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Document 32021O2041
Guideline (EU) 2021/2041 of the European Central Bank of 11 November 2021 amending Guideline (EU) 2016/2249 on the legal framework for accounting and financial reporting in the European System of Central Banks (ECB/2021/51)
Guideline (EU) 2021/2041 of the European Central Bank of 11 November 2021 amending Guideline (EU) 2016/2249 on the legal framework for accounting and financial reporting in the European System of Central Banks (ECB/2021/51)
Guideline (EU) 2021/2041 of the European Central Bank of 11 November 2021 amending Guideline (EU) 2016/2249 on the legal framework for accounting and financial reporting in the European System of Central Banks (ECB/2021/51)
ECB/2021/51
OJ L 419, 24.11.2021, p. 14–33
(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 | 32016O0034 | Replacement | annex IV | 31/12/2021 | |
Modifies | 32016O0034 | Replacement | article 5 paragraph 4 | 31/12/2021 |
24.11.2021 |
EN |
Official Journal of the European Union |
L 419/14 |
GUIDELINE (EU) 2021/2041 OF THE EUROPEAN CENTRAL BANK
of 11 November 2021
amending Guideline (EU) 2016/2249 on the legal framework for accounting and financial reporting in the European System of Central Banks (ECB/2021/51)
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 Articles 12.1, 14.3 and 26.4 thereof,
Having regard to the contribution of the General Council of the European Central Bank (ECB) pursuant to the second and third indents of Article 46.2 of the Statute of the European System of Central Banks and of the European Central Bank,
Whereas:
(1) |
Guideline (EU) 2016/2249 of the European Central Bank (ECB/2016/34) (1) lays down the rules for standardising the accounting and financial reporting of operations undertaken by the national central banks of Member States whose currency is the euro. |
(2) |
It is necessary to clarify with regard to the economic and cash/settlement approaches that the indexation amount payable at maturity should be part of the carrying amount of index-linked bonds at quarter end. |
(3) |
Additional technical amendments to Annex IV are required for the purpose of: (a) ensuring consistency across the Eurosystem with regard to the financial reporting of balances with, and securities issued by, international organisations; (b) allowing for the classification of defaulted securities as part of sundry items on the asset side of the balance sheet; and (c) clarifying the classification of funds and accounts of credit and financial institutions on the liability side of the balance sheet. |
(4) |
Therefore, Guideline (EU) 2016/2249 (ECB/2016/34) should be amended accordingly, |
HAS ADOPTED THIS GUIDELINE:
Article 1
Amendments
Guideline (EU) 2016/2249 (ECB/2016/34) is amended as follows:
(1) |
in Article 5, paragraph 4 is replaced by the following: ‘4. With the exception of quarter-end and year-end accounting adjustments and of items disclosed under “Other assets” and “Other liabilities”, amounts presented as part of the daily financial reporting for Eurosystem financial reporting purposes shall only show cash movements in balance sheet items. At quarter-end and year-end, the amortisation and any indexation amount payable at maturity as part of the principal amount of index-linked bonds, shall also be included in the carrying value of securities.’; |
(2) |
Annex IV is replaced by the Annex to this Guideline. |
Article 2
Taking effect and implementation
1. This Guideline shall take effect on the day of its notification to the national central banks of the Member States whose currency is the euro.
2. The national central banks of the Member States whose currency is the euro shall comply with this Guideline from 31 December 2021.
Article 3
Addressees
This Guideline is addressed to all Eurosystem central banks.
Done at Frankfurt am Main, 11 November 2021.
For the Governing Council of the ECB
The President of the ECB
Christine LAGARDE
(1) Guideline (EU) 2016/2249 of the European Central Bank of 3 November 2016 on the legal framework for accounting and financial reporting in the European System of Central Banks (ECB/2016/34) (OJ L 347, 20.12.2016, p. 37 ).
