ecb: euro money market survey -- september 2010

8/8/2019 ECB: EURO Money Market Survey -- September 2010

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Euro monEy markEt survEy

SEPTEMBER 2010


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EURO MONEY MARKET SURVEY

S EPTEMBER

In 2010 all ECBpublications

feature a motiftaken from the

500 banknote.

2010


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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

Telex

411 144 ecb d

All rights reserved. Reproduction

for educational and non-commercial

purposes is permitted provided that thesource is acknowledged.

ISSN 1830-7000 (online)

European Central Bank, 2010


5/39

ECB

Euro Money Market SurveySeptember 2010 3

CONTENTS

1 COUNTRY BREAKDOWN OFPARTICIPATING BANKS IN 2010 5

2 THE UNSECURED MARK ET 62.1 Turnover analysis 62.2 Maturity analysis 72.3 Market structure 82.4 Qualitative assessment 93 THE SECURED MARK ET 103.1 Turnover analysis 103.2 Maturity analysis 113.3 Market structure 123.4 Bilateral repos 133.5 Triparty repos 133.6 Qualitative assessment 144 THE OTC DERIVATIVES MARK ETS 154.1 Turnover analysis 154.2 Maturity analysis 164.3 Qualitative assessment 215 THE SHORT-TERM SECURITIES MARKET 275.1 Turnover analysis in the secondary market 275.2 Qualitative assessment 286 CROSS-MARKET ANALYSIS 296.1 Turnover analysis 296.2 Maturity analysis 306.3 Market structure 316.4 Qualitative assessment 33

Annexes

Annex I Credit institutions participating in the 2010

Euro Money Market Survey 34

Annex II Coordination of the 2010 ECB Euro Money

Market Survey 36


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

Abbreviations used in the charts

CCP Central Counterparty

FRAs Forward rate agreements

FX swaps Foreign exchange swaps

IRSs Other interest rate swaps

OISs Overnight index swaps

O/N OvernightOTC 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 Survey4 September 2010


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IN 2010

1COUNTRY BREAKDOWN OF PARTICIPATING BANKS

5

1.1 NUMBER OF PARTICIPATING BANKS PER COUNTRY

Number of banks

AUSTRIA 9

BELGIUM 3

BULGARIA 4

CYPRUS 3

CZECH REPUBLIC 8

DENMARK 1

FINLAND 2

FRANCE 9

GERMANY 17

GREECE 8

HUNGARY 3

IRELAND 6

ITALY 7

LATVIA 4

LITHUANIA 3

LUXEMBOURG 3

MALTA 4

NETHERLANDS 6

POLAND 13

PORTUGAL 14

ROMANIA 3

SLOVAKIA 3

SLOVENIA 3

SPAIN 15

SWEDEN 3

SWITZERLAND 1

UK 17

TOTAL 172

Note: A detailed list of participating banks can be found in Annex I.

ECBEuro Money Market Survey

September 2010


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2THE UNSECURED MARKET

2.1 TURNOVER ANALYSIS

6ECBEuro Money Market SurveySeptember 2010

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

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 20100

50

100

150

200

250

300

Lending

Borrowing

Note: The panel comprised 85 credit institutions in 2000 and 2001 and 105 credit institutions thereafter.


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2.2 MATURITY ANALYSIS

7

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

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 20100

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

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 20100

20

40

60

80

100

120

140

160

Overnight (O/N)






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 >1y

T/N 1y

T/N


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2.3 MARKET STRUCTURE


Chart 6 Geographical counterparty breakdown for unsecured

average daily turnover in 2009 (percentages of total)

Chart 7 Geographical counterparty breakdown for unsecured

average daily turnover in 2010 (percentages of total)

33.7% national

42.3% euro area

24.0% other

32.1% national

39.3% euro area

28.6% other

Note: The panel comprised 172 credit institutions.


