This document is an excerpt from the EUR-Lex website
Document 32019D0035
Decision (EU) 2019/2215 of the European Central Bank of 28 November 2019 amending Decision (EU) 2016/2247 on the annual accounts of the European Central Bank (ECB/2019/35)
Decision (EU) 2019/2215 of the European Central Bank of 28 November 2019 amending Decision (EU) 2016/2247 on the annual accounts of the European Central Bank (ECB/2019/35)
Decision (EU) 2019/2215 of the European Central Bank of 28 November 2019 amending Decision (EU) 2016/2247 on the annual accounts of the European Central Bank (ECB/2019/35)
OJ L 332, 23.12.2019, p. 168–182
(BG, ES, CS, DA, DE, ET, EL, EN, FR, HR, IT, LV, LT, HU, MT, NL, PL, PT, RO, SK, SL, FI, SV)
In force
Relation | Act | Comment | Subdivision concerned | From | To |
---|---|---|---|---|---|
Modifies | 32016D0035(01) | Addition | article 11a | 31/12/2019 | |
Modifies | 32016D0035(01) | Replacement | annex I | 31/12/2019 | |
Modifies | 32016D0035(01) | Replacement | annex III | 31/12/2019 | |
Modifies | 32016D0035(01) | Replacement | article 11 | 31/12/2019 | |
Modifies | 32016D0035(01) | Replacement | article 8 | 31/12/2019 |
Relation | Act | Comment | Subdivision concerned | From | To |
---|---|---|---|---|---|
Corrected by | 32019D0035R(01) | (RO) |
23.12.2019 |
EN |
Official Journal of the European Union |
L 332/168 |
DECISION (EU) 2019/2215 OF THE EUROPEAN CENTRAL BANK
of 28 November 2019
amending Decision (EU) 2016/2247 on the annual accounts of the European Central Bank (ECB/2019/35)
THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,
Having regard to the Treaty on the Functioning of the European Union,
Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular Article 26.2 thereof,
Whereas:
(1) |
Decision (EU) 2016/2247 of the European Central Bank (ECB/2016/35) (1) lays down the rules for drawing up the annual accounts of the European Central Bank (ECB). |
(2) |
The scope of the provision established in Article 8 of Decision (EU) 2016/2247 (ECB/2016/35) should be extended to cover all financial risks. |
(3) |
Decision (EU) 2016/2247 (ECB/2016/35) needs to establish valuation rules for marketable investment funds distinct from those applicable to marketable equity shares, and clarify the reporting of reverse operations with financial institutions other than credit institutions. |
(4) |
Therefore, Decision (EU) 2016/2247 (ECB/2016/35) should be amended accordingly, |
HAS ADOPTED THIS DECISION:
Article 1
Amendments
Decision (EU) 2016/2247 (ECB/2016/35) is amended as follows:
1. |
Article 8 is replaced by the following: ‘Article 8 Provision for financial risks Taking into due consideration the nature of the ECB’s activities, the Governing Council may establish a provision for financial risks in the balance sheet of the ECB. The Governing Council shall decide on the size and use of the provision on the basis of a reasoned estimate of the ECB’s risk exposure.’; |
2. |
Article 11 is replaced by the following: ‘Article 11 Marketable equity shares Marketable equity shares shall be accounted for in accordance with Article 11 of Guideline (EU) 2016/2249 (ECB/2016/34).’; |
3. |
The following Article 11a is inserted: ‘Article 11a Marketable investment funds Marketable investment funds shall be accounted for in accordance with Article 11a of Guideline (EU) 2016/2249 (ECB/2016/34).’; |
4. |
Annex I is replaced by Annex I to this Decision.; |
5. |
Annex III is replaced by Annex II to this Decision. |
Article 2
Entry into force
The Decision shall enter into force on 31 December 2019.
Done at Frankfurt am Main, 28 November 2019.
