Guideline of the European Central Bank of 1 December 1998 on the legal framework for accounting and reporting in the European System of Central Banks as amended on 15 December 1999 and 14 December 2000 (ECB/2000/18)
Date: 2000-12-14
Institutions: European Central Bank
Subjects: European Central Bank, accounting, central bank, information network, outline law, standardised accounting system

2.2.2001

EN

Official Journal of the European Communities

L 33/21

GUIDELINE OF THE EUROPEAN CENTRAL BANK

of 1 December 1998

on the legal framework for accounting and reporting in the European System of Central Banks as
amended on 15 December 1999 and 14 December 2000

(ECB/2000/18)

(2001/82/EC)

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

Having regard to the Statute of
the European System of
Central Banks and of the European Central Bank (hereinafter
referred to as the (cid:145)Statute(cid:146)) and in particular to Articles 12.1,
14.3 and 26.4 thereof,

Having regard to the contribution of the General Council of
the European Central Bank (ECB) under the second and third
indents of Article 47.2 of the Statute,

December 1998 on the legal framework for accounting
and reporting in the European System of Central Banks
as amended on 15 December 1999, and on 14
December 2000.

(6)

(7)

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

In accordance with Articles 12.1 and 14.3 of
Statute, ECB Guidelines
Community law,

the
form an integral part of

Whereas:

HAS ADOPTED THIS GUIDELINE:

(1)

(2)

(3)

(4)

(5)

The European System of Central Banks (ESCB) is subject
to reporting commitments under Article 15 of
the
Statute.

According to Article 26.3 of the Statute, the Executive
Board of the ECB shall draw up a consolidated balance
sheet of
the ESCB for analytical and operational
purposes.

CHAPTER I

GENERAL PROVISIONS

Article 1

Definitions

According to Article 26.4 of the Statute, the Governing
Council of the ECB shall establish the necessary rules for
standardising
of
accounting
operations undertaken by the national central banks
the
(NCBs) of
application of Article 26 of the Statute.

the participating Member States

reporting

and

the

for

of

statement

the format

for
In order to allow for comparability,
introduced by this Guideline
consolidated accounts
needs to be made applicable to the format of the last
consolidated weekly
the
financial
Eurosystem for the year 2000 which will refer to the
reporting date of 29 December 2000, to the format for
the consolidated annual balance sheet of the Eurosystem
as at 31 December 2000, to the recommended format
for the NCBs’ annual balance sheets as at 31 December
2000 and to the recommended format for the NCBs’
profit and loss accounts
the year ending 31
December 2000, in spite of the general application of
this Guideline from 1 January 2001.

for

the

regulatory framework of

The ECB attaches great importance to enhancing the
the
transparency of
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 Guideline of the ECB of 1

in line with this approach,

1.

For the purposes of this Guideline:

(cid:151) (cid:145)banknotes of other participating Member States(cid:146)

shall
mean banknotes issued by an NCB that are presented to
another NCB or to its appointed agent to be exchanged,

(cid:151) (cid:145)consolidation(cid:146) shall mean the accounting process whereby
the financial figures of various separate legal entities are
aggregated as though they were one entity,

(cid:151) (cid:145)ESCB accounting and reporting purposes(cid:146) shall mean the
purposes
the financial
for which the ECB produces
statements listed in Annex I in accordance with Article 15
and 26 of the Statute,

(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
European Community
the
(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,

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

(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)Eurosystem business day(cid:146) shall mean a day on which the
ECB or one or more NCBs are open for business, on which
the Target interlinking component is opened, and which is
a settlement day for euro money market and foreign
exchange transactions involving the euro.

Further definitions of

2.
Guideline are included in the glossary attached as Annex II.

terms used in this

technical

Article 2

Scope of application

1.
The rules set out in this Guideline shall apply to the ECB
and to the NCBs for ESCB accounting and reporting purposes.

The purpose of

2.
this Guideline is confined to the
accounting and reporting regime of the ESCB as required by
the Statute and, therefore, it does not lay down binding rules
on NCBs’ national reports and accounts. In order to achieve
consistency and comparability between the ESCB and national
regimes, it is recommended that NCBs should, to the extent
possible, follow the rules set out in this Guideline for their
national reports and accounts.

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 Guideline, 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
accounts of the individual NCBs and 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;

(f)

the accruals principle:
shall be
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 within the ESCB to ensure comparability of data
in the financial statements.

Article 4

Recognition of assets and liabilities

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 and economic approach

1.
The cash (or (cid:145)settlement(cid:146)) approach shall be used as the
basis for recording data in the accounting systems of the ESCB
for up to a two-year period after the end of the transitional
period.

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It

is recommended that

2.
the NCBs move towards the
economic approach within this period. A detailed description
of the economic approach is set out in Annex III.

Those NCBs which have accounting systems based on the
3.
economic approach may continue to use these systems to
produce figures for reporting purposes, provided that
the
resulting differences in the accounts as compared with the
figures that would be produced under the application of a cash
approach are immaterial. It shall be the responsibility of such
NCBs to make the necessary adjustments to reported figures if
this is not the case.

CHAPTER II

COMPOSITION AND VALUATION RULES FOR THE BALANCE
SHEET

Article 6

Composition of the balance sheet

The composition of the balance sheet of the ECB/NCBs for
ESCB reporting purposes shall be based on the structure
established in Annex IV.

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
IV.

instruments

The revaluation of gold,

foreign currency instruments,
2.
(on-balance-sheet and
securities and financial
off-balance-sheet)
shall be performed on the quarterly
revaluation date at mid-market rates and prices. This shall not
preclude the ECB/NCBs from revaluing their portfolios on a
more frequent basis for internal purposes, provided that only
data at transaction value will be reported during the quarter.

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 quarterly revaluation date. Revaluation
shall take place on a currency-by-currency basis for foreign
exchange (including on-balance-sheet and off-balance-sheet
transactions)
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.

code-by-code basis

and on a

(same

4.
Revaluation bookings shall be reversed at the end of the
next quarter, except for unrealised losses taken to the profit
and loss account at the end of the year; during the quarter any
transactions shall be reported at transaction prices and rates.

Article 8

Repurchase agreements

shall be

agreement

recorded as

A repurchase

a
1.
collateralised inward deposit on the liabilities side of
the
balance sheet, while the item that has been given as collateral
remains on the asset side of the balance sheet. Securities sold
which are to be repurchased under repurchase agreements
shall be treated by the ECB/NCB 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.

Repurchase agreements involving securities denominated
3.
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
prescribed for repurchase operations.
If, however, securities
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)
the securities have been sold in the mean time by the
if
transferee.

treated as
5.
Collateralised gold transactions
relating to these
repurchase agreements. The gold flows
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

Article 9

Banknotes and coins

1.
Banknotes of other participating Member States held by
an NCB shall not be accounted for as banknotes in circulation,
but as intra-Eurosystem balances. The procedure for treating
banknotes of other participating Member States shall be the
following:

(a)

the NCB receiving banknotes denominated in national
(euro area) currency units issued by another NCB shall

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notify the issuing NCB on a daily basis of the value of
banknotes paid in to be exchanged, unless a given daily
issuing NCB shall
volume
a
low. The
corresponding payment
to the receiving NCB via the
Target system;

issue

is

(b) the adjustment of

figures
shall take place in the books of the issuing NCB on receipt
of the abovementioned notification.

the (cid:145)banknotes in circulation(cid:146)

(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;

The (cid:145)banknotes in circulation(cid:146) figure shall be calculated

2.
according to either of the following two methods:

(d) unrealised losses taken to the profit and loss account shall
against new
reversed in subsequent years

not be
unrealised gains;

Method A: BC = BP (cid:150) BC (cid:150) NR (cid:150) S

Method B: BC = BI (cid:150) BR (cid:150) NR

Where:

BC is the (cid:145)banknotes in circulation (cid:146) figure

(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.

