Guideline of the European Central Bank of 5 December 2002 on the legal framework for accounting and financial reporting in the European System of Central Banks (ECB/2002/10)
Date: 2002-12-05
Institutions: European Central Bank
Subjects: European Central Bank, accounting, central bank, information network, standardised accounting system

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II

(Acts whose publication is not obligatory)

EUROPEAN CENTRAL BANK

GUIDELINE OF THE EUROPEAN CENTRAL BANK

of 5 December 2002

on the legal framework for accounting and financial reporting in the European System of Central
Banks

(ECB/2002/10)

(2003/131/EC)

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

Having regard to the Statute of
Central Banks and of
particular
thereof,

the European System of
the European Central Bank, and in
to Article 12.1, Article 14.3 and Article 26.4

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,

Whereas:

(1)

(2)

(3)

(4)

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
the ESCB for analytical and operational
sheet of
purposes.

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

the participating Member States

for

Under the transitory rules of Guideline ECB/2000/18 of
1 December 1998 on the
framework for
accounting and reporting in the European System of
Central Banks as amended on 15 December 1999 and
14 December 2000 (1) all assets and liabilities as at the
close of business on 31 December 1998 had to be

legal

transitional period.

revalued on 1 January 1999. Unrealised gains, which
arose before or on 1 January 1999, had to be separated
from those unrealised valuation gains that might have
arisen after 1 January 1999 and had to 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 were the new average cost at the start of
the
recommended that
unrealised gains arising 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. Foreign
exchange and gold gains and losses and price gains and
losses, due to the transfer of assets from the NCBs to
the ECB, had to be considered as realised.

It was

(5) With regard to the disclosure relating to euro banknotes
in circulation remuneration of net
intra-Eurosystem
claims/liabilities resulting from the allocation of euro
banknotes within the
and monetary
Eurosystem,
this should be harmonised in the published
income,
annual balance sheets, profit and loss accounts and
notes to the annual accounts of NCBs. The items to be
harmonised are indicated with an asterisk in Annexes
IV, VIII and IX.

(6)

(7)

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

The content of Guideline ECB/2000/18 will now be
significantly amended.
is desirable for reasons of
clarity to recast it in one single text.

It

(1) OJ L 33, 2.2.2001, p. 21.

(8)

The ECB attaches great importance to enhancing the
transparency of the regulatory framework of the ESCB

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even in the absence of an obligation to do so under the
Treaty establishing the European Community. The ECB
has decided, in line with this approach, to publish this
Guideline.

(9)

In accordance with Article 12.1 and Article 14.3 of the
Statute, ECB guidelines
form an integral part of
Community law,

HAS ADOPTED THIS GUIDELINE:

CHAPTER I

GENERAL PROVISIONS

Article 1

Definitions

1.

For the purposes of this Guideline:

(cid:151) (cid:145)banknote allocation key(cid:146): shall mean the percentages that
result from taking into account the ECB’s share in the total
euro banknote issue and applying the subscribed capital
key to the NCBs’ share in such total, under Decision
ECB/2001/15 of 6 December 2001 on the issue of euro
banknotes (2),

(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 financial reporting purposes(cid:146): shall
mean the purposes
the
financial statements listed in Annex I in accordance with
Articles 15 and 26 of the Statute,

for which the ECB produces

(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 euro in accordance with the
Treaty establishing the European Community,

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

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

(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)quarterly revaluation date(cid:146): shall mean the date as at the

last calendar day of a quarter.

Further definitions of

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

terms used in this

technical

Article 2

Scope of application

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

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

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

(2) OJ L 337, 20.12.2001, p. 52.

(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

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they affect

are approved by the relevant bodies if
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;

Article 5

Cash/settlement and economic approach

The cash (or settlement) approach shall be used as the
the

1.
basis for recording data in the accounting systems of
Eurosystem until 31 December 2006.

(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.

2.
From 1 January 2007, the economic approach as defined
in Annex III shall be used as the basis for recording data of
foreign exchange transactions and accruals denominated in
of
foreign currencies
the
Eurosystem. Securities
to be
recorded according to the cash (or settlement) approach.

transactions may continue

accounting

in the

systems

In derogation from paragraph 1, NCBs may use the

3.
economic approach before 1 January 2007.

4.
Figures presented as part of the daily financial reporting
for Eurosystem financial reporting purposes shall show cash
movements in balance sheet items other than those disclosed
for
liabilities(cid:146),
and (cid:145)Other
under
quarter-end and year-end accounting adjustments.

except

(cid:145)Other

assets(cid:146)

CHAPTER II

COMPOSITION AND VALUATION RULES FOR THE BALANCE
SHEET

Article 6

Composition of the balance sheet

Article 4

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

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

Article 7

Balance sheet valuation rules

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

instruments

The revaluation of gold,

2.
foreign currency instruments,
securities and financial
(on-balance-sheet and
shall be performed on the quarterly
off-balance-sheet)
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 is reported during the quarter.

(c)

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

3.
No distinction shall be made between price and currency
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

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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

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

A reverse

transaction conducted under

2.
reverse
repurchase agreement shall be recorded as a collateralised
outward loan on the assets side of the balance sheet for the
amount of
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.

loan. Securities

acquired under

the

a

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

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

the market value of

the year-end,

if

Reverse

(including

transactions

6.
lending
transactions) conducted under an automated security lending
programme shall be recorded with effect on the balance sheet
for such transactions only where collateral is provided in the
form of cash over the complete maturity of the operation.

security

Article 9

Marketable equity instruments

1.
This Article applies to marketable equity instruments
(equity shares or equity funds), whether the transactions are
conducted directly by an NCB or the ECB or by an agent, with
the exception of activities conducted for pension funds,
participating interests,
investments in subsidiaries, significant
interests or financial fixed assets.

