ECU Statistics September 1992

(1)

Statistical Office of the European Community

© U r O S l Q t

Monetary and Financial Statistics

- September 1992

å

^

F%

ECU

Statistics

Α

^

w

(2)

(3)

ΈΔ

Statistical Office of the European Community

6 U r O S t 3 t

Monetary and Financial Statistics

September 1992

-·.

ECU

Statistics

.

\^m

(4)

(5)

About the EMS,

Swap operations of the EC central banks with the EMCF,

Italian treasury bills (BTE) in ecu,

3 and 6 month UK treasury bills in ecu,

year UK treasury notes in ecu,

French OATs in ecu,

Italian treasury certificats (CTE) in ecu,

Greek ecu linked bonds,

Ecu bond issues since 1981, yearly data,

Ecu bond issues since 1981, monthly data,

Ecu bond issued by type of issuer

Statistics on turnover by instrument

Matif long term ecu interest rate futures,

Matif option on long term ecu interest rate futures,

Liffe short term ecu interest rate futures,

Liffe long term ecu interest rate futures,

Finex ecu futures contract.

Private ecu clearing operations,

Settlement rates used for the private ecu clearing,

Operation rates of the EMCF, interest rates and yields of ecu investments, monthly and yearly data,

Yearly average exchange rates of the ecu,

Erld of year exchange rates of the ecu,

Monthly average exchange rates of the ecu.

Yearly consumer price indices in ecu (1985 = 100),

Yearly growth rates of the consumer price indices in ecu,

Monthly consumer price indices in ecu (1985 = 100),

Monthly growth rates of the consumer price indices in ecu (over 12 months).

3

(6)

(7)

Composition of the ECU basket and bilateral central rates and intervention limits

A-Composition of the ECU basket

13/03/1979

0.828

1.15

0.286

3.66

0.14

109

0.217 0.00759

0.0885

D M

FF

HFL

BFR

LFR

LIT

DKR

IRL

UKL

17/09/1984

0.719

1.31

0.256

3.71

0.14

140

0.219 0.00878

0.0878

1.15 D M

FF

HFL

BFR

LFR

LIT

DKR

IRL

UKL

DRA

21/09/1989

0.6242

1.332 0.2198

3.301

0.13

151.8 0.1976

0.00855

0.08784

1.44

6.885

1.393 D M

FF

HFL

BFR

LFR

LIT

DKR

IRL

UKL

DRA

PTA

ESC

B-Bilateral central rates and intervention limits in use since 14/9/7992

100 BLF

100 DKR

100 D M

100 PTA

100 FF

1 IRL

1000 UT

100 HFL

100 ESC

1 UKL

1 ECU

S

C

B

S

C

B

S

C

B

S

c

B

S

C

B

S

c

B

s

C

B

s

C

B

S

c

B

S

C

B

=

BLF

-553.000

540.723

528.700 2109.50

2062.55

2016.55

32.0080

30.1451

28.3905

628.970

614.977

601.295 56.5115

55.2545

54.0250

26.2867

25.7018

25.1300

1872.15

1830.54

1789.85

251.900

237.241

223.435 64.6050

60.8451

57.3035

42.0639

DKR

18.9143

18.4938

18.0831

-390.160

381.443

373.000 5.91960

5.57496

5.25040

116.320

113.732

111.200 10.4511

10.2186

9.9913

4.86140

4.75325

4.64750

346.240

338.537

331.020 46.5860

43.8747

41.3210

11.9479

11.2526

10.5976

7.77921

DM

4.95900

4.84837

4.74000

26.8100

26.2162

25.6300

-1.55200

1.46155

1.37700

30.4950

29.8164

29.1500

2.74000

2.67894

2.61900

1.27450

1.24612

1.21850

90.7700

88.7526

86.7800

12.2100

11.5023

10.8300

3.13200

2.95000

2.77800

2.03942

PTA

334.619

315.143

296.802 1809.40

1704.05

1604.90

6901.70

6500.00

6121.70

-2057.80

1938.06

1825.30

184.892

174.131

163.997 86.0000

80.9979

76.2800

6125.30

5768.83

5433.10

793.850

747.649

704.130

203.600

191.750

180.590

132.562 FF

16.6310

16.2608

15.8990

89.9250

87.9257

85.9700

343.050

335.386

327.920 5.20480

4.90182

4.61650

-9.18900

8.98480

8.78500

4.27440

4.17932

4.08630

304.440

297.661

291.040 40.9610

38.5772

36.3320

10.50550

9.89389

9.31800

6.83992

IRL

1.85100

1.80981

1.76950

10.00870

9.78604

9.56830

38.1825

37.3281

36.4964

0.579284

0.545568

0.513816

11.3830

11.1299

10.8825

-0.475738

0.465154

0.454806

33.8868

33.1293

32.3939

4.55895

4.29360

4.04371

1.16920

1.10118

1.03710

0.761276

LIT

3979.30

3890.77

3804.20

21517.0

21038.3

20570.0

82068.0

80248.8

78462.0

1245.40

1172.87

1104.60

24472.0

23927.3

23395.0

2198.73

2149.82

2101.99

-72844.0

71222.3

69638.0

9801.00

9230.48

8693.00

2513.64

2367.34

2229.56

1636.61

HFL

5.58700

5.46286

5.34150

30.2100

29.5389

28.8825

115.2350

112.6730

110.1675

1.74856

1.64679

1.55094

34.3600

33.5953

32.8475

3.08700

3.01848

2.95100

1.43600

1.40405

1.37280

-13.7600

12.9601

12.2100

3.52950

3.32389

3.13050

2.29789

ESC

447.560

421.513

396.980 2420.10

2279.22

2146.60

9233.60

8693.93

8190.00

134.920

127.065

119.670 2752.40

2592.21

2441.30

247.299

232.905

219.350 11 5.030

108.337

102.030 8190.00

7715.97

7627.00

-272.320

256.470

241.545

177.305 UKL

1.74510

1.64352

1.54790

9.43610

8.88687

8.36970

35.99700

33.89840

31.92800

0.55374

0.52151

0.49116

10.73200

10.10730

9.51900

0.96424

0.90812

0.85526

0.44852

0.42242

0.39783

31.94500

30.08530

28.33400

4.14000

3.89909

3.67220

-0.691328

DRA

251.202

S = Selling rate C = Bilateral central rate B = Buying rate

2 M 0 / U l l : * î AM H V O T K U . l t t l

(8)

