market rate

Nominal value , translation at the year end foreign exchange market rate

Similarly , if the market value of the underlying assets , following their revaluation , were to exceed the upper trigger point , the national central bank would return the excess assets ( or cash ) to the counterparty ( see Box 8 ) .

If , after valuation , the underlying assets do not match the requirements as calculated on that day , symmetric margin calls are performed . In order to reduce the frequency of margin calls , national central banks may apply a trigger point .

The market or theoretical value of a debt instrument is calculated including accrued interest .

The market or theoretical value of a debt instrument is calculated including accrued interest .

They normally end on the day preceding the similar settlement day in the following month . Under special circumstances , the published calendar may be amended , depending , among other things , on changes in the schedule of Governing Council meetings .

for principal amounts , the current market value of the difference between the expected future market values of the amounts to be re exchanged and the amounts specified in the contract

( d ) Other external assets Nominal value , translation at the year end foreign exchange market rate

It is defined as the ratio of the planned or actual government deficit to gross domestic product at current market prices , while the government deficit is defined in Protocol No. 20 ( on the excessive deficit procedure ) as net borrowing of the general government .

The change in the size of the own funds portfolio during 2003 reflects the interest income earned and the change in the market value of the assets in the portfolio .

Nominal value , translation at the foreign exchange market rate Nominal value , translation at the market rate

( d ) Other external assets Nominal value , translation at the year end foreign exchange market rate

The value of the assets held by the plan is based on a valuation by the external fund manager , using year end market prices .

Similarly , if the value of the underlying assets , following their revaluation , were to exceed the amount owed by the counterparties plus the variation margin , the central bank would return the excess assets ( or cash ) to the counterparty . Marginal interest rate the interest rate at which the total tender allotment is exhausted .