BP is the value of banknotes produced or received
from the printer

BD is the value of banknotes destroyed

NR is the value of banknotes of other participating
Member States held by other NCBs (settled but not
yet repatriated)

Premiums or discounts arising on issued and purchased
2.
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,
however, be mandatory for discount
securities with a
remaining maturity of more than one year at the time of
acquisition.

BI is the value of banknotes issued

BR is the value of banknotes received

S is the value of banknotes in stock/vault.

The (cid:145)banknotes in circulation(cid:146)

3.
national coins, which shall be identified separately.

figure shall not

include

4.
After the transitional period and without prejudice to
Article 15(1) of Council Regulation (EC) No 974/98 of 3 May
1998 on the introduction of the euro (1), NCBs shall maintain
separate accounts for banknotes denominated in national (euro
area) currency units and euro banknotes.

5.
The (cid:145)banknotes in circulation(cid:146) figure at the beginning of
the transitional period shall be recorded in accordance with
the current national practices with respect to banknotes which
ceased to be legal tender before and during the transitional
period.

CHAPTER III

INCOME RECOGNITION

Article 10

Recognition of income

1.

The following rules shall apply to income recognition:

Accruals for financial assets and liabilities (e.g.

3.
interest
payable and amortised premiums/discounts) shall be calculated
least quarterly.
and recorded/booked in the accounts at
Accruals
and
calculated
recorded/booked in the accounts at least on an annual basis.

items

other

shall

for

be

4.
The ECB/NCBs may calculate accruals on a more frequent
detailed basis provided that only data at transaction value will
be reported during the quarter.

Accruals denominated in foreign currencies

5.
shall be
translated at the mid-market rate at the end of the quarterly
period and reversed at the same rate.

Only transactions that entail a change in the holding of a
6.
given currency may give rise to realised foreign exchange gains
or losses.

Article 11

Cost of transactions

The following general rules shall apply to the cost of

1.
transactions:

(a)

realised gains and realised losses shall be taken to the
profit and loss account;

(a)

(1) OJ L 139, 11.5.1998, p. 1.

foreign currency instruments and securities,

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

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(b)

(c)

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;

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.

2.

The following special rules shall apply to securities:

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
aforementioned approach. Thus the average cost of the
liability position shall be affected by net sales, while net
purchases
the existing
weighted average rate/gold price;

reduce the position at

shall

(e)

costs of foreign exchange transactions and other general
costs shall be posted to the profit and loss account.

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

CHAPTER IV

(a)

(b)

(c)

(d)

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;

income
recorded
withholding and other taxes accounted for separately;

gross with

shall

be

refundable

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 the 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)

(b)

(c)

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

exchange

rate of

the

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;

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
to produce a new weighted
previous day’s holding,
average rate/gold price.
the
In the case of net sales,
calculation of the realised gain or loss shall be based on
the average cost of
the respective currency or gold
holding for the preceding day so that the average cost

ACCOUNTING RULES FOR OFF-BALANCE-SHEET
INSTRUMENTS

Article 12

General rules

Foreign exchange forward transactions, forward legs of
1.
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 13

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 for purchases and sales. Gains and losses
shall be considered to be unrealised until the settlement date
and shall be treated in accordance with Article 10(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.

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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.

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 of sale entry shall be made at market price.

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.

Article 14

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 shall 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.

4.

Fees shall be taken to the profit and loss account.

5.
The conversion into euro, if appropriate, shall be made
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
(other
liabilities).

shall be credited to a liability account

7.
Unrealised losses taken to the profit and loss account at
the year-end shall not be reversed in subsequent years against
is closed out or
unrealised profits, unless the instrument
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 16

Interest rate swaps

Interest rate swaps shall be recorded on the trade date in

1.
off-balance-sheet accounts.

At

5.
shall be reversed.

the settlement date,

the off-balance-sheet accounts

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

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.

The average cost of

the currency position shall be
3.
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.

Article 15

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

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 17

Forward rate agreements

Forward rate agreements shall be recorded at the time of

1.
trading in off-balance-sheet accounts.

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

If forward rate agreements in a foreign currency are held,
3.
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 at the
settlement date. A Payment balance leading to an inflow shall
affect the average cost of the currency when the payment is
due.

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 18

Forward transactions in securities

revaluation profit

year-end shall be debited to the profit and loss account,
credited to the
and a
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 be

Method B:

(a)

(b)

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

the forward price of

at the quarter-end the revaluation of a security shall be
made on the basis of the net position resulting from the
balance sheet and from the sales of the same security
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;

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

(c)

Method A:

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

the forward price of

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;

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;

in the case of
securities denominated in a foreign
currency, the average cost of the net currency position
the ECB/NCBs already hold a
shall not be affected if
position in that currency. If the bond purchased forward
is denominated in a currency in which the ECB/NCBs do
not hold a position, so that the relevant currency has to
foreign
rules
be bought,
currencies under Article 11(3)(d) shall apply;

the purchase of

the

for

(a)

(b)

(c)

(d)

(e)

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

REPORTING OBLIGATIONS

Article 19

Procedures and formats

The reporting of
shall be

financial data for ESCB reporting
1.
in accordance with the
purposes
laid down in Annex V. The
procedures and timetables
Executive Board of the ECB may amend these procedures and
timetables.

carried out

The reporting formats

shall be consistent with this
2.
Guideline and comprise all items specified in Annex IV. The
contents of the items to be included in the different balance
sheet formats are also described in Annex IV.

The

3.
different published
statements are laid down in the following Annexes:

formats

the

of

financial

forward positions shall be valued on an isolated basis
the remaining
against
the
duration of

the transaction. A revaluation loss at

the forward market price for

(a)

the published consolidated weekly financial statement of
the Eurosystem after quarter-end in Annex VI;

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(b)

(c)

the published consolidated weekly financial statement of
the Eurosystem during the quarter in Annex VII,

the consolidated annual balance sheet of the Eurosystem
in Annex VIII.

The Executive Board of

4.
formats of the different internal balance sheets.

the ECB shall approve the

Article 20

Transmission channel

The normal transmission channel for all balance sheet
to the ECB shall be the Exchange of

1.
data from NCBs
Non-statistical Data (ENSD) system.

either

2.
On an NCB receiving notice by telephone that data have
not arrived on time, the NCB concerned shall send the missing
data without delay,
the ENSD channel of
communication, by electronic mail (CebaMail), by fax or by
any other
transmission means agreed with the ECB. All
messages sent through the use of back-up procedures shall be
sent again through the ENSD application as soon as the
functioning of the application has been restored.

via

Article 21

Error handling

1. Where modified data are submitted by an NCB via ENSD
ECB shall
(following
acknowledge the new version (with a higher version number)
and replace the previous version.

discovery of

an error)

the

the

In the first instance, the NCB concerned or the ECB shall
2.
decide whether the error is material in the context of its own
balance sheet which it has submitted for inclusion in the
Eurosystem financial report. Material errors shall be notified by
the NCB concerned to the ECB unit responsible for issuing the
the error might
shall decide whether
report. That unit
influence the policy operations of the Eurosystem. If this is the
case, a revised report highlighting the changes from the
original financial statement and the reasons for these changes
shall be circulated internally.

3. Material errors related to published Eurosystem financial
statements shall be reflected in the next published financial
statement by adjusting the figures of the previous period and
explained by way of an accompanying note.