Composition of the ECU basket and bilateral central rates and intervention limits

A-Composition of the ECU basket

13/03/1979

0.828

1.15

0.286

3.66

0.14

109

0.217 0.00759

0.0885

DM

FF

HFL

BFR

LFR

LIT

DKR

IRL

UKL

17/09/1984

0.719

1.31

0.256

3.71

0.14

140

0.219 0.00878

0.0878

1.15 DM

FF

HFL

BFR

LFR

UT

DKR

IRL

UKL

DRA

21/09/1989

0.6242

1.332 0.2198

3.301

0.13

151.8 0.1976

0.00855

0.08784

1.44

6.885

1.393 DM

FF

HFL

BFR

LFR

LIT

DKR

IRL

UKL

DRA

PTA

ESC

B-Bilateral central rates and intervention limits in use since 17/09/92 (1)

100 BLF

100 DKR

100 DM

100 PTA

100 FF

1 IRL

1000 LIT

100 HFL

100 ESC

1 ECU

S

c

B

S

c

B

s

C

B

s

C

B

s

C

B

s

C

B

s

C

B

s

C

B

s

C

B

s

C

B

BLF

-553.000

540.723

528.700 2109.50

2062.55

2016.55

32.0080

30.1451

28.3905

628.970

614.977

601.295 56.5115

55.2545

54.0250

26.2867

25.7018

25.1300

1872.15

1830.54

1789.85

251.900

237.241

223.435 41.9547

DKR

18.9143

18.4938

18.0831

-390.160

381.443

373.000 5.91960

5.57496

5.25040

116.320

113.732

111.200 10.4511

10.2186

9.9913

4.86140

4. 75325

4.64750

346.240

338.537

331.020 46.5860

43.8747

41.3210

7.75901

DM

4.95900

4.84837

4.74000

26.8100

26.2162

25.6300

-1.55200

1.46155

1.37700

30.4950

29.8164

29.1500

2.74000

2.67894

2.61900

1.27450

1.24612

1.21850

90.7700

88.7526

86.7800

12.2100

11.5023

10.8300

2.03412

PTA

352.230

331.729

312.422 1904.60

1793.73

1689.30

7262.20

6842.07

6443.30

-2166.10

2040.06

1921.30

194.623

183.295

172.627 90.5300

85.2606

80.2900

6447.70

6072.44

5719.00

835.630

786.999

741.180

139.176 FF

16.6310

16.2608

15.8990

89.9250

87.9257

85.9700

343.050

335.386

327.920 5.20480

4.90182

4.61650

-9.18900

8.98480

8.78500

4.27440

4.17932

4.08630

304.440

297.661

291.040 40.9610

38.5772

36.3320

6.82216

IRL

1.85100

1.80981

1.76950

10.00870

9.78604

9.56830

38.1825

37.3281

36.4964

0.579284

0.545568

0.513816

11.3830

11.1299

10.8825

-0.475738

0.465154

0.454806

33.8868

33.1293

32.3939

4.55895

4.29360

4.04371

0.759300

LIT

...(2)

3979.30

3890.77

3804.20

21517.0

21038.3

20570.0

82068.0

80248.8

78462.0

1245.40

1172.87

1104.60

24472.0

23927.3

23395.0

2198.73

2149.82

2101.99

-72844.0

71222.3

69638.0

9801.00

9230.48

8693.00

1632.36

HFL

5.58700

5.46286

5.34150

30.2100

29.5389

28.8825

115.2350

112.6730

110.1675

1.74856

1.64679

1.55094

34.3600

33.5953

32.8475

3.08700

3.01848

2.95100

1.43600

1.40405

1.37280

■

-13.7600

12.9601

12.2100

2.29193

ESC

UKL

DRA

...

447.560

421.513

396.980 2420.10

2279.22

2146.60

9233.60

8693.93

8190.00

134.920

127.065

119.670 2752.40

2592.21

2441.30

247.299

232.905

219.350

115.030

108.337

102.030 8190.00

7715.97

7627.00

-■

-3)

176.844 0.689533

250.550

S = Selling rate C = Bilateral central rate B = Buying rate Notional

(1) Table prepared by the Secretariat of the Committee of Governors following notification by the central banks concerned (2) Temporary abstention from foreign exchange market intervention with effect from 17th September 1992

(3) Participation in the Exchange Rate Mechanism suspended with effect from 17th September 1 9 9 2

^VOTECI XIS

(9)

Ι

=VA

euroetat

PTA

5.15%

^

ESC

^ β

0.7 LIT

9.879(

\

1

IRL

8%

ÆEEW

1.11%

\

HFL

> ^

9.49%

^ \

Ι

WEIGHTS OF EMS CURRENCIES

**IN THE ECU BASKET SINCE 8/10/1990 (*)**

UKL

B L F

i? Rn * . 8 0 9%

DKR

2.52%

^Mi^B

J^

\

n, ni unii " " > ^ ^ ^ Ä v /

m

^^;

¡¡¡^

/

0.70%

19.32%

DRA

FF

k

i

\

DM

30.36%

(") These weights are calculated on the basis of the ecu basket using the central rates vis-à-vis the ecu in force since 8 / 1 0 / 1 9 9 0 . Since the Escudo entered the ERM at its previous notional central rate, on 6 / 4 / 1 9 9 2 there were no changes in the central rates of the other ERM currencies vis-à-vis the ecu, nor of the weights of the EMS currencies in the ecu basket.

roiDetCU.XL*

(10)

Evolution of the EMS

B/LFR DKR DM DRA (a) ESC FF HFL IRL LIT PTA UKL

ECU central rates Icl

24/09/79

30/11/79

23/03/81

05/10/81

22/02/82

14/06/82

21/03/83

18/05/83 b)