2.
Equity instruments denominated in foreign currencies
shall not form part of the overall currency position but shall
be part of a separate currency holding. It is recommended that
the calculation of the related foreign exchange gains and losses
can be performed either on a net average cost method or
(alternatively) on an average cost method.

It is recommended that equity instruments be treated in

3.
line with the following rules:

(a)

is performed in
the revaluation of equity portfolios
accordance with Article 7(2). Revaluation takes place on an
item-by-item basis. For equity funds, the price revaluation
is performed on a net basis, and not on an individual
share-by-share basis. There is no netting between different
equity shares or between different equity funds;

(b) transactions

are
transaction price;

recorded in the balance

sheet

at

(c) brokerage commission is recorded either as transaction
cost to be included in the cost of the asset or as expense in
the profit and loss account;

(d) the amount of the dividend purchased is included in the
cost of the equity instrument. At ex-dividend date, while
the payment of the dividend has not yet been received, the
amount of the dividend purchased may be treated as a
separate item;

(e) accruals on dividends are not booked at period-end as they
the equity
equities quoted

are already reflected in the market price of
instruments with the
ex-dividend;

exception of

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

shall be

(f)

rights issues are treated as a separate asset when issued.
The acquisition cost is calculated based on the old average
cost of the equities, on the strike price of the new one, and
on the proportion between old and new equities.

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Alternatively, the price of the right may be based on the
value of the right in the market, the old average cost of
equity and the market price of equity before the right
issue. They are treated in line with Eurosystem accounting
rules.

Article 10

Banknotes

The (cid:145)banknotes in circulation(cid:146) figure in the balance sheets of
NCBs shall be the result of two components:

(a) unadjusted amount of euro banknotes in circulation, which
shall be calculated according to either of the following two
methods:

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

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

Where:

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

figure

BP = is

the

value

banknotes
of
produced or received from the printer
or other NCBs

euro

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

account when exceeding previous
registered in the corresponding revaluation account;

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

(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.

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,
securities with a
however, be mandatory for discount
remaining maturity of more than one year at the time of
acquisition.

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

BD = is

the
destroyed

value

of

euro

banknotes

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

BI = is the value of euro banknotes put into

circulation

BR = is the value of euro banknotes received

S

= is

the value of euro banknotes

in

stock/vault;

(b) plus/minus the amount of the adjustments resulting from

the application of the banknote allocation key.

CHAPTER III

INCOME RECOGNITION

Article 11

Recognition of income

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.

6.
Generally, for the calculation of accruals during the year
local practice may apply (i.e. calculation until either the last
business day or the last calendar day of the quarter). However,
at year-end the last calendar day of
the quarter (i.e. 31
December) is the mandatory reference date.

7.
Only transactions that entail a change in the holding of a
given currency may give rise to realised foreign exchange gains
or losses.

Article 12

Cost of transactions

1.

The following rules shall apply to income recognition:

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;

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

transferred directly to a revaluation account;

(a)

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) 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;

(c)

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

2.

The following special rules shall apply to securities:

(a)

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

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

(c)

income
recorded
withholding and other taxes accounted for separately;

gross with

shall

be

refundable

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

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

the acquisition cost of

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

(e) costs of foreign exchange transactions and other general

costs shall be posted to the profit and loss account.

CHAPTER IV

ACCOUNTING RULES FOR OFF-BALANCE-SHEET
INSTRUMENTS

Article 13

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 separately 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

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

Article 14

Foreign exchange forward transactions

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

(d) net acquisitions of currencies and gold made during the
day shall be added, at the average cost of the purchases of
the day for each respective currency and gold,
to the
previous day’s holding, to produce a new weighted average

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 11(1).

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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.

Article 16

Interest rate futures

At

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

Interest rate futures shall be recorded on the trade date in

1.
off-balance-sheet accounts.

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.

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.

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 15

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.

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

4.

Fees shall be taken to the profit and loss account.

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 shall be credited to a liability account as other
liabilities.

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

At

5.
shall be reversed.

the settlement date the off-balance-sheet accounts

The average cost of the foreign currency position shall

6.
not change.

Article 17

Interest rate swaps

The forward position shall be valued in conjunction with

7.
the spot position.

Interest rate swaps shall be recorded on the trade date in

1.
off-balance-sheet accounts.

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

Method A:

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.

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 18

Forward rate agreements

Forward rate agreements shall be recorded at the time of

1.
trading in off-balance-sheet accounts.

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

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

All forward rate agreements shall be marked-to-market
4.
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
is closed out or
unrealised profits unless
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 19

Forward transactions in securities

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

(a)

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

the forward price of

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

(c) at the settlement date the off-balance-sheet accounts shall
be reversed and the balance on the revaluation account (cid:150) if
any (cid:150) 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 with the original forward price is recognised as a
realised profit or loss;

(d)

(e)

in the case of securities denominated in a foreign currency,
the average cost of the net currency position shall not be
affected if the ECB/NCBs already hold a 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 it is necessary to purchase the relevant currency,
the rules for the purchase of
foreign currencies under
Article 12(3)(d) shall apply;

the forward market price for

the transaction. A revaluation loss at

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

Method B:

(a)

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

the forward price of

(b) at the quarter-end the revaluation of a security shall be
made on the basis of the net position resulting from the
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;

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(c)

the result of a forward sale shall be recorded in the
financial year in which the commitment was undertaken.
This result shall be equal to the difference between the
initial forward price and the average cost of the balance
sheet position, or the average cost of the off-balance-sheet
the balance sheet position is
purchase commitments if
insufficient, at the time of the sale.