4. With respect to the daily turnover and balance report,
the ECB shall be advised of all errors that affect the reported
figures.

Article 23

Public holidays

1. Where an NCB, including its local RTGS system, is closed
for a local public holiday, the following rules shall apply:

(a)

if the NCB is closed on the reporting day, the previous
business day’s balances shall be used by the ECB for daily
(and weekly) financial statements;

(b) when the NCB is closed on the day after the reporting

day, the following rules shall apply:

(i)

the NCB shall submit the (preliminary) balance sheet
by 8 a.m. ECB time or on the evening of
the
reporting day;

(ii) for the completely checked balance sheet, due by 4
p.m. ECB time,
the NCB is allowed to postpone
submission of the data until 8 a.m. ECB time on the
the
following business day (i.e.
reporting day).

two days after

2. When an NCB is closed for a local public holiday but its
local RTGS system is not, financial reporting/data transmission
shall be conducted according to the rules for Eurosystem
business days.

3. When an NCB and its local RTGS system close for two
subsequent days as a result of local public holidays, the NCB
shall ensure that the data of the last preceding business day are
transmitted to the ECB in due time.

4. When the ECB is closed as a result of a local public
holiday, it shall ensure that financial reporting is conducted as
on Eurosystem business days.

Quarter-end

5.
adjustments
postponed as a result of local public holidays.

revaluation

shall not

be

The publication of

6.
the consolidated weekly financial
statement of the Eurosystem shall not be postponed as a result
of local public holidays.

CHAPTER VI

ANNUAL PUBLISHED BALANCE SHEETS AND PROFIT
AND LOSS ACCOUNTS

Article 22

Rounding rules

Article 24

Published balance sheets and profit and loss accounts

Transmitted data shall be rounded up or down to the nearest
EUR 1 million, except
for the daily turnover and balance
report,
in which rounding to the nearest euro shall be
mandatory.

It is recommended that NCBs should adapt their published
annual balance sheets and profit and loss accounts
in
accordance with Annex IX and Annex X respectively.

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CHAPTER VII

CONSOLIDATION RULES

Article 25

General consolidation rules

Eurosystem consolidated balance sheets shall comprise all

1.
the items in the ECB’s and the NCBs’ balance sheets.

principles

2.
The Eurosystem consolidated balance sheets shall be
produced by the ECB and shall respect the need for uniform
for
accounting
coterminous financial periods in the Eurosystem, consolidation
adjustments arising from intra-Eurosystem transactions and
positions and accounting for changes in the composition of
the Eurosystem.

techniques,

need

and

the

The

individual

3.
than
intra-Eurosystem balances of the NCBs and of the ECB shall be
aggregated for consolidation purposes.

balance

items,

other

sheet

The NCBs’ and the ECB’s balances with third parties shall

4.
be recorded gross in the consolidation process.

Intra-Eurosystem balances (except for the capital of the
5.
ECB, positions resulting from the transfer of foreign reserve
assets to the ECB, ECB debt certificates and NCBs’ promissory
notes and banknotes issued by the ECB) shall be presented in
the balance sheets of
the NCBs as a net
the ECB and of
position (i.e. the net balance of claims and liabilities).

There

shall be

6.
in the
consistency
consolidation process. All Eurosystem financial statements shall
be prepared on a similar basis by applying the same
consolidation techniques and processes.

reports

across

from the ECB to the NCBs shall correspond to the respective
reporting formats of the NCBs. The normal channel for the
transmission of consolidated reports from the ECB to the NCBs
the ENSD application is
shall be the ENSD system.
unavailable,
shall be sent by electronic mail
(CebaMail). All messages sent by CebaMail shall be sent again
through the ENSD application as soon as the functioning of
the application has been restored.

the reports

If

CHAPTER VIII

FINAL PROVISIONS

Article 28

Development, application and interpretation
of rules

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 and reporting
rules of the ESCB.

via

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

law and

accepted

Article 29

Transitory rules

Article 26

Missing data

1.
The consolidation of data by the ECB requires the due
receipt by the ECB of all data from all NCBs. Under
exceptional circumstances, the data of the previous business
day of the NCB for which data are missing might be used by
the ECB.

2. Where missing data are substituted in the internal
versions of the Eurosystem consolidated reports, they shall be
accompanied by a note explaining the action taken.

Article 27

Circulation of consolidated reports

Responsibility for distributing the consolidated reports
1.
shall rest with the ECB business unit responsible for the
consolidation.

1.
All assets and liabilities as at the close of business on 31
December 1998 shall be revalued on 1 January 1999.
Unrealised gains which arose before or on 1 January 1999
shall be separated from those unrealised valuation gains that
may arise after 1 January 1999 and shall remain with the
NCBs. The market prices and rates applied by the ECB and the
NCBs in the opening balance sheets on 1 January 1999 shall
be the new average cost at the start of the transitional period.

It

is recommended that unrealised gains which arose
2.
before or on 1 January 1999 should not be considered as
distributable at the time of the transition and that these should
only be treated as realisable/distributable in the context of
transactions that occur after the start of the transitional period.

3.
Price gains and losses due to the transfer of assets from
the NCBs to the ECB shall be considered as realised. Foreign
exchange and gold gains and losses shall be considered as
the ECB are to be
realised, as the resulting claims against
denominated in euro.

2.
Reports shall be transmitted both to users within the ECB
and to the NCBs at the same time. The format of these reports

This Article shall be without prejudice to any decision to

4.
be adopted under Article 30 of the Statute.

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Article 30

Final provisions

This Guideline is addressed to the national central banks

2.
of participating Member States.

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

This Guideline in the present amended version shall enter
1.
its provisions shall
into force on 1 January 2001. However,
also apply to the format of
the last consolidated weekly
financial statement of the Eurosystem for the year 2000 which
will refer to the reporting date of 29 December 2000, to the
the
format
Eurosystem as at 31 December 2000, to the recommended
format for the NCBs’ annual balance sheets as at 31 December
2000 and to the recommended format for the NCBs’ profit
and loss accounts for the year ending 31 December 2000.

the consolidated annual balance sheet of

for

Done at Frankfurt am Main, 14 December 2000.

On behalf of the Governing Council
of the ECB

The President

Willem F. DUISENBERG

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ANNEX I

FINANCIAL STATEMENTS FOR THE EUROSYSTEM

Type of report

Internal/published

Source of Legal
requirement

Purpose of the report

1. Daily financial

Internal

statement of the
Eurosystem

Mainly for
liquidity management purposes
(for the implementation of Article 12.1 of the
Statute)

Part of the daily financial statement data is
used for the calculation of monetary income
according to the interim solution/agreement

2. Consolidated

Published

weekly financial
statement of the
Eurosystem

Article 15.2 of the
Statute

Consolidated financial statement for monetary
and economic
consolidated
weekly financial statement of the Eurosystem
is derived from the daily financial statement
of the reporting day)

analysis

(the

3. Monthly and

quarterly financial
information of the
Eurosystem

Published and
internal (1)

Statistical analysis

Statistical regulations
according to which
monetary financial
institutions (MFIs)
have to deliver data

4. Consolidated

Published

annual balance
sheet of the
Eurosystem

5. Daily turnover and
balance report

Internal

Article 26.3 of the
Statute

Consolidated balance sheet for analytical and
operational purposes

Reconciliation of
balances.

intra-ESCB transactions/

Calculation of interest on intra-ESCB balances

(1) The monthly data feed into the published (aggregated) statistical data required from monetary financial institutions (MFIs) in the
European Union. Moreover, as MFIs, the central banks also have to provide more detailed information on a quartely basis than is
provided in the monthly data.

