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Document 32015D0026

    Decision (EU) 2015/1196 of the European Central Bank of 2 July 2015 amending Decision ECB/2010/21 on the annual accounts of the European Central Bank (ECB/2015/26)

    OJ L 193, 21.7.2015, p. 134–146 (BG, ES, CS, DA, DE, ET, EL, EN, FR, HR, 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    Legal status of the document No longer in force, Date of end of validity: 30/12/2016; Repealed by 32016D0035(01)

    ELI: http://data.europa.eu/eli/dec/2015/1196/oj

    21.7.2015   

    EN

    Official Journal of the European Union

    L 193/134

    DECISION (EU) 2015/1196 OF THE EUROPEAN CENTRAL BANK

    of 2 July 2015

    amending Decision ECB/2010/21 on the annual accounts of the European Central Bank (ECB/2015/26)

    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, and in particular Article 26.2 thereof,

    Whereas:

    (1)

    Decision ECB/2010/21 (1) lays down the rules for drawing up the annual accounts of the European Central Bank.

    (2)

    There is a need to clarify the financial reporting of securities issued by supranational or international organisations purchased as part of the secondary markets public sector asset purchase programme established by Decision (EU) 2015/774 of the European Central Bank (ECB/2015/10) (2) with a view to ensure the reporting of these holdings under asset item 7.1.

    (3)

    Some further technical changes to Annex I to Decision ECB/2010/21 are also required.

    (4)

    Therefore, Decision ECB/2010/21 should be amended accordingly,

    HAS ADOPTED THIS DECISION:

    Article 1

    Amendment

    Annex I to Decision ECB/2010/21 is replaced by the Annex to this Decision.

    Article 2

    Entry into force

    This Decision shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.

    Done at Frankfurt am Main, 2 July 2015.

    The President of the ECB

    Mario DRAGHI

    (1)  Decision ECB/2010/21 of 11 November 2010 on the annual accounts of the European Central Bank (OJ L 35, 9.2.2011, p. 1).

    (2)  Decision (EU) 2015/774 of the European Central Bank of 4 March 2015 on a secondary markets public sector asset purchase programme (ECB/2015/10) (OJ L 121, 14.5.2015, p. 20).

    ANNEX

    ‘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 1 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)

    (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

    (b)

    		 SDRs

    Holdings of SDRs (gross)

    (b)

    		 SDRs

    Nominal value, translation at the foreign exchange market rate

    (c)

    		 Other claims

    General arrangements to borrow, loans under special borrowing arrangements, deposits made to trusts under the management of the IMF

    (c)

    		 Other claims

    Nominal value, translation at the foreign exchange market rate

    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 11.3 “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

    (b)

    		 Security investments outside the euro area other than those under asset item 11.3 “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

    (ii)

    Marketable securities classified as held-to-maturity

    Cost subject to impairment and foreign exchange market rate

    Any premiums or discounts are amortised

    (iii)

    Non-marketable securities

    Cost subject to impairment and foreign exchange market rate

    Any premiums or discounts are amortised

    (iv)

    Marketable equity instruments

    Market price and foreign exchange market rate

    (c)

    		 External loans (deposits) to non-euro area residents other than those under asset item 11.3 “Other financial assets”

    (c)

    		 External loans

    Deposits at nominal value, translated at the foreign exchange market rate

    (d)

    		 Other external assets

    Non-euro area banknotes and coins

    (d)

    		 Other external assets

    Nominal value, translation at the foreign exchange market rate

    3

    Claims on euro area residents denominated in foreign currency

    (a)

    		 Security investments inside the euro area other than those under asset item 11.3 “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

    (ii)

    Marketable securities classified as held-to-maturity

    Cost subject to impairment and foreign exchange market rate

    Any premiums or discounts are amortised

    (iii)

    Non-marketable securities

    Cost subject to impairment and foreign exchange market rate

    Any premiums or discounts are amortised

    (iv)

    Marketable equity instruments

    Market price and foreign exchange market rate

    (b)

    		 Other claims on euro area residents other than those under asset item 11.3 “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

    4

    Claims on non-euro area residents denominated in euro

     

     

    4.1

    Balances with banks, security investments and loans

    (a)

    		 Balances with banks outside the euro area other than those under asset item 11.3 “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

    (b)

    		 Security investments outside the euro area other than those under asset item 11.3 “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

    (ii)

    Marketable securities classified as held-to-maturity

    Cost subject to impairment

    Any premiums or discounts are amortised

    (iii)

    Non-marketable securities

    Cost subject to impairment

    Any premiums or discounts are amortised

    (iv)

    Marketable equity instruments

    Market price

    (c)

    		 Loans to non-euro area residents other than those under asset item 11.3 “Other financial assets”

    (c)

    		 Loans outside the euro area

    Deposits at nominal value

    (d)