CHAPTER VII

CONSOLIDATION RULES

Article 22

General consolidation rules

CHAPTER V

REPORTING OBLIGATIONS

Article 20

Reporting formats

The NCBs shall report data for Eurosystem financial
to the ECB in accordance with the

1.
reporting purposes
requirements adopted by the Governing Council.

The reporting formats of

2.
the Eurosystem shall be
consistent with this 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.

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
accounting
for
coterminous financial periods in the Eurosystem, consolidation
adjustments arising from intra-Eurosystem transactions and
positions, and account 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.

The

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

formats

the

of

financial

Intra-Eurosystem balances

shall be presented in the
5.
balance sheets of the ECB and of the NCBs as described in
Annex IV.

(a)

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

(b) the published consolidated weekly financial statement of

the Eurosystem during the quarter in Annex VI;

(c)

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

CHAPTER VI

There

shall be

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

reports

across

CHAPTER VIII

FINAL PROVISIONS

Article 23

ANNUAL PUBLISHED BALANCE SHEETS AND PROFIT AND
LOSS ACCOUNTS

Development, application and interpretation of rules

Article 21

Published balance sheets and profit and loss accounts

It is recommended that NCBs adapt their published annual
balance sheets and profit and loss accounts in accordance with
Annexes VIII and IX.

The Accounting and Monetary

1.
Income Committee
(AMICO) shall advise the Governing Council, via the Executive
Board, on the development, application and implementation of
the accounting and reporting rules of the ESCB.

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

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Article 24

Repeal

Guideline ECB/2000/18 is hereby repealed. References to the
repealed Guideline shall be construed as references to this
Guideline.

Article 25

Final provisions

shall be recorded in the balance sheet
item ’banknotes in
circulation’. It shall furthermore apply to the disclosure rules
relating to euro banknotes in circulation, remuneration of net
intra-Eurosystem claims/liabilities resulting from the allocation
of euro banknotes within the Eurosystem and monetary
income.

3.

This Guideline is addressed to the NCBs.

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

1.

This Guideline shall enter into force on 1 January 2003.

Done at Frankfurt am Main, 5 December 2002.

to the previous paragraph,

2. Without prejudice
this
Guideline shall also apply to the format for the consolidated
annual balance sheet of the Eurosystem as at 31 December
2002 and to the recommended format for the NCBs’ annual
balance sheets as at 31 December 2002, with the proviso that
national banknotes still in circulation on 31 December 2002

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 statement of the

Internal

None

Eurosystem

2 Disaggregated weekly financial

Internal

None

statement

3

Consolidated weekly financial
statement of the Eurosystem

Published

Article 15.2 of the
Statute

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

Basis for the production of the
consolidated weekly financial
statement of the Eurosystem

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

4 Monthly and quarterly financial
information of the Eurosystem

Published and
internal (1)

Statistical analysis

Statistical Regu-
lations, according
to which MFIs have
to deliver data

5

Consolidated annual balance
sheet of the Eurosystem

Published

Article 26.3 of the
Statute

Consolidated balance sheet for
analytical and operational purposes

6 Daily disaggregated reporting

Internal

None

of TARGET flows and balances
for the ESCB

Overview of TARGET transactions
in the ESCB

(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 quarterly basis than is
provided in the monthly data.

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ANNEX II

GLOSSARY

Amortisation shall mean the systematic reduction in the accounts of a premium/discount or of the value of assets over a
period of time.

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.

Automated security lending programme (ASLP) shall mean a financial operation combining repo and reverse repo
transactions where specific collateral
is lent against general collateral. As a result of these lending and borrowing
transactions, income is generated through the different repo rates of the two transactions (i.e. the margin received). The
operation may be conducted under a principal-based programme i.e. the bank offering this programme is considered
the final counterparty, or under an agency-based programme i.e. the bank offering this programme acts only as agent,
and the final counterparty is the institution with which the security lending transactions are effectively conducted.

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.

Cash/settlement approach shall mean an accounting approach under which accounting events are recorded at
settlement date.

the

Clean price shall mean transaction price excluding any rebate/accrued interest, but including transaction costs that form
part of the price.

Discount shall mean the difference between the par value of a security and its price when such price is lower than par.

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.

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

Equity instruments shall mean dividend bearing securities (corporate shares, and securities evidencing an investment in an
equity fund).

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

from another enterprise; or (iii) a contractual right

to exchange financial

Financial liability shall mean any liability that is a legal obligation to deliver cash or another financial instrument to
another enterprise or to exchange financial instruments with another enterprise under conditions that are potentially
unfavourable.

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.

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.

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).

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.

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.

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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.

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.

(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.

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.

International securities identification number (ISIN) shall mean the number issued by the relevant competent issuing
authority.

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.

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.

Maturity date shall mean the date on which the nominal/principal value becomes due and payable in full to the holder.

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, which is used for
the quarterly revaluation procedure.

Mid-market rate shall mean the ECB daily concertation rates at 14.15, which is used for the quarterly revaluation
procedure.

Premium shall mean the difference between the par value of a security and its price when such price is higher than par.