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2.4 QUALITATIVE ASSESSMENT

9

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 20100

20

40

60

80

100

Limitedly

Sufficiently

Significantly

Extremely

0

20

40

60

80

100

2002 2003 2004 2005 2006 2007 2008 2009 20100

20

40

60

80

100

Has worsened

Has not changed

Has improved slightly

Has 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 20100

20

40

60

80

100

National

Euro area

Other

0

20

40

60

80

100

2002 2003 2004 2005 2006 2007 2008 2009 20100

20

40

60

80

100

Direct trading

Voice broker

Electronic trading



September 2010


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3THE 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

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 20100

50

100

150

200

250

300

Lending

Borrowing



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11


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 20100

10

20

30

40

50

60

70

80

90

Overnight (O/N)


0

1

2

3

4

5

2003 2004 2005 2006 2007 2008 2009 20100

1

2

3

4

5






turnover in secured lending (percentages of total)


turnover in secured borrowing (percentages of total)

0

5

10

15

20

25

30

35

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

T/N 1y

T/N


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Chart 17 Geographical collateral breakdown

for bilateral repos in 2009 (percentages of total)

Chart 18 Geographical collateral breakdown

for bilateral repos in 2010 (percentages of total)

36.2% national

59.1% euro area

4.7% other

31.7% national

64.1% euro area

4.2% other


Chart 19 Total repo market breakdown


0

20

40

60

80

100

2004 2005 2006 2007 2008 2009 20100

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



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3.4 BILATERAL REPOS

13

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 3m0

10

20

30

40

50

2009 non-CCP 2009 CCP

2010 non-CCP 2010 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 3m0

5

10

15

20

25

30

35

40

45

2009

2010



September 2010


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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 20100

20

40

60

80

100

Limitedly

Sufficiently

Significantly

Extremely

0

20

40

60

80

100

2002 2003 2004 2005 2006 2007 2008 2009 20100

20

40

60

80

100

Has worsened

Has not changed




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 20100

20

40

60

80

100

National

Euro area

Other

0

20

40

60

80

100

2002 2003 2004 2005 2006 2007 2008 2009 20100

20

40

60

80

100

Direct trading

Voice broker

Electronic trading



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4THE DERIVATIVES MARKETS4.I THE OTC DERIVATIVES MARKET: TURNOVER ANALYSIS

15

Chart 26 Average daily turnover in the various OTC derivatives markets

(index: OTC derivatives volume in 2002 = 100)

0

50

100

150

200

250

2001 2002 2003 2004 2005 2006 2007 2008 2009 20100

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)

Note: The panel comprised 85 credit institutions in 2001 and 105 credit institutions thereafter.


September 2010


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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

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 20100

50

100

150

200

250

300

Up to 1 month (1y)


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


0

5

10

15

20

25

30

1y0

5

10

15

20

25

30

2009

2010



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17

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

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 20100

50

100

150

200

250

300

350

400

450

Up to 2 years (10y)


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


0

10

20

30

40

50

60

10y0

10

20

30

40

50

60

2009

2010



September 2010


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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

2001 2002 2003 2004 2005 2006 2007 2008 2009 20100

50

100

150

200

250

300

350

400

450

Up to 1 week (1y)

Note: The panel comprised 85 credit institutions in 2001 and 105 credit institutions thereafter.

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


0

10

20

30

40

50

60

1y0

10

20

30

40

50

60

2009

2010



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19

Chart 33 Average daily turnover in the FX swap segment

(index: FX swap volume in 2002 = 100)

0

50

100

150

200

250

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 20100

50

100

150

200

250

Up to 1 month (1y)


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


0

5

10

15

20

25

30

O/N 1y0

5

10

15

20

25

30

2009

2010



September 2010


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Chart 35 Average daily turnover in the Xccy swap segment

(index: Xccy swap volume in 2002 = 100)

0

50

100

150

200

250

300

350

400

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 20100

50

100

150

200

250

300

350

400

Up to 2 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

10y0

5

10

15

20

25

30

35

40

2009

2010



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21

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 20100

20

40

60

80

100

Limitedly

Sufficiently

Significantly

Extremely

0

20

40

60

80

100

2002 2003 2004 2005 2006 2007 2008 2009 20100

20

40

60

80

100

Has worsened

Has not changed




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 20100

20

40

60

80

100

National

Euro area

Other

0

20

40

60

80

100

2002 2003 2004 2005 2006 2007 2008 2009 20100

20

40

60

80

100

Direct trading

Voice broker

Electronic trading



September 2010


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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 20100

