# L_2021419EN.01001401.xml

| 24.11.2021 | EN | Official Journal of the European Union | L 419/14 |
| --- | --- | --- | --- |

24.11.2021

EN

Official Journal of the European Union

L 419/14

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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. |
| --- | --- |

(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. |
| --- | --- |

(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. |
| --- | --- |

(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, |
| --- | --- |

(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.’; |
| --- | --- |

(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. |
| --- | --- |

(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

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(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
  ).

1

).

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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

| Balance sheet item (2)
   (6) | Categorisation of contents of balance sheet items | Valuation principle | Scope of application (3) |
| --- | --- | --- | --- |
| 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 |
| 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 | | |
| 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” |

Balance sheet item (2)
   (6)

Categorisation of contents of balance sheet items

Valuation principle

Scope of application (3)

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

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

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, translated at the foreign exchange market rate |
| --- | --- |

(a)

Drawing rights within the reserve tranche (net)

Nominal value, translated at the foreign exchange market rate

Mandatory

| (b) | Special Drawing Rights (SDRs)

  Holdings of SDRs (gross) |
| --- | --- |

(b)

Special Drawing Rights (SDRs)

Holdings of SDRs (gross)

| (b) | SDRs

  Nominal value, translated at the foreign exchange market rate |
| --- | --- |

(b)

SDRs

Nominal value, translated at the foreign exchange market rate

Mandatory

| (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

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

| (c) | Other claims

  Nominal value, translated at the foreign exchange market rate |
| --- | --- |

(c)

Other claims

Nominal value, translated 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 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 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, translated at the foreign exchange market rate |
| --- | --- |

(a)

Balances with banks outside the euro area

Nominal value, translated at the foreign exchange market rate

Mandatory

| (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 shares, investment funds held as part of the foreign reserves, all issued by non-euro area residents |
| --- | --- |

(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 shares, investment funds held as part of the foreign reserves, all issued by non-euro area residents

| (b) | |
| --- | --- |

(b)

| (i) | Marketable debt securities other than held-to-maturity

  Market price and foreign exchange market rate. Any premiums or discounts are amortised |
| --- | --- |

(i)

Marketable debt securities other than held-to-maturity

Market price and foreign exchange market rate. Any premiums or discounts are amortised

Mandatory

| (ii) | Marketable debt securities classified as held-to-maturity

  Cost subject to impairment and foreign exchange market rate. Any premiums or discounts are amortised |
| --- | --- |

(ii)

Marketable debt securities classified as held-to-maturity

Cost subject to impairment and foreign exchange market rate. Any premiums or discounts are amortised

Mandatory

| (iii) | Non-marketable debt securities

  Cost subject to impairment and foreign exchange market rate. Any premiums or discounts are amortised |
| --- | --- |

(iii)

Non-marketable debt securities

Cost subject to impairment and foreign exchange market rate. Any premiums or discounts are amortised

Mandatory

| (iv) | Marketable equity shares

  Market price and foreign exchange market rate |
| --- | --- |

(iv)

Marketable equity shares

Market price and foreign exchange market rate

Mandatory

| (v) | Marketable investment funds

  Market price and foreign exchange market rate |
| --- | --- |

(v)

Marketable investment funds

Market price and foreign exchange market rate

Mandatory

| (c) | External loans (deposits) outside the euro area other than those under asset item 11.3 “Other financial assets” |
| --- | --- |

(c)

External loans (deposits) outside the euro area 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 |
| --- | --- |

(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

Non-euro area banknotes and coins

| (d) | Other external assets

  Nominal value, translated at the foreign exchange market rate |
| --- | --- |

(d)

Other external assets

Nominal value, translated 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 11.3 “Other financial assets”

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

(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 shares, investment funds held as part of the foreign reserves, all issued by euro area residents

| (a) | |
| --- | --- |

(a)

| (i) | Marketable debt securities other than held-to-maturity

  Market price and foreign exchange market rate. Any premiums or discounts are amortised |
| --- | --- |

(i)

Marketable debt securities other than held-to-maturity

Market price and foreign exchange market rate. Any premiums or discounts are amortised

Mandatory

| (ii) | Marketable debt securities classified as held-to-maturity

  Cost subject to impairment and foreign exchange market rate. Any premiums or discounts are amortised |
| --- | --- |

(ii)