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 Reserves). Provisions for future
liabilities and charges may not be used to adjust the value of assets.

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.

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.

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.

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A reverse sale and repurchase agreement (reverse repo) is a contract under which a holder of cash agrees to the purchase of
an asset and, simultaneously, agrees to re-sell 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 (triparty repo).

Reverse transaction shall mean an operation whereby the central bank buys (reverse repo) or sells (repo) assets under a
repurchase agreement or conducts credit operations against collateral.

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.

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.

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.

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.

Transaction costs shall mean costs that are identifiable as related to the specific transaction.

Transaction price shall mean the price agreed between the parties when a contract is made.

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

DESCRIPTION OF THE ECONOMIC APPROACH

1. Trade date accounting for (i) foreign exchange transactions and (ii) purchases and sales of securities (regular

approach)

Transactions are recorded on off-balance sheet accounts on trade date. On settlement date the off-balance sheet
booking entries are reversed, and the transactions are booked on balance sheet accounts.

The foreign currency position and/or the securities position is affected on trade date. Consequently, realised gains and
losses arising from net sales are also calculated and booked on trade date. Net purchases of foreign currency affect the
currency holding’s average cost, and purchase of a security affects the average price of that security, at trade date.

2. Daily booking of accrued interest, including premiums or discounts

Interest, premium or discount accrued related to financial instruments denominated in foreign currency is calculated
and booked on a daily basis, independently of a real cash flow. This means that the foreign currency position is
affected when this accrued interest is booked, as opposed to only when the interest is received or paid (1).

1 (trade date accounting):

Two different techniques have been defined to implement trade date accounting:

(cid:151) the (cid:145)regular approach(cid:146); and

(cid:151) the (cid:145)alternative approach(cid:146).

The (cid:145)alternative approach(cid:146)
there is no daily
off-balance sheet booking of the agreed transactions which are settled at a later date. The recognition of realised
income and the calculation of new average costs (in case of foreign exchange purchases) and average prices (in case of
securities purchases) is conducted at settlement date (2).

includes the following features: contrary to the (cid:145)regular approach(cid:146),

For transactions agreed in one year but maturing in a subsequent year, the income recognition is treated according to
the (cid:145)regular approach(cid:146). This means that realised effects from sales would impact on the profit and loss accounts of the
year in which the transaction was agreed and purchases would change the average rates/price of a holding in the year
in which the transaction was agreed. However, no off-balance sheet entries are necessary.

The following table shows the main characteristics of the two techniques developed for individual foreign exchange
instruments and for securities.

(1) Two possible approaches for the recognition of accruals have been identified. The first approach is the (cid:145)calendar day approach(cid:146)
where the accruals are recorded on every calendar day independently of whether a day is a weekend day, a bank holiday or a
business day. The second approach is the (cid:145)business day approach(cid:146) in which accruals are only booked on business days. There is no
preference regarding the choice of approach. However, if the last day of the year is not a business day it needs to be included in the
calculation of accruals in either approach.

(2) In the case of foreign exchange forwards transactions the currency holding is affected on the spot date (i.e. usually trade date plus

two days).

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TRADE DATE ACCOUNTING

Regular approach

Alternative approach

FX (1) spot transactions (cid:151) treatment during the year

FX purchases are booked off-balance sheet at trade date
and affect the average cost of the foreign currency position
from this date

FX purchases are booked on the balance sheet at
settlement date, affecting the average cost of the foreign
currency position from this date

Gains and losses arising from sales are considered as
realised at transaction/ trade date. At settlement date, the
off-balance sheet entries are reversed, and on balance sheet
entries are made

Gains and losses arising from sales are considered as
realised at settlement date. At trade date no on balance
sheet accounting entry is made

FX forward transactions (cid:151) treatment during the year

Treated in the same way as described above for spot
transactions, being recorded at the spot rate of the
transaction

FX purchases are booked off-balance sheet at the spot date
of the transaction, affecting the average cost of the foreign
currency position from this date and at the spot rate of
the transaction

FX sales are booked off-balance sheet at the spot date of
the transaction. Gains and losses are considered as realised
at the spot date of the transaction

At settlement date the off-balance sheet entries are
reversed, and on balance sheet entries are made
For period end treatment see below under FX spot and
forward transactions crossing a period end

FX spot and forward transactions initiated in year 1 with the spot date of the transaction in year 2

No special arrangement is needed because transactions are
booked at trade date, and gains and losses are recognised
at that date

Should be treated as in the regular approach (2):

(cid:151) FX sales are booked off-balance sheet in year 1 in
order to report the FX realised gains/losses in the
financial year in which the transaction was agreed

(cid:151) FX purchased are booked off-balance sheet in year 1
affecting the average cost of the foreign currency
position from this date

(cid:151) Year-end revaluation of a currency holding must take

into account net purchases/sales with a spot date in
the following financial year

Interest rate futures in foreign currencies

Variation margins denominated in foreign currencies affect
the foreign currency position on a daily basis (when they
occur). Gains and losses are also considered as realised on
a daily basis

Same solution as described in the (cid:145)Regular approach(cid:146) (3)

Securities transactions-treatment during the year

Purchases and sales are recognised off-balance sheet at
trade date. Gains and losses are also recognised at this
date, and the average cost is affected at trade date. At
settlement date the off-balance sheet entries are reversed,
and on balance sheet entries are made (i.e. same treatment
as FX spot transactions)

All transactions are recorded at settlement date (but see
below for treatment at period ends). Consequently the
impact on the average cost prices (in the event of
purchases) and gains/losses (in the event of sales) is
recognised at settlement date

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TRADE DATE ACCOUNTING

Regular approach

Alternative approach

Securities transactions initiated in year 1 with the spot date of the transaction in year 2

No special treatment required as transactions and
consequences are already booked at trade date

Realised gains and losses are recognised in year 1 at the
period end (i.e. same treatment as FX spot transactions),
and purchases impact on the calculation of the average
rate and are included in the year end revaluation
process (2)

(cid:145)FX(cid:146) stands for foreign exchange.

