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Document 32009O0028

    Guideline of the European Central Bank of 14 December 2009 amending Guideline ECB/2006/16 on the legal framework for accounting and financial reporting in the European System of Central Banks (ECB/2009/28)

    OJ L 348, 29.12.2009, p. 75–93 (BG, ES, CS, DA, DE, ET, EL, EN, FR, IT, LV, LT, HU, MT, NL, PL, PT, RO, SK, SL, FI, SV)

    Legal status of the document No longer in force, Date of end of validity: 30/12/2010; Implicitly repealed by 32010O0020

    ELI: http://data.europa.eu/eli/guideline/2009/1021/oj

    Date of document:
    14/12/2009
    Date of effect:
    31/12/2009; Entry into force See Art 2
    Date of end of validity:
    30/12/2010; Implicitly repealed by 32010O0020
    Author:
    European Central Bank
    Form:
    Guideline
    Addressee:
    Various banks
    Treaty:
    Treaty on European Union
    Legal basis:
    Link
    Link
    Link
    Select all documents mentioning this document
    Modifies:
    Relation Act Comment Subdivision concerned From To
    Modifies 32006O0016 Amendment annex 4 31/12/2009
    Modifies 32006O0016 Amendment article 11.1 31/12/2009
    Modifies 32006O0016 Replacement article 7.3 31/12/2009
    Modifies 32006O0016 Amendment annex 2 31/12/2009
    Modifies 32006O0016 Replacement article 7.5 31/12/2009
    Modifies 32006O0016 Replacement annex 9 31/12/2009
    Modified by:
    Relation Act Comment Subdivision concerned From To
    Repealed by 32010O0020
    Instruments cited:
    Link

    29.12.2009   

    EN

    Official Journal of the European Union

    L 348/75

    GUIDELINE OF THE EUROPEAN CENTRAL BANK

    of 14 December 2009

    amending Guideline ECB/2006/16 on the legal framework for accounting and financial reporting in the European System of Central Banks

    (ECB/2009/28)

    (2009/1021/EU)

    THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

    Having regard to the Statute of the European System of Central Banks and of the European Central Bank (hereinafter the ‘Statute of the ESCB’), 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 47.2 of the Statute of the ESCB,

    Whereas:

    (1)

    Decision ECB/2009/16 of 2 July 2009 on the implementation of the covered bond purchase programme (1) provides for the establishment of a programme for the purchase of covered bonds. The implementation of this programme requires further amendments to the accounting and financial reporting framework.

    (2)

    It is necessary to clarify that liabilities arising from monetary policy operations initiated by a national central bank prior to joining the Eurosystem are to be recorded under the item ‘Other liabilities to euro area credit institutions denominated in euro’.

    (3)

    There is a need to specify the accounting treatment of outstanding claims arising from defaults by Eurosystem counterparties in the context of Eurosystem credit operations and of related assets, as well as the accounting treatment of provisions for counterparty risks arising from such operations.

    (4)

    Some further technical changes to Guideline ECB/2006/16 of 10 November 2006 on the legal framework for accounting and financial reporting in the European System of Central Banks (2) are required.

    (5)

    Guideline ECB/2006/16 needs to be amended accordingly,

    HAS ADOPTED THIS GUIDELINE:

    Article 1

    Amendments

    Guideline ECB/2006/16 is amended as follows:

    1.

    Article 7 is amended as follows:

    (a)

    Paragraph 3 is replaced by the following:

    ‘3.   No distinction shall be made between price and currency revaluation differences for gold, but a single gold revaluation difference shall be accounted for, based on the euro price per defined unit of weight of gold derived from the euro/US dollar exchange rate on the quarterly revaluation date. Revaluation shall take place on a currency-by-currency basis for foreign exchange, including on-balance-sheet and off-balance-sheet transactions, and on a code-by-code basis i.e. same ISIN number/type for securities, except for those securities included in the items “Other financial assets” or “Sundry”, or securities held for monetary policy purposes, which shall be treated as separate holdings.’

    (b)

    Paragraph 5 is replaced by the following:

    ‘5.   Securities classified as held-to-maturity shall be treated as separate holdings, shall be valued at amortised costs and shall be subject to impairment. The same treatment shall apply to non-marketable securities. Securities classified as held-to-maturity may be sold before their maturity:

    (i)

    if the quantity sold is considered not significant in comparison with the total amount of the held-to-maturity securities portfolio; or

    (ii)

    if the securities are sold during the month of the maturity date; or

    (iii)

    under exceptional circumstances, such as a significant deterioration of the issuer’s creditworthiness, or following an explicit monetary policy decision of the Governing Council of the ECB.’