20

40

60

80

100

Limitedly

Sufficiently

Significantly

Extremely

0

20

40

60

80

100

2002 2003 2004 2005 2006 2007 2008 2009 20100

20

40

60

80

100

Has worsened

Has not changed




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 20100

20

40

60

80

100

National

Euro area

Other

0

20

40

60

80

100

2002 2003 2004 2005 2006 2007 2008 2009 20100

20

40

60

80

100

Direct trading

Voice broker

Electronic trading



25/39

23

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 20100

20

40

60

80

100

Limitedly

Sufficiently

Significantly

Extremely

n.a.0

20

40

60

80

100

2002 2003 2004 2005 2006 2007 2008 2009 20100

20

40

60

80

100

Has worsened

Has not changed



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 20100

20

40

60

80

100

National

Euro area

Other

n.a.0

20

40

60

80

100

2002 2003 2004 2005 2006 2007 2008 2009 20100

20

40

60

80

100

Direct trading

Voice broker

Electronic trading

n.a.



September 2010


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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 20100

20

40

60

80

100

Limitedly

Sufficiently

Significantly

Extremely

0

20

40

60

80

100

2002 2003 2004 2005 2006 2007 2008 2009 20100

20

40

60

80

100

Has worsened

Has not changed




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 20100

20

40

60

80

100

National

Euro area

Other

0

20

40

60

80

100

2002 2003 2004 2005 2006 2007 2008 2009 20100

20

40

60

80

100

Direct trading

Voice broker

Electronic trading



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25

Chart 53 Is the Xccy swap segment in your opinionefficient? (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 20100

20

40

60

80

100

Limitedly

Sufficiently

Significantly

Extremely

0

20

40

60

80

100

2002 2003 2004 2005 2006 2007 2008 2009 20100

20

40

60

80

100

Has worsened

Has not changed




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 20100

20

40

60

80

100

National

Euro area

Other

0

20

40

60

80

100

2002 2003 2004 2005 2006 2007 2008 2009 20100

20

40

60

80

100

Direct trading

Voice broker

Electronic trading



September 2010


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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 20100

20

40

60

80

100

Limitedly

Sufficiently

Significantly

Extremely

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

20

40

60

80

100

2002 2003 2004 2005 2006 2007 2008 2009 20100

20

40

60

80

100

Has worsened

Has not changed



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 20100

20

40

60

80

100

Limitedly

Sufficiently

Significantly

Extremely

0

20

40

60

80

100

2002 2003 2004 2005 2006 2007 2008 2009 20100

20

40

60

80

100

Has worsened

Has not changed





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5THE SHORT-TERM SECURITIES MARKET5.I TURNOVER ANALYSIS IN THE SECONDARY MARKET

27

Chart 61 Average daily turnover in outright transactions

(index: outright transaction volume in 2002 = 100)

0

50

100

150

200

250

300

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 20100

50

100

150

200

250

300

Government issues

Credit institution issues

Non-credit institution issues



September 2010


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Chart 62 Is the short-term securities segment in youropinion 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 20100

20

40

60

80

100

Limitedly

Sufficiently

Significantly

Extremely

0

20

40

60

80

100

2002 2003 2004 2005 2006 2007 2008 2009 20100

20

40

60

80

100

Has worsened

Has not changed




Chart 64 Counterparty structure of short-termsecurities 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 20100

20

40

60

80

100

National

Euro area

Other

0

20

40

60

80

100

2002 2003 2004 2005 2006 2007 2008 2009 20100

20

40

60

80

100

Direct trading

Voice broker

Electronic trading



31/39

6CROSS-MARKET ANALYSIS6.I TURNOVER ANALYSIS

29

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

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 20100

50

100

150

200

Unsecured

Secured






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

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 20100

50

100

150

200

250

Unsecured

Secured

OISs

FX swaps

0

10

20

30

40

50

60

70

80

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 20100

10

20

30

40

50

60

70

80

FRAs

Other IRSs

Xccy swaps

ST-securities



September 2010


32/39



Chart 69 Maturity breakdown for various money market segments in 2010

(index: unsecured volume = 100)

0

50

100

150

200

250

Unsecured Secured OISs FX swaps FRAs0

50

100

150

200

250

Up to 1 week (1y)



33/39


31

Table 1 Concentration of unsecured market activity in 2010


Lending Borrowing

Top 5 credit institutions 46.0 28.5



Table 2 Concentration of secured market activity in 2010


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 5 credit institutions 39.9 36.7 53.7 44.3 72.1 74.6 38.9 36.4



Table 3 Concentration of activity in the OTC derivatives markets and short-term securities in 2010


ST-securities OISs Other IRSs FRAs FX swaps Xccy swaps

Top 5 credit institutions 68.1 43.2 62.8 49.7 45.4 64.7



Note: For Tables 1, 2 and 3 the panel comprised 172 credit institutions.