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ANNEX II

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) Economic approach shall mean an accounting approach under which deals are recorded on the transaction date.

(cid:151) Financial asset 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, e.g. 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 the discount 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.

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(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.

(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 banks 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.

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(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.

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ANNEX III

ECONOMIC APPROACH: DETAILED DESCRIPTION

The economic-based accounting system differs from the cash (settlement) system in that it aims to record the events
that affect the financial position and the related risks as soon as possible, so as to present the most accurate possible
image of the financial position.

The main characteristics of this approach are:

1.

the recording on the transaction date of the deals entered into on that date and which imply a delivery at a later
date;

2.

the immediate taking into account in the foreign currency positions:

(cid:151) of amounts bought and not yet received (or sold and not yet delivered) in foreign currencies,

(cid:151) of accrued interest in foreign currencies;

3.

the consideration of income that arises on a daily basis as well as on settlement.

1. Recording on the transaction date

The operations for which the delivery is deferred must be recorded on the transaction date in off-balance-sheet
(memorandum) accounts, so as to correctly reflect the related commitments and risks.

For instance, this principle could be applied in the following cases:

(cid:151) amounts bought and not yet received, or sold and not yet delivered in the context of spot foreign exchange

deals (two days is the customary period),

(cid:151) amounts to be received or delivered in the context of forward foreign exchange deals,

(cid:151) amounts lent and not yet delivered or borrowed, or forwarded and not yet received, in the context of loans or

borrowings in foreign currencies,

(cid:151) securities bought and not yet received or sold and not yet delivered.

The amounts in currencies to be received or delivered as a result of spot or forward foreign exchange deals must
be taken into account in the foreign currency positions as from the date of their recording.

2. Taking account of the accrued interest in the foreign currency positions

In legal terms, accrued interest arises on assets or liabilities that are earned or due, or owned, on a day-by-day
basis. Consequently, it affects the financial position as from the day on which it accrues.

In the particular case of accrued interest in foreign currencies, this gives rise to an exchange risk as from the day
on which it accrues. The exchange rate at which this interest income or expenditure is valued for recording in the
profit and loss account is the rate on the date on which it is recorded. It is by reference to this rate that the
subsequent foreign exchange result related to these assets or liabilities will be determined. Therefore, accrued
interest in foreign currencies (including premiums and discounts on forward transactions) should be entered in the
foreign currency position on a daily basis.

3. Consideration of the income that arises on a daily basis as well as on settlement

Any gap between the date at which the interest accrues and the date at which it is recorded in the accounts results
in a different amount of:

(cid:151) interest income and expenditure,

(cid:151) unrealised gains and losses.

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While the total of these two amounts remains the same, the split between them can differ depending on whether a
cash (settlement) approach or an economic-based approach is used.

Moreover, since the harmonised accounting rules provide for different treatments for realised and unrealised results
it is essential that the classification of these two categories of results is exact. For these reasons, the economic-based
approach requires that accrued interest (including premiums and discounts on forward transactions) should, on a
daily basis, be:

(cid:151) recorded in balance sheet regularisation accounts,

(cid:151) valued at the rate of the day of recording for entry into the profit and loss account.

These entries would not be reversed and accrued interest would be taken out of the regularisation accounts at the
time of the payment.

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ANNEX IV

COMPOSITION AND VALUATION RULES FOR THE BALANCE SHEET

ASSETS

Balance sheet item (1)

Categorisation of contents
of balance sheet items

Valuation principle

Scope of
application (2)

Market value

Mandatory

1.

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

2.

2.

Claims on
non-euro area
residents
denominated
in foreign
currency

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

2.1.

2.1.

Receivables
from the IMF

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

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

Mandatory

National quota minus
balances in euro at the
disposal of the IMF.

Nominal value, translation
at the foreign exchange
market rate

(The No 2 account of the
IMF (euro account for
administrative expenses)
could be included in this
position or under the item
(cid:145)Liabilities to non-euro
area residents
denominated in euro(cid:146))

(b) Special drawing rights

(b) Special drawing rights

Mandatory

Holdings of special
drawing rights (gross)

Nominal value, translation
at the foreign exchange
market rate

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Balance sheet item (1)

Categorisation of contents
of balance sheet items

Valuation principle

Scope of
application (2)

(c) Other claims

(c) Other claims

Mandatory

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

Nominal value, translation
at the foreign exchange
market rate

2.2.

2.2.

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

(a) Balances with banks outside

(a) Balances with banks outside

Mandatory

the euro area

the euro area

Current accounts,
fixed-term deposits,
day-to-day money

Nominal value, translation
at the foreign exchange
market rate

(b) Security investments (other

(b) Securities (marketable)

Mandatory

Market price and foreign
exchange rate

than equity shares,
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

(c) External loans (deposits)

(c) External loans

Mandatory

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

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

(d) Other external assets

(d) Other external assets

Mandatory

Non-euro area banknotes
and coins

Nominal value, translation
at market foreign
exchange rate

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Balance sheet item (1)

Categorisation of contents
of balance sheet items

Valuation principle

Scope of
application (2)

3.

3.

Claims on
euro area
residents
denominated
in foreign
currency

(a) Securities

(a) Securities (marketable)

Mandatory

Market price and foreign
exchange market rate

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))

(b) Other claims

(b) Other claims

Mandatory

Non-marketable securities
(other than equity shares,
participations and other
securities under asset item
(cid:145)Other financial assets(cid:146)),
loans, deposits, sundry
lending

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

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

(a) Balances with banks outside

Mandatory

the euro area

Current accounts,
fixed-term deposits,
day-to-day money.

the euro area

Nominal value

Reverse repo operations in
conncection with the
management of securities
denominated in euro.

(b) Security investements (other

(b) Securities (marketable)

Mandatory

Market price

than equity shares,
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

L 33/40

EN

Official Journal of the European Communities

2.2.2001

Balance sheet item (1)

Categorisation of contents
of balance sheet items

Valuation principle

Scope of
application (2)

(c) Loans outside the euro area

(c) Loans outside the euro area

Mandatory

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

Deposits at nominal value,
non-marketable securities
at cost

(d) Securities issued by entities
outside the euro area

(d) Securities issued by entities
outside the euro area

Mandatory

Market price

Securities issued by
supranational or
international organisations
(e.g. the EIB), irrespective
of their geographical
location

4.2.

4.2.

Claims arising
from the
credit facility
under ERM II

Lending according to the
conditions of ERM II

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 the document
(cid:145)The single monetary policy in
Stage Three: General
documentation on Eurosystem
monetary policy instruments
and procedures(cid:146)

5.1.

5.1.

Main refinanc-
ing operations

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

Nominal value or (repo) cost

Mandatory

5.2.

5.2.

Longer-term
refinancing
operations

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

Nominal value or (repo) cost

Mandatory

5.3.

5.3.

Fine-tuning
reverse
operations

Reverse transactions, executed
as ad hoc transactions for
fine-tuning purposes

Nominal value or (repo) cost

Mandatory

2.2.2001

EN

Official Journal of the European Communities

L 33/41

Balance sheet item (1)

Categorisation of contents
of balance sheet items

Valuation principle

Scope of
application (2)

5.4.

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

Mandatory

5.5.

5.5.

Marginal
lending facility

Overnight liquidity facility at a
prespecified 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

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 operations 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.

Any claims stemming from
monetary policy operations
initiated by an NCB prior to
having been a member of the
Eurosystem.

L 33/42

EN

Official Journal of the European Communities

2.2.2001

Balance sheet item (1)

Categorisation of contents
of balance sheet items

Valuation principle

Scope of
application (2)

Market price

Mandatory

7.

