2011/65/EU: Decision of the European Central Bank of 11 November 2010 on the annual accounts of the European Central Bank (recast) (ECB/2010/21)
Date: 2010-11-11
Institutions: European Central Bank
Subjects: European Central Bank, account, balance sheet, financial regulation, standardised accounting system




L_2011035EN.01000101.xml










9.2.2011   


EN


Official Journal of the European Union


L 35/1








            DECISION OF THE EUROPEAN CENTRAL BANK
         
of 11 November 2010
         
on the annual accounts of the European Central Bank
(recast)
(ECB/2010/21)
(2011/65/EU)


THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

Having regard to the Statute of the European System of Central Banks and of the European Central Bank (hereinafter the ‘Statute of the ESCB’), and in particular Article 26.2 thereof,

Whereas:







(1)


Decision ECB/2006/17 of 10 November 2006 on the annual accounts of the European Central Bank (1) has been substantially amended several times. Since further amendments are to be made, in particular with regard to the hedging of interest rate risk, it should be recast in the interests of clarity.












(2)


Guideline ECB/2006/16 of 10 November 2006 on the legal framework for accounting and financial reporting in the European System of Central Banks (2) to which Decision ECB/2006/17 refers has been recast and repealed by Guideline ECB/2010/20 of 11 November 2010 on the legal framework for accounting and financial reporting in the European System of Central Banks (3),





HAS ADOPTED THIS DECISION:



CHAPTER I


GENERAL PROVISIONS



Article 1

Definitions


1.   The terms defined in Article 1 of Guideline ECB/2010/20 shall have the same meaning when used in this Decision.


2.   Other technical terms used in this Decision shall have the same meaning as in Annex II to Guideline ECB/2010/20.



Article 2

Scope of application

The rules set out in this Decision shall apply to the annual accounts of the European Central Bank (ECB) comprising the balance sheet, items recorded in the books of the ECB off-balance-sheet, the profit and loss account and the notes to the annual accounts of the ECB.


Article 3

Basic accounting assumptions

The basic accounting assumptions defined in Article 3 of Guideline ECB/2010/20 shall also apply for the purposes of this Decision.


Article 4

Recognition of assets and liabilities

A financial or other asset/liability shall only be recognised in the balance sheet of the ECB in accordance with Article 4 of Guideline ECB/2010/20.


Article 5

Economic and cash/settlement approaches

The rules set out in Article 5 of Guideline ECB/2010/20 shall apply to this Decision.



CHAPTER II


COMPOSITION AND VALUATION RULES FOR THE BALANCE SHEET



Article 6

Composition of the balance sheet

The composition of the balance sheet shall be based on the structure set out in Annex I.


Article 7

Provision for foreign exchange rate, interest rate, credit and gold price risks

Taking into due consideration the nature of the ECB’s activities, the Governing Council may establish a provision for foreign exchange rate, interest rate, credit and gold price risks in the balance sheet of the ECB. The Governing Council shall decide on the size and use of the provision on the basis of a reasoned estimate of the ECB’s risk exposures.


Article 8

Balance sheet valuation rules


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


2.   The revaluation of gold, foreign currency instruments, securities other than those classified as held-to-maturity and non-marketable securities, as well as financial instruments, both on-balance-sheet and off-balance-sheet, shall be performed at the year-end at mid-market rates and prices.


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 euro/US dollar exchange rate on the quarterly revaluation date. For foreign exchange, including on-balance-sheet and off-balance-sheet transactions, revaluation shall take place on a currency-by-currency basis. For the purpose of this Article, holdings of SDRs, including designated individual foreign exchange holdings underlying the SDR basket, shall be treated as one holding. For securities, revaluation shall take place on a code-by-code basis, i.e. same ISIN number/type. Securities held for monetary policy purposes or included in the items ‘Other financial assets’ or ‘Sundry’ shall be treated as separate holdings.