Marketable debt securities classified as held-to-maturity

Cost subject to impairment and foreign exchange market rate. Any premiums or discounts are amortised

Mandatory

| (iii) | Non-marketable debt securities

  Cost subject to impairment and foreign exchange market rate. Any premiums or discounts are amortised |
| --- | --- |

(iii)

Non-marketable debt securities

Cost subject to impairment and foreign exchange market rate. Any premiums or discounts are amortised

Mandatory

| (iv) | Marketable equity shares

  Market price and foreign exchange market rate |
| --- | --- |

(iv)

Marketable equity shares

Market price and foreign exchange market rate

Mandatory

| (v) | Marketable investment funds

  Market price and foreign exchange market rate |
| --- | --- |

(v)

Marketable investment funds

Market price and foreign exchange market rate

Mandatory

| (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 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 |
| --- | --- |

(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 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 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 |
| --- | --- |

(a)

Balances with banks outside the euro area

Nominal value

Mandatory

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

  Equity shares, investment funds, notes and bonds, bills, zero bonds, money market paper, all issued by non-euro area residents |
| --- | --- |

(b)

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

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

| (b) | |
| --- | --- |

(b)

| (i) | Marketable debt securities other than held-to-maturity

  Market price. Any premiums or discounts are amortised |
| --- | --- |

(i)

Marketable debt securities other than held-to-maturity

Market price. Any premiums or discounts are amortised

Mandatory

| (ii) | Marketable debt securities classified as held-to-maturity

  Cost subject to impairment. Any premiums or discounts are amortised |
| --- | --- |

(ii)

Marketable debt securities classified as held-to-maturity

Cost subject to impairment. Any premiums or discounts are amortised

Mandatory

| (iii) | Non-marketable debt securities

  Cost subject to impairment. Any premiums or discounts are amortised |
| --- | --- |

(iii)

Non-marketable debt securities

Cost subject to impairment. Any premiums or discounts are amortised

Mandatory

| (iv) | Marketable equity shares

  Market price |
| --- | --- |

(iv)

Marketable equity shares

Market price

Mandatory

| (v) | Marketable investment funds

  Market price |
| --- | --- |

(v)

Marketable investment funds

Market price

Mandatory

| (c) | Loans outside the euro area other than those under asset item 11.3 “Other financial assets” |
| --- | --- |

(c)

Loans outside the euro area other than those under asset item 11.3 “Other financial assets”

| (c) | Loans outside the euro area

  Deposits at nominal value |
| --- | --- |

(c)

Loans outside the euro area

Deposits at nominal value

Mandatory

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

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)

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 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

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 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

7

7

Securities of euro area residents denominated in euro

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

| (a) | Marketable debt securities

  Accounted for depending on monetary policy considerations:






  (i) | Market price
  Any premiums or discounts are amortised |
| --- | --- | --- |

(a)

Marketable debt 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 |
| --- | --- |

(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

Mandatory

| (b) | Non-marketable debt securities

  Cost subject to impairment. Any premiums or discounts are amortised |
| --- | --- |

(b)

Non-marketable debt 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 economic and monetary union (EMU), denominated in euro. Equity shares and investment funds

| (a) | Marketable debt securities other than held-to-maturity

  Market price. Any premiums or discounts are amortised |
| --- | --- |

(a)

Marketable debt securities other than held-to-maturity

Market price. Any premiums or discounts are amortised

Mandatory

| (b) | Marketable debt securities classified as held-to-maturity

  Cost subject to impairment. Any premiums or discounts are amortised |
| --- | --- |

(b)

Marketable debt securities classified as held-to-maturity

Cost subject to impairment. Any premiums or discounts are amortised

Mandatory

| (c) | Non-marketable debt securities

  Cost subject to impairment. Any premiums or discounts are amortised |
| --- | --- |

(c)

Non-marketable debt securities

Cost subject to impairment. Any premiums or discounts are amortised

Mandatory

| (d) | Marketable equity shares

  Market price |
| --- | --- |

(d)

Marketable equity shares

Market price

Mandatory

| (e) | Marketable investment funds

  Market price |
| --- | --- |

(e)

Marketable investment funds

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 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

-

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:

| (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 10.4 “Other liabilities within the Eurosystem (net)” |
| --- | --- |

(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 10.4 “Other liabilities within the Eurosystem (net)”

| (a) | Nominal value |
| --- | --- |

(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)