ANNEX
Annex IV to Guideline (EU) 2016/2249 (ECB/2016/34) is replaced by the following:
‘ANNEX IV
COMPOSITION AND VALUATION RULES FOR THE BALANCE SHEET (1)
ASSETS
Categorisation of contents of balance sheet items |
Valuation principle |
Scope of application (3) |
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1 |
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 |
Mandatory |
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2 |
2 |
Claims on non-euro area residents denominated in foreign currency |
Claims on counterparties resident outside the euro area, including central banks outside the euro area denominated in foreign currency |
|
|
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2.1 |
2.1 |
Receivables from the International Monetary Fund (IMF) |
|
|
Mandatory |
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|
|
Mandatory |
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|
Mandatory |
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2.2 |
2.2 |
Balances with banks and security investments, external loans and other external assets |
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|
Mandatory |
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|
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|
Mandatory |
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|
Mandatory |
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|
Mandatory |
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|
Mandatory |
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Mandatory |
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|
Mandatory |
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|
Mandatory |
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3 |
3 |
Claims on euro area residents denominated in foreign currency |
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|
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Mandatory |
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|
Mandatory |
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|
Mandatory |
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|
Mandatory |
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|
Mandatory |
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|
Mandatory |
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4 |
4 |
Claims on non-euro area residents denominated in euro |
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|
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4.1 |
4.1 |
Balances with banks, security investments and loans |
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|
Mandatory |
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|
Mandatory |
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|
Mandatory |
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|
Mandatory |
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|
Mandatory |
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|
Mandatory |
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|
Mandatory |
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4.2 |
4.2 |
Claims arising from the credit facility under Exchange Rate Mechanism (ERM) II |
Lending according to the ERM II conditions |
Nominal value |
Mandatory |
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5 |
5 |
Lending to euro area credit institutions related to monetary policy operations denominated in euro |
Items 5.1 to 5.5: transactions according to the respective monetary policy instruments described in Guideline (EU) 2015/510 of the European Central Bank (ECB/2014/60) (4) |
|
|
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5.1 |
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 |
Mandatory |
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5.2 |
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 |
Mandatory |
||||||||||
5.3 |
5.3 |
Fine-tuning reverse operations |
Reverse transactions, executed as ad hoc transactions for fine-tuning purposes |
Nominal value or repo cost |
Mandatory |
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5.4 |
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 |
Mandatory |
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5.5 |
5.5 |
Marginal lending facility |
Overnight liquidity facility at a pre-specified interest rate against eligible assets (standing facility) |
Nominal value or repo cost |
Mandatory |
||||||||||
5.6 |
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 |
Mandatory |
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6 |
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 including Emergency Liquidity Assistance in the form of collateralised loans. Any claims stemming from monetary policy operations initiated by an NCB prior to joining the Eurosystem |
Nominal value or cost |
Mandatory |
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7 |
7 |
Securities of euro area residents denominated in euro |
|
|
|
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7.1 |
7.1 |
Securities held for monetary policy purposes |
Securities held for monetary policy purposes (including securities purchased for monetary policy purposes that are 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 |
|
Mandatory |
||||||||||
|
Mandatory |
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7.2 |
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 |
|
Mandatory |
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|
Mandatory |
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|
Mandatory |
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|
Mandatory |
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|
Mandatory |
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8 |
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 |
Mandatory |
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- |
9 |
Intra-Eurosystem claims(+) |
|
|
|
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- |
9.1 |
Participating interest in ECB(+) |
Only an NCB balance sheet item The ECB capital share of each NCB in accordance with the Treaty and the respective capital key and contributions in accordance with Article 48.2 of the Statute of the ESCB |
Cost |
Mandatory |
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- |
9.2 |
Claims equivalent to the transfer of foreign reserves(+) |