17/09/84

22/07/85

07/04/86

04/08/86

12/01/87

21/09/89

08/01/90

08/10/90

14/09/92

17/09/92

39.8456

39.7897

40.7985

40.7572

44.6963

44.9704

44.3662

44.9008

44.8320

43.6761

43.1139

42.4582

42.1679

42.4032

42.0639

41.9547

7.36594

7.72336

7.91917

7.91117

8.18382

8.23400

8.04412

8.14104

8.12857

7.91896

7.81701

7.85212

7.79845

7.84195

7.77921

7.75901

2.48557

2.48208

2.54502

2.40989

2.41815

2.33379

2.21515

2.24184

2.23840

2.13834

2.11083

2.05853

2.04446

2.05586

2.03942

2.03412

87.481

100.719

135.659

137.049

150.792

187.934

205.311

251.202

250.550

172.085

177.743

178.735

177.305

176.844 5.85522

5.84700

5.99526

6.17443

6.19564

6.61387

6.79271

6.87456

6.86402

6.96260

6.87316

6.90403

6.85684

6.89509

6.83992

6.82216

2.74748

2.74362

2.81318

2.66382

2.67296

2.57971

2.49587

2.52595

2.52208

2.40935

2.37833

2.31943

2.30358

2.31643

2.29789

2.29193

0.669141

0.668201

0.685145

0.684452

0.686799

0.691011

0.717050

0.725690

0.724578

0.712956

0.764976

0.768411

0.763159

0.767417

0.691328

0.689533

1159.42

1157.79

1262.92

1300.67

1305.13

1350.27

1386.78

1403.49

1520.60

1496.21

1476.95

1483.58

1529.70

1538.24

1636.61

1632.36

133.804

132.889

133.631

132.562

139.176 0.649821

0.648910

0.542122

0.601048

0.557037

0.560453

0.629848

0.587087

0.585992

0.555312

0.630317

0.679256

0.739615

0.728627

0.728615

0.696904

0.761276

0.759300

Realignments of EMS currencies f%)

24/09/79

30/11/79

23/03/81

05/10/81

22/02/82

14/06/82

21/03/83

18/05/83 b)

17/09/84

22/07/85

07/04/86

04/08/86

12/01/87

08/01/90

14/09/92

17/09/92

--8.50

-+ 1.50

- 1.90

-+ 2.00

+ 1.00

-+ 2.00

-+ 3.50

--3.00

- 5.00

--3.00

-+ 2.50

- 1.90

-+ 2.00

1.00 -+ 3.50

-+ 2.00

+ 5.50

-+ 4.25

+ 5.50

- 1.90

-+ 2.00

+ 3.00

-+ 3.00

-+ 3.50

+ 3.50

-- 3.00

- 5.75

- 2.50

- 1.90

+ 2.00

- 3.00

-+ 3.50

-+ 5.50

+ 4.25

+ 3.50

- 1.90

+ 2.00

+ 3.00

-+ 3.00

-+ 3.50

-.

-3.50

- 1.90

+ 2.00

--8.00

-+ 3.50

-- 6.00

- 3.00

-2.75

-2.50

- 1.90

- 6.00

-- 3.68

- 3.50

-.

-_

-+ 3.50

-5.00

+ 3.50

Weights of EMS currencies in the ECU basket (%l Icl

24/04/79

30/11/79

23/03/81

05/10/81

22/02/82

14/06/82

21/03/83

18/05/83 b)

17/09/84

22/07/85

07/04/86

04/08/86

12/01/87

21/09/89

08/01/90

08/10/90

Source Eurost

9.54

9.55

9.31

9.32

8.50

8.45

8.57

8.46

8.59

8.81

8.93

9.07

8.08

8.14

8.09

at, DGII

2.95

2.81

2.74

2.65

2.64

2.70

2.67

2.69

2.77

2.80

2.79

2.52

2.53

2.52

33.31

33.36

32.53

34.36

34.24

35.48

37.38

36.93

32.07

32.12

33.62

34.06

34.93

30.32

30.53

30.36

1.31

1.14

0.85

0.84

0.76

0.95

0.77

0.70

0.81

0.78

19.64

19.67

19.18

18.63

18.56

17.39

16.93

16.73

19.06

19.09

18.81

19.06

18.97

19.29

19.43

19.32

10.41

10.42

10.17

10.74

10.70

11.09

11.46

11.32

10.13

10.15

10.63

10.76

11.04

9.48

9.54

9.49

1.13

1.14

1.11

1.10

1.06

1.05

1.21

1.23

1.15

1.14

1.11

1.12

1.11 last update 15/05/1992

9.40

9.41

8.63

8.38

8.35

8.07

7.86

7.77

9.98

9.21

9.36

9.48

9.44

10.23

9.92

9.87

5.15

5.18

5.15

13.62

13.64

16.32

14.72

15.89

15.79

14.05

15.07

14.98

15.81

13.93

12.93

11.87

12.06

12.60

a) Does not participate in the exchange rate mechanism

b) Adjustment of the theoretical central rates of the Pound Sterling on the market rate of 13/05/1983

cl Since the Escudo entered the ERM at its previous notional central rate, on 6/4/92 there were no changes in the central rates of the other ERM currencies vis-à-vis the ecu, nor of the weights of the EMS currencies in the ecu basket

tMSfVOL XIS

(11)

Swap operations (Gold, USD / ECU) of the EC central banks with the European Monetary Cooperation Fund

date of swap operations

Apr-79 Jul-79 Oct-79 Jan-80 Apr-80 Jul-80 Oct-80 Jan-81 Apr-81 Jul-81 Oct-81 Jan-82 Apr-82 Jul-82 Oct-82 Jan-83 Apr-8 3 Jul-83 Oct-83 Jan-84 Apr-84 Jul-84 Oct-84 Jan-85 Apr-85 Jul-85 Oct-85 Jan-86 Apr-86 Jul-86 Oct-86 Jan-87 Apr-87 Jul-87 Oct-87 Jan-88 Apr-88 Jul-88 Oct-88 Jan-89 Apr-89 Jul-89 Oct-8 9 Jan-90 Apr-90 Jul-90 Oct-90

Gold transfers (million ounces)

80.7 85.3 85.3 8 5 . 5 8 5 . 6 8 5 . 6 85.6 8 5 . 6 85.7 85.7 85.7 85.7 85.7 85.7 85.7 85.7 85.7 85.7 85.7 85.7 85.7 85.7 85.7 85.7 85.7 85.7 85.7

US Dollar transfers

(billions)

13.4 15.9 16.0 15.5 14.4 13.7 13.9 14.5 14.2 12.7 11.5 11.7 10.5 9.9 10.0 10.0 10.5 10.5 10.6 10.6 10.8 10.6 10.1 10.2 9.0 10.0 10.5

Gold price

(ECU per ounce)