For the Governing Council
The President of the ECB
Christine LAGARDE
(1) Decision (EU) 2016/2247 of the European Central Bank of 3 November 2016 on the annual accounts of the European Central Bank (ECB/2016/35) (OJ L 347, 20.12.2016, p. 1).
ANNEX I
Annex I to Decision (EU) 2016/2247 (ECB/2016/35) is replaced by the following:
‘ANNEX I
COMPOSITION AND VALUATION RULES FOR THE BALANCE SHEET
ASSETS
|
Balance sheet item |
Categorisation of contents of balance sheet items |
Valuation principle |
||||||||||||||||||||||||
1 |
Gold and gold receivables |
Physical gold, i.e. bars, coins, plates, nuggets, in storage or ‘under way’. Non-physical gold, such as balances in gold sight accounts (unallocated accounts), term deposits and claims to receive gold arising from the following transactions: (a) upgrading or downgrading transactions; and (b) gold location or purity swaps where there is a difference of more than one business day between release and receipt |
Market value |
||||||||||||||||||||||||
2 |
Claims on non-euro area residents denominated in foreign currency |
Claims on counterparties resident outside the euro area including international and supranational institutions and central banks outside the euro area denominated in foreign currency |
|
||||||||||||||||||||||||
2.1 |
Receivables from the International Monetary Fund (IMF) |
|
|
||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||
2.2 |
Balances with banks and security investments, external loans and other external assets |
|
|
||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||
3 |
Claims on euro area residents denominated in foreign currency |
|
|
||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||
4 |
Claims on non-euro area residents denominated in euro |
|
|
||||||||||||||||||||||||
4.1 |
Balances with banks, security investments and loans |
|
|
||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||
4.2 |
Claims arising from the credit facility under the Exchange Rate Mechanism (ERM) II |
Lending in accordance with the ERM II conditions |
Nominal value |
||||||||||||||||||||||||
5 |
Lending to euro area credit institutions related to monetary policy operations denominated in euro |
Items 5.1 to 5.5: transactions in accordance with the respective monetary policy instruments described in Guideline (EU) 2015/510 of the European Central Bank (ECB/2014/60) (*) |
|
||||||||||||||||||||||||
5.1 |
Main refinancing operations |
Regular liquidity-providing reverse transactions with a weekly frequency and normally a maturity of one week |
Nominal value or repo cost |
||||||||||||||||||||||||
5.2 |
Longer-term refinancing operations |
Regular liquidity-providing reverse transactions normally with a monthly frequency, with a maturity longer than that of the main refinancing operations |
Nominal value or repo cost |
||||||||||||||||||||||||
5.3 |
Fine-tuning reverse operations |
Reverse transactions, executed as ad hoc transactions for fine-tuning purposes |
Nominal value or repo cost |
||||||||||||||||||||||||
5.4 |
Structural reverse operations |
Reverse transactions adjusting the structural position of the Eurosystem vis-à-vis the financial sector |
Nominal value or repo cost |
||||||||||||||||||||||||
5.5 |
Marginal lending facility |
Overnight liquidity facility at a pre-specified interest rate against eligible assets (standing facility) |
Nominal value or repo cost |
||||||||||||||||||||||||
5.6 |
Credits related to margin calls |
Additional credit to credit institutions, arising from value increases of underlying assets regarding other credit to these credit institutions |
Nominal value or cost |
||||||||||||||||||||||||
6 |
Other claims on euro area credit institutions denominated in euro |
Current accounts, fixed-term deposits, day-to-day money, reverse repo transactions in connection with the management of security portfolios under the asset item 7 ‘Securities of euro area residents denominated in euro’, including transactions resulting from the transformation of former foreign currency reserves of the euro area, and other claims. Correspondent accounts with non-domestic euro area credit institutions. Other claims and operations unrelated to monetary policy operations of the Eurosystem |
