euro money market survey, september 2011 · 2011. 9. 29. · september 2011 chart 17 geographical...

EURO

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EURO MONEY MARKET SURVEYSEPTEMBER 2011

EURO MONEY MARKET SURVEYSEPTEMBER 2011

In 2011 all ECB publications

feature a motif taken from

the €100 banknote.

© European Central Bank, 2011

Address Kaiserstrasse 29 60311 Frankfurt am Main Germany

Postal address Postfach 16 03 19 60066 Frankfurt am Main Germany

Telephone +49 69 1344 0

Website http://www.ecb.europa.eu

Fax +49 69 1344 6000

All rights reserved. Reproduction for educational and non-commercial purposes is permitted provided that the source is acknowledged.

ISSN 1830-7000 (online)

CONTENTS

1 COUNTRY BREAKDOWN OF

PARTICIPATING BANKS IN 2011 5

2 THE UNSECURED MARKET 6

2.1 Turnover analysis 6

2.2 Maturity analysis 7

2.3 Market structure 8

2.4 Qualitative assessment 9

3 THE SECURED MARKET 10




3.4 Bilateral repos 13

3.5 Triparty repos 13


4 THE OTC DERIVATIVES MARKETS 15




5 THE SHORT-TERM SECURITIES MARKET 27

5.1 Turnover analysis in the secondary market 27


6 CROSS-MARKET ANALYSIS 29





Annexes

Annex I Credit institutions participating in the 2011

Euro Money Market Survey 34

Annex II Coordination of the 2011 ECB Euro Money

Market Survey 36

ECBEuro Money Market Survey 3September 2011

Note: The data represented herein refer to the second quarter of each respective year.

CCP Central Counterparty

FRAs Forward rate agreements

FX swaps Foreign exchange swaps

IRSs Other interest rate swaps

OISs Overnight index swaps

O/N Overnight

OTC Over the counter

T/N; Tom/next Tomorrow/next (day)

S/N Spot/next (day)

ST-securities Short-term securities

Xccys Cross-currency swaps

ECBEuro Money Market Survey

CCP Central Counterparty

FRAs Forward rate agreements

FX swaps Foreign exchange swaps

IRSs Other interest rate swaps

OISs Overnight index swaps

O/N Overnight

OTC Over the counter

T/N; Tom/next Tomorrow/next (day)

S/N Spot/next (day)

ST-securities Short-term securities

Xccys Cross-currency swaps

4 September 2011

AbbreAbbrevviaiationtions us usseedd i inn th the e cchhaarrtsts

IN 2011 1COUNTRY BREAKDOWN OF PARTICIPATING BANKS

5ECB

Euro Money Market SurveySeptember 2011

1.1 NUMBER OF PARTICIPATING BANKS PER COUNTRY

Number of banks

BELGIUM 3

BULGARIA 4

CZECH REPUBLIC 8

DENMARK 1

GERMANY 17

IRELAND 6

GREECE 8

SPAIN 15

FRANCE 9

ITALY 7

CYPRUS 3

LATVIA 4

LITHUANIA 4

LUXEMBOURG 3

HUNGARY 3

MALTA 4

NETHERLANDS 6

AUSTRIA 8

POLAND 12

PORTUGAL 14

ROMANIA 3

SLOVENIA 3

SLOVAKIA 2

FINLAND 2

SWEDEN 3

SWITZERLAND 1

UK 17

TOTAL 170

Note: A detailed list of participating banks can be found in Annex I. Countries are listed using the alphabetical order of the country names in the national languages.

2 THE UNSECURED MARKET

2.1 TURNOVER ANALYSIS

6ECBEuro Money Market SurveySeptember 2011

Chart 1 Average daily turnover in unsecured cash lending and borrowing

(index: cash lending volume in 2002 = 100)

0

50

100

150

200

250

300

350

2002 2003 2004 2005 2006 2007 2008 2009 2010 20110

50

100

150

200

250

300

350

LendingBorrowing

Note: The panel comprised 105 credit institutions.