165.0 185.1 211.3 2 5 9 . 2 3 7 0 . 5 419.9 4 2 4 . 8 4 4 7 . 0 440.5 406.3 4 0 2 . 6 368.0 3 2 7 . 2 324.3 367.2 428.5 452.1 465.3 476.8 460.9 451.6 460.5 4 5 4 . 4 4 3 4 . 4 4 4 9 . 0 4 2 8 . 7 3 9 6 . 3

exchange rate USD per ECU

1.33 1.38 1.42 1.45 1.30 1.43 1.41 1.33 1.18 1.03 1.09 1.09 1.00 0.96 0.92 0.98 0.93 0.89 0.87 0.81 0.85 0.80 0.74 0.71 0.71 0.74 0.84

Counterpart Gold

(ECU billions)

13.3 15.8 18.0 22.2 31.7 35.9 36.4 38.3 37.7 34.8 34.5 31.6 28.0 27.8 31.5 36.7 38.8 39.9 40.9 39.5 38.7 39.5 38.9 37.2 38.5 36.7 34.0 31.8 32.3 30.7 31.7 31.6 31.9 32.5 35.6 35.1 34.3 34.7 34.0 33.3 32.6 32.7 31.3 31.1 28.9 26.6 27.7

US Dollars (ECU billions)

10.0 11.6 11.3 10.7 11.1 9.6 9.9 10.9 12.0 12.3 10.5 10.7 10.5 10.3 10.8 10.3 11.2 11.8 12.2 13.1 12.7 13.3 13.6 14.5 12.6 13.5 12.6 12.0 12.3 12.4 13.7 13.2 14.3 17.6 19.4 19.5 20.3 21.5 20.3 19.4 20.0 19.9 20.5 18.3 18.5 19.1 19.3

Total (ECU billions)

23.3 27.4 29.3 32.9 42.8 45.5 46.3 4 9 . 2 49.7 47.1 45.0 42.3 38.5 38.1 42.3 4 7 . 0 50.0 51.7 53.1 52.6 51.4 52.8 52.5 51.7 51.1 50.2 46.6 43.8 44.6 43.1 45.4 44.8 46.2 50.1 55.0 54.6 54.6 56.2 54.3 52.7 52.6 52.6 51.8 4 9 . 4 47.4 45.7 47.0

bClrCSE* XIS

(12)

Swap operations (Gold, USD / ECU) of the EC central banks with the European Monetary Cooperation Fund

date of swap operations

Jan-91 Apr-91 Jul-91 Oct-91 Jan-92 Apr-92

Gold transfers (million ounces)

US Dollar transfers

(billions)

Gold price

(ECU per ounce)

exchange rate USD per ECU

Counterpart Gold

(ECU billions) 26.7 26.0 27.2 26.8 24.6

US Dollars (ECU billions)

20.0 22.6 24.9 22.9 21.6

Total (ECU billions)

46.7 4 8 . 6 52.1 49.7 4 6 . 2

Source : Eurostat (European Monetary Cooperation Fundi

last update 19/03/1992

sa

eurostat

ECU billions

45.0 -r

0.0 Swap operations of the EC central banks w i t h the EMCF

Gold

US Dollars

Apr-79 Apr-80 Apr-81 Apr-82 Apr-83 Apr-84 Apr-85 Apr-86 Apr-87 Apr-88 Apr-89 Apr-90 Apr-91

fCUCRÍA.XtS

(13)

%

13 τ

12 -11

10

8 -6

ΒΤΕ gross alloted rate

-+-21/10/87 17/02/88 25/11/88 28/04/89 21/12/89 06/07/90 05/03/91 13/01/92

(14)

Italian Treasury bills in ecu (BTE)

A-Details of issue· date of

issue

amount issued (ecu millions)

issue price

(%)

maturity price

(%)

life (days)

maturity gross allotted rate

(%)

withholding tax 1%)

exchange rate ecu/lira at issue at maturity

Bills already redeemed

21/10/87

18/11/87

21/12/87

20/01/88

17/02/88

20/04/88

22/06/88

29/08/88

25/11/88

27/01/89

24/02/89

31/03/89

28/04/89

30/06/89

29/09/89

29/11/89

21/12/89

01/03/90

06/04/90

11/05/90

06/07/90

01/10/90

05/12/90

10/01/91

05/03/91

11/04/91

16/05/91

Total:

277 7 5 0 5 0 0

7 5 0 7 5 0 1000 1000 7 5 0 500

1000 7 8 3 1000 1000 1000 9 6 0 983 7 5 0

5 0 0 5 0 0 5 0 0 5 0 0 1 0 0 0 1000

7 5 0 5 0 0 500 500

100.00 100.00 100.00

100.00 100.00 100.00 100.00 100.00 100.00

100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

100.00 100.00 100.00 100.00 100.00 1 0 0 . 0 0

1 0 0 . 0 0 100.00 100.00 100.00

109.20 108.95 108.90

108.55 107.95 107.65 107.80 109.00 108.40

109.15 109.85 110.45 110.25 110.35 111.00 112.10 1 1 2 . 8 0

112.45 111.70 1 1 1 . 7 0 111.45 112.10 111.90

111.85 110.60 110.50 110.30

373 373 3 8 0

373 373 373 373 368 369

3 7 0 370 371 378 371 367 371 3 8 5

369 3 7 0 3 7 0 370 374 3 7 2

368 370 368 371

2 8 / 1 0 / 8 8 2 5 / 1 1 / 8 8 0 4 / 0 1 / 8 9

27/01/89 2 4 / 0 2 / 8 9 28/04/89 3 0 / 0 6 / 8 9 0 1 / 0 9 / 8 9 29/11/89

0 1 / 0 2 / 9 0 0 1 / 0 3 / 9 0 0 6 / 0 4 / 9 0 11/05/90 0 6 / 0 7 / 9 0 0 1 / 1 0 / 9 0 05/1 2/90 10/01/91

