If the tax deductibility of interest made debt attractive, then bankers should be indifferent between long term debt and short term debt.

They include for instance differences in income and private consumption developments as well as in demographics and attitudes towards owneroccupied housing across countries , while differences in tax deductibility of interest payments , capital gains taxes on housing gains and securitisation of mortgages may also have played a role .

The transferors and recipients of this interest shall be the same as the transferors and recipients of the amounts on which the interest accrues .

FURTHER DETAIL AND ACCRUAL OF INTEREST 88 . The quarterly b.o.p. statistics provide more detailed information than the monthly

The ECB shall , on or before 14 May 2004 , calculate and confirm to each participating NCB either the amount to be trans ferred by that NCB to the ECB where paragraph 1 applies , or the amount which that NCB shall receive from the ECB where para graph 2 applies .

The transferors and recipients of this interest shall be the same as the transferors and recipients of the amounts on which the interest accrues .

The trans ferors and recipients of this interest shall be the same as the trans ferors and recipients of the amounts on which the interest accrues .

The transferors and recipients of this interest shall be the same as the transferors and recipients of the amounts on which the interest accrues .

General provisions 1 .

For bankers, we'd be living off the principal, not the interest.

Interest income on foreign reserve assets is disclosed net of interest expense on foreign reserve liabilities as follows 2001 Euros Gross interest income on foreign reserve assets 2000 Euros

The recording of interest will , however , have to follow national practice .

The recording of interest , however , has to follow national practice .

b. Legal nature

c. Interest terms

Maturity and interest terms The maturity of deposits under the facility is overnight .

73 Chart A Decomposition of the change in interest payments ( as a percentage of GDP

MATURITY AND INTEREST TERMS The maturity of deposits under the facility is overnight .

( a ) to recall the three interim quarterly distributions already paid to the NCBs during the year amounting to Euros 533 million in total ( b ) to withhold the final quarterly interim distribution of Euros 165 million .

investment income interest according to the SNA93 ( 3 ) ( adjusted for FISIM ) value of FISIM investment income interest according to BPM5 ( not adjusted for FISIM ) investment income other than interest Interest according to BPM5 ( not adjusted for FISIM ( 2 )) Income attributed to insurance policyholders Other

Interest expense on foreign reserve liabilities ( 144,262,865 ) ( 227,575,627 ) Interest income on foreign reserve assets ( net ) 1,707,431,459 2,507,164,892 The decrease in net interest income compared with 2000 is primarily due to lower net interest income from assets denominated in US dollars .

Interest compensation 5.3.6 .

bonds .

Foreign currency loans , securities and deposits outflows ( ) Principal Interest inflows ( ) Principal Interest 2 .

( d ) M a t u r i t y a n d i n t e r e s t t e r m s The maturity of deposits under the facility is overnight .

ASSETS 1 2 2e .

Standing facility a central bank credit facility available to counterparties at their own initiative .

The deposits are remunerated at a pre specified interest rate .

Interest payable 1A .

Data on accrued interest

Interest payable 1C .

And during harvest, put it back with interest, food interest.

Foreign currency loans , securities and deposits outflows ( ) Principal Interest inflows ( ) Principal Interest 2 .

189,726 50,533,383 Interest income on foreign reserve assets ( net ) 541,294,375

In 2000 the ECB received the sums due in respect of capital and interest on outstanding

The price is usually the market price or is close to the market price . NCBs may also require accrued interest under this position

NCBs may also require accrued interest under this position Transactions

Different market dynamics are driving changes within small institutions .

Taking account of the accrued interest in the foreign currency positions In legal terms , accrued interest arises on assets or liabilities that are earned or due , or owned , on a day by day basis .

Profit and Loss Account of the ECB from 1 June to 31 December 1998 Euros Interest income Interest expenses Net interest income 97,851,703.59 ( 2,683,980.29 ) 95,167,723.30

Interest including settlements under swaps and forward rate agreements 1C .

Interest expense Net interest income

( 32,020 ) ( 11,947,990 ) ( 32,960 )

Interest on liabilities covers interest on loans , on deposits , and on other claims and interest related to the use of IMF credit and loans form the IMF .

EN