2.2 MATURITY ANALYSIS

7ECB


Chart 2 Maturity breakdown for average daily turnover

in unsecured lending (index: cash lending volume in 2002 = 100)


in unsecured borrowing (index: cash borrowing volume in 2002 = 100)

0

20

40

60

80

100

120

140

160

2002 2003 2004 2005 2006 2007 2008 2009 2010 20110

20

40

60

80

100

120

140

160

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)

0

20

40

60

80

100

120

140

160

2002 2003 2004 2005 2006 2007 2008 2009 2010 20110

20

40

60

80

100

120

140

160

Overnight (O/N)Tom/next to 1 month (T/N-1m)1 month to 3 months (1m-3m)



Chart 4 Maturity-weighted breakdown for average daily

turnover in unsecured lending (percentages of total)


turnover in unsecured borrowing (percentages of total)

0

5

10

15

20

25

30

35

40

O/N S/N 1w-1m 3m-6m >1yT/N <1w 1m-3m 6m-1y

0

5

10

15

20

25

30

35

40

20102011

0

5

10

15

20

25

30

35

40


0

5

10

15

20

25

30

35

40

20102011


2.3 MARKET STRUCTURE


Chart 6 Geographical counterparty breakdown for unsecured

average daily turnover in 2010 (percentages of total)

Chart 7 Geographical counterparty breakdown for unsecured

average daily turnover in 2011 (percentages of total)

30.9% national

41.3% euro area

27.8% other30.7% national

44.3% euro area

25.0% other


2.4 QUALITATIVE ASSESSMENT

9ECB


Chart 8 Is the unsecured segment in your opinion efficient?

(percentages of total)

Chart 9 Has the market liquidity in the unsecured market

changed with respect to last year? (percentages of total)

0

20

40

60

80

100

2002 2003 2004 2005 2006 2007 2008 2009 2010 20110

20

40

60

80

100

LimitedlySufficiently

SignificantlyExtremely

0

20

40

60

80

100

2002 2003 2004 2005 2006 2007 2008 2009 2010 20110

20

40

60

80

100

Has worsenedHas not changed

Has improved slightlyHas improved significantly


Chart 10 Counterparty structure of unsecured transactions


Chart 11 Trading structure of unsecured transactions


0

20

40

60

80

100

2002 2003 2004 2005 2006 2007 2008 2009 2010 20110

20

40

60

80

100

NationalEuro area

Other

0

20

40

60

80

100

2002 2003 2004 2005 2006 2007 2008 2009 2010 20110

20

40

60

80

100

Direct tradingVoice broker

Electronic trading


3 THE SECURED MARKET

3.I TURNOVER ANALYSIS


Chart 12 Average daily turnover in secured cash lending and borrowing

(index: cash lending volume in 2002 = 100)

0

50

100

150

200

250

300

2002 2003 2004 2005 2006 2007 2008 2009 2010 20110

50

100

150

200

250

300

LendingBorrowing



11ECB



in secured lending and borrowing (percentages of total)


in secured lending and borrowing (percentages of total)

0

10

20

30

40

50

60

70

80

90

2003 2004 2005 2006 2007 2008 2009 2010 20110

10

20

30

40

50

60

70

80

90

Overnight (O/N)Tom/next to 1 month (T/N-1m)

0

1

2

3

4

5

2003 2004 2005 2006 2007 2008 2009 2010 20110

1

2

3

4

5

1 month to 3 months (1m-3m)3 months to 1 year (3m-1y)More than 1 year (>1y)



turnover in secured lending (percentages of total)


turnover in secured borrowing (percentages of total)

0

5

10

15

20

25


0

5

10

15

20

25

20102011

0

5

10

15

20

25

30

35

40


0

5

10

15

20

25

30

35

40

20102011




Chart 17 Geographical collateral breakdown

for bilateral repos in 2010 (percentages of total)

Chart 18 Geographical collateral breakdown

for bilateral repos in 2011 (percentages of total)

32.5% national

63.4% euro area

4.1% other

43.0% national

52.1% euro area

4.9% other


Chart 19 Total repo market breakdown


0

20

40

60

80

100

2004 2005 2006 2007 2008 2009 2010 20110

20

40

60

80

100

Bilateral Bilateral repos, non-CCP transactions only (reporting started in 2009)Bilateral repos, CCP transactions only (reporting started in 2009)Triparty repos


3.4 BILATERAL REPOS

13ECB


Chart 20 Maturity breakdown for average daily turnover in the bilateral repo market


0

10

20

30

40

50

O/N T/N S/N <1w 1w-1m 1m-3m >3m0

10

20

30

40

50

2010 non-CCP 2010 CCP2011 non-CCP 2011 CCP


3.5 TRIPARTY REPOS

Chart 21 Maturity breakdown for average daily turnover in the triparty repo market


0

5

10

15

20

25

30

35

40

45

O/N T/N S/N <1w 1w-1m 1m-3m >3m0

5

10

15

20

25

30

35

40

45

20102011




Chart 22 Is the secured segment in your opinion efficient?