Nominal value or cost |
||||||||||||||||||||||||
7 |
Securities of euro area residents denominated in euro |
|
|
||||||||||||||||||||||||
7.1 |
Securities held for monetary policy purposes |
Securities held for monetary policy purposes (including securities purchased for monetary policy purposes issued by supranational or international organisations, or multilateral development banks, irrespective of their geographical location). European Central Bank (ECB) debt certificates purchased for fine-tuning purposes |
|
||||||||||||||||||||||||
7.2 |
Other securities |
Securities other than those under asset item 7.1 ‘Securities held for monetary policy purposes’ and under asset item 11.3 ‘Other financial assets’: notes and bonds, bills, zero bonds, money market paper held outright, including government securities stemming from before Economic and Monetary Union (EMU), denominated in euro. Equity shares and investment funds |
|
||||||||||||||||||||||||
8 |
General government debt denominated in euro |
Claims on government stemming from before EMU (non-marketable securities, loans) |
Deposits/loans at nominal value, non-marketable securities at cost |
||||||||||||||||||||||||
9 |
Intra-Eurosystem claims |
|
|
||||||||||||||||||||||||
9.1 |
Claims related to the issuance of ECB debt certificates |
Intra-Eurosystem claims vis-à-vis national central banks (NCBs), arising from the issuance of ECB debt certificates |
Cost |
||||||||||||||||||||||||
9.2 |
Claims related to the allocation of euro banknotes within the Eurosystem |
Claims related to the ECB’s banknote issue, in accordance with Decision ECB/2010/29 of the European Central Bank (**) |
Nominal value |
||||||||||||||||||||||||
9.3 |
Other claims within the Eurosystem (net) |
Net position of the following sub-items:
|
|
||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||
10 |
Items in course of settlement |
Settlement account balances (claims), including the float of cheques in collection |
Nominal value |
||||||||||||||||||||||||
11 |
Other assets |
|
|
||||||||||||||||||||||||
11.1 |
Coins of euro area |
Euro coins |
Nominal value |
||||||||||||||||||||||||
11.2 |
Tangible and intangible fixed assets |
Land and buildings, furniture and equipment including computer equipment, software |
Cost less depreciation |
||||||||||||||||||||||||
Depreciation is the systematic allocation of the depreciable amount of an asset over its useful life. The useful life is the period over which a fixed asset is expected to be available for use by the entity. Useful lives of individual material fixed assets may be reviewed on a systematic basis, if expectations differ from previous estimates. Major assets may comprise components with different useful lives. The lives of such components should be assessed individually The cost of intangible assets includes the price for the acquisition of the intangible asset. Other direct or indirect costs are to be expensed Capitalisation of expenditure: limit based (below EUR 10 000 excluding VAT: no capitalisation) |
|||||||||||||||||||||||||||
11.3 |
Other financial assets |
|
|
||||||||||||||||||||||||
11.4 |
Off-balance-sheet instruments revaluation differences |
Valuation results of foreign exchange forwards, foreign exchange swaps, interest rate swaps (unless daily variation margin applies), forward rate agreements, forward transactions in securities, foreign exchange spot transactions from trade date to settlement date |
Net position between forward and spot, at the foreign exchange market rate |
||||||||||||||||||||||||
11.5 |
Accruals and prepaid expenditure |
Income not due in, but assignable to the reported period. Prepaid expenditure and accrued interest paid, i.e. accrued interest purchased with a security |
Nominal value, foreign exchange translated at market rate |
||||||||||||||||||||||||
11.6 |
Sundry |
|
|
||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||
12 |
Loss for the year |
|
Nominal value |
LIABILITIES
|
Balance sheet item |
Categorisation of contents of balance sheet items |
Valuation principle |
||||||||
1 |
Banknotes in circulation |
Euro banknotes issued by the ECB, in accordance with Decision ECB/2010/29 |