    2.

    Article 11: In paragraph 1 the following point is added:

    ‘(f)

    at year-end impairment losses shall be taken to the profit and loss account and shall not be reversed in subsequent years unless the impairment decreases and the decrease can be related to an observable event that occurred after the impairment was first recorded.’

    3.

    Annexes II, IV and IX to Guideline ECB/2006/16 are amended in accordance with the Annex to this Guideline.

    Article 2

    Entry into force

    This Guideline shall enter into force on 31 December 2009.

    Article 3

    Addressees

    This Guideline is addressed to all Eurosystem central banks.

    Done at Frankfurt am Main, 14 December 2009.

    For the Governing Council of the ECB

    The President of the ECB

    Jean-Claude TRICHET

    (1)   OJ L 175, 4.7.2009, p. 18.

    (2)   OJ L 348, 11.12.2006, p. 1.

    ANNEX

    Annexes II, IV and IX to Guideline ECB/2006/16 are amended as follows:

    1.

    Annex II is amended as follows:

    The following definition is inserted:

    ‘Appropriation: the act of taking ownership of securities, loans or any assets which have been received by a central bank as collateral as a means of enforcing the original claim.’

    2.

    The tables in Annex IV are replaced by the following:

    ‘ASSETS

    Balance sheet item (1)

    Categorisation of contents of balance sheet items

    Valuation principle

    Scope of application (2)

    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: (i) upgrading or downgrading transactions; and (ii) gold location or purity swaps where there is a difference of more than one business day between release and receipt

    Market value

    Mandatory

    2

    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

    2.1

    Receivables from the International Monetary Fund (IMF)

    (a)

    		 Drawing rights within the reserve tranche (net)

    National quota minus balances in euro at the disposal of the IMF. The No 2 account of the IMF (euro account for administrative expenses) may be included in this item or under the item “Liabilities to non-euro area residents denominated in euro”

    (a)

    		 Drawing rights within the reserve tranche (net)

    Nominal value, translation at the foreign exchange market rate

    Mandatory

    (b)

    		 Special drawing rights

    Holdings of special drawing rights (gross)

    (b)

    		 Special drawing rights

    Nominal value, translation at the foreign exchange market rate

    Mandatory

    (c)

    		 Other claims

    General arrangements to borrow, loans under special borrowing arrangements, deposits within the framework of the Poverty Reduction and Growth Facility

    (c)

    		 Other claims

    Nominal value, translation at the foreign exchange market rate

    Mandatory

    2.2

    2.2

    Balances with banks and security investments, external loans and other external assets

    (a)

    		 Balances with banks outside the euro area other than those under asset item “Other financial assets”

    Current accounts, fixed-term deposits, day-to-day money, reverse repo transactions

    (a)

    		 Balances with banks outside the euro area

    Nominal value, translation at the foreign exchange market rate

    Mandatory

    (b)

    		 Security investments outside the euro area other than those under asset item “Other financial assets”

    Notes and bonds, bills, zero bonds, money market paper, equity instruments held as part of the foreign reserves, all issued by non-euro area residents

    (b)(i)

    		 Marketable securities other than held-to-maturity

    Market price and foreign exchange market rate

    Any premiums or discounts are amortised

    Mandatory

    (b)(ii)

    		 Marketable securities classified as held-to-maturity

    Cost subject to impairment and foreign exchange market rate

    Any premiums or discounts are amortised

    Mandatory

    (b)(iii)

    		 Non-marketable securities

    Cost subject to impairment and foreign exchange market rate

    Any premiums or discounts are amortised

    Mandatory

    (b)(iv)

    		 Marketable equity instruments

    Market price and foreign exchange market rate

    Mandatory

    (c)

    		 External loans (deposits) outside the euro area other than those under asset item “Other financial assets”

    (c)

    		 External loans

    Deposits at nominal value translated at the foreign exchange market rate

    Mandatory

    (d)

    		 Other external assets

    Non-euro area banknotes and coins

    (d)

