Balance sheet item (1) 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 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, translated at the foreign exchange market rate

(b) Special drawing rights (SDRs) Holdings of SDRs (gross) (b) SDRs Nominal value, translated 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, translated 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, translated 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 shares, investment funds held as part of the foreign reserves, all issued by non-euro area residents (b) (i) Marketable debt securities other than held-to-maturity Market price 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 (iii) Non-marketable debt securities Cost subject to impairment and foreign exchange market rate. Any premiums or discounts are amortised (iv) Marketable equity shares Market price and foreign exchange market rate (v) Marketable investment funds 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, translated 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 shares, investment funds, held as part of the foreign reserves, all issued by euro area residents (a) (i) Marketable debt securities other than held-to-maturity Market price 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 (iii) Non-marketable debt securities Cost subject to impairment and foreign exchange market rate. Any premiums or discounts are amortised (iv) Marketable equity shares Market price and foreign exchange market rate (v) Marketable investment funds 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) 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) (i) Marketable debt securities other than held-to-maturity Market price. 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 (iii) Non-marketable debt securities Cost subject to impairment. Any premiums or discounts are amortised (iv) Marketable equity shares Market price (v) Marketable investment funds 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

4.2 Claims arising from the credit facility under the Exchange Rate Mechanism (ERM) II Lending in accordance with the ERM II conditions Nominal value

5 Lending to euro area credit institutions related to monetary policy operations denominated in euro Items 5.1 to 5.5: transactions in accordance with the respective monetary policy instruments described in Guideline (EU) 2015/510 of the European Central Bank (ECB/2014/60) (2)

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 normally with a monthly frequency, with a maturity longer than that of the main refinancing operations Nominal value or repo cost

5.3 Fine-tuning reverse operations Reverse transactions, executed as ad hoc transactions for fine-tuning purposes Nominal value or repo cost

5.4 Structural reverse operations Reverse transactions adjusting the structural position of the Eurosystem vis-à-vis the financial sector Nominal value or repo cost

5.5 Marginal lending facility Overnight liquidity facility at a pre-specified interest rate against eligible assets (standing facility) Nominal value or repo cost

5.6 Credits related to margin calls Additional credit to credit institutions, arising from value increases of underlying assets regarding other credit to these credit institutions Nominal value or cost

6 Other claims on euro area credit institutions denominated in euro Current accounts, fixed-term deposits, day-to-day money, reverse repo transactions in connection with the management of security portfolios under the asset item 7 ‘Securities of euro area residents denominated in euro’, including transactions resulting from the transformation of former foreign currency reserves of the euro area, and other claims. Correspondent accounts with non-domestic euro area credit institutions. Other claims and operations unrelated to monetary policy operations of the Eurosystem Nominal value or cost

7 Securities of euro area residents denominated in euro

7.1 Securities held for monetary policy purposes Securities held for monetary policy purposes (including securities purchased for monetary policy purposes issued by supranational or international organisations, or multilateral development banks, irrespective of their geographical location). European Central Bank (ECB) debt certificates purchased for fine-tuning purposes (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 (b) Non-marketable debt 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 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 (b) Marketable debt securities classified as held-to-maturity 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 (d) Marketable equity shares Market price (e) Marketable investment funds 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 national central banks (NCBs), arising from the issuance of ECB debt certificates Cost

9.2 Claims related to the allocation of euro banknotes within the Eurosystem Claims related to the ECB’s banknote issue, in accordance with Decision ECB/2010/29 of the European Central Bank (3) 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, equitiy shares and investment funds held for strategic/policy reasons — Securities including equity shares and investment funds, and other financial instruments and balances including 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 — 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 (b) Marketable investment funds Market price (c) Participating interests and illiquid equity shares, and any other equity instruments held as permanent investments Cost subject to impairment (d) Investment in subsidiaries or significant interests Net asset value (e) Marketable debt securities other than held-to-maturity Market price. Premiums/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 (g) Non-marketable debt securities Cost subject to impairment (h) 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 25(2)

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