    		 Securities issued by entities outside the euro area other than those under asset item 11.3 “Other financial assets” and asset item 7.1 “Securities held for monetary policy purposes”

    Securities issued by supranational or international organisations, e.g. the European Investment Bank, irrespective of their geographical location, and not purchased for monetary policy purposes

    (d)

    (i)

    Marketable securities other than held-to-maturity

    Market price

    Any premiums or discounts are amortised

    (ii)

    Marketable securities classified as held-to-maturity

    Cost subject to impairment

    Any premiums or discounts are amortised

    (iii)

    Non-marketable securities

    Cost subject to impairment

    Any premiums or discounts are amortised

    4.2

    Claims arising from the credit facility under 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) (1)

     

    5.1

    Main refinancing operations

    Regular liquidity-providing reverse transactions with a weekly frequency and normally a maturity of 1 week

    Nominal value or repo cost

    5.2

    Longer-term refinancing operations

    Regular liquidity-providing reverse transactions with a monthly frequency and normally a maturity of 3 months

    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). ECB debt certificates purchased for fine-tuning purposes

    (a)

    Marketable securities

    Accounted for depending on monetary policy considerations:

    (i)

    Market price

    Any premiums or discounts are amortised

    (ii)

    Cost subject to impairment (cost when the impairment is covered by a provision under liability item 13(b) “Provisions”)

    Any premiums or discounts are amortised

    (b)

    Non-marketable securities

    Cost subject to impairment

    Any premiums or discounts are amortised

    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

    (a)

    Marketable securities other than held-to-maturity

    Market price

    Any premiums or discounts are amortised

    (b)

    Marketable securities classified as held-to-maturity

    Cost subject to impairment

    Any premiums or discounts are amortised

    (c)

    Non-marketable securities

    Cost subject to impairment

    Any premiums or discounts are amortised

    (d)

    Marketable equity instruments

    Market price

    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 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 (2)

    Nominal value

    9.3

    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 10.2 “Other liabilities within the Eurosystem (net)”

    (a)

    Nominal value

    (b)

    other intra-Eurosystem claims denominated in euro that may arise, including the interim distribution of ECB income to NCBs

    (b)

    Nominal value

    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

    —

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

    —

    Securities including equities, and other financial instruments and balances including 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

    (b)

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

    Cost subject to impairment

    (c)

    Investment in subsidiaries or significant interests

    Net asset value

    (d)

    Marketable securities other than held to maturity

    Market price

    Premiums/discounts are amortised

    (e)

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

    Cost subject to impairment

    Any premiums or discounts are amortised

    (f)

    Non-marketable securities

    Cost subject to impairment

    (g)

    Balances with banks and loans

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

    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

    (a)

    Advances, loans and other minor items. Loans on a trust basis

    (a)

    Nominal value or cost

    (b)

    Investments related to customer gold deposits

    (b)

    Market value

    (c)

    Net pension assets

    (c)

    As per Article 24(2)

    (d)

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

    (d)

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

    (e)

    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

    (e)

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

    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 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 in connection with simultaneous reverse repo transactions 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); 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 in connection with simultaneous reverse 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, translation 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, translation 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, translation 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, translation 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:

     

    (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 9.3 “Other claims within the Eurosystem (net)”

    (a)

    Nominal value

    (b)

    other intra-Eurosystem liabilities denominated in euro that may arise, including the interim distribution of ECB income to NCBs

    (b)

    Nominal value

    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

    (a)

    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 11.3 “Other financial assets”. Compulsory deposits other than reserve deposits. Other minor items. Liabilities on a trust basis.

    (a)

    Nominal value or (repo) cost

    (b)

    Customer gold deposits.

    (b)

    Market value

    (c)

    Net pension liabilities

    (c)

    As per Article 24(2)

    13

    Provisions

    (a)

    For foreign exchange rate, interest rate, credit and gold price risks, and for other purposes, e.g. expected future expenses 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

    (a)

    Cost/nominal value

    (b)

    For counterparty or credit risks arising from monetary policy operations

    (b)

    Nominal value (based on a valuation at year end by the Governing Council of the ECB)

    14

    Revaluation accounts

    (a)

    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

    Special revaluation accounts stemming from 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. See Article 13(2)

    (a)

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

    (b)

    Remeasurement results of the net defined benefit liability (asset) in respect of post-employment benefits, which are the net position of the following sub-items:

    (i)

    Actuarial gains and losses in the present value of the defined benefit obligation

    (ii)

    Return on plan assets, excluding amounts included in net interest on the net defined benefit liability (asset)

    (iii)

    Any change in the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability (asset)

    (b)

    As per Article 24(2)

    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’

    (1)  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).

    (2)  Decision ECB/2010/29 of 13 December 2010 on the issue of euro banknotes (OJ L 35, 9.2.2011, p. 26).

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