0 5 / 0 3 / 9 1 11/04/91 16/05/91 11/07/91 10/10/91 12/12/91

13/01/92 0 9 / 0 3 / 9 2 13/04/92 21/05/92

9.00 8.76 8.55

8.37 7.78 7.49 7.63 8.93 8.31

9.03 9.72 10.28

9.90 10.18 10.94 11.90 12.14

12.32 11.54 11.54 11.30 11.81 11.68

11.75 10.46 10.41 10.13

12.5

12.5 1500.25

1513.77

1520.03

1516.95

1520.05

1543.57

1542.13

1540.92

1539.40

1526.65

1525.64

1526.72

1524.67

1494.55

1495.37

1501.47

1512.42

1512.60

1501.95

1502.99

1516.18

1544.50

1547.35

1547.42

1536.87

1529.95

1527.30

1541.62

1539.50

1535.10

1526.35

1526.77

1525.04

1497.88

1490.77

1501.32

1516.07

1513.53

1506.45

1505.00

1518.10

1546.17

1547.35

1549.25

1536.53

1531.87

1527.60

1530.57

1531.25

1537.35

1538.75

1534.52

1542.32

1546.35

20003

Bills in circulation

10/10/91 13/01/92 21/02/92 21/05/92

Total:

1000 7 5 0 7 5 0 7 5 0

3 2 5 0

100.00 100.00 100.00 100.00

110.90 111.00 110.90 110.95

371 367 369 3 7 0

15/10/92 14/01/93 24/02/93 26/05/93

10.72 10.94 10.78 10.80

12.5 12.5 12.5 12.5

1531.17 1538.15 1535.22 1546.17

B-Total issues, including issues already redeemed, according to year of issue

year

1987 1988 1989 1990 1991

amount (ecu millions)

1527 4 7 5 0 7 4 7 6 4 0 0 0 3 2 5 0

year

amount

(ecu millions)

1992

2250

Source: EUROSTAT (Banca d'Italia!

last update 26/08/1992

(15)

\M

eurostat

11.30

10.80

10.30

9.80

9.30

8.80

8.30

7.80

-7.30 -i

)

Oct-88 Apr-89

Average yield on alloted UK Treasury bills

3 month bills

6 month bills

Oct-89 Apr-90 0ct-90 Apr-91 Oct-91 Apr-92

500 Oct-88

Turnover statistics

between market makers

1 "market makers" with "non

market makers"

Apr-89 Oct-89 Apr-90 Oct-90 Apr-91 Oct-91 Apr-92

UCTORAF.XLS

(16)

United Kingdom Treasury bills in ecu

Details of the results of the tenders in 1 9 8 8 Date of

tender

11/10/88 11/10/88 11/10/88

8/11/88 8/11/88 8/11/88

13/12/88 13/12/88 13/12/88

Term (months)

1 3 6

Maturity

1 0 / 1 1 / 8 8 12/1/89 1 3 / 4 / 8 9

1 5 / 1 2 / 8 8 16/2/89 1 1 / 5 / 9 0

12/1/89 1 6 / 3 / 8 9 15/6/89

Amount applied for (ecu millions)

9 2 5 1 7 3 4 743

8 3 3 1309 821

7 5 6 9 0 1 663

Amount allotted (ecu millions)

2 0 0 5 0 0 2 0 0

3 0 0 250 2 0 0

2 0 0 250 200

Lowest yield accepted

6.88 7.12 7.06

7.10 7.18 7.20

7.83 7.83 7.83

Highest yield accepted

7.00 7.20 7.30

7.25 7.28 7.29

7.89 7 . 9 0 7.91

Average yield

6.97 7.18 7.27

7.22 7.26 7.27

7.87 7.88 7.89

% at highest yield

accepted

5 2 . 4 0 8 1 . 3 0 3 5 . 5 0

4 1 . 0 9 4 4 . 4 9 7 5 . 4 2

8 0 . 9 8 7 6 . 4 6 9 2 . 5 4

Source: EUROSTAT IBank of England).

(17)