(1)
(2) As usual, the principle of materiality could be applied where these transactions have no material impact on the foreign currency

position and/or in the profit and loss account.

(3) No specific treatment required for transactions crossing a period. The daily booking of variation margins is in line with the

economic approach as gains and losses are considered as realised on a daily basis.

2 (daily booking of accrued interest/premiums or discounts):

The table below outlines the impact of the daily booking of accruals on the foreign exchange holding (e.g. interest
payable and amortised premium/discounts):

DAILY BOOKING OF ACCRUED INTEREST (AS PART OF THE ECONOMIC APPROACH)

Accruals for FX denominated instruments are calculated and booked daily at the mid-market exchange rate of the day

Impact on the FX holding

Accruals affect the foreign currency position at the time they are booked, not being reversed later on. The accrual is
cleared when the actual cash is received or paid. At settlement date there is thus no effect on the foreign currency
position, since the accrual is included in the position being revalued at the periodic revaluation

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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
central banks outside the euro
area) denominated in foreign
currency

2.1.

2.1.

Receivables
from the IMF

Mandatory

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

(a) Drawing rights within the
reserve tranche (net)
National quota minus
balances in euro at the
disposal of the IMF. (The No
2 account of the IMF (euro
account for administrative
expenses) 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

Holdings of special drawing
rights (gross)

Mandatory

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

(c) Other claims

(c) Other claims

Mandatory

General arrangements to
borrow (GAB), loans under
special borrowing
arrangements, deposits
within the framework of the
Poverty Reduction and
Growth Facility (PRGF)

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)

2.2.

2.2.

Balances with
banks and
security invest-
ments, external
loans and other
external assets

(a) Balances with banks outside

the euro area
Current accounts, fixed-term
deposits, day-to-day money,
reverse repo transactions

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

Mandatory

(b) Securities (marketable)
Market price and
foreign exchange rate

Mandatory

(b) Security investments (other

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

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

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

(d) Other external assets

Non-euro area banknotes
and coins

(d) Other external assets
Nominal value,
translation at market
Foreign exchange rate

Mandatory

3.

3.

Claims on euro
area residents
denominated in
foreign currency

(a) Securities

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

(a) Securities (marketable)
Market price and
foreign exchange
market rate

Mandatory

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Balance sheet item (1)

Categorisation of contents of balance
sheet items

Valuation principle

Scope of
application (2)

(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, reverse repo
transactions, 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 the euro area
Nominal value

Mandatory

(b) Marketable securities
Market price

Mandatory

(a) Balances with banks outside

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

(b) Security investments (other

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) Loans outside the euro area

(c) Loans outside the euro

Mandatory

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

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

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

(d) Securities issued by

Mandatory

entities outside the euro
area
Market price

3.3.2003

EN

Official Journal of the European Union

L 58/21

Balance sheet item (1)

Categorisation of contents of balance
sheet items

Valuation principle

Scope of
application (2)

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 the
euro area: General
documentation on Eurosystem
monetary policy instruments and
procedures(cid:146)

5.1.

5.1.

Main refinan-
cing 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 oper-
ations

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

Nominal value or (repo)
cost

Mandatory

5.4.

5.4.

Structural
reverse oper-
ations

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
pre-specified interest rate against
eligible assets (standing facility)

Nominal value or (repo)
cost

Mandatory

L 58/22

EN

Official Journal of the European Union

3.3.2003

Balance sheet item (1)

Categorisation of contents of balance
sheet items

Valuation principle

Scope of
application (2)

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

Market price

Mandatory

6.

6.

Other claims on
euro area credit
institutions
denominated in
euro

7.

7.

Securities of
euro area
residents
denominated in
euro

Current accounts, fixed-term
deposits, day-to-day money,
reverse repo transactions in
connection with the
management of security
portfolios under the asset item
(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 unrelated to
monetary policy operations of
the Eurosystem. Any claims
stemming from monetary policy
operations initiated by an NCB
prior to joining the Eurosystem

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 govern-
ment 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-Euro-
system claims+

(cid:151)

9.1.

Participating
interest in ECB+

Cost

Mandatory

Only an NCB balance sheet item
The ECB capital share of each
NCB according to the Treaty and
the respective capital key and
contributions according to
Article 49.2 of the Statute

3.3.2003

EN

Official Journal of the European Union

L 58/23

Balance sheet item (1)

Categorisation of contents of balance
sheet items

Valuation principle

Scope of
application (2)

(cid:151)

9.2.

Claims equival-
ent to the
transfer of
foreign
reserves+

Only an NCB balance sheet item
Euro-denominated claims on the
ECB in respect of initial (and
additional) transfers of foreign
reserves under the Treaty
provisions

Nominal value (less waiver) Mandatory

(cid:151)

9.3.

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

Only an ECB balance sheet item.
Promissory notes issued by
NCBs, due to the back-to-back
agreement in connection with
ECB debt certificates

Nominal value

Mandatory

Nominal value

Mandatory

(a) Nominal value

Mandatory

(b) Nominal value

Mandatory

(cid:151)

9.4.

