2001/81/EC: Decision of the European Central Bank of 1 December 1998 on the annual accounts of the European Central Bank as amended on 15 December 1999 and 12 December 2000 (ECB/2000/16)
Date: 2000-12-12
Institutions: European Central Bank
Subjects: European Central Bank, account, closing of accounts

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II

(Acts whose publication is not obligatory)

EUROPEAN CENTRAL BANK

DECISION OF THE EUROPEAN CENTRAL BANK

of 1 December 1998

on the annual accounts of the European Central Bank as amended on 15 December 1999 and
12 December 2000

(ECB/2000/16)

(2001/81/EC)

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

HAS DECIDED AS FOLLOWS:

Having regard to the Statute of
the European System of
Central Banks and of the European Central Bank (hereinafter
referred to as the (cid:145)Statute(cid:146)) and in particular to Article 26.2
thereof,

Whereas:

CHAPTER I

GENERAL PROVISIONS

Article 1

Definitions

(1)

(2)

(3)

(4)

According to Article 26.2 of the Statute, the Governing
Council of
shall
establish the accounting principles
the annual
accounts of the ECB.

the European Central Bank (ECB)

for

Due regard has been given to the preparatory work
conducted by the European Monetary Institute (EMI).

In order to allow for comparability, the format for the
accounts introduced by this Decision needs to be made
applicable to the annual ECB accounts for the year
2000, in spite of the entry into force of this Decision
on 1 January 2001.

the

regulatory framework of

The ECB attaches great importance to enhancing the
transparency of
the
European System of Central Banks (ESCB) even in the
absence of an obligation to do so under the Treaty
establishing the European Community. The ECB has
decided,
to publish a
consolidated version of
the Decision on the annual
accounts of the European Central Bank of 1 December
1998 as amended on 15 December 1999 and on 12
December 2000,

in line with this approach,

1.

For the purposes of this Decision:

(cid:151) (cid:145)transitional period(cid:146) shall mean the period beginning on 1

January 1999 and ending on 31 December 2001,

(cid:151) (cid:145)national central banks(cid:146)

(NCBs) shall mean the NCBs of

participating Member States,

(cid:151) (cid:145)participating Member States(cid:146) shall mean Member States
which have adopted the single currency in accordance with
the
European Community
(hereinafter referred to as the (cid:145)Treaty(cid:146)),

establishing

Treaty

the

(cid:151) (cid:145)non-participating Member States(cid:146)

shall mean Member
States which have not adopted the single currency in
accordance with the Treaty,

(cid:151) (cid:145)Eurosystem(cid:146) shall mean the NCBs and the ECB.

Further definitions of

2.
Decision are included in the glossary attached as Annex I.

terms used in this

technical

Article 2

Scope of application

The rules set out in this Decision shall apply to the annual
items
accounts of

the ECB comprising the balance sheet,

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recorded in the books of the ECB off-balance sheet, the profit
and loss account and the notes to the annual accounts of the
ECB.

Article 4

Recognition of assets and liabilities

Article 3

Basic accounting assumptions

The following basic accounting assumptions shall apply:

(a) economic

the

and

reality

transparency:

accounting
methods and financial reporting shall reflect economic
reality, shall be transparent and shall respect the qualitative
characteristics of understandability,
reliability
and comparability. Transactions shall be accounted for and
presented
and
substance
in accordance with their
economic reality and not merely with their legal form;

relevance,

(b) prudence: the valuation of assets and liabilities and income
recognition shall be carried out prudently. In the context
of this Decision, this implies that unrealised gains are not
recognised as income in the profit and loss account, but
are transferred directly to a revaluation account. However,
prudence does not allow the creation of hidden reserves or
the deliberate misstatement of items on the balance sheet
and in the profit and loss account;

(c) post-balance sheet-events: assets and liabilities shall be
adjusted for events that occur between the annual balance
sheet date and the date on which the financial statements
are approved by the competent bodies if they affect the
condition of assets or liabilities at the balance sheet date.
No adjustment shall be made for assets and liabilities, but
disclosure shall be made of those events occurring after the
balance sheet date that do not affect the condition of assets
and liabilities at the balance sheet date, but which are of
such importance that non-disclosure would affect
the
ability of the users of the financial statements to make
proper evaluations and decisions;

(d) materiality: deviations from the accounting rules, including
those affecting the calculation of
the profit and loss
account of the ECB, shall not be allowed unless they can
reasonably be judged to be immaterial
in the overall
context and presentation of the financial accounts of the
reporting institution;

(e) going concern basis: accounts shall be prepared on a going

concern basis;

A financial or other asset/liability shall only be recognised in
the balance sheet of the reporting entity when:

(a)

it is probable that any future economic benefit associated
with the asset or liability item will flow to or from the
reporting entity;

(b) substantially all of the risks and rewards associated with
the asset or liability have been transferred to the reporting
entity; and

(c)

the cost or value of the asset to the reporting entity or the
amount of the obligation can be measured reliably.

Article 5

Cash/settlement approach

The cash (or (cid:145)settlement(cid:146)) approach shall be used as the basis
for recording data in the accounting system of the ECB.

CHAPTER II

COMPOSITION AND VALUATION RULES FOR THE BALANCE
SHEET

Article 6

Composition of the balance sheet

The composition of the balance sheet shall be based on the
structure established in Annex II.

Article 7

Balance sheet valuation rules

Current market rates and prices shall be used for balance
1.
sheet valuation purposes unless specified otherwise in Annex
II.

The revaluation of gold,

2.
securities and financial
off-balance-sheet) shall be performed at
mid-market rates and prices.

instruments

foreign currency instruments,
(on-balance-sheet and
the year-end and

(f)

shall be
the accruals principle:
recognised in the accounting period in which they are
earned or incurred and not according to the period in
which they are received or paid;

income and expenses

(g) consistency and comparability:

the criteria for balance
sheet valuation and income recognition shall be applied
consistently in terms of commonality and continuity of
approach to ensure comparability of data in the financial
statements.

