2009/594/EC: Decision of the European Central Bank of 17 July 2009 amending Decision ECB/2006/17 on the annual accounts of the European Central Bank (ECB/2009/19)
Date: 2009-07-17
Institutions: European Central Bank
Subjects: European Central Bank, account, balance sheet, financial regulation, standardised accounting system




L_2009202EN.01005401.xml










4.8.2009   


EN


Official Journal of the European Union


L 202/54








            DECISION OF THE EUROPEAN CENTRAL BANK
         
of 17 July 2009
         
amending Decision ECB/2006/17 on the annual accounts of the European Central Bank
(ECB/2009/19)
(2009/594/EC)


THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular to Article 26.2 thereof,

Whereas:







(1)


Guideline ECB/2009/10 of 7 May 2009 amending Guideline ECB/2000/7 on monetary policy instruments and procedures of the Eurosystem (1) allows access to Eurosystem open market operations and standing facilities by credit institutions which, in view of their specific institutional nature under Community law, are subject to scrutiny of a standard comparable to supervision by competent national authorities.












(2)


Decision ECB/2009/16 of 2 July 2009 on the implementation of the covered bond purchase programme (2) provides for the establishment of a programme for the purchase of covered bonds.












(3)


Decision ECB/2006/17 of 10 November 2006 on the annual accounts of the European Central Bank (3) needs to be amended in order to reflect these policy developments,





HAS DECIDED AS FOLLOWS:



Article 1

Amendments

Decision ECB/2006/17 is amended as follows:






1.


Article 1(1) shall be replaced by the following:

‘1.   The terms defined in Article 1 of Guideline ECB/2006/16 shall have the same meaning when used in this Decision.’











2.


Annexes I and II to Decision ECB/2006/17 are amended in accordance with the Annex to this Decision.






Article 2

Final provision

This Decision shall enter into force on 1 July 2009.




Done at Frankfurt am Main, 17 July 2009.


The President of the ECB

Jean-Claude TRICHET
            





(1)  
            OJ L 123, 19.5.2009, p. 99.

(2)  
            OJ L 175, 4.7.2009, p. 18.

(3)  
            OJ L 348, 11.12.2006, p. 38.




ANNEX
Annexes I and II to Decision ECB/2006/17 are amended as follows:






1.


The table entitled ‘Assets’ in Annex I is replaced by the following:
‘ASSETS







Balance sheet item


Categorisation of contents of balance sheet items


Valuation principle










1.


Gold and gold receivables






Physical gold, i.e. bars, coins, plates, nuggets, in storage or “under way”. Non-physical gold, such as balances in gold sight accounts (unallocated accounts), term deposits and claims to receive gold arising from the following transactions: (i) upgrading or downgrading transactions; and (ii) gold location or purity swaps where there is a difference of more than one business day between release and receipt


Market value










2.


Claim on non-euro area residents denominated in foreign currency






Claims on counterparties resident outside the euro area including international and supranational institutions and central banks outside the euro area denominated in foreign currency


 










2.1.


Receivables from the International Monetary Fund (IMF)












(a)



Drawing rights within the reserve tranche (net)
National quota minus balances in euro at the disposal of the IMF. The No 2 account of the IMF (euro account for administrative expenses) may be included in this item or under the item “Liabilities to non-euro area residents denominated in euro”












(a)


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














(b)


Special drawing rights
Holdings of special drawing rights (gross)












(b)


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














(c)


Other claims
General arrangements to borrow, loans under special borrowing arrangements, deposits within the framework of the Poverty Reduction and Growth Facility












(c)


Other claims
Nominal value, translation at the foreign exchange market rate














2.2.


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












(a)


Balances with banks outside the euro area other than those under asset item “Other financial assets”
Current accounts, fixed-term deposits, day-to-day money, reverse repo transactions












(a)


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














(b)


Security investments outside the euro area other than those under asset item “Other financial assets”
Notes and bonds, bills, zero bonds, money market paper, equity instruments held as part of the foreign reserves, all issued by non-euro area residents












(b)(i)


Marketable securities other than held-to-maturity
Market price and foreign exchange market rate
Any premiums or discounts are amortised














(b)(ii)


Marketable securities classified as held-to-maturity
Cost subject to impairment and foreign exchange market rate
Any premiums or discounts are amortised














(b)(iii)


Non-marketable securities
Cost subject to impairment and foreign exchange market rate
Any premiums or discounts are amortised














(b)(iv)


Marketable equity instruments
Market price and foreign exchange market rate














(c)


External loans (deposits) to non-euro area residents other than those under asset item “Other financial assets”












(c)


External loans
Deposits at nominal value, translated at the foreign exchange market rate














(d)


Other external assets
Non-euro area banknotes and coins












(d)


Other external assets
Nominal value, translation at the foreign exchange market rate














3.