Net claims
related to the
allocation of
euro banknotes
within the
Eurosystem+ *

(cid:151)

9.5.

Other claims
within the
Eurosystem
(net)+

For the NCBs: net claim related
to the application of the
banknote allocation key (i.e.
including the ECB’s banknote
issue related intra-Eurosystem
balances), the compensatory
amount and its balancing
accounting entry as defined by
Decision ECB/2001/16 on the
allocation of monetary income
of the NCBs of participating
Member States from the
financial year 2002.
For the ECB: claim related to the
ECB’s banknote issue under
Decision ECB/2001/15 of 6
December 2001 (3) on the issue
of euro banknotes

(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))

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

L 58/24

EN

Official Journal of the European Union

3.3.2003

Balance sheet item (1)

Categorisation of contents of balance
sheet items

Valuation principle

Scope of
application (2)

(c) Other intra-Eurosystem

(c) Nominal value

Mandatory

claims that may arise,
including the interim
distribution of ECB income
on euro banknotes to
NCBs *

9.

10.

Items in course
of settlement

Settlement account balances
(claims), including the float of
cheques in collection

Nominal value

Mandatory

9.

9.

11.

Other assets

11.1. Coins of euro
area

Euro coins if an NCB is not the
legal issuer

Nominal value

Mandatory

9.

11.2.

Tangible and
intangible fixed
assets

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

Cost less depreciation

Recommended

Depreciation rates:

(cid:151) computers and related
hardware/software and
motor vehicles:
4 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 financial
assets

Equity instruments, 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
transactions with credit
institutions in connection with
the management of security
portfolios under this item

(a) Marketable equity
instruments
Market value

Recommended

(b) Participating interests

Recommended

and illiquid equity shares
Cost

(c)

Investment in
subsidiaries or significant
interests
Net asset value

Recommended

(d) Securities (marketable)

Recommended

Market value

3.3.2003

EN

Official Journal of the European Union

L 58/25

Balance sheet item (1)

Categorisation of contents of balance
sheet items

Valuation principle

(e) Non-marketable
securities
Cost

Scope of
application (2)

Recommended

(f)

Financial fixed assets
Cost

Recommended

Premiums/discounts are
amortised.
For equity instruments, the
detailed rules are set out in
Article 9 of this Guideline

9.

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

9.

11.5. Accruals and

prepaid expen-
diture

Income not due in, but
assignable to the reported
period. Prepaid expenditure and
accrued interest paid (4)

Nominal value, foreign
exchange translated at
market rate

Mandatory

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)).
Loans on a trust basis.
Investments related to customer
gold deposits. Coins
denominated in national (euro
area) currency units

Nominal value/cost

Recommended

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

Revaluation
suspense accounts:
mandatory

Investments related to
customer gold deposits
Market value

Investments related
to customer gold
deposits:
mandatory

(cid:151)

12.

Loss for the
year

Nominal value

Mandatory

Item to be harmonised. See recital 5 of this guideline.

*
(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 Eurosystem). 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 a (cid:145)+(cid:146) are consolidated in the weekly financial
statements of the Eurosystem.

(2) The accounting principles listed in this Annex are 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) OJ L 337, 20.12.2001, p. 52.
(4)

i.e. accrued interest purchased with a security.

L 58/26

EN

Official Journal of the European Union

3.3.2003

LIABILITIES

Balance sheet item (1)

Categorisation of contents of balance
sheet items

Valuation principle

Scope of
application (2)

1.

1.

Banknotes in
circulation

Euro banknotes, plus/minus
adjustments relating to the
application of the banknote
allocation key

Nominal value

Mandatory

2.

2.

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

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

2.1.

2.1.

Current
accounts
(covering the
minimum
reserve system)

Euro accounts of credit
institutions that are included in
the list of financial institutions
subject to minimum reserves
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
pre-specified interest rate
(standing facility)

Nominal value

Mandatory

2.3.

2.3.

Fixed-term
deposits

Collection for liquidity
absorption purposes owing to
fine-tuning operations

Nominal value

Mandatory

2.4.

2.4.

Fine-tuning
reverse
operations

Monetary policy-related
transactions with the aim of
liquidity absorption

Nominal value or (repo)
cost

Mandatory

Nominal value

Mandatory

Nominal value or (repo)
cost

Mandatory

2.5.

2.5.

Deposits related
to margin calls

3.

3.

Other liabilities
to euro area
credit institu-
tions denomi-
nated in euro

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

Repo transactions in connection
with simultaneous reverse repo
transactions for the management
of security portfolios under the
asset item (cid:145)Securities of euro
area residents denominated in
euro(cid:146).
Other operations unrelated to
Eurosystem monetary policy
operations.
No current accounts of credit
institutions

3.3.2003

EN

Official Journal of the European Union

L 58/27

Balance sheet item (1)

Categorisation of contents of balance
sheet items

Valuation principle

Scope of
application (2)

Nominal value

Mandatory

4.

4.

Debt certificates
issued

Only an ECB balance sheet item
(for the NCBs a transitional
balance sheet item).
Debt certificates as described in
the document (cid:145)The single
monetary policy in the euro
area: 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 govern-
ment

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

Nominal value

Mandatory

Nominal value

Mandatory

Nominal value or (repo)
cost

Mandatory

5.2.

5.2.

Other liabilities

6.

6.