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 |
| --- | --- |

(b)

Nominal value

Mandatory

| (c) | other intra-Eurosystem claims denominated in euro that may arise, including the interim distribution of ECB income (*1) |
| --- | --- |

(c)

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

| (c) | Nominal value |
| --- | --- |

(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

Recommended

Depreciation rates:

| — | computers and related hardware/software and motor vehicles: 4 years |
| --- | --- |

—

computers and related hardware/software and motor vehicles: 4 years

| — | equipment, furniture and plant in building: 10 years |
| --- | --- |

—

equipment, furniture and plant in building: 10 years

| — | building and capitalised major refurbishment expenditure: 25 years |
| --- | --- |

—

building and capitalised major refurbishment expenditure: 25 years

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

9

11.3

Other financial assets

| — | Participating interests and investments in subsidiaries; equity shares and investment funds held for strategic/policy reasons |
| --- | --- |

—

Participating interests and investments in subsidiaries; equity shares and investment funds held for strategic/policy reasons

| — | Securities, including equity shares and investment funds, and other financial instruments and balances, e.g. fixed-term deposits and current accounts, held as an earmarked portfolio |
| --- | --- |

—

Securities, including equity shares and investment funds, and other financial instruments and balances, e.g. fixed-term deposits and current accounts, held as an earmarked portfolio

| — | Reverse repo transactions with financial institutions in connection with the management of securities portfolios under this asset item |
| --- | --- |

—

Reverse repo transactions with financial institutions in connection with the management of securities portfolios under this asset item

| — | Euro denominated reverse repo transactions with euro area financial institutions other than credit institutions in connection with the management of securities portfolios other than those held under this item |
| --- | --- |

—

Euro denominated reverse repo transactions with euro area financial institutions other than credit institutions in connection with the management of securities portfolios other than those held under this item

| (a) | Marketable equity shares

  Market price |
| --- | --- |

(a)

Marketable equity shares

Market price

Recommended

| (b) | Marketable investment funds

  Market price |
| --- | --- |

(b)

Marketable investment funds

Market price

Recommended

| (c) | Participating interests and non-marketable equity shares, and any other equity instruments held as permanent investments

  Cost subject to impairment |
| --- | --- |

(c)

Participating interests and non-marketable equity shares, and any other equity instruments held as permanent investments

Cost subject to impairment

Recommended

| (d) | Investment in subsidiaries or significant interests

  Net asset value |
| --- | --- |

(d)

Investment in subsidiaries or significant interests

Net asset value

Recommended

| (e) | Marketable debt securities other than held-to-maturity

  Market price. Any premiums or discounts are amortised |
| --- | --- |

(e)

Marketable debt securities other than held-to-maturity

Market price. Any premiums or discounts are amortised

Recommended

| (f) | Marketable debt securities classified as held-to-maturity or held as a permanent investment

  Cost subject to impairment. Any premiums or discounts are amortised |
| --- | --- |

(f)

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

Cost subject to impairment. Any premiums or discounts are amortised

Recommended

| (g) | Non-marketable debt securities

  Cost subject to impairment. Any premiums or discounts are amortised |
| --- | --- |

(g)

Non-marketable debt securities

Cost subject to impairment. Any premiums or discounts are amortised

Recommended

| (h) | Balances with banks and loans

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

(h)

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 (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

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

| (a) | Advances, loans and other minor items. Loans on a trust basis. Coins denominated in national euro area currency units. Current expense (net accumulated loss), loss of the previous year before coverage |
| --- | --- |

(a)

Advances, loans and other minor items. Loans on a trust basis. Coins denominated in national euro area currency units. Current expense (net accumulated loss), loss of the previous year before coverage

| (a) | Nominal value or cost |
| --- | --- |

(a)

Nominal value or cost

Recommended

| (b) | Revaluation suspense accounts (only a balance sheet item during the year: unrealised losses at revaluation dates during the year, which are not covered by the relevant revaluation accounts under the liability item “Revaluation accounts”) |
| --- | --- |

(b)

Revaluation suspense accounts (only a balance sheet item during the year: unrealised losses at revaluation dates during the year, which are not covered by the relevant revaluation accounts under the liability item “Revaluation accounts”)

| (b) | Revaluation difference between average cost and market value, foreign exchange translated at market rate |
| --- | --- |