Claims on euro area residents denominated in foreign currency












(a)


Security investments inside the euro area other than those under asset item “Other financial assets”
Notes and bonds, bills, zero bonds, money market paper, equity instruments held as part of the foreign reserves, all issued by euro area residents












(a)(i)


Marketable securities other than held-to-maturity
Market price and foreign exchange market rate
Any premiums or discounts are amortised














(a)(ii)


Marketable securities classified as held-to-maturity
Cost subject to impairment and foreign exchange market rate
Any premiums or discounts are amortised














(a)(iii)


Non-marketable securities
Cost subject to impairment and foreign exchange market rate
Any premiums or discounts are amortised














(a)(iv)


Marketable equity instruments
Market price and foreign exchange market rate














(b)


Other claims on euro area residents other than those under asset item “Other financial assets”
Loans, deposits, reverse repo transactions, sundry lending












(b)


Other claims
Deposits and other lending at nominal value, translated at the foreign exchange market rate








4.   Claims on non-euro area residents denominated in euro












4.1.


Balances with banks, security investments and loans












(a)


Balances with banks outside the euro area other than those under asset item “Other financial assets”
Current accounts, fixed-term deposits, day-to-day money, reverse repo transactions in connection with the management of securities denominated in euro












(a)


Balances with banks outside the euro area
Nominal value














(b)


Security investments outside the euro area other than those under asset item “Other financial assets”
Equity instruments, notes and bonds, bills, zero bonds, money market paper, all issued by non-euro area residents












(b)(i)


Marketable securities other than held-to-maturity
Market price
Any premiums or discounts are amortised














(b)(ii)


Marketable securities classified as held-to-maturity
Cost subject to impairment
Any premiums or discounts are amortised














(b)(iii)


Non-marketable securities
Cost subject to impairment
Any premiums or discounts are amortised














(b)(iv)


Marketable equity instruments
Market price














(c)


Loans to non-euro area residents other than those under asset item “Other financial assets”












(c)


Loans outside the euro area
Deposits at nominal value














(d)


Securities issued by entities outside the euro area other than those under asset item “Other financial assets”
Securities issued by supranational or international organisations, e.g. the European Investment Bank, irrespective of their geographical location












(d)(i)


Marketable securities other than held-to-maturity
Market price
Premiums/discounts are amortised














(d)(ii)


Marketable securities classified as held-to-maturity
Cost subject to impairment
Any premiums or discounts are amortised














(d)(iii)


Non-marketable securities
Cost subject to impairment
Any premiums or discounts are amortised














4.2.


Claims arising from the credit facility under ERM II






Lending according to the ERM II conditions


Nominal value










5.


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






Items 5.1 to 5.5: transactions according to the respective monetary policy instruments described in Annex I to Guideline ECB/2000/7 of 31 August 2000 on monetary policy instruments and procedures of the Eurosystem (1)



 










5.1.


Main refinancing operations






Regular liquidity-providing reverse transactions with a weekly frequency and normally a maturity of one week


Nominal value or repo cost










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










5.3.


Fine-tuning reverse operations






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


Nominal value or repo cost










5.4.


Structural reverse operations






Reverse transactions adjusting the structural position of the Eurosystem vis-à-vis the financial sector


Nominal value or repo cost










5.5.


Marginal lending facility






Overnight liquidity facility at a pre-specified interest rate against eligible assets (standing facility)


Nominal value or repo cost










5.6.


Credits related to margin calls






Additional credit to credit institutions, arising from value increases of underlying assets regarding other credit to these credit institutions


Nominal value or cost










6.


Other claims on euro area credit institutions denominated in euro






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


Nominal value or cost




7.   Securities of euro area residents denominated in euro












7.1.


Securities held for monetary policy purposes






Securities issued in the euro area held for monetary policy purposes. ECB debt certificates purchased for fine-tuning purposes








(i)


Marketable securities other than held-to-maturity
Market price
Any premiums or discounts are amortised










(ii)


Marketable securities classified as held-to-maturity
Cost subject to impairment
Any premiums or discounts are amortised










(iii)


Non-marketable securities
Cost subject to impairment
Any premiums or discounts are amortised














7.2.


Other securities






Securities other than those under asset item 7.1 “Securities held for monetary policy purposes” and under asset item 11.3 “Other financial assets”; notes and bonds, bills, zero bonds, money market paper held outright, including government securities stemming from before EMU, denominated in euro. Equity instruments








(i)


Marketable securities other than held-to-maturity
Market price
Any premiums or discounts are amortised










(ii)


Marketable securities classified as held-to-maturity
Cost subject to impairment
Any premiums or discounts are amortised










(iii)


Non-marketable securities
Cost subject to impairment
Any premiums or discounts are amortised










(iv)


Marketable equity instruments
Market price














8.


General government debt denominated in euro






Claims on government stemming from before EMU (non-marketable securities, loans)


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




9.   Intra-Eurosystem claims












9.1.


Claims related to 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










9.2.


Claims related to the allocation of euro banknotes within the Eurosystem






Claims related to the ECB’s banknote issue, according to Decision ECB/2001/15 of 6 December 2001 on the issue of euro banknotes (2)



Nominal value










9.3.