No distinction shall be made between price and currency
3.
revaluation differences for gold, but a single gold revaluation
difference shall be accounted for, based on the euro price per
defined unit of weight of gold derived from the EUR/USD
exchange rate on the revaluation date. Revaluation shall take
place on a currency-by-currency basis for foreign exchange
(including on-balance-sheet and off-balance-sheet transactions)
and on a code-by-code basis (same ISIN number/type)
for
securities, except
for those securities included in the item
(cid:145)Other financial assets(cid:146), which shall be treated as separate
holdings.

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Article 8

Repurchase agreements

(d) unrealised losses taken to the profit and loss account shall
not be reversed in subsequent years against new unrealised
gains;

shall be

agreement

recorded as

A repurchase

1.
a
the
collateralised inward deposit on the liabilities side of
balance sheet, while the item that has been given as collateral
remains on the assets side of the balance sheet. Securities sold
which are to be repurchased under repurchase agreements
shall be treated by the ECB, which is required to repurchase
them, as if the assets in question were still part of the portfolio
from which they were sold.

2.
A reverse repurchase agreement shall be recorded as a
collateralised outward loan on the assets side of the balance
sheet for the amount of the loan. Securities acquired under
reverse repurchase agreements shall not be revalued and no
profit or loss arising thereon shall be taken to the profit and
loss account by the party lending the funds.

3.
Repurchase agreements involving securities denominated
in foreign currencies shall have no effect on the average cost
of the currency position.

In the case of security lending transactions, the securities
4.
shall remain on the balance sheet of
the transferor. Such
transactions shall be accounted for in the same manner as that
If, however, securities
prescribed for repurchase operations.
borrowed are not kept in the depot of the transferee at the
the transferee shall be required to establish a
year-end,
the underlying
provision for losses if
the market value of
securities has risen since the contract date of
the lending
transaction and to show a liability (retransfer of the securities)
if
the securities have been sold in the meantime by the
transferee.

treated as
Collateralised gold transactions
5.
repurchase agreements. The gold flows
relating to these
collateralised transactions shall not be recorded in the financial
statements and the difference between the spot and forward
prices of the transaction shall be treated on an accruals basis.

shall be

CHAPTER III

INCOME RECOGNITION

Article 9

Recognition of income

(e)

there shall be no netting of unrealised losses in any one
security, or in any currency or in gold holdings against
unrealised gains in other securities or currencies or gold.

2.
Premiums or discounts arising on issued and purchased
securities shall be calculated and presented as part of interest
income and shall be amortised over the remaining life of the
securities, either according to the straight line method or the
internal rate of return (IRR) method. The IRR method shall,
securities with a
however, be mandatory for discount
remaining maturity of more than one year at
the time of
acquisition.

Accruals denominated in foreign currencies

shall be
3.
translated at the mid-market rate at the year-end and reversed
at the same rate.

Only transactions that entail a change in the holding of a
4.
given currency may give rise to realised foreign exchange gains
or losses.

Holdings on special revaluation accounts stemming from
5.
contributions according to Article 49.2 of the Statute with
respect to central banks of a Member State for which the
derogation has been abrogated shall be used to offset
unrealised losses when exceeding previous revaluation gains
registered in the corresponding (standard) revaluation account
as described in paragraph 1(c) of this Article, prior to the
offsetting of such losses in accordance with Article 33.2 of the
Statute. The holdings on special revaluation accounts for gold,
for currencies and for securities shall be reduced pro rata in
the event of a reduction in the holdings of the relevant assets.

Article 10

Cost of transactions

The following general rules shall apply to the cost of

1.
transactions:

(a)

foreign currency instruments and securities,

the average cost method shall be used on a daily basis for
to
gold,
compute the acquisition cost of items sold, having regard
to the effect of exchange rate and/or price movements;

1.

The following rules shall apply to income recognition:

(a) realised gains and realised losses shall be taken to the

profit and loss account;

(b) the average cost price/rate of the asset/liability shall be
reduced/increased by unrealised losses taken to the profit
and loss account at the year-end;

(b) unrealised gains shall not be recognised as income, but

transferred directly to a revaluation account;

(c) unrealised losses shall be taken to the profit and loss
revaluation gains

account when exceeding previous
registered in the corresponding revaluation account;

(c)

in the case of the acquisition of coupon securities, the
amount of coupon income purchased shall be treated as a
separate item.
In the case of securities denominated in
foreign currency, it shall be included in the holding of that
currency, but shall not be included in the cost or price of
the asset for the purpose of determining the average price.

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2.

The following special rules shall apply to securities:

(e) costs of foreign exchange transactions and other general

costs shall be posted to the profit and loss account.

(a)

transactions shall be recorded at the transaction price and
booked in the financial accounts at the clean price;

CHAPTER IV

(b) custody and management fees, current account fees and
other indirect costs are not considered as transaction costs
and shall be included in the profit and loss account. They
shall not be treated as part of
the average cost of a
particular asset;

(c)

recorded
income
withholding and other taxes accounted for separately;

gross with

shall

be

refundable

(d) for the purpose of calculating the average purchase cost of
a security, either (i) all purchases made during the day shall
be added at cost to the previous day’s holding to produce
a new weighted average price before applying the sales for
the same day; or (ii)
individual purchases and sales of
securities may be applied in order in which they occurred
during the day for the purpose of calculating the revised
average price.

The following special

3.
foreign exchange:

rules shall apply to gold and

(a)

transactions in a foreign currency which entail no change
in the holding of that currency shall be translated into
euro, using the exchange rate of the contract or settlement
date, and shall not affect
that
holding;

the acquisition cost of

(b) transactions in foreign currency which entail a change in
the holding of that currency shall be translated into euro at
the exchange rate of the contract or settlement date;

(c) actual cash receipts and payments shall be translated at the
mid-market exchange rate on the day on which settlement
occurs;

(d) net acquisitions of currencies and gold made during the
day shall be added, at the average cost of the purchases of
the day for each respective currency and gold,
to the
previous day’s holding, to produce a new weighted average
rate/gold price. In the case of net sales, the calculation of
the realised gain or loss shall be based on the average cost
of
the
the respective currency or gold holding for
preceding day so that the average cost remains unchanged.
Differences in the average rate/gold price between inflows
and outflows made during the day shall also result
in
realised gains or losses. Where a liability situation exists in
respect of a foreign currency or gold position, the reverse
treatment shall apply to the abovementioned approach.
Thus the average cost of
the liability position shall be
affected by net sales, while net purchases shall reduce the
position at the existing weighted average rate/gold price;

ACCOUNTING RULES FOR OFF-BALANCE-SHEET
INSTRUMENTS

Article 11

General rules

Foreign exchange forward transactions, the forward legs
1.
of
foreign exchange swaps and other currency instruments
involving an exchange of one currency for another at a future
date shall be included in the net foreign currency positions for
calculating foreign exchange gains and losses.