United Kingdom Treasury bills in ecu

Details of the

result«

of the tenders in 1989

Date of tender

10/1/89 10/1/89 10/1/89

14/2/89 14/2/89 14/2/89

14/3/89 14/3/89 14/3/89

11/4/89 11 /4/89 11/4/89

9/5/89 9/5/89 9/5/89

13/6/89 13/6/89 13/6/89

11/7/89 11/7/89 11 /7/89

8/8/89 8/8/89 8/8/89

12/9/89 1 2/9/89 12/9/89

10/10/89 10/10/89 10/10/89

14/11/89 14/11/89 14/11/89

12/12/89 12/12/89 1 2/12/89

1 3 6

Maturity

16/2/89 13/4/89 13/7/89

16/3/89 11/5/89 10/8/89

13/4/89 15/6/89 14/9/89

11/5/89 13/7/89 12/10/89

15/6/89 10/8/89 16/11/89

13/7/89 14/9/89 14/12/89

10/8/89 12/10/89

11/1/90

14/9/89 16/11/89

15/2/90

12/10/89 14/12/89 15/3/90

16/11/89 11/1/90 1 2/4/90

14/12/89 15/2/90 10/5/90

11 /1 /90 15/3/90 14/6/90

7 4 5 1067 5 1 2

8 0 1 9 3 4 588

9 4 5 958 5 9 4

825 1259 657

7 8 9 9 5 2 550

755 7 9 2 540

740 1304 7 7 5

545 7 2 0 5 9 5

7 7 5 7 8 8 6 2 2

7 7 0 8 0 4 9 0 5

7 3 5 990 835

635 8 1 5 695

3 0 0 300 200

3 0 0 3 0 0 200

3 0 0 3 0 0 2 0 0

3 0 0 3 0 0 200

300 300 200

300 3 0 0 200

3 0 0 3 0 0 200

3 0 0 3 0 0 3 0 0

3 0 0 300 300

300 3 0 0 3 0 0

7.65 7.90 7.99

8.10 8.33 8.50

8.26 8.55 8.50

8.09 8.36 8.64

8.16 8.43 8.70

8.58 8.75 8.78

8.60 8.75 8.86

8.95 8.76 8.78

9.18 9.31 9.35

9.85 9.79 9.77

10.25 10.42 10.35

10.53 10.53 10.53

7.80 7.98 8.07

8.17 8.40 8.55

8.31 8.63 8.85

8.15 8.40 8.69

8.21 8.49 8.75

8.70 8.85 8.90

8.87 8.78 8.90

9 . 0 0 8.82 8.83

9.23 9 . 3 4 9.39

9 . 9 2 9.89 9.81

10.33 10.44 10.41

10.63 10.58 10.59

7.76 7.96 8.03

8.15 8.37 8.54

8.30 8.62 8.83

8.12 8.39 8.67

8.19 8.47 8.73

8.67 8.82 8.87

8.65 8.77 8.80

8.98 8.80 8.81

9.21 9.33 9.37

9.89 9.87 9.80

10.31 10.43 10.39

10.60 10.56 10.57

accepted

100.00 9 5 . 0 0 2 3 . 0 0

3 3 . 6 4 58.89 9 3 . 7 5

71.58 5 0 . 6 5 4 0 . 5 0

60.87 94.21 9 5 . 4 3

6 4 . 2 9 8 8 . 2 4 100.00

8 0 . 0 0 79.17 6 1 . 5 4

5 6 . 5 2 8 5 . 4 3 11.54

15.38 100.00 8 0 . 0 0

2 3 . 0 8 8 6 . 6 7 8 7 . 2 7

4 0 . 0 0 7 1 . 5 4 9 5 . 0 5

5.00 8 6 . 9 6 11.11

2 5 . 0 0 2 7 . 7 8 8 0 . 0 0

Source: EUROSTA Τ (Bank of England}.

uKTaiuat

(18)

United Kingdom Treasury bills in ecu

Details of the result« of the tenders In 1 9 9 0 Date of

tender

9 / 1 / 9 0 9/1/90 9/1/90

13/2/90 13/2/90 13/2/90

13/3/90 13/3/90 13/3/90

10/4/90 10/4/90 10/4/90

8/5/90 8 / 5 / 9 0 8/5/90

12/6/90 12/6/90 12/6/90

10/7/90 10/7/90 10/7/90

14/8/90 14/8/90 14/8/90

11 / 9 / 9 0 11/9/90 11/9/90

9/10/90 9/10/90 9/10/90

13/11/90 13/11/90 13/11/90

11 /12/90 11/12/90 11/12/90

1 3 6

Maturity

1 5 / 2 / 9 0 1 2 / 4 / 9 0 1 2 / 7 / 9 0

1 5 / 3 / 9 0 1 0 / 5 / 9 0 1 6 / 8 / 9 0

1 2 / 4 / 9 0 1 4 / 6 / 9 0 1 3 / 9 / 9 0

10/5/90 12/7/90 11/10/90

14/6/90 16/8/90 15/11/90

1 0 / 7 / 9 0 11/9/90 11Π 2 / 9 0

16/8/90 11/10/90

10/1/91

1 3 / 9 / 9 0 15/11/90

14/2/91

1 1 / 1 0 / 9 0 13/12/90 14/3/91

1 5 / 1 1 / 9 0 10/1/91 11/4/91

1 3 / 1 2 / 9 0 14/2/91 16/5/91

10/1/91 14/3/91 13/6/91

A m o u n t applied for (ecu millions)

760 9 4 8 6 7 0

8 0 0 9 5 0 7 4 0

7 2 0 8 8 0 733

7 0 5 969 1060

7 9 0 948 1 1 7 0

9 3 0 1055 1168

9 6 8 1066 1201

8 6 0 1004 9 4 0

9 3 0 1115 890

8 4 4 1085 9 0 6

761 1042 7 9 6

740 8 3 0 800

A m o u n t allotted (ecu millions)

3 0 0 3 0 0 3 0 0

3 0 0 300 3 0 0

3 0 0 3 0 0 400

3 0 0 3 0 0 4 0 0

3 0 0 3 0 0 400

3 0 0 3 0 0 4 0 0

300 3 0 0 4 0 0

3 0 0 3 0 0 4 0 0

Lowest yield accepted

10.80 10.96 10.96

10.76 10.98 11.10

10.32 10.59 10.89

9.94 10.02 10.32

9.87 9.92 10.25

9.72 9.76 9.94

9.75 9.75 9.92

9.80 9.81 9.90

9.43 9.62 9.78

9.31 9.32 9.51

9.44 9.53 9.52

9.82 9.82 9.83

Highest yield accepted

10.84 10.99 11.01

1 0 . 8 2 11.03 11.17

10.36 10.64 10.96

10.02 10.09 10.39

9.91 9.97 10.30

9.78 9.79 9.98

9.79 9.79 9.95

9.83 9.83 9.95

9.45 9.64 9.83

9.35 9.35 9.55

9.48 9.58 9.58

9.87 9.86 9.88

Average yield

10.82 10.98 10.99

10.79 11.01 11.15

10.34 10.63 10.94

9.99 10.06 10.37

9.89 9.96 10.28

9.77 9.78 9.97

9.78 9.78 9.94

9.82 9.83 9.93

9 . 4 4 9.63 9.81

9.34 9.33 9.54

9.47 9.57 9.57

9.85 9.85 9.86

% at highest yield

accepted

3 3 . 3 3 6 6 . 5 2 7.14

4 0 . 0 0 20.08 2 8 . 5 7

9 1 . 6 7 8 3 . 6 0 39.81

8 8 . 2 4 30.71 57.89

14.29 7 3 . 7 5 5 8 . 6 2

7 7 . 4 2 9 2 . 8 6 5 6 . 3 2

5 9 . 7 9 7 3 . 7 0 5 5 . 0 0

3 5 . 0 0 8 6 . 4 7 2 8 . 1 2

6 5 . 0 0 13.51 2 9 . 1 7

14.39 1.92 9 5 . 4 3

6 9 . 7 7 6 9 . 2 4 9 4 . 2 1

2 7 . 0 3 86.36 9 0 . 2 4

Source: EUROSTAT IBank of England).