Chart 23 Has the market liquidity in the secured market

changed with respect to last year?(percentages of total)

0

20

40

60

80

100

2002 2003 2004 2005 2006 2007 2008 2009 2010 20110

20

40

60

80

100



0

20

40

60

80

100

2002 2003 2004 2005 2006 2007 2008 2009 2010 20110

20

40

60

80

100




Chart 24 Counterparty structure of secured transactions


Chart 25 Trading structure of secured transactions


0

20

40

60

80

100

2002 2003 2004 2005 2006 2007 2008 2009 2010 20110

20

40

60

80

100

NationalEuro area

Other

0

20

40

60

80

100

2002 2003 2004 2005 2006 2007 2008 2009 2010 20110

20

40

60

80

100


Electronic trading


4THE DERIVATIVES MARKETS

4.I THE OTC DERIVATIVES MARKET: TURNOVER ANALYSIS

15ECB


Chart 26 Average daily turnover in the various OTC derivatives markets

(index: OTC derivatives volume in 2002 = 100)

0

50

100

150

200

250

2002 2003 2004 2005 2006 2007 2008 2009 2010 20110

50

100

150

200

250

Overnight index swaps (OISs)Foreign exchange swaps (FX swaps)

Other interest rate swaps (other IRSs)Cross-currency swaps (Xccy swaps)

Forward rate agreements (FRAs)


4.2 THE OTC DERIVATIVES MARKET: MATURITY ANALYSIS


Chart 27 Average daily turnover in the OIS segment

(index: OIS volume in 2002 = 100)

0

50

100

150

200

250

300

2002 2003 2004 2005 2006 2007 2008 2009 2010 20110

50

100

150

200

250

300

Up to 1 month (<1m)1 month to 3 months (1m-3m)



Chart 28 Maturity-weighted breakdown for average daily turnover in the OIS segment


0

5

10

15

20

25

30

35

<1w 1w-1m 1m-3m 3m-6m 6m-1y >1y0

5

10

15

20

25

30

35

20102011


17ECB


Chart 29 Average daily turnover in the other IRS segment

(index: other IRS volume in 2002 = 100)

0

50

100

150

200

250

300

350

400

450

2002 2003 2004 2005 2006 2007 2008 2009 2010 20110

50

100

150

200

250

300

350

400

450

Up to 2 years (<2y)2 years to 5 years (2y-5y)

5 years to 10 years (5y-10y)More than 10 years (>10y)


Chart 30 Maturity-weighted breakdown for average daily turnover in the other IRS segment


0

10

20

30

40

50

60

<1y 1y-2y 2y-5y 5y-10y >10y0

10

20

30

40

50

60

20102011



Chart 31 Average daily turnover in the FRA segment

(index: FRA volume in 2002 = 100)

0

50

100

150

200

250

300

350

400

450

2002 2003 2004 2005 2006 2007 2008 2009 2010 20110

50

100

150

200

250

300

350

400

450

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)



Chart 32 Maturity-weighted breakdown for average daily turnover in the FRA segment


0

10

20

30

40

50

<1w 1w-1m 1m-3m 3m-6m 6m-1y >1y0

10

20

30

40

50

20102011


19ECB


Chart 33 Average daily turnover in the FX swap segment

(index: FX swap volume in 2002 = 100)

0

50

100

150

200

250

2002 2003 2004 2005 2006 2007 2008 2009 2010 20110

50

100

150

200

250

Up to 1 month (<1m)1 month to 3 months (1m-3m)



Chart 34 Maturity-weighted breakdown for average daily turnover in the FX swap segment


0

5

10

15

20

25

30

O/N <1w 1w-1m 1m-3m 3m-6m 6m-1y >1y0

5

10

15

20

25

30

20102011



Chart 35 Average daily turnover in the Xccy swap segment

(index: Xccy swap volume in 2002 = 100)

0

100

200

300

400

500

600

700

2002 2003 2004 2005 2006 2007 2008 2009 2010 20110

100

200

300

400

500

600

700

Up to 2 years (<2y)2 years to 5 years (2y-5y)

5 years to 10 years (5y-10y)More than 10 years (>10y)


Chart 36 Maturity-weighted breakdown for average daily turnover in the Xccy swap segment


0

5

10

15

20

25

30

35

40

<1y 1y-2y 2y-5y 5y-10y >10y0

5

10

15

20

25

30

35

40

20102011



21ECB


Chart 37 Is the OIS segment in your opinion efficient?