    		 Other external assets

    Nominal value, translation at the foreign exchange market rate

    Mandatory

    3

    3

    Claims on euro area residents denominated in foreign currency

    (a)

    		 Security investments inside the euro area other than those under asset item “Other financial assets”

    Notes and bonds, bills, zero bonds, money market paper, equity instruments held as part of the foreign reserves, all issued by euro area residents

    (a)(i)

    		 Marketable securities other than held-to-maturity

    Market price and foreign exchange market rate

    Any premiums or discounts are amortised

    Mandatory

    (a)(ii)

    		 Marketable securities classified as held-to-maturity

    Cost subject to impairment and foreign exchange market rate

    Any premiums or discounts are amortised

    Mandatory

    (a)(iii)

    		 Non-marketable securities

    Cost subject to impairment and foreign exchange market rate

    Any premiums or discounts are amortised

    Mandatory

    (a)(iv)

    		 Marketable equity instruments

    Market price and foreign exchange market rate

    Mandatory

    (b)

    		 Other claims on euro area residents other than those under asset item “Other financial assets”

    Loans, deposits, reverse repo transactions, sundry lending

    (b)

    		 Other claims

    Deposits and other lending at nominal value, translated at the foreign exchange market rate

    Mandatory

    4

    4

    Claims on non-euro area residents denominated in euro

     

     

     

    4.1

    4.1

    Balances with banks, security investments and loans

    (a)

    		 Balances with banks outside the euro area other than those under asset item “Other financial assets”

    Current accounts, fixed-term deposits, day-to-day money. Reverse repo transactions in connection with the management of securities denominated in euro

    (a)

    		 Balances with banks outside the euro area

    Nominal value

    Mandatory

    (b)

    		 Security investments outside the euro area other than those under asset item “Other financial assets”

    Equity instruments, notes and bonds, bills, zero bonds, money market paper, all issued by non-euro area residents

    (b)(i)

    		 Marketable securities other than held-to-maturity Market price

    Any premiums or discounts are amortised

    Mandatory

    (b)(ii)

    		 Marketable securities classified as held-to-maturity

    Cost subject to impairment

    Any premiums or discounts are amortised

    Mandatory

    (b)(iii)

    		 Non-marketable securities

    Cost subject to impairment

    Any premiums or discounts are amortised

    Mandatory

    (b)(iv)

    		 Marketable equity instruments

    Market price

    Mandatory

    (c)

    		 Loans outside the euro area other than those under asset item “Other financial assets”

    (c)

    		 Loans outside the euro area

    Deposits at nominal value

    Mandatory

    (d)

    		 Securities other than those under asset item “Other financial assets”, issued by entities outside the euro area

    Securities issued by supranational or international organisations e.g. the European Investment Bank, irrespective of their geographical location

    (d)(i)

    		 Marketable securities other than held-to-maturity

    Market price

    Any premiums or discounts are amortised

    Mandatory

    (d)(ii)

    		 Marketable securities classified as held-to-maturity Cost subject to impairment

    Any premiums or discounts are amortised

    Mandatory

    (d)(iii)

    		 Non-marketable securities

    Cost subject to impairment

    Any premiums or discounts are amortised

    Mandatory

    4.2

    4.2

    Claims arising from the credit facility under ERM II

    Lending according to the ERM II conditions

    Nominal value

    Mandatory

    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 Annex I to Guideline ECB/2000/7 of 31 August 2000 on monetary policy instruments and procedures of the Eurosystem (3)

     

     

    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

    5.2

    5.2

    Longer-term refinancing operations

    Regular liquidity-providing reverse transactions with a monthly frequency and normally a maturity of three months

    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

    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

    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

    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 “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. Any claims stemming from monetary policy operations initiated by an NCB prior to joining the Eurosystem

    Nominal value or cost

    Mandatory

    7

    7

    Securities of euro area residents denominated in euro

     

     

     

    7.1

    7.1

    Securities held for monetary policy purposes

    Securities issued in the euro area held for monetary policy purposes. ECB debt certificates purchased for fine-tuning purposes

    (i)

    		 Marketable securities other than held-to-maturity

    Market price

    Any premiums or discounts are amortised

    Mandatory

    (ii)

    		 Marketable securities classified as held-to-maturity

    Cost subject to impairment

    Any premiums or discounts are amortised

    Mandatory

    (iii)