September 2010


34/39


Chart 70 Lorenz curve: concentration of activity in various market segments in 2010

(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

Unsecured




Secured



Short-term securities (ST-securities)

0 10 20 30 40 50 60 70 80 90 100



35/39


33

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

Limitedly

Sufficiently

Significantly

Extremely

UnsecuredRepos

FX swapsFRAs

OISsOther IRSs

Xccy swapsST-securities

OptionsFutures

0

10

20

30

40

50

60

70

80

90

100

0

10

20

30

40

50

60

70

80

90

100

Has worsened

Has not changed



UnsecuredRepos

FX swapsFRAs

OISsOther IRSs


OptionsFutures


Chart 73 Counterparty structure of various money marketsegments in 2010 (percentages of total)

Chart 74 Trading structure of various money market

segments in 2010 (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

National

Euro 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

Direct trading

Voice broker

Electronic trading

UnsecuredSecured

FX swapsFRAs

OISsOther IRSs




September 2010


36/39

ANNEX I

CREDIT INSTITUTIONS PARTICIPATING IN THE 2010 EURO MONEY MARKET

SURVEY

AT Allgemeine Sparkasse Obersterreich BankAG

AT Erste Group Bank AGAT Oberbank AGAT sterreichische Volksbanken-AGAT Raiffeisen Zentralbank sterreich AGAT Raiffeisenlandesbank Niedersterreich-

Wien AGAT Raiffeisen-Landesbank Steiermark AGAT UniCredit Bank Austria AG

AT UniCredit CAIB AGBE Dexia Banque BelgiqueBE Fortis BanqueBE KBC Bank NVBG BNP Paribas S.A.BG DSK BankBG Eurobank EFG BulgariaBG United Bulgarian BankCH UBS AGCY Bank of Cyprus Public Company LtdCY Hellenic Bank Public Company LtdCY Marfin Popular Bank Public Co Ltd

CZ ABN AMRO Bank N.V.CZ esk spoitelna, a. s.CZ eskoslovensk obchodn banka, a. s.CZ Citibank Europe plcCZ HSBC Bank plcCZ ING Bank N.V.CZ Komern banka, a. s.CZ UniCredit Bank Czech Republic a. s.DE Bayerische LandesbankDE BHF-BANK AGDE Commerzbank AGDE DekaBank Deutsche Girozentrale

DE Deutsche Bank AGDE Deutsche Postbank AGDE DZ BANK AG Deutsche Zentral-

GenossenschaftsbankDE Hamburger Sparkasse AGDE HSH Nordbank AGDE Landesbank Baden-WrttembergDE Landesbank Berlin AGDE Landesbank Hessen-Thringen GirozentraleDE Landwirtschaftliche RentenbankDE SEB AGDE UniCredit Bank AG

DE WestLB AGDE WGZ BANK AG Westdeutsche

Genossenschafts-ZentralbankDK Danske Bank A/SES Banco Bilbao Vizcaya Argentaria S.A.

(BBVA)ES Banco Cooperativo Espaol S.A.ES Banco de Sabadell S.A.ES Banco Espaol de Crdito S.A.ES Banco Pastor S.A.

