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 .

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

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

Interest is paid at maturity of the deposit .

and the Eurosystem may select , according to the criteria specified in Section 2.2 and Annex 3 , a limited number of counterparties to participate in foreign exchange swaps .

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

Balances ( interest bearing or not ) outstanding on prepaid cards .

The overnight deposits accepted from counterparties are remunerated at a fixed rate of interest .

9 Interest on the deposits is payable on maturity of the deposit .

Interest on the deposits is payable on maturity of the deposit .

Interest on the deposits is payable at maturity of the deposit .

11 Interest on the deposits is payable on maturity of the deposit .

16 Interest under the facility is payable with the repayment of the credit .

3 Interest under the facility is payable with the repayment of the credit .

Interest under the facility is payable with the repayment of the credit .

Interest under the facility is payable with the repayment of the credit .

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

5 , 6 Interest under the facility is payable with the repayment of the credit .

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

11 Interest under the facility is payable with the repayment of the credit .

The current interest payments , either received or paid , shall be recorded on an accruals basis .

At the settlement date the off balance sheet accounts shall be reversed . 6 .

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

( 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 .

This means that currency position is affected when this accrued interest is opposed to only when the interest is received or paid ( 1 ) . instruments on a daily the foreign booked , as

This means that the foreign currency position is affected when this accrued interest is booked , as opposed to only when the interest is received or paid ( 1 ) .

Interest of Euros 0.2 million was due on deferred payments of capital subscriptions from participating NCBs .

Net settlements of interest are considered as transactions in financial derivatives , included in the financial accounts .

Net interest income on the foreign reserve assets amounted to Euros 1.5 billion .

This means that the foreign currency position is affected when this accrued interest is booked , as opposed to only when the interest is received or paid ( 1 ) .

At the settlement date the off balance sheet accounts shall be reversed .

The current interest payments , either received or paid , shall be recorded on an accruals basis .

Also included is interest paid to the IMF on the Fund 's SDR holdings in the General Resources Account .

The bulk of interest income and expenses arose on balances resulting from TARGET transactions .

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 on the claims of the ECB in respect of its share of banknotes is earned at the latest available marginal rate for the Eurosystem 's main refinancing operations .

At the same time , net interest income is vulnerable to a flattening of the yield curve .

Amounts of interest paid by an NCB on liabilities included within its liability base are to be deducted from the amount of monetary income to be pooled .

II . Capital account

Accruals on deposits ( M9 , M38 ) Interest payable on deposits recorded as it accrues ( i.e. on an accruals basis ) rather than when it is actually paid ( i.e. on a cash basis ) .

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

If dividends, interest, royalties, and management fees are not taxed in the country in which they are paid, they more easily escape notice in the country of residence.

Other investment income ( 370 ) Other investment income covers interest receipts and payments on all other resident claims ( assets ) on and liabilities to non residents , respectively .