    		 Non-marketable securities

    Cost subject to impairment

    Any premiums or discounts are amortised

    Mandatory

    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 EMU, denominated in euro. Equity instruments

    (i)

    		 Marketable securities other than held-to-maturity

    Market price

    Any premiums or discounts are amortised

    Mandatory

    (ii)

    		 Marketable securities classified as held-to-maturity

    Cost subject to impairment

    Any premiums or discounts are amortised

    Mandatory

    (iii)

    		 Non-marketable securities

    Cost subject to impairment

    Any premiums or discounts are amortised

    Mandatory

    (iv)

    		 Marketable equity instruments

    Market price

    Mandatory

    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

    —

    9

    Intra-Eurosystem claims (+)

     

     

     

    —

    9.1

    Participating interest in ECB (+)

    Only an NCB balance sheet item

    The ECB capital share of each NCB according to the Treaty and the respective capital key and contributions according to Article 49.2 of the Statute of the ESCB

    Cost

    Mandatory

    —

    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 the Treaty provisions

    Nominal value

    Mandatory

    —

    9.3

    Claims related to promissory notes backing the issuance of ECB debt certificates (+)

    Only an ECB balance sheet item.

    Promissory notes issued by NCBs, due to the back-to-back agreement in connection with ECB debt certificates

    Nominal value

    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 ECB/2001/16 on the allocation of monetary income of the national central banks of participating Member States from the financial year 2002

    For the ECB: claims related to the ECB’s banknote issue, according to Decision ECB/2001/15

    Nominal value

    Mandatory

    —

    9.5

    Other claims within the Eurosystem (net) (+)

    Net position of the following sub-items:

     

     

    (a)

    net claims arising from balances of TARGET2 accounts and correspondent accounts of NCBs i.e. the net figure of claims and liabilities – see also liability item “Other liabilities within the Eurosystem (net)”

    (a)

    Nominal value

    Mandatory

    (b)

    claim due to the difference between monetary income to be pooled and redistributed. Only relevant for the period between booking of monetary income as part of the year-end procedures, and its settlement on the last working day in January each year

    (b)

    Nominal value

    Mandatory

    (c)

    other intra-Eurosystem claims denominated in euro that may arise, including the interim distribution of ECB income on euro banknotes to NCBs (*1)

    (c)

    Nominal value

    Mandatory

    9

    10

    Items in the course of settlement

    Settlement account balances (claims), including the float of cheques in collection

    Nominal value

    Mandatory

    9

    11

    Other assets

     

     

     

    9

    11.1

    Coins of euro area

    Euro coins if an NCB is not the legal issuer

    Nominal value

    Mandatory

    9

    11.2

    Tangible and intangible fixed assets

    Land and buildings, furniture and equipment including computer equipment, software

    Cost less depreciation

    Depreciation rates:

    —

    computers and related hardware/software and motor vehicles:

    4 years

    —

    equipment, furniture and plant in building:

    10 years

    —

    building and capitalised major refurbishment expenditure:

    25 years

    Capitalisation of expenditure: limit based (below EUR 10 000 excluding VAT: no capitalisation)

    Recommended

    9

    11.3

    Other financial assets

    —

    Participating interests and investments in subsidiaries; equities held for strategic/policy reasons,

    —

    Securities, including equities, and other financial instruments and balances (e.g. fixed term deposits and current accounts), held as an earmarked portfolio,

    —

    Reverse repo transactions with credit institutions in connection with the management of securities portfolios under this item,

    (a)

    		 Marketable equity instruments

    Market price

    Recommended

    (b)

    		 Participating interests and illiquid equity shares, and any other equity instruments held as permanent investments

    Cost subject to impairment

    Recommended

    (c)

    		 Investment in subsidiaries or significant interests

    Net asset value

    Recommended

    (d)

    		 Marketable securities other than held to maturity

    Market price

    Any premiums or discounts are amortised

    Recommended

    (e)

    		 Marketable securities classified as held-to maturity or held as a permanent investment

    Cost subject to impairment

    Any premiums or discounts are amortised

    Recommended

    (f)

    		 Non-marketable securities

    Cost subject to impairment

    Any premiums or discounts are amortised

    Recommended

    (g)

    		 Balances with banks and loans

    Nominal value, translated at the foreign exchange market rate if the balances or deposits are denominated in foreign currencies