2.
Interest rate swaps, futures, forward rate agreements and
other interest rate instruments shall be accounted for and
revalued on an item-by-item basis. These instruments shall be
treated as being separate from on-balance-sheet items.

and

3.
Profits
instruments
manner to on-balance-sheet instruments.

from off-balance-sheet
shall be recognised and treated in a similar

arising

losses

Article 12

Foreign exchange forward transactions

accounts

from the

trade date

Forward purchases and sales

shall be recognised in
1.
off-balance-sheet
to the
settlement date at the spot rate of the forward transaction.
Gains and losses on sale transactions shall be calculated using
the average cost of the currency position on the contract date
(plus two or three working days) in accordance with the daily
netting procedure of purchases and sales. Gains and losses
shall be considered to be unrealised until the settlement date
and shall be treated in accordance with Article 9.1.

2.
The difference between the spot and the forward rates
shall be treated as interest payable or receivable on an accruals
basis for both purchases and sales.

At

3.
the settlement date the off-balance-sheet accounts
shall be reversed, and any balance on the revaluation account
shall be credited to the profit and loss account at quarter-end.

The average cost of

4.
the currency position shall be
affected by forward purchases from the trade date plus either
two or
three working days, depending on the market
conventions for the settlement of spot transactions, at the spot
purchase rate.

5.
The forward positions shall be valued in conjunction
with the spot position of the same currency, offsetting any
differences that may arise within a single currency position. A
net loss balance shall be debited to the profit and loss account
when it exceeds previous revaluation gains registered in the
revaluation account; a net profit balance shall be credited to
the revaluation account.

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Article 13

Foreign exchange swaps

Spot purchases

1.
on-balance-sheet accounts at the settlement date.

and sales

shall be

recognised in

Forward sales and purchases

2.
off-balance-sheet
settlement date at the spot rate of the forward transactions.

shall be recognised in
to the

trade date

from the

accounts

Sale transactions shall be recognised at the spot rate of

3.
the transaction, therefore no gains and losses will arise.

4.
The difference between the spot and forward rates shall
be treated as interest payable or receivable on an accruals basis
for both purchases and sales.

At

5.
shall be reversed.

the settlement date the off-balance-sheet accounts

The average cost of the foreign currency position shall

6.
not change.

The forward position shall be valued in conjunction with

7.
the spot position.

Article 14

Interest rate futures

Interest rate futures shall be recorded on the trade date in

1.
off-balance-sheet accounts.

2.
The initial margin shall be recorded as a separate asset if
deposited in cash. If deposited in the form of securities, it shall
remain unchanged in the balance sheet.

3.
Daily changes in the variation margins shall be recorded
in the balance sheet in a separate account, either as an asset or
as a liability, depending on the price development of
the
futures contract. The same procedure shall be applied on the
closing day of the open position. Immediately thereafter the
separate account shall be cancelled and the overall result of the
transaction shall be recorded as a profit or loss, regardless of
whether or not delivery takes place. If delivery does take place,
the purchase or sale entry shall be made at market price.

4.

Fees shall be taken to the profit and loss account.

The conversion into euro, if appropriate, shall be made
5.
on the close-out day at the market rate on that day. An inflow
of foreign currency shall have an effect on the average cost of
this currency position on the close-out date.

6.
Owing to daily revaluation, the profits and losses shall be
entered in defined separate accounts. A separate account on
the assets side shall represent a loss and a separate account on
the liabilities side shall represent a profit. Unrealised losses
shall be debited to the profit and loss account and such

amounts
liabilities).

shall be credited to a liability account

(other

7.
Unrealised losses taken to the profit and loss account at
the year-end shall not be reversed in subsequent years against
unrealised profits, unless the instrument
is closed out or
terminated. In the case of a profit, the entry made shall be a
debit to a suspense account (other assets) and a credit to the
revaluation account.

Article 15

Interest rate swaps

Interest rate swaps shall be recorded on the trade date in

1.
off-balance-sheet accounts.

2.
The current interest payments, either received or paid,
shall be recorded on an accruals basis. Netting payments per
interest rate swap are allowed.

The average cost of

3.
the currency position shall be
affected by interest rate swaps in a foreign currency when
there is a difference between payments received and payments
paid. A payment balance leading to an inflow shall affect the
average cost of the currency when the payment is due.

translated into euro at

Every interest rate swap shall be marked-to-market and, if
4.
necessary,
rate.
Unrealised losses taken to the profit and loss account at the
year-end shall not be reversed in subsequent years against
unrealised profits unless
is closed out or
terminated. Unrealised revaluation gains shall be credited to a
revaluation account.

the currency spot

the instrument

5.

Fees shall be taken to the profit and loss account.

Article 16

Forward rate agreements

Forward rate agreements shall be recorded at the time of

1.
trading in off-balance-sheet accounts.

The compensation payment to be paid by one party to
2.
another at
the settlement date shall be entered on the
settlement date in the profit and loss account. Payments shall
not be recorded on an accruals basis.

3.
If forward rate agreements in a foreign currency are held,
there shall be an effect on the average cost of this currency
position in the compensation payment. The compensation
payment shall be translated into euro at the spot rate on the
settlement date. A payment balance leading to an inflow shall
affect the average cost of the currency when the payment is
due.

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4.
All forward rate agreements shall be marked-to-market
and, if necessary, translated into euro at the currency spot rate.
Unrealised losses taken to the profit and loss account at the
year-end shall not be reversed in subsequent years against
unrealised profits unless
is closed out or
terminated. Unrealised revaluation gains shall be credited to a
revaluation account.

the instrument

5.

Fees shall be taken to the profit and loss account.