7.

Securities of
euro area
residents
denominated
in euro

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

8.

8.

General gov-
ernment 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

(cid:151)

9.

Intra-Eurosys-
tem claims*

(cid:151)

9.1.

Participating
interest in
ECB*

Only an NCB balance sheet
item.

Cost

Mandatory

The ECB capital share of each
NCB according to the Treaty
and the respective capital key

(cid:151)

9.2.

Claims equiv-
alent to the
transfer of
foreign
reserves*

(cid:151)

9.3.

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

Only an NCB balance sheet
item.

Nominal value (less waiver)

Mandatory

Euro-denominated claims on
the ECB in respect of initial
(and additional) transfers of
foreign reserves under the
Treaty provisions

Only an ECB balance sheet
item.

Nominal value

Mandatory

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

2.2.2001

EN

Official Journal of the European Communities

L 33/43

Balance sheet item (1)

Categorisation of contents
of balance sheet items

Valuation principle

Scope of
application (2)

(cid:151)

9.4.

Other claims
within the
Eurosystem
(net)*

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

(a) Nominal value

Mandatory

(b) Claim due to the

(b) Nominal value

Mandatory

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

(c) Other intra-Eurosystem
claims that may arise

(c) Nominal value

Mandatory

9.

10.

Items in
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

(a) Euro coins if an NCB is
not the legal issuer

(a) Nominal value

Mandatory

(b) Coins denominated in
national (euro area)
currency units

(b) Nominal value

Mandatory

L 33/44

EN

Official Journal of the European Communities

2.2.2001

Balance sheet item (1)

Categorisation of contents
of balance sheet items

Valuation principle

Scope of
application (2)

9.

11.2.

Tangible and
intangible
fixed assets

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

Cost less depreciation

Recommended

Depreciation rates:

(cid:151) Computers and related
hardware/software and
motor vehicles: four years

(cid:151) Equipment, furniture 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)

9.

11.3. Other finan-

cial assets

Equity shares, participating
interests and investments in
subsidiaries. Investment
portfolios 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
such as the management of an
earmarked portfolio
corresponding to capital and
reserves and the management
of an earmarked portfolio held
as a permanent investment
(financial fixed assets).

Reverse repo operations with
credit institutions in
connection with the
management of security
portfolios under this item

(a) Marketable equity shares

Recommended

Market value

(b) Participating interests and
illiquid equity shares

Recommended

Cost

(c)

Investment in subsidiaries or
significant interests

Recommended

Net asset value

(d) Securities (marketable)

Market value

Recommended

(e) Non-marketable securities

Cost

Recommended

(f)

Financial fixed assets

Cost

Premiums/discounts are
amortised

Recommended

2.2.2001

EN

Official Journal of the European Communities

L 33/45

Balance sheet item (1)

Categorisation of contents
of balance sheet items

Valuation principle

9.

11.4. Off-balance
sheet instru-
ments revalu-
ation differ-
ences

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

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

Scope of
application (2)

Mandatory

9.

11.5. Accruals and

deferred
expenditure

Income not due in, but
assignable to the reported
period. Period expenditure and
accrued interest paid (3)

Nominal value, foreign
exchange translated at market
rate

Mandatory

Nominal value/cost

Recommended;

9.

11.6.

Sundry

Advances, loans, other minor
items. Revaluation suspense
accounts (only balance sheet
item during the year:
unrealised losses at revaluation
dates during the year, which
are not covered by the
respective revaluation accounts
under the liability item
(cid:145)Revaluation accounts(cid:146)).

Revaluation suspense accounts

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

Investments related to customer
gold deposits

Loans on a trust basis.

Market value

Investments related to
customer gold deposits

(cid:151)

12.

Loss for the
year

Nominal value

Revaluation
pense accounts:

sus-

Mandatory

Investements
related to customer
gold deposits:

Mandatory

Mandatory

(1) The numbering in the first column relates to the balance sheet formats given in Annexes VI, VII and VIII (weekly financial statements
and consolidated annual balance sheet of the Eurosystems). The numbering in the second column relates to the balance sheet format
given in Annex IX (annual balance sheet of a central bank). The items marked with an asterisk are consolidated in the weekly
financial statements of the Eurosystem.

(2) The accounting principles listed in this Annex shall be considered mandatory for the accounts of the ECB and for all material assets

and liabilities in NCBs’ accounts for Eurosystem purposes (i.e. material to the operation of the Eurosystem).

(3) I.e. accrued interest purchased with a security.

L 33/46

EN

Official Journal of the European Communities

2.2.2001

LIABILITIES

Balance sheet item (1)

Categorisation of contents
of balance sheet items

Valuation principle

Scope of
application (2)

1.

1.

Banknotes in
circulation

(a) Euro banknotes

(a) Nominal value

Mandatory

(b) Banknotes denominated in

(b) Nominal value

Mandatory

national (euro area)
currency units

2.

2.

2.1.

2.1.

Liabilities to
euro area
credit institu-
tions related
to monetary
policy
operations
denominated
in euro

Current
accounts
(covering the
minimum
reserve
system)

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

Nominal value

Mandatory

2.2.

2.2.

Deposit
facility

Overnight deposits at a
prespecified 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

2.2.2001

EN

Official Journal of the European Communities

L 33/47

Balance sheet item (1)

Categorisation of contents
of balance sheet items

Valuation principle

Scope of
application (2)

3.

3.

Other
liabilities to
euro area
credit
institutions
denominated
in euro

Repo operations in connection
with simultaneous reverse repo
operations for the
management of security
portfolios under the asset item
(cid:145)Securities of euro area
residents denominated in
euro(cid:146).

Nominal value or (repo) cost

Mandatory

Other operations which are
not Eurosystem monetary
policy related.

No current accounts of credit
institutions

4.

4.

Debt
certificates
issued

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

Nominal value

Mandatory

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

5.

5.

Liabilities to
other euro
area residents
denominated
in euro

5.1.

5.1.

General
government

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

Nominal value

Mandatory

5.2.

5.2.

Other
liabilities

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

Nominal value

Mandatory

L 33/48

EN

Official Journal of the European Communities

2.2.2001

Balance sheet item (1)

Categorisation of contents
of balance sheet items

Valuation principle

Scope of
application (2)

6.

6.

Liabilities to
non-euro area
residents
denominated
in euro

7.

7.

8.

8.

Liabilities to
euro area
residents
denominated
in foreign
currency

Liabilities to
non-euro area
residents
denominated
in foreign
currency

8.1.

8.1.

Deposits,
balances and
other
liabilities

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

Balances of Target accounts of
non-participating NCBs

Current accounts. Liabilities
under reverse repo operations;
usually investment transactions
using foreign currency assets
or gold

Nominal value or (repo) cost

Mandatory

Nominal value, translation at
foreign exchange market rate

Mandatory

Current accounts.

Nominal value, translation at
market foreign exchange rate

Mandatory

Liabilities under reverse repo
operations; usually investment
transactions using foreign
currency assets or gold

8.2.

8.2.

Liabilities
arising from
the credit
facility under
ERM II

Borrowing according to the
conditions of ERM II

Nominal value, translation at
the foreign exchange market
rate

Mandatory

9.

9.

Counterpart
of special
drawing rights
allocated by
the IMF

SDR-denominated item which
shows the amount of SDRs
that were originally allocated
to the respective country/NCB

Nominal value , translation at
the market rate

Mandatory

2.2.2001

EN

Official Journal of the European Communities

L 33/49

Balance sheet item (1)

Categorisation of contents
of balance sheet items

Valuation principle

Scope of
application (2)

(cid:151)

10.

