CPIY CPI excluding indirect taxes , subsidies and capital costs for owner occupied housing , ( mortgage interest payments and depreciation ) .

depreciation Provisions ASSETS 3 .

The deposits are remunerated at a pre specified interest rate .

Interest expense Net interest income

The change in the size of the foreign reserve portfolio during 2003 reflects the interest income earned and the change in the market value of the assets in the portfolio , as a result of the depreciation of the US dollar .

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 .

The extent of creditor countries losses would depend on the extent of the depreciation, giving them an interest in keeping the depreciation within bounds.

EN

Interest income

( 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 .

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

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

Note a positive ( negative ) sign indicates an appreciation ( depreciation ) .

Note A positive ( negative ) sign indicates an appreciation ( depreciation ) .

Note a positive ( negative ) sign indicates an appreciation ( depreciation ) .

5 ) A positive ( negative ) sign indicates an appreciation ( depreciation ) .

Interest income ( ) 1.2 .

Interest expense ( ) 1 .

Other interest income 1.1 .

Other interest expense 1.2 .

b. Legal nature

c. Interest terms

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

Foreign currency loans , securities and deposits outflows ( ) principal interest inflows ( ) principal interest

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

d. Maturity and interest terms

Notes A positive ( negative ) value represents an appreciation ( depreciation ) of the euro .

Note A positive ( negative ) value represents an appreciation ( depreciation ) of the euro .

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

Interest compensation 5.3.6 .

bonds .

Moreover , euro area exporters competitiveness was enhanced by moderate increases in wages and domestic prices and by the depreciation of the euro in the course of 2000 .

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

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 .

Interest income on foreign reserve assets This item includes interest income , net of interest expense , in respect of the assets and liabilities denominated in foreign currency , as follows 2003 Euros Interest on current accounts Money market deposit income Reverse repurchase agreements Net income on securities 2002 Euros Change Euros

So why has it been singing the depreciation song?

The change in the value of the portfolio during 2006 mainly reflected the depreciation of the US dollar and the Japanese yen vis à vis the euro , which was only partially compensated for by the appreciation of gold and by the positive net returns ( comprising capital gains and interest income ) generated by portfolio management activities .

The World Bank s traditional instruments have been (and still are) low interest loans, interest free credits, and grants.

This item includes interest income , net of interest expense , in respect of the assets and liabilities denominated in foreign currency , and net interest income on balances arising from TARGET and in respect of other assets and liabilities denominated in euro .

This item includes interest income , net of interest expense , in respect of the assets and liabilities denominated in foreign currency and net interest income on balances arising from TARGET and in respect of assets and liabilities denominated in euro .

Net interest income