Nominal value |
||||||||
2 |
Liabilities to euro area credit institutions related to monetary policy operations denominated in euro |
Items 2.1, 2.2, 2.3 and 2.5: deposits in euro as described in Guideline (EU) 2015/510 (ECB/2014/60) |
|
||||||||
2.1 |
Current accounts (covering the minimum reserve system) |
Euro accounts of credit institutions that are included in the list of financial institutions subject to minimum reserves in accordance with the Statute of the European System of Central Banks and of the European Central Bank (the ‘Statute of the ESCB’). This item contains primarily accounts used in order to hold minimum reserves |
Nominal value |
||||||||
2.2 |
Deposit facility |
Overnight deposits at a pre-specified interest rate (standing facility) |
Nominal value |
||||||||
2.3 |
Fixed-term deposits |
Collection for liquidity absorption purposes owing to fine-tuning operations |
Nominal value |
||||||||
2.4 |
Fine-tuning reverse operations |
Monetary policy-related transactions with the aim of liquidity absorption |
Nominal value or repo cost |
||||||||
2.5 |
Deposits related to margin calls |
Deposits of credit institutions, arising from value decreases of underlying assets regarding credits to these credit institutions |
Nominal value |
||||||||
3 |
Other liabilities to euro area credit institutions denominated in euro |
Repo transactions with credit institutions for the management of securities portfolios under asset item 7 ‘Securities of euro area residents denominated in euro’. Other operations unrelated to Eurosystem monetary policy operations. No current accounts of credit institutions |
Nominal value or repo cost |
||||||||
4 |
ECB debt certificates issued |
Debt certificates as described in Guideline (EU) 2015/510 (ECB/2014/60). Discount paper, issued with the aim of liquidity absorption |
Cost Any discounts are amortised |
||||||||
5 |
Liabilities to other euro area residents denominated in euro |
|
|
||||||||
5.1 |
General government |
Current accounts, fixed-term deposits, deposits repayable on demand |
Nominal value |
||||||||
5.2 |
Other liabilities |
Current accounts of staff, companies and clients including financial institutions listed as exempt from the obligation to hold minimum reserves (see liability item 2.1); repo transactions with financial institutions other than credit institutions for the management of securities other than those under asset item 11.3 ‘Other financial assets’; fixed-term deposits, deposits repayable on demand |
Nominal value |
||||||||
6 |
Liabilities to non-euro area residents denominated in euro |
Current accounts, fixed-term deposits, deposits repayable on demand including accounts held for payment purposes and accounts held for reserve management purposes: of other banks, central banks, international/supranational institutions including the European Commission; current accounts of other depositors. Repo transactions for the management of securities denominated in euro. Balances of TARGET2 accounts of central banks of Member States whose currency is not the euro |
Nominal value or repo cost |
||||||||
7 |
Liabilities to euro area residents denominated in foreign currency |
Current accounts. Liabilities under repo transactions; usually investment transactions using foreign currency assets or gold |
Nominal value, translated at year-end foreign exchange market rate |
||||||||
8 |
Liabilities to non-euro area residents denominated in foreign currency |
|
|
||||||||
8.1 |
Deposits, balances and other liabilities |
Current accounts. Liabilities under repo transactions; usually investment transactions using foreign currency assets or gold |
Nominal value, translated at the year-end foreign exchange market rate |
||||||||
8.2 |
Liabilities arising from the credit facility under ERM II |
Borrowing in accordance with the ERM II conditions |
Nominal value, translated at the year-end foreign exchange market rate |
||||||||
9 |
Counterpart of special drawing rights allocated by the IMF |
SDR-denominated item which shows the amount of SDRs that were originally allocated to the respective country/NCB |
Nominal value, translated at the year-end foreign exchange market rate |