(19)

United Kingdom Treasury bills in ecu

Details of the result« of the tender» in 1991

Date of

tender

8/1/91

12/2/91

12/3/91

9/4/91

14/5/91

11/6/91

9/7/91

13/8/91

10/9/91

18/10/91

12/11/91

10/12/91

Term

(months)

1 3 6

Maturity

14/2/91

11/4/91

11/7/91

14/3/91

16/5/91

15/8/91

11/4/91

13/6/91

12/9/91

16/5/91

11/7/91

10/10/91

13/06/91

15/08/91

14/11/91

11/7/91

12/9/91

12/12/91

15/08/91

10/10/91

16/01/92

9/12/91

14/11/91

13/02/92

10/10/91

12/12/91

12/3/92

14/11/91

16/01/92

16/04/92

12/12/91

13/02/92

14/05/92

16/1/92

12/3/92

11/6/92

Amount

applied for

(ecu millions)

841 9 9 0 7 4 4

840

1159

1068

735

1048

1003

9 9 5

1341

1150

1060

1325

1575

1135

1192

9 2 2

735 9 1 5

1049

8 4 5 8 4 2 8 5 9

8 6 5

1078

1021

7 1 2 9 1 0

1130

905

1061

1185

560 8 2 5 7 4 0

Amount

allotted

(ecu millions)

3 0 0 3 0 0 4 0 0

3 0 0 300 4 0 0

300 300 4 0 0

3 0 0 3 0 0 4 0 0

3 0 0 3 0 0 400

300 300 4 0 0

3 0 0 3 0 0 4 0 0

3 0 0 3 0 0 400

300 300 4 0 0

3 0 0 3 0 0 4 0 0

Lowest

yield

accepted

9.93

9.98

9.99

9.44

9.43

9.41

9.08

8.82

8.83

9.00

8.85

9.49

9.30

9.03

9.70

9.50

9.39

9.90

9.62

9.59

9.51

9.59

9.45

9.33

9.31

9.69

9.53

9.50

9.33

9.35

9.34

10.34

10.12

9.98 Highest

yield

accepted

9.97

10.00

10.05

9.47

9.46

9.47

9.11

8.87

8.89

9.03

8.91

8.92

9.53

9.33

9.08

9.73

9.54

9.44

9.95

9.65

9.64

9.56

9.64

9.49

9.36

9.72

9.50

9.53

9.36

9.38

9.37

10.40

10.18

10.03 Average

yield

9.95

9.99

10.03

9.46

9.45

9.10

8.86

8.88

9.02

8.89

8.90

9.52

9.32

9.06

9.71

9.53

9.42

9.93

9.64

9.62

9.54

9.63

9.48

9.35

9.71

9.54

9.52

9.34

9.37

9.36

10.38

10.16

10.01 % at

highest yield

accepted

42.67

84.22

16.57

87.50

26.67

5.88

52.63

32.65

96.01

92.50

34.48

52.67

14.81

59.93

63.55

6.67

33.52

88.79

59.26

44.19

32.61

6.67

44.29

91.25

28.95

37.04

74.37

13.54

64.56

8.70

28.20

90.48

51.85

3.45

72.73 Source: EUROSTA Τ (Bank of England).

uKTtnEja«

(20)

United Kingdom Treasury bills in ecu

Details of the results of the tenders in 1 9 9 2 Date of

tender

14/01/92 14/01/92 14/01/92

11/2/92 11/2/92 11/2/92

10/3/92 10/3/92 10/3/92

14/4/92 14/4/92 14/4/92

12/5/92 12/5/92 12/5/92

9/6/92 9/6/92 9/6/92

14/7/92 14/7/92 14/7/92

11/8/92 11/8/92 11/8/92

8/9/92 8/9/92 8/9/92

13/10/92 13/10/92 13/10/92

10/11/92 10/11/92 10/11/92

8/12/92 8/12/92 8/12/92

1 3 6

Maturity

1 3 / 0 2 / 9 2 1 6 / 0 4 / 9 2 1 6 / 0 7 / 9 2

1 2 / 3 / 9 2 14/5/92 1 3 / 8 / 9 2

16/4/92 11/6/92 10/9/92

14/5/92 16/7/92 15/10/92

11/6/92 13/8/92 12/11/92

1 6 / 7 / 9 2 1 0 / 9 / 9 2 1 0 / 1 2 / 9 2

13/8/92 15/10/92

14/1/93

10/9/92 12/11/92

11/2/93

15/10/92 10/12/92 11/3/93

7 5 3 1 1 7 0 1065

1045 1100 8 7 0

1045 1035 1015

8 6 0 7 7 5 651

8 0 0 9 4 0 1005

5 8 0 685 5 6 0

595 6 4 0 881

662 7 3 2 7 5 0

3 0 0 3 0 0 4 0 0

300 300 4 0 0

3 0 0 3 0 0 4 0 0

300 3 0 0 4 0 0

10.13 9.94 9.73

10.09 9.92 9.71

9.77 9.69 9.67

9.69 9.66 9.65

9.87 9.76 9 . 7 2

10.14 10.14 10.13

10.43 10.28 10.25

10.55 10.52 10.49

10.17 9.97 9.78

10.13 9.96 9.74

9.80 9.72 9.69

9.71 9.70 9.69

9.90 9.80 9.77

10.29 10.19 10.20

10.47 1 0 . 3 4 10.33

10.60 10.56 10.53

11.03 10.89 10.89

10.16 9.96 9.76

10.12 9.95 9.73

9.79 9.71 9.68

9.70 9.68 9.68

9.89 9.78 9.76

10.25 10.17 10.17

10.45 10.32 10.31

10.59 10.54 10.51

11.00 10.86 10.85

accepted

9 5 . 8 5 5 0 . 0 0 8 3 . 3 3

66.67 4 1 . 4 6 7 7 . 4 2

82.86 12.96 6 7 . 8 0

9 4 . 7 4 4 9 . 7 5 8 2 . 5 8

4 6 . 5 0 17.86 3 9 . 2 9

1 0 0 . 0 0 8 8 . 8 9 6 2 . 5 0

12.50 47.37 2 0 . 0 0

84.83 17.24 8 0 . 0 0

Outstanding end of August 1 9 9 2 :

Source: EUROSTA Τ IBank of England).

3 6 0 0 millions of ecus

last update 10/09/92

UKTBIE.XIS

(21)