Intra-
Eurosystem
liabilities*

(cid:151)

10.1.

Liabilities
equivalent to
the transfer of
foreign
reserves*

Only an ECB balance sheet
item (denominated in euro)

Nominal value

Mandatory

(cid:151)

10.2.

Liabilities
related to
promissory
notes backing
the issuance of
ECB debt
certificates*

Only an NCB balance sheet
item.

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

Nominal value

Mandatory

(cid:151)

10.3. Other

(a) Net liabilities arising from

(a) Nominal value

Mandatory

liabilities
with the
Eurosystem
(net)*

balances of Target
accounts and
correspondent accounts of
NCBs, i.e. the net figure of
claims and liabilities (see
also asset item (cid:145)Other
claims within the
Eurosystem (net)(cid:146))

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

(b) Nominal value

Mandatory

(c) Other intra-Eurosystem
liabilities that may arise

(c) Nominal value

Mandatory

10.

11.

Items in
course of
settlement

Settlement account balances
(liabilities), including the float
of giro transfers

Nominal value

Mandatory

L 33/50

EN

Official Journal of the European Communities

2.2.2001

Balance sheet item (1)

Categorisation of contents
of balance sheet items

Valuation principle

Scope of
application (2)

10.

12.

Other
liabilities

10.

12.1. Off-balance
sheet
instruments
revaluation
differences

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

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

Mandatory

10.

12.2. Accruals and

deferred
income

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

Nominal value, foreign
exchange translated at market
rate

Mandatory

10.

12.3.

Sundry

Taxation (suspense) accounts.
(Foreign currency) credit or
guarantee cover accounts.

Nominal value or (repo) cost

Recommended

Customer gold deposits:

Market value

gold

Customer
deposits:

Mandatory

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.

Coins in circulation in the
event that an NCB is the legal
issuer

10.

13.

Provisions

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

Cost/nominal value

Recommended

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EN

Official Journal of the European Communities

L 33/51

Balance sheet item (1)

Categorisation of contents
of balance sheet items

Valuation principle

Scope of
application (2)

Mandatory

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

11.

14.

Revaluation
accounts

12.

15.

Capital and
reserves

12.

15.1. Capital

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); revaluation
accounts related to foreign
exchange rate movements (for
every currency net position
held, including foreign
exchange swaps/forwards and
SDRs)

Paid-up capital. (The capital of
the ECB is consolidated with
the capital shares of the
participating NCBs)

Nominal value

Mandatory

12.

15.2. Reserves

Legal reserves and other
reserves

Nominal value

Mandatory

10.

16.

Profit for the
year

Nominal value

Mandatory

(1) The numbering in the first column relates to the balance sheet formats given in Annexes VI, VII and VIII (weekly financial statements
and consolidated annual balance sheet of the Eurosystems). The numbering in the second column relates to the balance sheet format
given in Annex IX (annual balance sheet of a central bank). The items marked with an asterisk are consolidated in the weekly
financial statements of the Eurosystem.

(2) The accounting principles listed in this Annex shall be considered mandatory for the accounts of the ECB and for all material assets

and liabilities in NCBs’ accounts for Eurosystem purposes (i.e. material to the operation of the Eurosystem).

L 33/52

EN

Official Journal of the European Communities

2.2.2001

ANNEX V

TIMETABLES FOR EUROSYSTEM AND ESCB FINANCIAL REPORTING

1. Daily financial statement

The ECB’s daily liquidity analysis is based on, inter alia, the NCBs’ balance sheet data for the previous business day.
The NCBs are responsible for submitting these data to the ECB for all days on which they have conducted any
business. In addition, part of the intra-Eurosystem balances is used for reconciliation purposes in connection with
the daily turnover and balance report.

Box 1: procedures for the daily financial statement

Time (1)
(ECB time)

Data flows and data processing (on Eurosystem business days)

by 8 a.m.

(cid:151) The NCBs are responsible for transmitting to the ECB (via the ENSD application)

their (preliminary) balance sheet for the preceding business day

(cid:151) The ECB’s Directorate Internal Finance (DIF) is responsible for providing the ECB’s
balance sheet for the preceding business day to the ECB’s Liquidity Management Unit

after 8 a.m.

after 10 a.m.

by 4 p.m.

The ECB’s DIF is responsible for transferring the information received from the NCBs and
the ECB’s balance sheet to the ECB’s financial reporting application

Comparison of the intra-Eurosystem claims/liabilities with the daily turnover and balance
report for reconciliation purposes (see Box 4)

The NCBs are responsible for transmitting to the ECB (via the ENSD application) a
completely checked balance sheet for the preceding business day. This rule applies only
when there are changes compared with the balance sheet data provided by 8 a.m.

after 4 p.m.

The ECB’s DIF is responsible for completing the transfer of information from the NCBs to
the ECB’s financial reporting application

(1) In the event of public holidays, measures in accordance with Article 23 shall be taken.

2. Daily financial statement after quarter-end

According to Article 7, the revaluation of gold, foreign currency instruments, securities and financial instruments
shall be performed at the end of the quarter. The NCBs are responsible for transmitting financial statements to the
ECB in accordance with the principles set out in the box below.

Box 2: Procedures in connection with the financial statements after quarter-end

Delivery time (1)
(ECB time)

Reporting
day

Status
of data

Data flows and data processing

First Eurosystem
business day after
quarter-end by
8 a.m. (2)

business
a
(of

Prior to
revaluation

Last
day
quarter)

(cid:151) The NCBs are responsible for transmitting to the
ECB (via the ENSD application) their (preliminary)
balance
the preceding Eurosystem
business day

sheet

for

(cid:151) The ECB’s DIF is responsible for providing the
ECB’s Liquidity Management Unit with the ECB’s
balance
the preceding Eurosystem
business day

sheet

for

First Eurosystem
business day after
quarter-end by 4
p.m.

Last
day

business

Prior to
revaluation

The NCBs are responsible for transmitting to the ECB
(via the ENSD application) a completely checked
balance sheet for the preceding Eurosystem business
day. This rule applies only when there are changes
compared with the balance sheet data provided by
8 a.m.

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Official Journal of the European Communities

L 33/53

Delivery time (1)
(ECB time)

Reporting
day

Status
of data

Data flows and data processing

Second Eurosystem
business day of the
quarter by 8 a.m.

Quarter-end
day

Revalued

Second Eurosystem
business day of the
quarter by 8 a.m.

business
a
(of

First
day
quarter)

Revalued

(cid:151) The NCBs are responsible for transmitting to the
ECB (via the ENSD application) a completely
their quarter-end balance
checked version of
sheet (2)

(cid:151) The ECB’s DIF is responsible for producing the
ECB’s completely checked quarter-end balance
sheet

(cid:151) The NCBs are responsible for transmitting to the
ECB (via the ENSD application) their (preliminary)
balance
the preceding Eurosystem
business day

sheet

for

(cid:151) The ECB’s DIF is responsible for providing the
ECB’s Liquidity Management Unit with the ECB’s
balance
the preceding Eurosystem
business day

sheet

for

Second Eurosystem
business day of the
quarter by 4 p.m.

First
day

business

Revalued

By the fifth
Eurosystem business
day after quarter-end

Last
day

business

Revalued

The NCBs are responsible for transmitting to the ECB
(via the ENSD application) a completely checked
balance sheet for the preceding Eurosystem business
day. This rule applies only when there are changes
compared with the balance sheet data provided by 8
a.m.