Other claims within the Eurosystem (net)






Net position of the following sub-items:


 










(a)


net claims arising from balances of TARGET2 accounts and correspondent accounts of NCBs, i.e. the net figure of claims and liabilities — see also liability item “Other liabilities within the Eurosystem (net)”












(a)


Nominal value














(b)


other intra-Eurosystem claims that may arise, including the interim distribution of ECB seigniorage income to NCBs












(b)


Nominal value














10.


Items in course of settlement






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


Nominal value




11.   Other assets












11.1.


Coins of euro area






Euro coins


Nominal value










11.2.


Tangible and intangible fixed assets






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


Cost less depreciation
Depreciation is the systematic allocation of the depreciable amount of an asset over its useful life. The useful life is the period over which a fixed asset is expected to be available for use by the entity. Useful lives of individual material fixed assets may be reviewed on a systematic basis, if expectations differ from previous estimates. Major assets may comprise components with different useful lives. The lives of such components should be assessed individually.
The cost of intangible assets includes the price for the acquisition of the intangible asset. Other direct or indirect costs are to be expensed
Capitalisation of expenditure: limit based (below EUR 10 000  excluding VAT: no capitalisation)










11.3.


Other financial assets












—


Participating interests and investments in subsidiaries, equities held for strategic/policy reasons










—


Securities including equities, and other financial instruments and balances including fixed-term deposits and current accounts held as an earmarked portfolio










—


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












(a)


Marketable equity instruments
Market price










(b)


Participating interests and illiquid equity shares, and any other equity instruments held as permanent investments
Cost subject to impairment










(c)


Investment in subsidiaries or significant interests
Net asset value










(d)


Marketable securities other than held to maturity
Market price
Premiums/discounts are amortised










(e)


Marketable securities classified as held-to maturity or held as a permanent investment
Cost subject to impairment
Any premiums or discounts are amortised










(f)


Non-marketable securities
Cost subject to impairment










(g)


Balances with banks and loans
Nominal value, translated at the foreign exchange market rate if the balances/deposits are denominated in foreign currencies














11.4.


Off-balance-sheet instruments revaluation differences






Valuation results of foreign exchange forwards, foreign exchange swaps, interest rate swaps, forward rate agreements, forward transactions in securities, foreign exchange spot transactions from trade date to settlement date


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










11.5.


Accruals and prepaid expenditure






Income not due in, but assignable to the reported period. Prepaid expenditure and accrued interest paid (i.e. accrued interest purchased with a security)


Nominal value, foreign exchange translated at market rate










11.6.


Sundry












(a)


Advances, loans and other minor items. Loans on a trust basis












(a)


Nominal value or cost














(b)


Investments related to customer gold deposits












(b)


Market value














(c)


Net pension assets












(c)


As per Article 22(3)














12.


Loss for the year






 


Nominal value














2.


The table entitled ‘Annual balance sheet of the ECB’ in Annex II is replaced by the following:
‘Annual balance sheet of the ECB











(EUR million)




Assets (4)



Reporting year


Previous year


Liabilities


Reporting year


Previous year










1.


Gold and gold receivables










2.


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










3.


Claims on euro area residents denominated in foreign currency










4.


Claims on non-euro area residents denominated in euro










4.1.


Balances with banks, security investments and loans










4.2.


Claims arising from the credit facility under ERM II










5.


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










5.1.


Main refinancing operations










5.2.


Longer-term refinancing operations










5.3.


Fine-tuning reverse operations










5.4.


Structural reverse operations










5.5.


Marginal lending facility










5.6.


Credits related to margin calls










6.


Other claims on euro area credit institutions denominated in euro










7.


Securities of euro area residents denominated in euro










7.1.


Securities held for monetary policy purposes










7.2.


Other securities










8.


General government debt denominated in euro










9.


Intra-Eurosystem claims










9.1.


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










9.2.


Claims related to the allocation of euro banknotes within the Eurosystem










9.3.


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






 


 








1.


Banknotes in circulation










2.


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










2.1.


Current accounts (covering the minimum reserve system)










2.2.


Deposit facility










2.3.


Fixed-term deposits










2.4.


Fine-tuning reverse operations










2.5.


Deposits related to margin calls










3.


Other liabilities to euro area credit institutions denominated in euro










4.


ECB debt certificates issued










5.


Liabilities to other euro area residents denominated in euro










5.1.


General government










5.2.


Other liabilities










6.


Liabilities to non-euro area residents denominated in euro










7.


Liabilities to euro area residents denominated in foreign currency










8.


Liabilities to non-euro area residents denominated in foreign currency










8.1.


Deposits, balances and other liabilities










8.2.


Liabilities arising from the credit facility under ERM II










9.


Counterpart of special drawing rights allocated by the IMF










10.


Intra-Eurosystem liabilities










10.1.


Liabilities equivalent to the transfer of foreign reserves










10.2.


Other liabilities within the Eurosystem (net)










11.


Items in course of settlement










12.


Other liabilities










12.1.


Off-balance sheet instruments revaluation differences










12.2.


Accruals and 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






 


 




Total assets


Total liabilities


 


 










(1)  
            OJ L 310, 11.12.2000, p. 1.

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

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

(4)  The table of assets may also be published above the table of liabilities.’