    Recommended

    9

    11.4

    Off-balance sheet instruments revaluation differences

    Valuation results of foreign exchange forwards, foreign exchange swaps, interest rate swaps, 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

    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

    9

    11.6

    Sundry

    Advances, loans and other minor items. Revaluation suspense accounts (only balance sheet item during the year: unrealised losses at revaluation dates during the year, which are not covered by the respective revaluation accounts under the liability item “Revaluation accounts”). Loans on a trust basis. Investments related to customer gold deposits. Coins denominated in national euro area currency units. Current expense (net accumulated loss), loss of the previous year before coverage. Net pension assets

    Nominal value or cost

    Recommended

    Revaluation suspense accounts

    Revaluation difference between average cost and market value, foreign exchange translated at market rate

    Revaluation suspense accounts: mandatory

    Investments related to customer gold deposits

    Market value

    Investments related to customer gold deposits: mandatory

    Outstanding claims arising from the default of Eurosystem counterparties in the context of Eurosystem credit operations

    Outstanding claims (from defaults)

    Nominal/recoverable value (before/after settlement of losses)

    Outstanding claims (from defaults): mandatory

    Assets or claims (vis-à-vis third parties) appropriated and/or acquired in the context of the realisation of collateral submitted by Eurosystem counterparties in default

    Assets or claims (from defaults)

    Cost (converted at the foreign exchange market rate at the time of the acquisition if financial assets are denominated in foreign currencies)

    Assets or claims (from defaults): mandatory

    —

    12

    Loss for the year

     

    Nominal value

    Mandatory

    ‘LIABILITIES

    Balance sheet item (4)

    Categorisation of contents of balance sheet items

    Valuation principle

    Scope of application (5)

    1

    1

    Banknotes in circulation  (*2)

    (a)

    Euro banknotes, plus/minus adjustments relating to the application of the banknote allocation key according to Guideline ECB/2001/15 and Decision ECB/2001/16

    (a)

    Nominal value

    Mandatory

    (b)

    Banknotes denominated in national euro area currency units during the cash changeover year

    (b)

    Nominal value

    Mandatory

    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 Annex I to Guideline ECB/2000/7

     

     

    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 according to the Statute. This item contains primarily accounts used in order to hold minimum reserves

    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

    Mandatory

    3

    3

    Other liabilities to euro area credit institutions denominated in euro

    Repo transactions in connection with simultaneous reverse repo transactions for the management of securities portfolios under asset item “Securities of euro area residents denominated in euro”. Other operations unrelated to Eurosystem monetary policy operations. No current accounts of credit institutions. Any liabilities/deposits stemming from monetary policy operations initiated by an NCB prior to joining the Eurosystem

    Nominal value or repo cost

    Mandatory

    4

    4

    Debt certificates issued

    Only an ECB balance sheet item — for the NCBs a transitional balance sheet item.

    Debt certificates as described in Annex I to Guideline ECB/2000/7. Discount paper, issued with the aim of liquidity absorption

    Nominal value

    Mandatory

    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 listed as exempt from the obligation to hold minimum reserves — see liability item 2.1 etc.; 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: of other banks, central banks, international/supranational institutions including the Commission of the European Communities; current accounts of other depositors. Repo transactions in connection with simultaneous reverse repo transactions for the management of securities denominated in euro.

    Balances of TARGET2 accounts of central banks of non-participating Member States

    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, translation at the foreign exchange market rate

    Mandatory

    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, translation at the foreign exchange market rate

    Mandatory

    8.2

    8.2

    Liabilities arising from the credit facility under ERM II

    Borrowing according to the ERM II conditions

    Nominal value, translation 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, translation 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 promissory notes backing the issuance of ECB debt certificates (+)

    Only an NCB balance sheet item

    Promissory notes issued to the ECB, due to the back-to back-agreement in connection with ECB debt certificates

    Nominal value

    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 ECB/2001/16

    Nominal value

    Mandatory

    —

    10.4

    Other liabilities within the Eurosystem (net) (+)

    Net position of the following sub-items:

     

     

    (a)

    net liabilities arising from balances of TARGET2 accounts and correspondent accounts of NCBs i.e. the net figure of claims and liabilities — see also asset item “Other claims within the Eurosystem (net)”

    (a)

    Nominal value

    Mandatory

    (b)

    liability due to the difference between monetary income to be pooled and redistributed. Only relevant for the period between booking of monetary income as part of the year-end procedures, and its settlement at the last working day in January each year