Chart 38 Has the market liquidity in the OIS market


0

20

40

60

80

100

2002 2003 2004 2005 2006 2007 2008 2009 2010 20110

20

40

60

80

100



0

20

40

60

80

100

2002 2003 2004 2005 2006 2007 2008 2009 2010 20110

20

40

60

80

100




Chart 39 Counterparty structure of OIS transactions


Chart 40 Trading structure of OIS transactions


0

20

40

60

80

100

2002 2003 2004 2005 2006 2007 2008 2009 2010 20110

20

40

60

80

100

NationalEuro area

Other

0

20

40

60

80

100

2002 2003 2004 2005 2006 2007 2008 2009 2010 20110

20

40

60

80

100


Electronic trading



Chart 41 Is the other IRS segment in your opinion efficient?


Chart 42 Has the market liquidity in the other IRS market


0

20

40

60

80

100

2002 2003 2004 2005 2006 2007 2008 2009 2010 20110

20

40

60

80

100



0

20

40

60

80

100

2002 2003 2004 2005 2006 2007 2008 2009 2010 20110

20

40

60

80

100




Chart 43 Counterparty structure of other IRS transactions


Chart 44 Trading structure of other IRS transactions


0

20

40

60

80

100

2002 2003 2004 2005 2006 2007 2008 2009 2010 20110

20

40

60

80

100

NationalEuro area

Other

0

20

40

60

80

100

2002 2003 2004 2005 2006 2007 2008 2009 2010 20110

20

40

60

80

100


Electronic trading


23ECB


Chart 45 Is the FRA segment in your opinion efficient?


Chart 46 Has the market liquidity in the FRA market


0

20

40

60

80

100

2002 2003 2004 2005 2006 2007 2008 2009 2010 20110

20

40

60

80

100



n.a.0

20

40

60

80

100

2002 2003 2004 2005 2006 2007 2008 2009 2010 20110

20

40

60

80

100



n.a.


Chart 47 Counterparty structure of FRA transactions


Chart 48 Trading structure of FRA transactions


0

20

40

60

80

100

2002 2003 2004 2005 2006 2007 2008 2009 2010 20110

20

40

60

80

100

NationalEuro area

Other

n.a.0

20

40

60

80

100

2002 2003 2004 2005 2006 2007 2008 2009 2010 20110

20

40

60

80

100


Electronic trading

n.a.



Chart 49 Is the FX swap segment in your opinion efficient?


Chart 50 Has the market liquidity in the FX swap market


0

20

40

60

80

100

2002 2003 2004 2005 2006 2007 2008 2009 2010 20110

20

40

60

80

100



0

20

40

60

80

100

2002 2003 2004 2005 2006 2007 2008 2009 2010 20110

20

40

60

80

100




Chart 51 Counterparty structure of FX swap transactions


Chart 52 Trading structure of FX swap transactions


0

20

40

60

80

100

2002 2003 2004 2005 2006 2007 2008 2009 2010 20110

20

40

60

80

100

NationalEuro area

Other

0

20

40

60

80

100

2002 2003 2004 2005 2006 2007 2008 2009 2010 20110

20

40

60

80

100


Electronic trading


25ECB


Chart 53 Is the Xccy swap segment in your opinion

efficient?(percentages of total)

Chart 54 Has the market liquidity in the Xccy swap market


0

20

40

60

80

100

2002 2003 2004 2005 2006 2007 2008 2009 2010 20110

20

40

60

80

100



0

20

40

60

80

100

2002 2003 2004 2005 2006 2007 2008 2009 2010 20110

20

40

60

80

100




Chart 55 Counterparty structure of Xccy swap transactions


Chart 56 Trading structure of Xccy swap transactions


0

20

40

60

80

100

2002 2003 2004 2005 2006 2007 2008 2009 2010 20110

20

40

60

80

100

NationalEuro area

Other

0

20

40

60

80

100

2002 2003 2004 2005 2006 2007 2008 2009 2010 20110

20

40

60

80

100


Electronic trading



Chart 57 Is the options segment in your opinion efficient?