(b)

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

Mandatory

| (c) | Investments related to customer gold deposits |
| --- | --- |

(c)

Investments related to customer gold deposits

| (c) | Market value |
| --- | --- |

(c)

Market value

Mandatory

| (d) | Net pension assets |
| --- | --- |

(d)

Net pension assets

| (d) | As per Article 28(2) |
| --- | --- |

(d)

As per Article 28(2)

Recommended

| (e) | Outstanding claims and securities arising from the default of eligible counterparties or issuers in the context of Eurosystem monetary policy operations |
| --- | --- |

(e)

Outstanding claims and securities arising from the default of eligible counterparties or issuers in the context of Eurosystem monetary policy operations

| (e) | Nominal/recoverable value (before/after settlement of losses) |
| --- | --- |

(e)

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

Mandatory

| (f) | 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 |
| --- | --- |

(f)

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

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

(f)

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

Mandatory

-

12

Loss for the year

Nominal value

Mandatory

LIABILITIES

| Balance sheet item (7)
   (9) | Categorisation of contents of balance sheet items | Valuation principle | Scope of application (8) |
| --- | --- | --- | --- |
| 1 | 1 | Banknotes in circulation
   (*2) | (a) | Euro banknotes, plus/minus adjustments relating to the application of the banknote allocation key in accordance with Decision (EU) 2016/2248 (ECB/2016/36) and Decision ECB/2010/29 |

Balance sheet item (7)
   (9)

Categorisation of contents of balance sheet items

Valuation principle

Scope of application (8)

1

1

Banknotes in circulation
   (*2)

(a)

Euro banknotes, plus/minus adjustments relating to the application of the banknote allocation key in accordance with Decision (EU) 2016/2248 (ECB/2016/36) and Decision ECB/2010/29

| (a) | Nominal value |
| --- | --- |

(a)

Nominal value

Mandatory

| (b) | Banknotes denominated in national euro area currency units during the cash changeover year |
| --- | --- |

(b)

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

| (b) | Nominal value |
| --- | --- |

(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 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

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

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

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:

| (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 9.5 “Other claims within the Eurosystem (net)” |
| --- | --- |

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

| (a) | Nominal value |
| --- | --- |

(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)

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 |
| --- | --- |

(b)

Nominal value

Mandatory

| (c) | other intra-Eurosystem liabilities denominated in euro that may arise, including the interim distribution of ECB income (*2) |
| --- | --- |

(c)

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

| (c) | Nominal value |
| --- | --- |

(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 (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

10

12.3

Sundry

| (a) | Taxation suspense accounts. Foreign currency credit or guarantee cover accounts. Repo transactions with financial institutions for the management of securities portfolios under asset item 11.3 “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. Coins in circulation if 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 the liability item “Provisions” |
| --- | --- |

(a)

Taxation suspense accounts. Foreign currency credit or guarantee cover accounts. Repo transactions with financial institutions for the management of securities portfolios under asset item 11.3 “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. Coins in circulation if 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 the liability item “Provisions”

| (a) | Nominal value or (repo) cost |
| --- | --- |

(a)

Nominal value or (repo) cost

Recommended

| (b) | Customer gold deposits |
| --- | --- |

(b)

Customer gold deposits

| (b) | Market value |
| --- | --- |

(b)

Market value

Mandatory

| (c) | Net pension liabilities |
| --- | --- |

(c)

Net pension liabilities

| (c) | As per Article 28(2) |
| --- | --- |

(c)

As per Article 28(2)

Recommended

10

13

Provisions

| (a) | For pensions, for financial 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 12.3 “Other liabilities/sundry”
  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”(+) |
| --- | --- |

(a)

For pensions, for financial 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 12.3 “Other liabilities/sundry”

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”(+)

| (a) | Cost/nominal/discounted value |
| --- | --- |

(a)

Cost/nominal/discounted value

Recommended

| (b) | For counterparty or credit risks arising from monetary policy operations |
| --- | --- |

(b)

For counterparty or credit risks arising from monetary policy operations

| (b) | Nominal value |
| --- | --- |

(b)

Nominal value

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

(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.

1

(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.

2

(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.

3

(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).

4

(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).

5

(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.

6

(*2)  Items to be harmonised. See recital 5.

*2

(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.

7

(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.

8

(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.

9

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