Article 17

Forward transactions in securities

Forward transactions in securities may be accounted for in
accordance with either of the following two methods:

Method A:

(a)

forward transactions in securities shall be recorded in
from the trade date to the
off-balance-sheet accounts
the forward
settlement date, at
transaction;

the forward price of

(b) the average cost of the holding of the traded security shall
not be affected until settlement; the profit and loss effects
of
forward sale transactions shall be calculated on the
settlement date;

(c) at the settlement date the off-balance-sheet accounts shall
be reversed and the balance on the revaluation account, if
any, shall be credited to the profit and loss account. The
security purchased shall be accounted for using the spot
price on the maturity date (actual market price), while the
difference vis-(cid:224)-vis the original forward price is recognised
as a realised profit or loss;

Method B:

(a)

forward transactions in securities shall be recorded in
from the trade date to the
off-balance-sheet accounts
settlement date at
the forward
the settlement date the off-balance-sheet
transaction. At
accounts shall be reversed;

the forward price of

(b) at the quarter-end the revaluation of a security shall be
made on the basis of the net position resulting from the
the same security
balance sheet and from the sales of
recorded in the off-balance-sheet accounts. The amount of
the revaluation shall be equal to the difference between
this net position valued at revaluation price and the same
position valued at the average cost of the balance sheet
position. At the quarter-end, forward purchases shall be
subject to the revaluation process described in Article 7.
to the difference
The revaluation result shall be equal
between the spot price and the average cost of
the
purchase commitments;

(c)

the result of a forward sale shall be recorded in the
financial year in which the commitment was undertaken.
This result shall be equal to the difference between the
initial forward price and the average cost of the balance
sheet position (or the average cost of the off-balance-sheet
purchase commitments if the balance sheet position is not
sufficient) at the time of the sale.

CHAPTER V

ANNUAL PUBLISHED BALANCE SHEET AND PROFIT AND
LOSS ACCOUNT

Article 18

Formats

The format for the ECB’s published annual balance sheet

1.
is laid down in Annex III.

The format of

2.
account is laid down in Annex IV.

the ECB’s published profit and loss

(d)

(e)

in the case of securities denominated in a foreign currency,
the average cost of the net currency position shall not be
affected if
the ECB already holds a position in that
currency. If the bond purchased forward is denominated in
a currency in which the ECB does not hold a position, so
that the relevant currency has to be bought, the rules for
the purchase of foreign currencies under Article 10(3)(d)
shall apply;

CHAPTER VI

FINAL PROVISIONS

Article 19

Development, application and interpretation of rules

the forward market price for

the transaction. A revaluation loss at

forward positions shall be valued on an isolated basis
the remaining
against
duration of
the
year-end shall be debited to the profit and loss account,
and a revaluation profit shall be credited to the revaluation
account. Unrealised losses recognised in the profit and loss
account at the year-end shall not be reversed in subsequent
years against unrealised profits unless the instrument is
closed out or terminated.

shall act as

The Accounting and Monetary

Income Committee
1.
the ESCB forum for advising the
(AMICO)
Governing Council,
Executive Board, on the
the
development and application of the accounting rules of the
ESCB.

via

2.
In interpreting this Decision, account shall be taken of
the preparatory work, the accounting principles harmonised by
Community
international
generally
accounting standards.

law and

accepted

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Article 20

Transitory rules

All assets and liabilities as at the close of business on 31
December 1998 shall be revalued on 1 January 1999. The
market prices and rates applied by the ECB in the opening
balance sheets on 1 January 1999 shall be the new average
cost at the start of the transitional period.

introduced by its provisions shall also apply to the drawing up
of the annual balance sheet of the ECB as at 31 December
2000 and the profit and loss account of the ECB for the year
ending 31 December 2000.

This Decision shall be published in the Official Journal of the
European Communities.

Article 21

Final provisions

Done at Frankfurt am Main, 12 December 2000.

This Decision in the present amended version shall enter into
the revised formats
force on 1 January 2001. However,

The President

Willem F. DUISENBERG

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ANNEX I

GLOSSARY

(cid:151) Amortisation shall mean the systematic reduction in the accounts of a premium/discount or of the value of assets

over a period of time.

(cid:151) Asset shall mean a resource controlled by the enterprise as a result of past events and from which future economic

benefits are expected to flow to the enterprise.

(cid:151) Average cost shall mean the continued (or weighted) average method, by which the cost of every purchase is added

to the existing book value to produce a new weighted average cost.

(cid:151) Cash/settlement approach shall mean an accounting approach under which accounting events are recorded at the

settlement date.

(cid:151) Clean price shall mean transaction price excluding any rebate/accrued interest, but inclusive of transaction costs

which form part of the price.

(cid:151) Discount shall mean the difference between the par value of a security and its price when such price is lower than

par.

(cid:151) Discount security shall mean an asset which does not pay coupon interest, and the return on which is achieved by

capital appreciation because the asset is issued or bought at a discount.

(cid:151) Financial assets shall mean any asset that is: (i) cash; or (ii) a contractual right to receive cash or another financial
instrument from another enterprise; or (iii) a contractual right to exchange financial instruments with another
enterprise under conditions that are potentially favourable; or (iv) an equity instrument of another enterprise.

(cid:151) Financial liability shall mean any liability that is a legal obligation to deliver cash or another financial instrument to
instruments with another enterprise under conditions that are

another enterprise or to exchange financial
potentially unfavourable.

(cid:151) Foreign currency holding shall mean the net position in the respective currency. For the purpose of this definition

special drawing rights (SDRs) shall be considered as a separate currency.

(cid:151) Foreign exchange forward shall mean a contract in which the outright purchase or sale of a certain amount
denominated in a foreign currency against another currency, usually the domestic currency, is agreed on one day
and the amount is to be delivered at a specified future date, more than two working days after the date of the
contract, at a given price. This forward rate of exchange consists of the prevailing spot rate plus/minus an agreed
premium/discount.

(cid:151) Foreign exchange swap shall mean the simultaneous spot purchase/sale of one currency against another (short leg)

and forward sale/purchase of the same amount of this currency against the other currency (long leg).

(cid:151) Forward rate agreement shall mean a contract in which two parties agree the interest rate to be paid on a notional
deposit of a specified maturity on a specific future date. At the settlement date compensation has to be paid by one
party to the other, depending on the difference between the contracted interest rate and the market rate on the
settlement date.