4.   Securities classified as held-to-maturity shall be treated as separate holdings, valued at amortised costs and subject to impairment. The same treatment shall apply to non-marketable securities. Securities classified as held-to-maturity may be sold before their maturity in any of the following circumstances:






(a)


if the quantity sold is considered not significant in comparison with the total amount of the held-to-maturity securities portfolio;










(b)


if the securities are sold during the month of the maturity date;










(c)


under exceptional circumstances, such as a significant deterioration of the issuer’s creditworthiness, or following an explicit monetary policy decision of the Governing Council.







Article 9

Reverse transactions

Reverse transactions shall be accounted for in accordance with Article 8 of Guideline ECB/2010/20.


Article 10

Marketable equity instruments

Marketable equity instruments shall be accounted for in accordance with Article 9 of Guideline ECB/2010/20.


Article 11

Hedging of interest rate risk on securities with derivatives

The hedging of interest rate risk shall be accounted for in accordance with Article 10 of Guideline ECB/2010/20.


Article 12

Synthetic instruments

Synthetic instruments shall be accounted for in accordance with Article 11 of Guideline ECB/2010/20.



CHAPTER III


INCOME RECOGNITION



Article 13

Income recognition


1.   Article 13(1), (2), (3), (5) and (7) of Guideline ECB/2010/20 shall apply to income recognition.


2.   Holdings on special revaluation accounts stemming from contributions in accordance with Article 48.2 of the Statute of the ESCB with respect to central banks of Member States for which the derogation has been abrogated shall be used to offset unrealised losses when exceeding previous revaluation gains registered in the corresponding standard revaluation account as laid down by Article 13(1)(c) of Guideline ECB/2010/20, prior to the offsetting of such losses in accordance with Article 33.2 of the Statute of the ESCB. The holdings on special revaluation accounts for gold, currencies and securities shall be reduced pro rata in the event of a reduction in the holdings of the relevant assets.



Article 14

Cost of transactions

Article 14 of Guideline ECB/2010/20 shall apply to this Decision.



CHAPTER IV


ACCOUNTING RULES FOR OFF-BALANCE-SHEET INSTRUMENTS



Article 15

General rules

Article 15 of Guideline ECB/2010/20 shall apply to this Decision.


Article 16

Foreign exchange forward transactions

Foreign exchange forward transactions shall be accounted for in accordance with Article 16 of Guideline ECB/2010/20.


Article 17

Foreign exchange swaps

Foreign exchange swaps shall be accounted for in accordance with Article 17 of Guideline ECB/2010/20.


Article 18

Future contracts

Future contracts shall be accounted for in accordance with Article 18 of Guideline ECB/2010/20.


Article 19

Interest rate swaps

Interest rate swaps shall be accounted for in accordance with Article 19 of Guideline ECB/2010/20. Unrealised losses taken to the profit and loss account at the year-end shall be amortised in subsequent years in accordance with the straight-line method. For forward interest rate swaps the amortisation shall begin from the value date of the transaction.


Article 20

Forward rate agreements

Forward rate agreements shall be accounted for in accordance with Article 20 of Guideline ECB/2010/20.


Article 21

Forward transactions in securities

Forward transactions in securities shall be accounted for in accordance with Method A in Article 21(1) of Guideline ECB/2010/20.


Article 22

Options

Options shall be accounted for in accordance with Article 22 of Guideline ECB/2010/20.



CHAPTER V


ANNUAL PUBLISHED BALANCE SHEET AND PROFIT AND LOSS ACCOUNT



Article 23

Formats


1.   The format of the ECB’s published annual balance sheet shall follow the format in Annex II.


2.   The format of the ECB’s published profit and loss account shall comply with Annex III.




CHAPTER VI


FINAL PROVISIONS



Article 24

Development, application and interpretation of rules


1.   In interpreting this Decision, account shall be taken of the preparatory work, the accounting principles harmonised by Union law and generally accepted international accounting standards.


2.   If a specific accounting treatment is not laid down in this Decision and in the absence of a decision to the contrary by the Governing Council, the ECB shall follow valuation principles in accordance with International Accounting Standards as adopted by the European Union, which are relevant to the ECB’s activities and accounts.



Article 25

Repeal

Decision ECB/2006/17 is hereby repealed. References to the repealed Decision shall be construed as references to this Decision and shall be read in accordance with the correlation table in Annex V.