The ECB’s DIF is responsible for transmitting to the
(via CebaMail) a consolidated quarter-end
NCBs
balance
the Eurosystem, detailing the
respective aggregate result of the various revaluation
adjustments

sheet of

(1) In the event of public holidays, measures in accordance with Article 23 shall be taken.
(2) An NCB can, of course, choose to send data on the evening before the deadline.
(3) With regard to the quarterly revaluation, more data than on (cid:145)normal(cid:146) business days shall be transmitted to the ECB’s Liquidity
Management Unit and DIF. The ENSD message format to be used in this respect will provide information on the following:
1. stock data after revaluation;
2. new quarter-end revaluation adjustments arising from exchange rate and gold price changes;
3. reversal of the previous quarter-end’s revaluation adjustments arising from exchange rate and gold price changes;
4. new quarter-end revaluation adjustments arising from security price changes;
5. reversal of the previous quarter-end’s revaluation adjustments for security price changes;
6. other accounting related adjustments (i.e. realised gains and losses, accruals, the amortisation of premiums and discounts,

and the effects of regularisation on average cost); and

7. stock data before revaluation.
This (more exhaustive) quarter-end financial statement shall be submitted via ENSD carrying the date of the last day of the
quarter, independently of whether this day falls on a weekend or a public holiday.

3. Consolidated weekly financial statement of the Eurosystem

The reporting day for the consolidated weekly financial statement of the Eurosystem shall fall on a Friday, with the
publication thereof on the following Tuesday afternoon (1). The first consolidated weekly financial statement after
the quarter-end shall be published on the following Wednesday (2).

(1) In the event that a day which falls within the period for the production of the weekly financial statement of the Eurosystem is not a
Eurosystem business day (see Article 1), such a day shall be excluded from the time schedule for preparation and publication of the
consolidated weekly financial statement of the Eurosystem, and therefore the publication shall be moved back accordingly.

(2) This means that the time schedule for the preparation of the weekly financial statement after quarter-end differs from the one

indicated in Box 3.

L 33/54

EN

Official Journal of the European Communities

2.2.2001

Box 3: Procedures for the consolidated weekly financial statement of the Eurosystem

Time (1)
(ECB time)

Data flows and data processing (on Eurosystem business days)

Monday by 8.00 a.m. (cid:151) The NCBs are responsible for transmitting to the ECB (via the ENSD application) their
preliminary balance sheet for the preceding business day

(cid:151) The ECB’s DIF is responsible for providing the ECB’s Liquidity Management Unit with

the ECB’s balance sheet for the preceding business day

Monday after 8 a.m.

(cid:151) The ECB’s DIF is responsible for transferring the information received from the NCBs

and the ECB’s balance sheet to the ECB’s financial reporting application

(cid:151) The ECB’s DIF starts to check the plausibility of the data and the changes compared
with the previous week.
the ECB’s DIF contacts the NCBs by
telephone. The plausibility checks continue until the last balance sheet versions have
arrived

If questions arise,

Monday after 10 a.m.

Comparison of the intra-Eurosystem claims/liabilities with the daily turnover and balance
report for reconciliation purposes

Monday by 1 p.m.

The ECB’s DIF produces the first draft of the consolidated weekly financial statement

Monday by 4 p.m.

The NCBs are responsible for transmitting to the ECB (via the ENSD application) a
completely checked balance sheet for the preceding business day. This rule applies only
when there are changes compared with the balance sheet data provided by 8 a.m.

Monday after 4 p.m.

The ECB’s DIF is responsible for completing the transfer of information from the NCBs to
the ECB’s financial reporting application

Monday until 5 p.m.

The NCBs are responsible for ensuring that staff in their accounting area are available in
case any balance sheet issues require clarification

Monday by 5 p.m.

The ECB’s DIF produces the second draft of the consolidated weekly financial statement

Tuesday by 8 a.m. (2)

The NCBs are responsible for transmitting to the ECB (via the ENSD application) their
revalued balance sheet for the preceding quarter-end

Tuesday by 8 a.m. (3)

The ECB’s DIF is responsible for producing the ECB’s revalued balance sheet for the
preceding quarter-end

Tuesday by 10 a.m.

The ECB’s DIF is responsible for submitting the final version of the consolidated weekly
financial statement to the ECB’s Executive Board for approval

Tuesday by 12 noon

The ECB’s DIF is responsible for preparing the consolidated weekly financial statement in
all Community languages

Tuesday, 2 p.m.

The consolidated weekly financial statement of the Eurosystem, including a commentary,
is distributed (via CebaMail) to the NCBs for information purposes

2.2.2001

EN

Official Journal of the European Communities

L 33/55

Time (1)
(ECB time)

Data flows and data processing (on Eurosystem business days)

Tuesday, 3 p.m.

The consolidated weekly financial statement of the Eurosystem, including a commentary,
is published in all Community languages

Tuesday by 3 p.m.

The Eurosystem disaggregated weekly financial statement is distributed to the NCBs for
internal information purposes (via ENSD)

(1) In the event of public holidays, measures in accordance with Article 23 shall be taken.
(2) This deadline is only relevant for the consolidated weekly financial statement if the quarter-end day is identical to the
reporting day for the consolidated weekly financial statement of the Eurosystem. A second transmission is not necessary if an
NCB has already transmitted its revalued balance sheet figures on the Monday.

(3) This deadline is only relevant for the consolidated weekly financial statement if the quarter-end day is identical to the

consolidated weekly financial statement.

4. Annual balance sheet

NCBs shall transmit their year-end balance sheets to the ECB by the end of February.

5. Daily turnover and balance report

A consolidated daily turnover and balance report shall be provided for each Eurosystem business day in accordance
with the following schedule:

Box 4: Procedures for the daily turnover and balance report

Time (1)
(ECB time)

By 10 a.m.

By 10 a.m.

Data flows and data processing (on Eurosystem business days)

The NCBs of both the participating and the non-participating Member States are
responsible for transmitting to the ECB (via the ENSD application) their daily turnover and
balance report for the preceding Eurosystem business day

The ECB’s DIF is responsible for producing the ECB’s daily turnover and balance report
for the preceding Eurosystem business day

After 10 a.m.

The ECB’s DIF is responsible for:

(cid:151) transferring the information received from the NCBs and the ECB’s daily turnover and

balance report to the ECB’s financial reporting application,

(cid:151) producing the daily turnover and balance report of the ESCB,

(cid:151) checking the daily turnover and balance reports of the ESCB for consistency and to

take the necessary steps if required,

(cid:151) comparing the intra-Eurosystem claims/liabilities of the daily financial statement with

the daily turnover and balance report for reconciliation purposes (see Box 1)

By 5 p.m.

The reconciliation procedure is completed, and the daily turnover and balance report of
the ESCB are sent (via ENSD or CebaMail) to the NCBs of both the participating and the
non-participating Member States

(1) In the event of public holidays, measures in accordance with Article 23 shall be taken.

CONSOLIDATED WEEKLY FINANCIAL STATEMENT OF THE EUROSYSTEM: FORMAT TO BE USED FOR PUBLICATION AFTER QUARTER-END

ANNEX VI

Assets

Balance as at (cid:133)
(cid:133) 2001

Difference compared to last
week due to
transactions/revaluations

Liabilities

Gold and gold receivables

1. Banknotes in circulation

(million EUR)

Balance as at (cid:133)
(cid:133) 2001

Difference compared to last
week due to
transactions/revaluations

1.

2.

3.

4.

Claims on non-euro area residents denominated in
foreign currency

2.1.

2.2.

Receivables from the International Monetary
Fund

Balances
investments,
external assets

with

banks

and

external

loans

and

security
other

Claims on euro area residents denominated in
foreign currency

Claims on non-euro area residents denominated in
euro

4.1.