(cid:151) Forward transactions in securities shall mean over-the-counter contracts in which the purchase or sale of an interest
rate instrument (usually a bond or note) is agreed on the contract date to be delivered at a future date, at a given
price.

(cid:151) Interest rate future shall mean an exchange-traded forward contract. In such a contract, the purchase or sale of an
interest rate instrument, for example a bond, is agreed on the contract date to be delivered at a future date, at a
given price. Usually no actual delivery takes place the contract is normally closed out before the agreed maturity.

(cid:151) Internal rate of return shall mean a rate at which the accounting value of a security is equal to the present value of

the future cash flow.

(cid:151) (Cross-currency) interest rate swap shall mean a contractual agreement to exchange cash flows representing streams of

periodic interest payments with a counterparty either in one currency or in two different currencies.

(cid:151) Interlinking shall mean the technical infrastructures, design features and procedures which are put in place within,
or constitute adaptations of each national RTGS system and the ECB payment mechanism (EPM) for the purpose of
processing cross-border payments in the Target system.

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(cid:151) International securities identification number (ISIN) shall mean the number issued by the relevant competent issuing

authority.

(cid:151) Liability shall mean a present obligation of the enterprise arising from past events, the settlement of which is

expected to result in an outflow from the enterprise of resources embodying economic benefits.

(cid:151) Market price shall mean the price that is quoted for a gold, foreign exchange or securities instrument (usually)
excluding accrued or rebate interest either on an organised market (e.g. stock exchange) or a non-organised market
(e.g. over-the-counter market).

(cid:151) Maturity date shall mean the date on which the nominal/principal value becomes due and payable in full to the

holder.

(cid:151) Mid-market price shall mean the mid-point between the bid price and the offer price for a security based on
quotations for transactions of normal market size by recognised market-makers or recognised trading exchanges.

(cid:151) Premium shall mean the difference between the par value of a security and its price when such price is higher than

par.

(cid:151) Provisions shall mean amounts set aside before arriving at the profit or loss figure in order to provide for any
known or expected liability or risk, the cost of which cannot be accurately determined (see (cid:145)Reserves(cid:146)). Provisions
for future liabilities and charges may not be used to adjust the value of assets.

(cid:151) Realised gains/losses shall mean gains/losses arising out of the difference between the sale price of a balance sheet

item and its (adjusted) cost.

(cid:151) Reserves shall mean an amount set aside out of distributable profits, which is not intended to meet any specific

liability, contingency or expected diminution in value of assets known to exist at the balance sheet date.

(cid:151) Revaluation accounts shall mean balance sheet accounts for registration of the difference in the value of an asset or
liability between the (adjusted) cost of its acquisition and its valuation at an end-of-period market price, when the
latter is higher than the former in case of assets, and when the latter is lower than the former in case of liabilities.
They include differences in both price quotation and/or market exchange rates.

(cid:151) A reverse sale and repurchase agreement ((cid:145)reverse repo(cid:146)) is a contract under which a holder of cash agrees to the
purchase of an asset and, simultaneously, agrees to resell the asset for an agreed price on demand, or after a stated
time, or in the event of a particular contingency. Sometimes a repo transaction is agreed via a third party ((cid:145)triparty
repo(cid:146)).

(cid:151) Reverse transaction shall mean an operation whereby the central bank buys ((cid:145)reverse repo(cid:146)) or sells ((cid:145)repo(cid:146)) assets

under a repurchase agreement or conducts credit operations against collateral.

(cid:151) Settlement shall mean an act that discharges obligations in respect of funds or assets transfers between two or more
parties. In the context of intra-Eurosystem transactions, settlement refers to the elimination of the net balances
arising from intra-Eurosystem transactions and requires the transfer of assets.

(cid:151) Settlement date shall mean the date on which the final and irrevocable transfer of value has been recorded in the
books of the relevant settlement institution. The timing of the settlement can be immediate (real-time), same day
(end-of-day) or an agreed date after the date on which the commitment has been entered into.

(cid:151) Straight line depreciation/amortisation shall mean that depreciation/amortisation over a given period is determined by
dividing the cost of the asset, less its estimated residual value, by the estimated useful life of the asset pro rata
temporis.

(cid:151) Target shall mean the Trans-European Automated Real-time Gross Settlement Express Transfer system composed of

one Real-time Gross Settlement system (RTGS system) in each of the NCBs, the EPM and the interlinking.

(cid:151) Transaction costs shall mean costs that are identifiable as related to the specific transaction.

(cid:151) Transaction price shall mean the price agreed between the parties when a contract is made.

(cid:151) Unrealised gains/losses shall mean gains/losses arising from the revaluation of assets compared to their (adjusted) cost

of acquisition.

L 33/10

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Official Journal of the European Communities

2.2.2001

ANNEX II

COMPOSITION AND VALUATION RULES FOR THE BALANCE SHEET

Note: the numbering relates to the balance sheet format given in Annex III.

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 (cid:145)under way(cid:146). Non-physical gold, such as balances in
gold sight accounts (unallocated accounts), term deposits
and claims to receive gold arising from the following
transactions: upgrading or downgrading transactions and
gold location or purity swaps where there is a difference
of more than one business day between release and
receipt

Market value

2.

Claim on non-euro
area residents
denominated in
foreign currency

Claims on counterparties resident outside the euro area
institutions
(including international and supranational
and non-EMU central banks) denominated in foreign
currency

2.1.

Receivables from the
IMF

(a) Drawing rights within the reserve tranche (net)

the IMF.
for

(The No 2 account of

National quota minus balances in euro at the disposal
the IMF (euro
of
account
be
could
included in this position or under the item (cid:145)Liabilities
to non-euro area residents denominated in euro(cid:146))

administrative

expenses)

(b) Special drawing rights

Holdings of special drawing rights (gross)

(c) Other claims

General arrangements to borrow (GAB), loans under
special borrowing arrangements, deposits within the
framework of the PRGF

2.2.