Article 26

Entry into force

This Decision shall enter into force on 31 December 2010.





Done at Frankfurt am Main, 11 November 2010.


The President of the ECB

Jean-Claude TRICHET
            





(1)  
            OJ L 348, 11.12.2006, p. 38.

(2)  
            OJ L 348, 11.12.2006, p. 1.

(3)  See page 31 of this official Journal.




ANNEX I

COMPOSITION AND VALUATION RULES FOR THE BALANCE SHEET


Note: the numbering relates to the balance sheet format given in Annex II.
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: (a) upgrading or downgrading transactions; and (b) gold location or purity swaps where there is a difference of more than one business day between release and receipt


Market value










2


Claims on non-euro area residents denominated in foreign currency






Claims on counterparties resident outside the euro area including 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)


SDRs
Holdings of SDRs (gross)












(b)


SDRs
Nominal value, translation at the foreign exchange market rate














(c)


Other claims
General arrangements to borrow, loans under special borrowing arrangements, deposits made to trusts under the management of the IMF












(c)


Other claims
Nominal value, 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 11.3 ‘Other financial assets’
Current accounts, fixed-term deposits, day-to-day money, reverse repo transactions












(a)


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














(b)


Security investments outside the euro area other than those under asset item 11.3 ‘Other financial assets’
Notes and bonds, bills, zero bonds, money market paper, equity 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










(ii)



Marketable securities classified as held-to-maturity

Cost subject to impairment and foreign exchange market rate
Any premiums or discounts are amortised










(iii)



Non-marketable securities

Cost subject to impairment and foreign exchange market rate
Any premiums or discounts are amortised










(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 11.3 ‘Other financial assets’












(c)


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














(d)


Other external assets
Non-euro area banknotes and coins












(d)


Other external assets
Nominal value, 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 11.3 ‘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










(ii)



Marketable securities classified as held-to-maturity

Cost subject to impairment and foreign exchange market rate
Any premiums or discounts are amortised










(iii)



Non-marketable securities

Cost subject to impairment and foreign exchange market rate
Any premiums or discounts are amortised










(iv)



Marketable equity instruments

Market price and foreign exchange market rate


















(b)


Other claims on euro area residents other than those under asset item 11.3 ‘Other financial assets’
Loans, deposits, reverse repo transactions, sundry lending












(b)


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














4


Claims on non-euro area residents denominated in euro






 


 










4.1


Balances with banks, security investments and loans












(a)


Balances with banks outside the euro area other than those under asset item 11.3 ‘Other financial assets’
Current accounts, fixed-term deposits, day-to-day money, reverse repo transactions in connection with the management of securities denominated in euro












(a)


Balances with banks outside the euro area
Nominal value














(b)


Security investments outside the euro area other than those under asset item 11.3 ‘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










(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


















(c)


Loans to non-euro area residents other than those under asset item 11.3 ‘Other financial assets’












(c)


Loans outside the euro area
Deposits at nominal value














(d)


Securities issued by entities outside the euro area other than those under asset item 11.3‘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
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


















4.2


Claims arising from the credit facility under ERM II






Lending in accordance with the ERM II conditions


Nominal value










5


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






Items 5.1 to 5.5: transactions in accordance with the respective monetary policy instruments described in 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 1 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 3 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 7 ‘Securities of euro area residents denominated in euro’, including transactions resulting from the transformation of former foreign currency reserves of the euro area, and other claims. Correspondent accounts with non-domestic euro area credit institutions. Other claims and operations unrelated to monetary policy operations of the Eurosystem


Nominal value or cost










7


Securities of euro area residents denominated in euro






 


 










7.1


Securities held for monetary policy purposes






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








(a)


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










(b)


Marketable securities classified as held-to-maturity
Cost subject to impairment (cost when the impairment is covered by a provision under liability item 13(b) ‘Provisions’)
Any premiums or discounts are amortised










(c)


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








(a)


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










(b)


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










(c)


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










(d)


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 the issuance of ECB debt certificates






Intra-Eurosystem claims vis-à-vis NCBs, arising from the issuance of ECB debt certificates