Only an NCB balance sheet item Euro-denominated claims on the ECB in respect of initial and additional transfers of foreign reserves under Article 30 of the Statute of the ESCB |
Nominal value |
Mandatory |
||||||||||
- |
9.3 |
Claims related to the issuance of ECB debt certificates(+) |
Only an ECB balance sheet item Intra-Eurosystem claims vis-à-vis NCBs, arising from the issuance of ECB debt certificates |
Cost |
Mandatory |
||||||||||
- |
9.4 |
Net claims related to the allocation of euro banknotes within the Eurosystem (+) (*1) |
For the NCBs: net claim related to the application of the banknote allocation key i.e. including the ECB’s banknote issue related intra-Eurosystem balances, the compensatory amount and its balancing accounting entry as defined by Decision (EU) 2016/2248 of the European Central Bank (ECB/2016/36) (5) For the ECB: claims related to the ECB’s banknote issue, in accordance with Decision ECB/2010/29 |
Nominal value |
Mandatory |
||||||||||
- |
9.5 |
Other claims within the Eurosystem (net)(+) |
Net position of the following sub-items: |
|
|
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|
Mandatory |
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|
Mandatory |
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|
Mandatory |
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9 |
10 |
Items in the course of settlement |
Settlement account balances (claims), including the float of cheques in collection |
Nominal value |
Mandatory |
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9 |
11 |
Other assets |
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|
|
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9 |
11.1 |
Coins of euro area |
Euro coins if an NCB is not the legal issuer |
Nominal value |
Mandatory |
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9 |
11.2 |
Tangible and intangible fixed assets |
Land and buildings, furniture and equipment including computer equipment, software |
Cost less depreciation |
Recommended |
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|
Depreciation rates:
Capitalisation of expenditure: limit based (below EUR 10 000 excluding VAT: no capitalisation) |
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9 |
11.3 |
Other financial assets |
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Recommended |
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Recommended |
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Recommended |
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Recommended |
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Recommended |
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Recommended |
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Recommended |
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Recommended |
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9 |
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 |
Mandatory |
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9 |
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 |
Mandatory |
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9 |
11.6 |
Sundry |
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|
Recommended |
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Mandatory |
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|
Mandatory |
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Recommended |
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|
Mandatory |
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|
Mandatory |
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- |
12 |
Loss for the year |
|
Nominal value |
Mandatory |
LIABILITIES
Categorisation of contents of balance sheet items |
Valuation principle |
Scope of application (8) |
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1 |
1 |
Banknotes in circulation (*2) |
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|
Mandatory |
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|
Mandatory |
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2 |
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 |
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 ESCB, except for credit institutions exempt from minimum reserve requirements. This item contains primarily accounts used in order to hold minimum reserves and excludes funds of credit institutions that are not freely disposable |
Nominal value |
Mandatory |
||||
2.2 |
2.2 |
Deposit facility |
Overnight deposits at a pre-specified interest rate (standing facility) |
Nominal value |
Mandatory |
||||
2.3 |
2.3 |
Fixed-term deposits |
Collection for liquidity absorption purposes owing to fine-tuning operations |
Nominal value |
Mandatory |
||||
2.4 |
2.4 |
Fine-tuning reverse operations |
Monetary policy-related transactions with the aim of liquidity absorption |
Nominal value or repo cost |
Mandatory |
||||
2.5 |
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 |
Mandatory |
||||
3 |
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. Funds of credit institutions that are not freely disposable, and accounts of credit institutions exempt from minimum reserve requirements. Any liabilities/deposits stemming from monetary policy operations initiated by a central bank prior to joining the Eurosystem |
Nominal value or repo cost |
Mandatory |
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4 |
4 |
Debt certificates issued |
Only an ECB balance sheet item – for the NCBs a transitional balance sheet item. 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 |
Mandatory |
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5 |
5 |
Liabilities to other euro area residents denominated in euro |
|
|
|
||||
5.1 |
5.1 |
General government |
Current accounts, fixed-term deposits, deposits repayable on demand |
Nominal value |
Mandatory |
||||
5.2 |
5.2 |
Other liabilities |
Current accounts of staff, companies and clients including financial institutions not subject to minimum reserve requirements (see liability item 2.1 “Current accounts”); 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 |
Mandatory |
||||
6 |
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. 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 |
Mandatory |
||||
7 |
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 the foreign exchange market rate |