ES Banco Popular Espaol S.A.ES Banco Santander S.A.ES Bankinter S.A.ES Barclays Bank S.A.ES Caixa d' Estalvis de CatalunyaES Caja de Ahorros del MediterrneoES Caja de Ahorros y M.P. de MadridES Caja de Ahorros y Pensiones de BarcelonaES Confederacin Espaola de Cajas de

AhorrosES ING Direct, N.V. S.EFI Nordea Bank Finland Abp

FI Pohjola Pankki OyjFR BNP ParibasFR BPCEFR BRED - Banque PopulaireFR Crdit Agricole CIBFR Crdit Agricole S.A.FR Crdit Industriel et Commercial-CICFR HSBC FranceFR NatixisFR Socit GnraleGB Abbey National Treasury Services plcGB Banco do Brasil SA

GB Banco Espirito Santo SAGB Barclays Bank plcGB BNP ParibasGB CalyonGB Citibank NAGB Credit SuisseGB Deutsche Bank AGGB Goldman Sachs International BankGB HSBC Bank plcGB JP Morgan Chase BankGB Lloyds TSB Bank plcGB Merrill Lynch International Bank Limited

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GB Standard Bank plcGB The Royal Bank of Scotland N.V.GB The Royal Bank of Scotland plc

GR Alpha Bank S.A.GR ATE Bank S.A.GR BNP ParibasGR EFG Eurobank Ergasias S.A.GR Emporiki Bank of Greece S.A.GR HSBC Bank plcGR National Bank of Greece S.A.GR Piraeus Bank S.A.HU ING Bank N.V. Magyarorszgi FiktelepeHU K & H Bank Zrt.HU UniCredit Bank Hungary Zrt.IE Allied Irish Banks plc

IE DePfa-Bank plcIE Irish Life & Permanent plcIE Rabobank Ireland plcIE The Governor and Company of the Bank of

IrelandIE UniCredit Bank Ireland plcIT Banca IMI SpaIT Banca Monte dei Paschi di Siena SpaIT Banca Nazionale del Lavoro Spa (BNL)IT BNP Paribas S.A.IT Dexia Crediop SpaIT Intesa Sanpaolo Spa

IT UniCredit SpaLT AB bankas SNORASLT AB SEB bankasLT Swedbank, ABLU Banque et Caisse d'Epargne de l'Etat,

LuxembourgLU KBL European Private Bankers S.A.LU UniCredit Luxembourg S.A.LV Parex bankaLV Rietumu BankaLV SEB bankaLV Swedbank

MT Bank of Valletta plcMT BAWAG Malta Bank LtdMT HSBC Bank Malta plcMT Volksbank Malta LtdNL ABN AMRO Bank N.V.NL Bank Nederlandse Gemeenten N.V.NL Coperatieve 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.PL Bank BPH S.A.

PL Bank Gospodarstwa KrajowegoPL 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 lski S.A.PL Invest-Bank S.A.PL Kredyt Bank S.A.PL Powszechna Kasa Oszczdnoci Bank

Polski S.A. (PKO BP)PL Raiffeisen Bank Polska S.A.PL Societe Generale S.A. Oddzia w PolscePT Banco BPI SA

PT Banco Comercial Portugus SAPT Banco do Brasil AG - Sucursal em PortugalPT Banco Esprito Santo SAPT Banco Finantia SAPT Banco Ita Europa SAPT Banco Santander Totta SAPT BANIF-Banco Internacional do Funchal SAPT Barclays Bank plcPT BPN - Banco Portugus de Negcios SAPT Caixa Central - Caixa Central de Crdito

Agrcola Mtuo, CRLPT Caixa Econmica Montepio GeralPT Caixa Geral de Depsitos SAPT Deutsche Bank (Portugal) SARO Banca Comerciala Romana S.A.RO BRD - Groupe Societe Generale S.A.RO RBS Bank (Romania) S.A.SE Skandinaviska Enskilda Banken AB (publ)

(SEB)SE Svenska Handelsbanken AB (publ)SE Swedbank AB (publ)SI Abanka Vipa D.D.SI Nova Ljubljanska Banka d.d., LjubljanaSI UniCredit Banka Slovenija d.d.SK eskoslovensk obchodn banka, a.s.

SK Slovensk sporitea, a.s.SK Veobecn verov banka, a.s. (VUB)


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ANNEX I I

COORDINATION OF THE 2010 ECB EURO MONEY MARK ET SURVEY

The 2010 ECB Euro Money Market Survey was conducted by a working group comprisingstaff members from the ECB and NCBs, which reported to the ESCBs Market OperationsCommittee.

ECBEuro Money Market Survey36 September 2010


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ecb: euro money market survey -- september 2010

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