Cost










9.2


Claims related to the allocation of euro banknotes within the Eurosystem






Claims related to the ECB's banknote issue, in accordance with Decision ECB/2010/29 of 13 December 2010 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 10.2 ‘Other liabilities within the Eurosystem (net)’












(a)


Nominal value














(b)


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












(b)


Nominal value














10


Items in course of settlement






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


Nominal value










11


Other assets






 


 










11.1


Coins of euro area






Euro coins


Nominal value










11.2


Tangible and intangible fixed assets






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


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










11.3


Other financial assets












—


Participating interests and investments in subsidiaries, 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 24(2)














(d)


Outstanding claims arising from the default of Eurosystem counterparties in the context of Eurosystem credit operations












(d)


Nominal/recoverable value (before/after settlement of losses)














(e)


Assets or claims (vis-à-vis third parties) appropriated and/or acquired in the context of the realisation of collateral submitted by Eurosystem counterparties in default












(e)


Cost (converted at the foreign exchange market rate at the time of the acquisition if financial assets are denominated in foreign currencies)














12


Loss for the year






 


Nominal value







LIABILITIES







Balance sheet item


Categorisation of contents of balance sheet items


Valuation principle










1


Banknotes in circulation






Euro banknotes issued by the ECB, in accordance with Decision ECB/2010/29


Nominal value










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 Annex I to Guideline ECB/2000/7


 










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 in accordance with the Statute of the ESCB. This item contains primarily accounts used in order to hold minimum reserves


Nominal value










2.2


Deposit facility






Overnight deposits at a pre-specified interest rate (standing facility)


Nominal value










2.3


Fixed-term deposits






Collection for liquidity absorption purposes owing to fine-tuning operations


Nominal value










2.4


Fine-tuning reverse operations






Monetary policy-related transactions with the aim of liquidity absorption


Nominal value or repo cost










2.5


Deposits related to margin calls






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


Nominal value










3


Other liabilities to euro area credit institutions denominated in euro






Repo transactions in connection with simultaneous reverse repo transactions for the management of securities portfolios under asset item 7 ‘Securities of euro area residents denominated in euro’. Other operations unrelated to Eurosystem monetary policy operations. No current accounts of credit institutions


Nominal value or repo cost










4


ECB debt certificates issued






Debt certificates as described in Annex I to Guideline ECB/2000/7. Discount paper, issued with the aim of liquidity absorption


Cost
Any discounts are amortised










5


Liabilities to other euro area residents denominated in euro






 


 










5.1


General government






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


Nominal value










5.2


Other liabilities






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


Nominal value










6


Liabilities to non-euro area residents denominated in euro






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 European Commission; current accounts of other depositors. Repo transactions in connection with simultaneous reverse repo transactions for the management of securities denominated in euro. Balances of TARGET2 accounts of central banks of Member States whose currency is not the euro


Nominal value or repo cost










7


Liabilities to euro area residents denominated in foreign currency






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


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










8


Liabilities to non-euro area residents denominated in foreign currency






 


 










8.1


Deposits, balances and other liabilities






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


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










8.2


Liabilities arising from the credit facility under ERM II






Borrowing in accordance with the ERM II conditions


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










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 year-end foreign exchange market rate










10


Intra-Eurosystem liabilities






 


 










10.1


Liabilities equivalent to the transfer of foreign reserves






ECB balance sheet item, denominated in euro


Nominal value










10.2


Other liabilities within the Eurosystem (net)






Net position of the following sub-items:


 










(a)


net liabilities arising from balances of TARGET2 accounts and correspondent accounts of NCBs, i.e. the net figure of claims and liabilities. See also asset item 9.3 ‘Other claims within the Eurosystem (net)’












(a)


Nominal value














(b)


other intra-Eurosystem liabilities denominated in euro that may arise, including the interim distribution of ECB income to NCBs












(b)


Nominal value














11


Items in course of settlement






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


Nominal value










12


Other liabilities






 


 










12.1


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










12.2


Accruals and income collected 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










12.3


Sundry












(a)


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 securities portfolios under asset item 11.3 ‘Other financial assets’. Compulsory deposits other than reserve deposits. Other minor items. Liabilities on a trust basis