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

(a) Balances with banks outside the euro area

Current
money

accounts,

fixed-term deposits, day-to-day

(b) Security

than

investments

shares,
(other
participations and other securities under asset item (cid:145)Other
financial assets(cid:146)) outside the euro area
Marketable notes and bonds, bills, zero bonds, money
market paper, all issued by non-euro area residents

equity

(c) External loans (deposits)

Loans to and non-marketable securities (other than
securities
equity shares, participations and other
under asset
issued by
item (cid:145)Other financial assets(cid:146))
non-euro area residents

(a) Drawing rights within
the reserve tranche (net)
Nominal value,
translation at the
year-end foreign
exchange market rate

(b) Special drawing rights
Nominal value,
translation at the
year-end foreign
exchange market rate

(c) Other claims

Nominal value,
translation at the
year-end foreign
exchange market rate

(a) Balances with banks
outside the euro area
Nominal value,
translation at the
year-end foreign
exchange market rate

(b) Securities (marketable)
Market price and
foreign exchange
market rate at
year-end

(c) External loans

Deposits at nominal
value, non-marketable
securities at cost;
both translated at the
year-end foreign
exchange market rate

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Balance sheet item

Categorisation of contents of balance sheet items

Valuation principle

(d) Other external assets

Non-euro area banknotes and coins

(d) Other external assets
Nominal value,
translation at the
year-end foreign
exchange market rate

3.

Claims on euro area
residents denomi-
nated in foreign
currency

(a) Securities

Marketable notes and bonds, bills, zero bonds, money
market paper (other than equity shares, participations
and other securities under asset item (cid:145)Other financial
assets(cid:146))

(a) Securities (marketable)
Market price and
foreign exchange
market rate at
year-end

(b) Other claims

Non-marketable securities (other than equity shares,
participations and other securities under asset item
(cid:145)Other
sundry
lending

loans, deposits,

financial

assets(cid:146)),

(b) Other claims

Deposits at nominal
value, non-marketable
securities at cost,
both translated at the
year-end foreign
exchange market rate

4.

4.1.

Claims on non-euro
area residents
denominated in euro

Balances with banks,
security investments
and loans

(a) Balances with banks outside the euro area

accounts,

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

(a) Balances with banks
outside the euro area
Nominal value

(b) Security

than

investments

shares,
(other
participations and other securities under asset item (cid:145)Other
financial assets(cid:146)) outside the euro area
Marketable notes and bonds, bills, zero bonds, money
market paper, all issued by non-euro area residents

equity

(c) Loans outside the euro area

Loans to and non-marketable securities issued by
non-euro area residents

(d) Securities issued by entities outside the euro area
Securities issued by supranational or
organisations
geographical location

the EIB),

(e.g.

irrespective of

international
their

(b) Securities (marketable)
Market price at
year-end

(c) Loans outside the euro

area
Deposits at nominal
value, non-marketable
securities at cost

(d) Securities issued by

entities outside the euro
area
Market price at
year-end

4.2.

5.

Claims arising from
the credit facility
under ERM II

Lending to euro area
credit institutions
related to monetary
policy operations
denominated in euro

Lending according to the conditions of ERM II

Nominal value

Items 5.1 to 5.5: transactions according to the respective
monetary policy instruments described in the document
(cid:145)The single monetary policy in stage three: General
documentation
policy
instruments and procedures(cid:146)

Eurosystem monetary

on

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2.2.2001

Balance sheet item

Categorisation of contents of balance sheet items

Valuation principle

5.1.

Main refinancing
operations

Regular liquidity-providing reverse transactions with a
weekly frequency and normally a maturity of two weeks

Nominal value or (repo)
cost

5.2.

Longer-term refinanc-
ing operations

Regular liquidity-providing reverse transactions with a
three
monthly frequency and normally a maturity of
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 aiming at adjusting the structural
position of the Eurosystem vis-(cid:224)-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.

7.

8.

9.

Other claims on euro
area credit
institutions denomi-
nated in euro

Securities of euro
area residents
denominated in euro

repo

operations

Current accounts, fixed-term deposits, day-to-day money,
reverse
in connection with the
management of security portfolios under the asset item
(cid:145)Securities of euro area residents denominated in euro(cid:146)
(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
which are not related to monetary policy operations of
the Eurosystem

Marketable securities (related to or eligible to be used for
than equity shares,
monetary policy purposes, other
participations and other
item
(cid:145)Other financial assets(cid:146)): Notes and bonds, bills, zero
bonds, money market paper held outright
(including
government
stemming from before EMU)
denominated in euro; ECB debt certificates purchased for
fine-tuning purposes

securities under asset

securities

Nominal value or cost

Market price at year-end

General government
debt denominated in
euro

Claims on government
(non-marketable securities, loans)

stemming from before EMU

Deposits/loans at
nominal value,
non-marketable
securities at cost

Intra-Eurosystem
claims

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Balance sheet item

Categorisation of contents of balance sheet items

Valuation principle

9.1.

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

an

ECB

Only
Promissory
back-to-back agreement
certificates

notes

issued

balance

item.
the
in connection with ECB debt

sheet
due

by NCBs,

to

Nominal value

9.2.

Other claims within
the Eurosystem (net)

(a) Net claims arising from balances of Target accounts
the net
and correspondent accounts of NCBs i.e.
figure of claims and liabilities (see also liability item
(cid:145)other liabilities(cid:146) within the Eurosystem (net))

(a) Nominal value

(b) Other intra-Eurosystem claims that may arise

(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 rates:

(cid:151) Computers and

related hardware/
software and motor
vehicles: four years

(cid:151) Equipment, fur-

niture and plant in
building: 10 years

(cid:151) Building and

capitalised (major)
refurbishment
expenditure: 25
years

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

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Official Journal of the European Communities

2.2.2001

Balance sheet item

Categorisation of contents of balance sheet items

Valuation principle

11.3. Other financial assets

Investment portfolios

Equity shares, participating interests and investments in
subsidiaries.
related to pension
funds and severance schemes. Securities held owing to
statutory requirements and investment activities for a
specific purpose, carried out by NCBs on their own
account
the management of an earmarked
portfolio corresponding to capital and reserves and the
management of an earmarked portfolio held as a
fixed assets). Reverse
permanent
(financial
repo operations with credit
institutions in connection
with the management of security portfolios under this
item

investment

such as

11.4. Off-balance sheet

instruments revalu-
ation differences

Valuation results of foreign exchange forwards, foreign
exchange swaps,
financial swaps,
interest rate futures,
forward rate agreements

11.5.