Chart 58 Has the market liquidity in the options market


0

20

40

60

80

100

2002 2003 2004 2005 2006 2007 2008 2009 2010 20110

20

40

60

80

100



n.a. n.a. n.a. n.a.0

20

40

60

80

100

2002 2003 2004 2005 2006 2007 2008 2009 2010 20110

20

40

60

80

100



n.a. n.a. n.a. n.a.


Chart 59 Is the futures segment in your opinion efficient?


Chart 60 Has the market liquidity in the futures market


0

20

40

60

80

100

2002 2003 2004 2005 2006 2007 2008 2009 2010 20110

20

40

60

80

100



0

20

40

60

80

100

2002 2003 2004 2005 2006 2007 2008 2009 2010 20110

20

40

60

80

100




5THE SHORT-TERM SECURITIES MARKET

5.I TURNOVER ANALYSIS IN THE SECONDARY MARKET

27ECB


Chart 61 Average daily turnover in outright transactions

(index: outright transaction volume in 2002 = 100)

0

50

100

150

200

250

2002 2003 2004 2005 2006 2007 2008 2009 2010 20110

50

100

150

200

250

Government issuesCredit institution issues

Non-credit institution issues




Chart 62 Is the short-term securities segment in your

opinion efficient? (percentages of total)

Chart 63 Has the market liquidity for short-term securities


0

20

40

60

80

100

2002 2003 2004 2005 2006 2007 2008 2009 2010 20110

20

40

60

80

100



0

20

40

60

80

100

2002 2003 2004 2005 2006 2007 2008 2009 2010 20110

20

40

60

80

100




Chart 64 Counterparty structure of short-term

securities transactions (percentages of total)

Chart 65 Trading structure of short-term securities

transactions (percentages of total)

0

20

40

60

80

100

2002 2003 2004 2005 2006 2007 2008 2009 2010 20110

20

40

60

80

100

NationalEuro area

Other

0

20

40

60

80

100

2002 2003 2004 2005 2006 2007 2008 2009 2010 20110

20

40

60

80

100


Electronic trading


6CROSS-MARKET ANALYSIS

6.I TURNOVER ANALYSIS

29ECB


Chart 66 Aggregated average daily turnover of the euro money market

(index: aggregated average daily turnover volume in 2002 = 100)

0

50

100

150

200

2002 2003 2004 2005 2006 2007 2008 2009 2010 20110

50

100

150

200

UnsecuredSecuredOvernight 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)


Chart 67 Average daily turnover in various money

market segments (index: unsecured transaction volume in 2002 = 100)

Chart 68 Average daily turnover in various money

market segments (index: unsecured transaction volume in 2002 = 100)

0

50

100

150

200

250

300

2002 2003 2004 2005 2006 2007 2008 2009 2010 20110

50

100

150

200

250

300

UnsecuredSecured

OISsFX swaps

0

10

20

30

40

50

60

70

80

2002 2003 2004 2005 2006 2007 2008 2009 2010 20110

10

20

30

40

50

60

70

80

FRAsOther IRSs

Xccy swapsST-securities




Chart 69 Maturity breakdown for various money market segments in 2011

(index: unsecured volume = 100)

0

50

100

150

200

250

300

Unsecured Secured OISs FX swaps FRAs0

50

100

150

200

250

300

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)




31ECB


Table 1 Concentration of unsecured market activity in 2011


Lending Borrowing

Top 5 credit institutions 36.9 28.7 Top 10 credit institutions 53.7 43.3 Top 20 credit institutions 71.3 63.9

Table 2 Concentration of secured market activity in 2011


Bilateral Bilateral Bilateral Bilateral Triparty Triparty Total Totalreverse repos repos reverse repos, repos, reverse repos repos reverse repos repos

CCP only CCP only

Top 5 credit institutions 45.0 37.5 49.7 45.7 84.5 56.0 43.1 37.6 Top 10 credit institutions 66.2 57.9 71.9 64.8 95.6 79.3 63.4 56.8 Top 20 credit institutions 84.8 81.3 91.5 88.9 100.0 97.5 84.5 81.1

Table 3 Concentration of activity in the OTC derivatives markets and short-term securities in 2011


ST-securities OISs Other IRSs FRAs FX swaps Xccy swaps

Top 5 credit institutions 63.9 45.4 61.8 47.4 44.2 55.3 Top 10 credit institutions 80.0 68.4 78.9 72.4 62.5 72.4 Top 20 credit institutions 93.0 88.5 92.4 96.0 83.1 94.0

Note: For Tables 1, 2 and 3 the panel comprised 170 credit institutions.