||||||||
10 |
Intra-Eurosystem liabilities |
|
|
||||||||
10.1 |
Liabilities equivalent to the transfer of foreign reserves |
ECB balance sheet item, denominated in euro |
Nominal value |
||||||||
10.2 |
Other liabilities within the Eurosystem (net) |
Net position of the following sub-items:
|
|
||||||||
|
|
||||||||||
11 |
Items in course of settlement |
Settlement account balances (liabilities), including the float of giro transfers |
Nominal value |
||||||||
12 |
Other liabilities |
|
|
||||||||
12.1 |
Off-balance-sheet instruments revaluation differences |
Valuation results of foreign exchange forwards, foreign exchange swaps, interest rate swaps (unless daily variation margin applies), forward rate agreements, forward transactions in securities, foreign exchange spot transactions from trade date to settlement date |
Net position between forward and spot, at the foreign exchange market rate |
||||||||
12.2 |
Accruals and income collected in advance |
Expenditure falling due in a future period but relating to the reporting period. Income received in the reported period but relating to a future period |
Nominal value, foreign exchange translated at market rate |
||||||||
12.3 |
Sundry |
|
|
||||||||
|
|
||||||||||
|
|
||||||||||
13 |
Provisions |
|
|
||||||||
|
|
||||||||||
14 |
Revaluation accounts |
|
|
||||||||
|
|
||||||||||
15 |
Capital and reserves |
|
|
||||||||
15.1 |
Capital |
Paid-up capital |
Nominal value |
||||||||
15.2 |
Reserves |
Legal reserves, in accordance with Article 33 of the Statute of the ESCB, and contributions in accordance with Article 48.2 of the Statute of the ESCB with respect to central banks of Member States whose derogations have been abrogated |
Nominal value |
||||||||
16 |
Profit for the year |
|
Nominal value |
(*) Guideline (EU) 2015/510 of the European Central Bank of 19 December 2014 on the implementation of the Eurosystem monetary policy framework (ECB/2014/60) (OJ L 91, 2.4.2015, p. 3).
(**) Decision ECB/2010/29 of the European Central Bank of 13 December 2010 on the issue of euro banknotes (OJ L 35, 9.2.2011, p. 26).’.
ANNEX II
Annex III to Decision (EU) 2016/2247 (ECB/2016/35) is replaced by the following:
‘ANNEX III
PUBLISHED PROFIT AND LOSS ACCOUNT OF THE ECB
(EUR million) |
|||
Profit and loss account for the year ending 31 December … |
Reporting year |
Previous year |
|
1.1.1. |
Interest income on foreign reserve assets |
|
|
1.1.2. |
Interest income arising from the allocation of euro banknotes within the Eurosystem |
|
|
1.1.3. |
Other interest income |
|
|
1.1. |
Interest income |
|
|
1.2.1. |
Remuneration of NCBs’ claims in respect of foreign reserves transferred |
|
|
1.2.2. |
Other interest expense |
|
|
1.2. |
Interest expense |
|
|
1 |
Net interest income |
|
|
2.1. |
Realised gains/losses arising from financial operations |
|
|
2.2. |
Write-downs on financial assets and positions |
|
|
2.3. |
Transfer to/from provisions for financial risks |
|
|
2 |
Net result of financial operations, write downs and risk provisions |
|
|
3.1. |
Fees and commissions income |
|
|
3.2. |
Fees and commissions expense |
|
|
3 |
Net income/expense from fees and commissions (2) |
|
|
4 |
Income from equity shares and participating interests |
|
|
5 |
Other income |
|
|
Total net income |
|
|
|
6 |
Staff costs (3) |
|
|
7 |
Administrative expenses (3) |
|
|
8 |
Depreciation of tangible and intangible fixed assets |
|
|
9 |
Banknote production services (4) |
|
|
10 |
Other expenses |
|
|
(Loss)/profit for the year |
|
|
(1) The ECB may alternatively publish exact euro amounts, or amounts rounded in a different manner.
(2) The breakdown between income and expenses may alternatively be provided in the explanatory notes to the annual accounts.
(3) This includes administrative provisions.
(4) This item is used in the case of outsourced banknote production (for the cost of the services provided by external companies in charge of the production on behalf of the central banks). It is recommended that the costs incurred in connection with the issue of euro banknotes are taken to the profit and loss account as they are invoiced or otherwise incurred, see also Guideline (EU) 2016/2249 (ECB/2016/34).