Accruals and
deferred expenditure

Income not due in, but assignable to the reported period.
Prepaid expenditure and accrued interest paid (1)

(a) Marketable equity

shares
market value

(b) Participating interests
and illiquid equity
shares
cost

(c) Investment in
subsidiaries or
significant interests
net asset value

(d) Securities (marketable)

market value

(e) Non-marketable secur-

ities:
cost

(f) Financial fixed assets

cost
Premiums/discounts
are amortised

Net position between
forward and spot, at
foreign exchange market
rate

Nominal value, foreign
exchange translated at
market rate

11.6.

Sundry

Advances,
basis. Investments related to customer gold deposits

loans, other minor items. Loans on a trust

Nominal value/cost

12.

Loss for the year

(1)

I.e. accrued interest purchased with a security.

Investments related to
customer gold deposits
Market value

Nominal value

LIABILITIES

Balance sheet items

Categorisation of contents of balance sheet items

Valuation principle

1.

2.

2.1.

Banknotes in
circulation

Liabilities to euro
area credit
institutions related to
monetary policy
operations denomi-
nated in euro

Current accounts
(covering the
minimum reserve
system)

Euro banknotes issued by the ECB

Nominal value

Items 2.1, 2.2, 2.3 and 2.5: deposits in euro as described
in the document (cid:145)The single monetary policy in stage
three: general documentation on Eurosystem monetary
policy instruments and procedures(cid:146)

Euro accounts of credit institutions that are included in
the list of financial
institutions subject to a minimum
reserves according to the Statute. This item contains
primarily accounts used in order to hold minimum
reserves

Nominal value

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Balance sheet items

Categorisation of contents of balance sheet items

Valuation principle

2.2.

Deposit facility

Overnight deposits
(standing facility)

at

a pre-specified interest

rate

Nominal value

2.3.

Fixed-term deposits

Collection for liquidity absorption purposes owing to
fine-tuning operations

Nominal value

2.4.

2.5.

3.

4.

5.

Fine-tuning reverse
operations

Monetary policy-related transactions with the aim of
liquidity absorption

Nominal value or (repo)
cost

Deposits related to
margin calls

credit

Deposits of
arising from value
institutions,
decreases of underlying assets regarding credits to these
credit institutions

Nominal value

Other liabilities to
euro area credit
institutions denomi-
nated in euro

Repo operations in connection with simultaneous reverse
repo operations
security
for
the management of
item (cid:145)Securities of euro area
portfolios under asset
residents denominated in euro(cid:146). Other operations which
are not Eurosystem monetary policy related. No current
accounts of credit institutions

Nominal value or (repo)
cost

ECB debt certificates
issued

Only an ECB balance sheet
item. Debt certificates as
described in the document (cid:145)The single monetary policy
in stage three: General documentation on Eurosystem
monetary policy instruments and procedures(cid:146). Discount
paper, issued with the aim of liquidity absorption

Nominal value

Liabilities to other
euro area residents
denominated in euro

5.1.

General government

Current accounts, fixed-term deposits, deposits repayable
on demand

Nominal value

companies

accounts of

Current
and clients
staff,
(including financial institutions listed as exempt from the
obligation to hold minimum reserves (cid:151) see liability item
2.1), etc.;
fixed-term deposits, deposits repayable on
demand

of

Current accounts, fixed-term deposits, deposits repayable
on demand (including accounts held for payment
purposes and accounts held for reserve management
purposes):
banks,
other
(including the
international/supranational
accounts of other
European Commission);
connection with
operations
depositors. Repo
the
for
repo
simultaneous
management of securities denominated in euro. Balances
of Target accounts of non-participating NCBs

banks,
institutions

in
operations

current

reverse

central

accounts.

repo
Current
operations; usually investment transactions using foreign
currency assets or gold

Liabilities

reverse

under

Nominal value

Nominal value or (repo)
cost

Nominal value,
translation at year-end
foreign exchange market
rate

5.2.

Other liabilities

6.

7.

8.

Liabilities to
non-euro area
residents
denominated in euro

Liabilities to euro
area residents
denominated in
foreign currency

Liabilities to
non-euro area
residents
denominated in
foreign currency

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Official Journal of the European Communities

2.2.2001

Balance sheet items

Categorisation of contents of balance sheet items

Valuation principle

8.1.

Deposits, balances
and other liabilities

accounts.

Current
repo
operations; usually investment transactions using foreign
currency assets or gold

Liabilities

reverse

under

8.2.

Liabilities arising
from the credit
facility under ERM II

Borrowing according to the conditions of ERM II

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

Nominal value,
translation at the
year-end foreign
exchange market rate

Nominal value,
translation at the
year-end foreign
exchange market rate

9.

Counterpart of
special drawing
rights allocated by
the IMF

10.

Intra-Eurosystem
liabilities

10.1.

Liabilities equivalent
to the transfer of
foreign reserves

10.2. Other liabilities

within the
Eurosystem (net)

ECB balance sheet item, denominated in euro

Nominal value

(a) Net liabilities arising from balances of Target accounts
the net
item

and correspondent accounts of NCBs,
figure of claims and liabilities (see also asset
(cid:145)Other claims within the Eurosystem (net)(cid:146))

i.e.

(a) Nominal value

(b) Other intra-Eurosystem liabilities that may arise

(b) Nominal value

11.

Items in course of
settlement

Settlement account balances (liabilities),
float of giro transfers

including the

Nominal value

12.

Other liabilities

12.1. Off-balance sheet

instruments
revaluation
differences

Valuation results of foreign exchange forwards, foreign
exchange swaps,
financial swaps,
interest rate futures,
forward rate agreements

Net position between
forward and spot, at
foreign exchange market
rate

12.2.

Accruals and
deferred income

Expenditure falling due in a future period but relating to
Income received in the reported
the reporting period.
period but relating to a future period

Nominal value, foreign
exchange translated at
market rate

12.3.

Sundry

Taxation (suspense) accounts. (Foreign currency) credit or
guarantee cover accounts. Repo operations with credit
institutions in connection with simultaneous reverse repo
operations for the management of security portfolios
under asset
item (cid:145)other financial assets(cid:146). Compulsory
deposits other than reserve deposits. Other minor items.
Current income (net accumulated profit), profit of the
previous year (before distribution). Liabilities on a trust
basis. Customer gold deposits

Nominal value or (repo)
cost

Customer gold deposits
Market value

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Balance sheet items

Categorisation of contents of balance sheet items

Valuation principle

13.