Chart 70 Lorenz curve: concentration of activity in various market segments in 2011

(x axis: percentage of market participants; y axis: percentage of activity)

0

10

20

30

40

50

60

70

80

90

100

0

10

20

30

40

50

60

70

80

90

100

UnsecuredOvernight index swaps (OISs)Forward rate agreements (FRAs)

Cross-currency swaps (Xccy swaps)SecuredForeign exchange swaps (FX swaps)

Other interest rate swaps (other IRSs)Short-term securities (ST-securities)

0 10 20 30 40 50 60 70 80 90 100



33ECB


Chart 71 Is the euro market (for the different segments) in

your opinion efficient? (percentages of total)

Chart 72 Has the market liquidity in the euro money

market changed with respect to last year? (percentages of total)

0

10

20

30

40

50

60

70

80

90

100

0

10

20

30

40

50

60

70

80

90

100



UnsecuredRepos

FX swapsFRAs

OISsOther IRSs


OptionsFutures

0

10

20

30

40

50

60

70

80

90

100

0

10

20

30

40

50

60

70

80

90

100



UnsecuredRepos

FX swapsFRAs

OISsOther IRSs


OptionsFutures


Chart 73 Counterparty structure of various money market

segments in 2011 (percentages of total)

Chart 74 Trading structure of various money market

segments in 2011 (percentages of total)

0

10

20

30

40

50

60

70

80

90

100

0

10

20

30

40

50

60

70

80

90

100

NationalEuro area

Other

UnsecuredSecured

FX swapsFRAs

OISsOther IRSs


0

10

20

30

40

50

60

70

80

90

100

0

10

20

30

40

50

60

70

80

90

100


Electronic trading

UnsecuredSecured

FX swapsFRAs

OISsOther IRSs



ANNEX I CREDIT INSTITUTIONS PARTICIPATING IN THE 2011 EURO MONEY MARKET SURVEY

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 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 The Royal Bank of Scotland N.V. CZ UniCredit Bank Czech Republic a. s. DK Danske Bank A/S DE BayernLB DE BHF-BANK AG DE Commerzbank AG DE DekaBank Deutsche Girozentrale DE Deutsche Bank AG DE Deutsche Postbank AG DE DZ BANK AG 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 UniCredit Bank AG DE WestLB AG DE WGZ BANK AG IE Allied Irish Banks plc IE DePfa-Bank plc IE Irish Life & Permanent plc IE Rabobank Ireland plc IE The Governor and Company of the Bank of

Ireland IE UniCredit Bank Ireland plc GR Alpha Bank S.A. GR ATE Bank S.A. GR BNP Paribas GR EFG Eurobank Ergasias S.A. GR Emporiki Bank of Greece S.A.

GR HSBC Bank plc GR National Bank of Greece S.A. GR Piraeus Bank S.A. ES Banco Bilbao Vizcaya Argentaria S.A.

(BBVA) ES Banco Cooperativo Español S.A. ES Banco de Sabadell S.A. ES Banco Español de Crédito S.A. ES Banco Pastor S.A. ES Banco Popular Español S.A. ES Banco Santander S.A. ES Bankinter S.A. ES Barclays Bank S.A. ES Caixa d' Estalvis de Catalunya ES Caja de Ahorros del Mediterráneo ES Caja de Ahorros y M.P. de Madrid ES Caja de Ahorros y Pensiones de Barcelona ES Confederación Española de Cajas de

Ahorros ES ING Direct, N.V. S.E FR BNP Paribas FR BPCE FR BRED - Banque Populaire FR Crédit Agricole CIB FR Crédit Agricole S.A. FR Crédit Industriel et Commercial-CIC FR HSBC France FR Natixis FR Société Générale IT Banca IMI Spa IT Banca Monte dei Paschi di Siena Spa IT Banca Nazionale del Lavoro Spa (BNL) IT BNP Paribas S.A. IT Dexia Crediop Spa IT Intesa Sanpaolo Spa IT UniCredit Spa CY Bank of Cyprus Public Company Ltd CY Hellenic Bank Public Company Ltd CY Marfin Popular Bank Public Co Ltd LV AS Citadele banka LV Rietumu Banka LV SEB banka LV Swedbank LT AB bankas SNORAS LT AB SEB bankas LT Akcinė bendrovė Ūkio bankas