United Kingdom Treasury bills in ecu

Average

yield

on allotted bills

month

/

month bills

January

February

March

April

May

June

July

August

September

October

November

December

Average

3 month bills

January

February

March

April

May

June

July

August

September

October

November

December

Average

6"

month bills

January

February

March

April

May

June

July

August

September

October

November

December

Average

1988

—

6.97

7.22

7.87

7.35 —

—

7.18

7.26

7.88

7.44 —

—

7.27

7.89

7.48 1989

7.76

8.15

8.30

8.12

8.19

8.67

8.65

8.98

9.21

9.89

10.31

10.60

8.90

7.96

8.37

8.62

8.39

8.47

8.82

8.77

8.80

9.33

9.87

10.43

10.56

9.03

8.03

8.54

8.83

8.67

8.73

8.87

8.80

8.81

9.37

9.80

10.39

10.57

9.12 1990

10.82

10.79

10.34

9.99

9.89

9.77

9.78

9.82

9.44

9.34

9.47

9.85

9.94

10.98

11.01

10.63

10.06

9.96

9.78

9.83

9.63

9.33

9.57

9.85

10.03

10.99

11.15

10.94

10.37

10.28

9.97

9.94

9.93

9.81

9.54

9.57

9.86

10.20 1991

9.95

9.46

9.10

9.02

9.52

9.71

9.93

9.54

9.48

9.71

9.34

10.38

9.60

9.99

9.45

8.86

8.89

9.32

9.53

9.64

9.54

9.35

9.54

9.37

10.16

9.47

10.03

9.45

8.88

8.90

9.06

9.42

9.62

9.63

9.35

9.52

9.36

10.01

9.44 1992 1993 1994

10.16

10.12

9.79

9.70

9.89

10.25

10.45

10.59

11.00

9.96

9.95

9.71

9.68

9.78

10.17

10.32

10.54

10.86

9.76

9.73

9.68

9.76

10.17

10.31

10.51

10.85 Source: EUROSTAT IBank of England).

last update 10/09/92

(22)

United Kingdom Treasury bills in ecu

Turnover statistic« (ecu millions)

period 1 9 8 8 1 9 8 9 1 9 9 0 1991 1 9 9 2 1 9 9 3 1994

January February March April May June July August September October November December

1 st Quarter 2nd Quarter 3rd Quarter 4th Quarter

year

monthly aver, quarterly aver.

between "marketmakers'

6 0 4 1507 1316

3 4 2 7

1142 3 4 2 7

1730 1988 1732 2678 2067 1796 3109 1964 1902 4270 3183 2074

5450 6541 6975 9527

2437 2636 4209 4390 3468 2253 1698 2157 2415 2776 1686 1677

9282 10111 6270 6139

1832 3304 2431 2863 1871 3969 3028 3199 3051 3073 3101 3591

7567 8703 9278 9765

3456 3537 4012 2589 2075 3411 3007 4164

11005 8075

2 8 4 9 3

2 3 7 4 7 1 2 3

3 1 8 0 2

2 6 5 0 7 9 5 1

3 5 3 1 3

2 9 4 3 8 8 2 8

year

monthly aver. quarterly aver.

'market makers " with 'non market makers "

January February March April May June July August September October November December

1 st Quarter 2nd Quarter 3rd Quarter 4th Quarter

—

779 1043 825

—

2647

1247 2057 2086 3171 1335 1476 3017 1500 1978 3728 2916 1833

5390 5982 6495 8477

2325 1707 1705 1354 1815 1248 1524 1248 1376 1489 818 1284

5737 4417 4148 3591

1693 2151 1950 1671 1202 2251 1944 1946 2739 2517 3812 1592

5794 5124 6629 7921

2321 3207 4070 2706 2271 2288 2123 2503

9598 7265

2647

882 2647

2 6 3 4 4

2195 6586

17893

1491 4 4 7 3

25468

2122 6 3 6 7

Source: EUROSTAT IBank of England). last update 10/09/92

(23)

United Kingdom Treasury 3 year notes in ecu

Detail of the results of the Date of

tender

24/01/92

21/04/92

21/07/92

20/10/92

tenders in 1 9 9 2 Maturity

2 4 / 0 1 / 9 5

4 9 8 6

2 0 3 6

1259.5

1000

5 0 0

500

8.45

8.84

9.97

8.48

8.87

10.02

8.47

8.86

10.00

accepted

30.17

21.17

81.18

Source: EUROSTA Τ (Bank of England). last update 19/8/92

UCTNOTIE.XL·

(24)

eurostat

ECUi

18000 -i

16000

14000

12000

10000

8000

6000

4000

2000

-Trillions

D UK TB

Ü IT BTE

Issuance of Short Term ECU paper

¡lllllllll

l l l l l l l l l

_{iiiiiiiliiiiil}

1987 1988 1989 1990 1991 1992 *

first 10 months of 1992 only

eurostat

ECU millions

12000

10000

8000

-6000 -

-M UK TN ü FR OAT

D GR

M IT CTE

Issuance of Medium & Long Term ECU paper

4000 τ

2000

--+-

I

»

1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992

* first 10 months of 1992 only

* * For this chart all OA T's are taken to account las in table given on page 18) including those issued in a similar way to euro bonds and recorded as such in tables given on pages 22 to 29

EMISOOM XLS

ECU Statistics September 1992

Statistical Office of the European Community

© U r O S l Q t

Monetary and Financial Statistics

- September 1992

å

^

F%

ECU

Statistics

Α

^

w

w

w

ΈΔ

Statistical Office of the European Community

6 U r O S t 3 t

Monetary and Financial Statistics

September 1992

-·.

ECU

Statistics

.

\^m

Table of contents

About the EMS,

Swap operations of the EC central banks with the EMCF,

Italian treasury bills (BTE) in ecu,

3 and 6 month UK treasury bills in ecu,

year UK treasury notes in ecu,

French OATs in ecu,

Italian treasury certificats (CTE) in ecu,

Greek ecu linked bonds,

Ecu bond issues since 1981, yearly data,

Ecu bond issues since 1981, monthly data,

Ecu bond issued by type of issuer

Statistics on turnover by instrument

Matif long term ecu interest rate futures,

Matif option on long term ecu interest rate futures,

Liffe short term ecu interest rate futures,

Liffe long term ecu interest rate futures,

Finex ecu futures contract.

Private ecu clearing operations,

Settlement rates used for the private ecu clearing,

Operation rates of the EMCF, interest rates and yields of ecu investments, monthly and yearly data,

Yearly average exchange rates of the ecu,

Erld of year exchange rates of the ecu,

Monthly average exchange rates of the ecu.

Yearly consumer price indices in ecu (1985 = 100),

Yearly growth rates of the consumer price indices in ecu,

Monthly consumer price indices in ecu (1985 = 100),

Monthly growth rates of the consumer price indices in ecu (over 12 months).

Composition of the ECU basket and bilateral central rates and intervention limits

13/03/1979

0.828

1.15

0.286

3.66

0.14

109

0.217

0.00759

0.0885

D M

FF

HFL

BFR

LFR

LIT

DKR

IRL

UKL

17/09/1984

0.719

1.31

0.256

3.71

0.14

140