4.2.

Balances with banks,
and loans

security investments

Claims arising from the credit facility under
ERM II

5.

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

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

2.

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

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

4. Debt certificates issued

5.

Liabilities to other euro area residents denominated
in euro

5.1.

General government

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

L

3
3
/
5
6

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
0
1

Assets

Balance as at (cid:133)
(cid:133) 2001

Difference compared to last
week due to
transactions/revaluations

Liabilities

(million EUR)

Balance as at (cid:133)
(cid:133) 2001

Difference compared to last
week due to
transactions/revaluations

6.

7.

Other claims on euro area credit
denominated in euro

institutions

Securities of euro area residents denominated in
euro

8.

General government debt denominated in euro

9.

Other assets

8.1.

Deposits, balances and other liabilities

8.2.

Liabilities arising from the credit
under ERM II

facility

9. Counterpart of special drawing rights allocated by

the International Monetary Fund

10. Other liabilities

11. Revaluation accounts

12. Capital and reserves

Totals/sub-totals may not add up, due to rounding.

Total assets

Total liabilities

.

.

2
2
2
0
0
1

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

L

3
3
/
5
7

CONSLIDATED WEEKLY FINANCIAL STATEMENT OF THE EUROSYSTEM: FORMAT TO BE USED FOR PUBLICATION DURING THE QUARTER

(million EUR)

Assets

Balance as at
(cid:133) (cid:133) 2001

Difference compared to last
week due to transactions

Liabilities

Balance as at
(cid:133) (cid:133) 2001

Difference compared to last
week due to transactions

ANNEX VII

Gold and gold receivables

1. Banknotes in circulation

1.

2.

3.

4.

Claims on non-euro area residents denominated in
foreign currency

2.1.

2.2.

Receivables from the International Monetary
Fund

with

Balances
investments,
external assetes

banks

and

external

loans

and

security
other

Claims on euro area residents denominated in euro

Claims on non-euro area residents denominated in
foreign currency

4.1.

4.2.

Balances with banks,
and loans

security investments

Claims arising from the credit facility under
ERM II

5.

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

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

2.

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

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

4. ECB debt certificates issued

5.

Liabilities to other euro area residents denominated
in euro

5.1.

General government

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

L

3
3
/
5
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
0
1

Assets

Balance as at
(cid:133) (cid:133) 2001

Difference compared to last
week due to transactions

Liabilities

Balance as at
(cid:133) (cid:133) 2001

Difference compared to last
week due to transactions

(million EUR)

6.

7.

Other claims on euro area credit
denominated in euro

institutions

Securities of euro area residents denominated in
euro

8.

General government debt denominated in euro

9.

Other assets

8.1.

Depositis, balances and other liabilities

8.2.

Liabilities arising from the credit
under ERM II

facility

9. Counterpart of special drawing rights allocated by

the International Monetary Fund

10. Other liabilities

11. Revaluation accounts

12. Capital and reserves

Totals/sub-totals may not add up, due to rounding.

Total assets

Total liabilities

.

.

2
2
2
0
0
1

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

L

3
3
/
5
9

CONSOLIDATED ANNUAL BALANCE SHEET OF THE EUROSYSTEM

ANNEX III

Assets

Reporting year

Previous year

Liabilities

Reporting year

Previous year

(million EUR)

1.

Gold and gold receivables

1. Banknotes in circulation

2.

Claims on non-euro area residents denominated in foreign currency

2.1.

Receivables from the International Monetary Fund

2.

Liabilities to euro area credit
policy operations denominated in euro

institutions related to monetary

2.1.

Current accounts (covering the minimum reserve system)

2.2.

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

2.2.

Deposit facility

3.

Claims on euro area residents denominated in foreign currency

2.3.

Fixed-term deposits

4.

Claims on non-euro area residents denominated in euro

2.4.

Fine-tuning reverse operations

4.1.

Balances with banks, security investments and loans

2.5.

Deposits related to margin calls

4.2.

Claims arising from the credit facility under ERM II

3. Other liabilities to euro area credit institutions denominated in

5.

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

euro

4. 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

L

3
3
/
6
0

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
0
1

Assets

Reporting year

Previous year

Liabilities

Reporting year

Previous year

(million EUR)

6.

Other claims on euro area credit institutions denominated in euro

7.

Securities of euro area residents denominated in euro

8.

General government debt denominated in euro

9.

Other assets

8.1.

Deposits, balances and other liabilities

8.2.

Liabilities arising from the credit facility under ERM II

9. Counterpart

of

special

drawing

rights

allocated

by

the

International Monetary Fund

10. Other liabilities

11. Revaluation accounts

12. Capital and reserves

Totals/sub-totals not add up, due to rounding.

Total assets

Total liabilities

.

.

2
2
2
0
0
1

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

L

3
3
/
6
1

ANNEX IX

ANNUAL BALANCE SHEET OF A CENTRAL BANK

Assets

Reporting year

Previous year

Liabilities

Reporting year

Previous year

(million EUR) (1)

Gold and gold receivables

1. Banknotes in circulation

1.

2.

3.

4.

Claims on non-euro area residents denominated in foreign currency

2.1.

Receivables from the International Monetary Fund

2.2.

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

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

5.

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

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

6.

7.

8.

Other claims on euro area credit institutions denominated in euro

Securities of euro area residents denominated in euro

General government debt denominated in euro

2.

Liabilities to euro area credit
policy operations denominated in euro

institutions related to monetary

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

4. Debt certificates issued

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

8.1.

Deposits, balances and other liabilities

8.2.

Liabilities arising from the credit facility under ERM II

9. Counterpart

of

special

drawing

rights

allocated

by

the

International Monetary Fund

L

3
3
/
6
2

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
0
1

Assets

Reporting year

Previous year

Liabilities

Reporting year

Previous year

(million EUR) (1)

9.

Intra-Eurosystem claims

10.

Intra-Eurosystem liabilities

9.1.

Participating interest in the ECB

9.2.

Claims equivalent to the transfer of foreign reserves

9.3.

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

9.4.

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 revaluation differences

11.3. Other financial assets

11.4. Off-balance sheet instruments revaluation differences

11.5. Accruals and deferred expenditure

11.6.

Sundry

12.

Loss for the year

10.1.

Liabilities equivalent to the transfer of foreign reserves

10.2.

Liabilities related to promissory notes backing the issuance
of ECB debt

10.3. 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) Central banks 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
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

L

3
3
/
6
3

L 33/64

EN

Official Journal of the European Communities

2.2.2001

ANNEX X

PUBLISHED PROFIT AND LOSS ACCOUNT OF A CENTRAL BANK (1)

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

Reporting year

Previous year

(million EUR) (2)

Interest income

Interest expense

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

Net income from fees and commissions

Income from equity shares and participating interests

Net result of pooling of monetary income

Other income

Staff costs (3)

Administrative expenses (3)

Depreciation of tangible and intangible fixed assets

Banknote production services (4)

Other expenses

Income tax and other government charges on income

Total net income

1.1.

1.2.

1.

2.1.

2.2.

2.3.

2.

3.1.

3.2.

3.

4.

5.

6.

7.

8.

9.

10.

11.

12.

(Loss)/profit for the year

(1) The profit and loss account of the ECB takes a slightly different format, see Annex IV of Decision ECB/2000/16 of 12 December

2000 (see page 1 of this Official Journal).

(2) Central banks may alternatively publish exact euro amounts, or amounts rounded in a different manner.
(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 both national banknotes and euro banknotes should be taken to the profit and loss account as they are invoiced or
otherwise incurred.