Liabilities to
non-euro area
residents
denominated in
euro

Current accounts of staff,
companies and clients (including
financial institutions listed as
exempt from the obligation to
hold minimum reserves (cid:150) see
liability item 2.1), etc.;
fixed-term deposits, deposits
repayable on demand

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
transactions in connection with
simultaneous reverse repo
transactions for the management
of securities denominated in
euro.
Balances of TARGET accounts of
non-participating NCBs

Current accounts. liabilities
under repo transactions; usually
investment transactions using
foreign currency assets or gold

Nominal value, translation
at foreign exchange market
rate

Mandatory

7.

7.

8.

8.

Liabilities to
euro area
residents
denominated in
foreign currency

Liabilities to
non-euro area
residents
denominated in
foreign currency

L 58/28

EN

Official Journal of the European Union

3.3.2003

Balance sheet item (1)

Categorisation of contents of balance
sheet items

Valuation principle

Scope of
application (2)

8.1.

8.1.

Deposits, bal-
ances and other
liabilities

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

Nominal value, translation
at foreign exchange market
rate

Mandatory

8.2.

8.2.

Liabilities aris-
ing 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

(cid:151)

10.

Intra-Eurosys-
tem liabilities+

(cid:151)

10.1.

Liabilities equiv-
alent 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

Nominal value

Mandatory

(cid:151)

10.3. Net liabilities

related to
allocation of
euro banknotes
within the
Eurosystem+ *

Only an NCB balance sheet item.
For the NCBs: net liability
related to the application of the
banknote allocation key i.e.
including the ECB’s banknote
issue related intra-Eurosystem
balances, the compensatory
amount and its balancing
accounting entry as defined by
Decision ECB/2001/16 on the
allocation of monetary income
of the NCBs of participating
Member States from the
financial year 2002 (3)

3.3.2003

EN

Official Journal of the European Union

L 58/29

Balance sheet item (1)

Categorisation of contents of balance
sheet items

Valuation principle

Scope of
application (2)

(cid:151)

10.4. Other liabilities

within the
Eurosystem
(net)+

(a) Nominal value

Mandatory

(b) Nominal value

Mandatory

(c) Nominal value

Mandatory

(a) Net liabilities arising from
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

(c) Other intra-Eurosystem
liabilities that may arise,
including the interim
distribution of ECB income
on euro banknotes to
NCBs *

10.

11.

Items in course
of settlement

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

Nominal value

Mandatory

10.

12.

Other liabilities

10.

12.1. Off-balance
sheet instru-
ments revalu-
ation 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

income col-
lected in
advance

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

Nominal value, foreign
exchange translated at
market rate

Mandatory

L 58/30

EN

Official Journal of the European Union

3.3.2003

Balance sheet item (1)

Categorisation of contents of balance
sheet items

Valuation principle

Scope of
application (2)

10.

12.3.

Sundry

10.

13.

Provisions

11.

14.

Revaluation
accounts

Nominal value or (repo)
cost

Recommended

Customer gold deposits
Market value

Customer gold
deposits:
mandatory

Cost/nominal value

Recommended

Mandatory

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

Taxation (suspense) accounts.
(Foreign currency) credit or
guarantee cover accounts. Repo
transactions with credit
institutions in connection with
simultaneous reverse repo
transactions for the management
of 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. Banknotes in
circulation denominated in
national (euro area) currency
units that have ceased to be
legal tender but are still in
circulation, if not shown under
liability item (cid:145)Provisions(cid:146)

For pensions, for exchange and
price risks, and for other
purposes (e.g. expected (future)
expenses), provisions for
national (euro area) currency
units that have ceased to be
legal tender but are still in
circulation if these banknotes
not shown under liability item
(cid:145)Other liabilities/Sundry(cid:146).
The contributions from NCBs
according to Article 49.2 of the
Statute to the ECB are
consolidated with the respective
amounts disclosed under asset
item 9.1+

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).
The contributions from NCBs
according to Article 49.2 of the
Statute to the ECB are
consolidated with the respective
amounts disclosed under asset
item 9.1+

3.3.2003

EN

Official Journal of the European Union

L 58/31

Balance sheet item (1)

Categorisation of contents of balance
sheet items

Valuation principle

Scope of
application (2)

12.

15.

Capital and
reserves

12.

15.1. Capital

12.

15.2. Reserves

Nominal value

Mandatory

Nominal value

Mandatory

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

Legal reserves and other
reserves.
The contributions from NCBs
according to Article 49.2 of the
Statute to the ECB are
consolidated with the respective
amounts disclosed under asset
item 9.1+.

10.

16.

Profit for the
year

Nominal value

Mandatory

Item to be harmonised. See recital 5 of this guideline.

*
(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 Eurosystem). 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 a (cid:145)+(cid:146) are consolidated in the weekly financial
statements of the Eurosystem.

(2) The accounting principles listed in this Annex are 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) OJ L 337, 20.12.2001, p. 55.