Mandatory |
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8 |
8 |
Liabilities to non-euro area residents denominated in foreign currency |
|
|
|
||||
8.1 |
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 foreign exchange market rate |
Mandatory |
||||
8.2 |
8.2 |
Liabilities arising from the credit facility under ERM II |
Borrowing in accordance with the ERM II conditions |
Nominal value, translated at the foreign exchange market rate |
Mandatory |
||||
9 |
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 market rate |
Mandatory |
||||
- |
10 |
Intra-Eurosystem liabilities(+) |
|
|
|
||||
- |
10.1 |
Liabilities equivalent to the transfer of foreign reserves(+) |
Only an ECB balance sheet item denominated in euro |
Nominal value |
Mandatory |
||||
- |
10.2 |
Liabilities related to the issuance of ECB debt certificates(+) |
Only an NCB balance sheet item Intra-Eurosystem liability vis-à-vis the ECB, arising from the issuance of ECB debt certificates |
Cost |
Mandatory |
||||
- |
10.3 |
Net liabilities related to allocation of euro banknotes within the Eurosystem (+) (*2) |
Only an NCB balance sheet item. For the NCBs: net liability related to the application of the banknote allocation key, i.e. including the ECB’s banknote issue related intra-Eurosystem balances, the compensatory amount and its balancing accounting entry as defined by Decision (EU) 2016/2248 (ECB/2016/36) |
Nominal value |
Mandatory |
||||
- |
10.4 |
Other liabilities within the Eurosystem (net)(+) |
Net position of the following sub-items: |
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|
||||
|
|
Mandatory |
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|
|
Mandatory |
|||||||
|
|
Mandatory |
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10 |
11 |
Items in course of settlement |
Settlement account balances (liabilities), including the float of giro transfers |
Nominal value |
Mandatory |
||||
10 |
12 |
Other liabilities |
|
|
|
||||
10 |
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 |
Mandatory |
||||
10 |
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 |
Mandatory |
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10 |
12.3 |
Sundry |
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|
Recommended |
||||
|
|
Mandatory |
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|
|
Recommended |
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10 |
13 |
Provisions |
|
|
Recommended |
||||
|
|
Mandatory |
|||||||
11 |
14 |
Revaluation accounts |
Revaluation accounts related to price movements for gold, for every type of euro-denominated securities, for every type of foreign currency-denominated securities, for options; market valuation differences related to interest rate risk derivatives; revaluation accounts related to foreign exchange rate movements for every currency net position held, including foreign exchange swaps/forwards and SDRs. The contributions from NCBs in accordance with Article 48.2 of the Statute of the ESCB to the ECB are consolidated with the respective amounts disclosed under asset item 9.1 “Participating interest in the ECB”(+) |
Revaluation difference between average cost and market value, foreign exchange translated at market rate |
Mandatory |
||||
12 |
15 |
Capital and reserves |
|
|
|
||||
12 |
15.1 |
Capital |
Paid-up capital – the ECB’s capital is consolidated with the capital shares of the NCBs |
Nominal value |
Mandatory |
||||
12 |
15.2 |
Reserves |
Legal reserves and other reserves. Retained earnings The contributions from NCBs to the ECB in accordance with Article 48.2 of the Statute of the ESCB are consolidated with the respective amounts disclosed under asset item 9.1 “Participating interest in the ECB”(+) |
Nominal value |
Mandatory |
||||
10 |
16 |
Profit for the year |
|
Nominal value |
Mandatory |
(*1) Items to be harmonised.
(1) Disclosure relating to euro banknotes in circulation, remuneration of net intra-Eurosystem claims/liabilities resulting from the allocation of euro banknotes within the Eurosystem, and monetary income should be harmonised in NCBs’ published annual financial statements. The items to be harmonised are indicated with an asterisk in Annexes IV, VIII and IX.
(2) The numbering in the first column relates to the balance sheet formats given in Annexes V, VI and VII (weekly financial statements and consolidated annual balance sheet of the Eurosystem). The numbering in the second column relates to the balance sheet format given in Annex VIII (annual balance sheet of a central bank). The items marked with a ‘(+)’ are consolidated in the Eurosystem’s weekly financial statements.
(3) The composition and valuation rules listed in this Annex are considered mandatory for the ECB’s accounts and for all material assets and liabilities in NCBs’ accounts for Eurosystem purposes, i.e. material to the Eurosystem’s operation.
(4) 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).
(5) Decision (EU) 2016/2248 of the European Central Bank of 3 November 2016 on the allocation of monetary income of the national central banks of Member States whose currency is the euro (ECB/2016/36) (OJ L 347, 20.12.2016, p. 26).
(6) With the exception of asset item 7.1, the allocation of balances to those balance sheet items that refer to residency and/or economic sector is based on the classification for statistical purposes.
(*2) Items to be harmonised. See recital 5.
(7) The numbering in the first column relates to the balance sheet formats given in Annexes V, VI and VII (weekly financial statements and consolidated annual balance sheet of the Eurosystem). The numbering in the second column relates to the balance sheet format given in Annex VIII (annual balance sheet of a central bank). The items marked with a ‘(+)’ are consolidated in the Eurosystem’s weekly financial statements.
(8) The composition and valuation rules listed in this Annex are considered mandatory for the ECB’s accounts and for all material assets and liabilities in NCBs’ accounts for Eurosystem purposes, i.e. material to the Eurosystem’s operation.
(9) The allocation of balances to those balance sheet items that refer to residency and/or economic sector is based on the classification for statistical purposes.