PRESS RELEASE

Bond markets and long-term interest rates in non-euro area Member States of the European Union and in accession countries - third edition

24 November 2004

Today the European Central Bank (ECB) published the third and extended edition of a report entitled “Bond markets and long-term interest rates in non-euro area Member States of the European Union and in accession countries”. The title and the coverage of this third edition has changed and it has now been extended to include all non-euro area EU Member States and the two accession countries.

This update presents the results of a recent survey, which was designed jointly by the ECB and the European Commission (Eurostat) and carried out with the help of the national central banks of the non-euro area EU Member States and the accession countries. The report gives an overview of the capital market structures in those countries, particularly in relation to the bond markets.

The report has 15 chapters, one for each country. Each chapter is divided into five sections: (i) market size; (ii) activity in the primary and secondary markets; (iii) calculation of the yield; (iv) interest rates other than capital market interest rates; and (v) authorities involved in bond issuance, bond management and securities market supervision. The section on activity in the primary and secondary markets also provides information on the liquidity of the secondary markets.

To obtain a hard copy of this report, please contact the ECB’s Press and Information Division at the address given below. Alternatively, you can download the full report from the ECB’s website.

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