Consolidated weekly financial statement of the Eurosystem: format to be used for publication after quarter-end

ANNEX V

Assets

Balance as
at (cid:133)

Difference compared to last
week due to:

transactions

revaluations

Gold and gold receivables

Claims on non-euro area residents denominated in foreign
currency

2.1 Receivables from the IMF

2.2 Balances with banks

and security investments,

external 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

Lending to euro area
monetary policy operations denominated in euro

institutions

credit

related to

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

Other claims on euro area credit institutions denominated
in euro

Securities of euro area residents denominated in euro

General government debt denominated in euro

Other assets

1

2

3

4

5

6

7

8

9

1

2

Liabilities

Banknotes in circulation

(EUR millions)

Balance as
at (cid:133)

Difference compared to last
week due to

transactions

revaluations

Liabilities
monetary policy operations denominated in euro

to euro area credit

institutions

related to

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
area

liabilities

euro

to

3 Other

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
foreign currency

to non-euro area residents denominated in

8.1 Deposits, balances and other liabilities
8.2 Deposits, balances and other liabilities

9

Counterpart of special drawing rights allocated by the IMF

10 Other liabilities
11

Revaluation accounts

12

Capital and reserves

L

5
8
/
3
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

U
n
o
n

i

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

Total assets

Total liabilities

.

.

3
3
2
0
0
3

Consolidated weekly financial statement of the Eurosystem: format to be used for publication during the quarter

ANNEX VI

Assets

Balance as
at (cid:133)

Difference compared
to last week due to
transactions

Liabilities

(EUR millions)

Balance as
at (cid:133)

Difference compared
to last week due to
transactions

1.

2.

3.

4.

5.

6.

7.

8.

9.

Gold and gold receivables

Claims on non-euro area residents denominated in foreign currency

2.1. Receivables from the IMF

2.2. Balances with banks and security investments, external 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

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

Other claims on euro area credit institutions denominated in euro

Securities of euro area residents denominated in euro

General government debt denominated in euro

Other assets

1. Banknotes in circulation
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.

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
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 IMF

10. Other liabilities

11. Revaluation accounts

12. Capital and reserves

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

Total assets

Total liabilities

.

.

3
3
2
0
0
3

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

U
n
o
n

i

L

5
8
/
3
3

ANNEX VII

Consolidated annual balance sheet of the Eurosystem

Assets

Reporting year

Previous year

Liabilities

Reporting year

Previous year

(EUR millions)

1.

2.

3.

4.

5.

6.

7.

8.

9.

Gold and gold receivables

Claims on non-euro area residents denominated in foreign currency

2.1. Receivables from the IMF

2.2. Balances with banks and security investments, external 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

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

Other claims on euro area credit institutions denominated in euro

Securities of euro area residents denominated in euro

General government debt denominated in euro

Other assets

1. Banknotes in circulation
2.

Liabilities to euro area credit
policy operations denominated in euro
2.1. Current accounts (covering the minimum reserve system)

institutions related to monetary

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

6.

7.

8.

5.2. Other liabilities
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

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 IMF

10. Other liabilities
11. Revaluation accounts

12. Capital and reserves

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

Total assets

Total liabilities

L

5
8
/
3
4

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

U
n
o
n

i

.

.

3
3
2
0
0
3

Assets

Reporting year

Previous year

Liabilities

Reporting year

Previous year

(EUR millions) (1)

ANNEX VIII

Annual balance sheet of a central bank

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 IMF

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

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

6.

7.

8.

Other claims on euro area credit institutions denominated in euro

8.1.

Deposits, balances and other liabilities

Securities of euro area residents denominated in euro

General government debt denominated in euro

8.2.

Liabilities arising from the credit facility under ERM II

9. Counterpart of special drawing rights allocated by the IMF

.

.

3
3
2
0
0
3

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

U
n
o
n

i

L

5
8
/
3
5

Assets

Reporting year

Previous year

Liabilities

Reporting year

Previous year

(EUR millions) (1)

9.

Intra-Eurosystem claims

9.1.

Participating interest in ECB

9.2.

Claims equivalent to the transfer of foreign reserves

9.3.

9.4.

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

Net claims related to the allocation of euro banknotes
within the Eurosystem *

9.5.

Other claims within the Eurosystem (net) *

10.

Items in course of settlement

11.

Other assets

11.1. Coins of euro area

11.2. Tangible and intangible fixed assets

11.3. Other financial assets

11.4. Off-balance sheet instruments revaluation differences

11.5. Accruals and prepaid expenses *

11.6.

Sundry

12.

Loss for the year

10.

Intra-Eurosystem liabilities

10.1.

Liabilities equivalent to the transfer of foreign reserves

10.2.

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

10.3. Net liabilities related to the allocation of euro banknotes

within the Eurosystem *

10.4. 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 income collected in advance *

12.3.

Sundry

13.

Provisions

14. Revaluation accounts

15. Capital and reserves

15.1. Capital

15.2. Reserves

16.

Profit for the year

Item to be harmonised. See recital 5 of this guideline.

*
(1) Central banks may alternatively publish exact euro amounts, or amounts rounded in a different manner.

Total assets

Total liabilities

L

5
8
/
3
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

U
n
o
n

i

.

.

3
3
2
0
0
3

3.3.2003

EN

Official Journal of the European Union

L 58/37

ANNEX IX

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

(EUR million) (2)

1.1.

Interest income *

1.2.

Interest expense *

1.

Net interest income

2.1.

Realised gains/losses arising from financial operations

2.2. Write-downs on financial assets and positions

2.3.

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

2.

Net result of financial operations, write-downs and risk provisions

3.1.

Fees and commissions income

3.2.

Fees and commissions expense

3.

4.

5.

6.

7.

8.

9.

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

10.

Banknote production services (4)

11.

Other expenses

12.

Income tax and other government charges on income

Total net income

(Loss)/profit for the year

Item to be harmonised. See recital 5 of this guideline.

*
(1) The profit and loss account of the ECB takes a slightly different format, see Annex IV of Decision ECB/2002/11 of 5 December

2002 (See page 18 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.