Provisions

For pensions, for exchange and price risks, and for other
purposes (e.g. expected (future) expenses)

Cost/nominal value

14.

Revaluation accounts

(a) Revaluation accounts related to price movements (for
gold, for every type of euro-denominated security, for
every type of foreign currency-denominated security,
market valuation differences related to interest rate
risk derivatives);
related to
foreign exchange rate movements (for every currency
exchange
including
net
swaps/forwards and SDRs)

revaluation accounts

position

foreign

held,

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

(b) Special

accounts

revaluation

from
contributions according to Article 49.2 of the Statute
with respect to central banks of Member States for
which the derogation has been abrogated (see Article
9.5)

stemming

15.

Capital and reserves

15.1.

Capital

Paid-up capital

Nominal value

15.2.

Reserves

Legal reserves, according to article 33 of the Statute

Nominal value

16.

Profit for the year

Nominal value

ANNEX III

ANNUAL BALANCE SHEET OF THE ECB

Assets

Reporting
year

Previous
year

Liabilities

(million EUR) (1)

Reporting
year

Previous
year

1.

2.

3.

4.

Gold and gold receivables

1. Banknotes in circulation

Claims on non-euro area residents denominated in foreign currency

2.1.

Receivables from the IMF

2.2.

Balances with banks and security investments, external
other external

loans and

Claims on euro area residents denominated in foreign currency

Claims on non-euro area residents denominated in euro

4.1.

Balances with banks, security investments and loans

4.2.

Claims arising from the credit facility under ERM II

2.

Liabilities to euro area credit
operations denominated in euro

institutions related to monetary policy

2.1.

Current accounts (covering the minimum reserve system)

2.2.

Deposit facility

2.3.

Fixed-term deposits

2.4.

Fine-tuning reverse operations

2.5.

Deposits related to margin calls

3. Other liabilities to euro area credit institutions denominated in euro

5.

Lending to euro area credit
operations denominated in euro

institutions

related to monetary policy

4. ECB debt certificates issued

5.1. Main refinancing operations

5.2.

Longer-term refinancing operations

5.3.

Fine-tuning reverse operations

5.4.

Structural reverse operations

5.5. Marginal lending facility

5.6.

Credits related to margin calls

5.

Liabilities to other euro area residents denominated in euro

5.1.

General government

5.2.

Other liabilities

6.

Liabilities to non-euro area residents denominated in euro

7.

Liabilities to euro area residents denominated in foreign currency

8.

Liabilities to non-euro area residents denominated in foreign currency

6.

7.

8.

Other claims on euro area credit institutions denominated in euro

8.1.

Deposits, balances and other liabilities

Securities of euro area residents denominated in euro

General government debt denominated in euro

8.2.

Liabilities arising from the credit facility under ERM II

9. Counterpart of special drawing rights allocated by the IMF

L

3
3
/
1
8

E
N

O

f
f
i
c
i
a
l

J
o
u
r
n
a
l

o
f

t
h
e

E
u
r
o
p
e
a
n

C
o
m
m
u
n
i
t
i
e
s

.

.

2
2
2
0
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1

Assets

Reporting
year

Previous
year

Liabilities

9.

Intra-Eurosystem claims

10.

Intra-Eurosystem liabilities

(million EUR) (1)

Reporting
year

Previous
year

9.1.

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

9.2.

Other claims with the Eurosystem (net)

10.

Items in course of settlement

11.

Other assets

11.1. Coins of euro area

11.2. Tangible and intangible fixed assets

11.3. Other financial assets

11.4. Off-balance sheet instruments revaluation differences

11.5. Accruals and deffered expenditure

11.6.

Sundry

12.

Loss for the year

10.1.

Liabilities equivalent to the transfer of foreign reserves

10.2. Other liabilities within the Eurosystem (net)

11.

Items in course of settlement

12. Other liabilities

12.1. Off-balance sheet instruments revaluation differences

12.2. Accruals and deferred income

12.3.

Sundry

13.

Provisions

14. Revaluation accounts

15. Capital and reserves

15.1. Capital

15.2. Reserves

16.

Profit for the year

(1) The ECB may alternatively publish exact euro amounts, or amounts rounded in a different manner.

Total assets

Total liabilities

.

.

2
2
2
0
0
1

E
N

O

f
f
i
c
i
a
l

J
o
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n
a
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o
f

t
h
e

E
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o
p
e
a
n

C
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m
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L

3
3
/
1
9

L 33/20

EN

Official Journal of the European Communities

2.2.2001

ANNEX IV

PUBLISHED PROFIT AND LOSS ACCOUNT OF THE ECB

Profit and loss account for the year ending 31 December (cid:133)

Reporting year

Previous year

(million EUR) (1)

1.1.1.

Interest income on foreign reserve assets

1.1.2. Other interest income

1.1.

Interest income

1.2.1.

Remuneration of NCB’s claims in respect of foreign reserves transferred

1.2.

Interest expense

1.

2.1.

2.2.

2.3.

2.

Net interest income

Realised gains/losses arising from financial operations

Write-downs on financial assets and positions

Transfer to/from provisions for foreign exchange rate and price risks

Net result of financial operations, write downs and risk provisions

Fees and commissions income

Fees and commissions expense

3.

4.

5.

6.

7.

8.

9.

Net income from fees and commissions (2)

Income from equity shares and participating interests

Other income

Staff costs (3)

Administrative expenses (3)

Depreciation of tangible and intangible fixed assets

Banknote production services (4)

10.

Other expenses

Total net income

(Loss)/profit for the year

(1) The ECB may alternatively publish exact euro amounts, or amounts rounded in a different manner.
(2) The breakdown between income and expense may alternatively be provided in the explanatory notes to the annual accounts.
(3) Including administrative provisions.
(4) This item shall be used in case of outsourced banknote production (for the cost of the services provided by external companies in
charge of the production of banknotes on behalf of the central banks). It is recommended that the costs incurred in connection with
the issue of euro banknotes should be taken to the profit and loss account as they are invoiced or otherwise incurred.