ECB

34 Euro Money Market SurveySeptember 2011

LT Swedbank, AB LU Banque et Caisse d'Epargne de l'Etat,

Luxembourg LU KBL European Private Bankers S.A. LU UniCredit Luxembourg S.A. HU ING Bank N.V. Magyarországi Fióktelepe HU K & H Bank Zrt. HU UniCredit Bank Hungary Zrt. MT Bank of Valletta plc MT BAWAG Malta Bank Ltd MT HSBC Bank Malta plc MT Volksbank Malta Ltd NL ABN AMRO Bank N.V. NL Bank Nederlandse Gemeenten N.V. NL Coöperatieve Centrale Raiffeisen-

Boerenleenbank B.A. (Rabobank) NL F. van Lanschot Bankiers N.V. NL ING Bank N.V. NL The Royal Bank of Scotland N.V. AT Allgemeine Sparkasse Oberösterreich Bank

AG AT Erste Group Bank AG AT Oberbank AG AT Österreichische Volksbanken-AG AT Raiffeisen Zentralbank Österreich AG AT Raiffeisenlandesbank Niederösterreich-

Wien AG AT Raiffeisen-Landesbank Steiermark AG AT UniCredit Bank Austria AG PL Bank BPH S.A. PL Bank Handlowy w Warszawie S.A. PL Bank Polska Kasa Opieki S.A. (Bank Pekao

S.A.)PL Bank Zachodni WBK S.A. PL Deutsche Bank Polska S.A. PL Getin Noble Bank S.A. PL ING Bank l ski S.A. PL Invest-Bank S.A. PL Kredyt Bank S.A. PL Powszechna Kasa Oszcz dno ci Bank

Polski S.A. (PKO BP) PL Raiffeisen Bank Polska S.A. PL Societe Generale S.A. Oddzia w Polsce PT Banco BPI SA PT Banco Comercial Português SA PT Banco do Brasil AG - Sucursal em Portugal

PT Banco Espírito Santo SA PT Banco Finantia SA PT Banco Itaú Europa SA PT Banco Santander Totta SA PT BANIF-Banco Internacional do Funchal SA PT Barclays Bank plc PT BPN - Banco Português de Negócios SA PT Caixa Central - Caixa Central de Crédito

Agrícola Mútuo, CRL PT Caixa Económica Montepio Geral PT Caixa Geral de Depósitos SA PT Deutsche Bank (Portugal) SA RO Banca Comerciala Romana S.A. RO BRD - Groupe Societe Generale S.A. RO RBS Bank (Romania) S.A. SI Abanka Vipa D.D. SI Nova Ljubljanska Banka d.d., Ljubljana SI UniCredit Banka Slovenija d.d. SK eskoslovenská obchodná banka, a.s. SK Všeobecná úverová banka, a.s. (VUB) FI Nordea Bank Finland Abp FI Pohjola Pankki Oyj SE Skandinaviska Enskilda Banken AB (publ)

(SEB)SE Svenska Handelsbanken AB (publ) SE Swedbank AB (publ) CH UBS AG GB Abbey National Treasury Services plc GB Banco do Brasil SA GB Banco Espirito Santo SA GB Barclays Bank plc GB BNP Paribas GB Calyon GB Citibank NA GB Credit Suisse GB Deutsche Bank AG GB Goldman Sachs International Bank GB HSBC Bank plc GB JP Morgan Chase Bank GB Lloyds TSB Bank plc GB Merrill Lynch International Bank Limited GB Standard Bank plc GB The Royal Bank of Scotland N.V. GB The Royal Bank of Scotland plc

56

Note: Countries are listed using the alphabetical order of the country names in the national languages.

ECBEuro Money Market Survey 35

September 2011

September 2011

ANNEX II COORDINATION OF THE 2011 ECB EURO MONEY MARKET SURVEY The 2011 ECB Euro Money Market Survey was conducted by a working group comprising staff members from the ECB and NCBs, which reported to the ESCB’s Market Operations Committee.

ECBEuro Money Market Survey 36 September 2011

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THE INTERNAT IONAL ROLE OF THE EUROJULY 2011

euro money market survey, september 2011 · 2011. 9. 29. · september 2011 chart 17 geographical...

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