    (b)

    Nominal value

    Mandatory

    (c)

    other intra-Eurosystem liabilities denominated in euro that may arise, including the interim distribution of ECB income on euro banknotes to NCBs (*2)

    (c)

    Nominal value

    Mandatory

    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, 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

    10

    12.3

    Sundry

    Taxation suspense accounts. Foreign currency credit or guarantee cover accounts. Repo transactions with credit institutions in connection with simultaneous reverse repo transactions for the management of securities portfolios under asset item “Other financial assets”. Compulsory deposits other than reserve deposits. Other minor items. Current income (net accumulated profit), profit of the previous year before distribution. Liabilities on a trust basis. Customer gold deposits. Coins in circulation in the event that an NCB is the legal issuer. Banknotes in circulation denominated in national euro area currency units that have ceased to be legal tender but are still in circulation after the cash changeover year, if not shown under liability item Provisions. Net pension liabilities

    Nominal value or (repo) cost

    Recommended

    Customer gold deposits

    Market value

    Customer gold deposits: mandatory

    10

    13

    Provisions

    (a)

    For pensions, for foreign exchange rate, interest rate, credit and gold price risks, and for other purposes e.g. expected future expenses, provisions for national euro area currency units that have ceased to be legal tender but are still in circulation after the cash changeover year if these banknotes are not shown under liability item “Other liabilities/Sundry”

    The contributions from NCBs to the ECB according to Article 49.2 of the Statute are consolidated with the respective amounts disclosed under asset item 9.1 (+)

    (a)

    Cost/nominal value

    Recommended

    (b)

    For counterparty risks arising from monetary policy operations

    (b)

    Nominal value (in proportion to the subscribed ECB capital key; based on a valuation at year-end by the Governing Council of the ECB)

    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 according to Article 49.2 of the Statute to the ECB are consolidated with the respective amounts disclosed under asset item 9.1 (+)

    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 participating NCBs

    Nominal value

    Mandatory

    12

    15.2

    Reserves

    Legal reserves and other reserves. Retained earnings

    The contributions from NCBs to the ECB according to Article 49.2 of the Statute are consolidated with the respective amounts disclosed under asset item 9.1 (+)

    Nominal value

    Mandatory

    10

    16

    Profit for the year

     

    Nominal value

    Mandatory

    3.

    Annex IX is replaced by the following:

    ‘ANNEX IX

    Published profit and loss account of a central bank  (6)  (7)

    (EUR million)

    Profit and loss account for the year ending 31 December …

    Reporting year

    Previous year

    1.1.

    		 Interest income  (*3)

     

     

    1.2.

    		 Interest expense  (*3)

     

     

    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 foreign exchange rate, interest rate, credit and gold price 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

     

     

    4.

    Income from equity shares and participating interests (*3)

     

     

    5.

    Net result of pooling of monetary income (*3)

     

     

    6.

    Other income

     

     

    Total net income

     

     

    7.

    Staff costs (9)

     

     

    8.

    Administrative expenses (9)

     

     

    9.

    Depreciation of tangible and intangible fixed assets

     

     

    10.

    Banknote production services (10)

     

     

    11.

    Other expenses

     

     

    12.

    Income tax and other government charges on income

     

     

    (Loss)/profit for the year

     

     

    (*1)  Items to be harmonised. See recital 4 of Guideline ECB/2006/16.

    (1)  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.

    (2)  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.

    (3)   OJ L 310, 11.12.2000, p. 1.’

    (*2)  Items to be harmonised. See recital 4 of Guideline ECB/2006/16.

    (4)  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.

    (5)  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.’

    (*3)  Items to be harmonised. See recital 4 of Guideline ECB/2006/16.

    (6)  The profit and loss account of the ECB takes a slightly different format. See Annex III to Decision ECB/2006/17 of 10 November 2006.

    (7)  The 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.

    (8)  Central banks may alternatively publish exact euro amounts, or amounts rounded in a different manner.

    (9)  Including administrative provisions.

    (10)  This item is used in case of outsourced banknote production (for the cost of the services provided by external companies in charge of the production of banknotes on behalf of the central banks). It is recommended that the costs incurred in connection with the issue of both national banknotes and euro banknotes should be taken to the profit and loss account as they are invoiced or otherwise incurred.’

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