(a)


Nominal value or (repo) cost














(b)


Customer gold deposits












(b)


Market value














(c)


Net pension liabilities












(c)


As per Article 24(2)














13


Provisions












(a)


For foreign exchange rate, interest rate, credit and gold price risks, and for other purposes, e.g. expected future expenses and contributions in accordance with Article 48.2 of the Statute of the ESCB with respect to central banks of Member States whose derogations have been abrogated












(a)


Cost/nominal value














(b)


For counterparty or credit risks arising from monetary policy operations












(b)


Nominal value (based on a valuation at year end by the Governing Council of the ECB)














14


Revaluation accounts












(a)


Revaluation accounts related to price movements for gold, for every type of euro-denominated securities, for every type of foreign currency-denominated securities, for options; 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










(b)


Special revaluation accounts stemming from contributions in accordance with Article 48.2 of the Statute of the ESCB with respect to central banks of Member States whose derogations have been abrogated. See Article 13(2)






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










15


Capital and reserves






 


 










15.1


Capital






Paid-up capital


Nominal value










15.2


Reserves






Legal reserves, in accordance with Article 33 of the Statute of the ESCB and contributions in accordance with Article 48.2 of the Statute of the ESCB with respect to central banks of Member States whose derogations have been abrogated


Nominal value










16


Profit for the year






 


Nominal value






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

(2)  See page 26 of this Official Journal. Decision ECB/2010/29 adopted before publication of Decision ECB/2010/21.





ANNEX II

ANNUAL BALANCE SHEET OF THE ECB











(EUR million)




Assets (2)



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

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





ANNEX III

PUBLISHED PROFIT AND LOSS ACCOUNT OF THE ECB








(EUR million)




Profit and loss account for the year ending 31 December …


Reporting year


Previous year











1.1.1.



Interest income on foreign reserve assets






 


 











1.1.2.



Interest income arising from the allocation of euro banknotes within the Eurosystem






 


 











1.1.3.



Other interest income






 


 











1.1.



Interest income






 


 











1.2.1.



Remuneration of NCBs’ claims in respect of foreign reserves transferred






 


 











1.2.2.



Other interest expense






 


 











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, interest rate, credit and gold 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.


Net income/expense from fees and commissions (2)







 


 










4.


Income from equity shares and participating interests






 


 










5.


Other income






 


 





Total net income



 


 










6.


Staff costs (3)







 


 










7.


Administrative expenses (3)







 


 










8.


Depreciation of tangible and intangible fixed assets






 


 










9.


Banknote production services (4)







 


 










10.


Other expenses






 


 





(Loss)/profit for the year



 


 






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

(2)  The breakdown between income and expenses may alternatively be provided in the explanatory notes to the annual accounts.

(3)  This includes administrative provisions.

(4)  This item is used in the case of outsourced banknote production (for the cost of the services provided by external companies in charge of the production of banknotes on behalf of the central banks). It is recommended that the costs incurred in connection with the issue of euro banknotes should be taken to the profit and loss account as they are invoiced or otherwise incurred, see also Guideline ECB/2010/20.





ANNEX IV

REPEALED DECISION AND SUCCESSIVE AMENDMENTS







Decision ECB/2006/17



OJ L 348, 11.12.2006, p. 38.




Decision ECB/2007/21



OJ L 42, 16.2.2008, p. 83.




Decision ECB/2008/22



OJ L 36, 5.2.2009, p. 22.




Decision ECB/2009/19



OJ L 202, 4.8.2009, p. 54.




Decision ECB/2009/29



OJ L 348, 29.12.2009, p. 57.









ANNEX V

CORRELATION TABLE







Decision ECB/2006/17


This Decision




—


Article 11




Article 10a


Article 12




Article 11


Article 13




Article 12


Article 14




Article 13


Article 15




Article 14


Article 16




Article 15


Article 17




Article 16


Article 18




Article 17


Article 19




Article 18


Article 20




Article 19


Article 21




Article 20


Article 22




Article 21


Article 23




Article 22


Article 24




Article 23


Article 25




Article 24


Article 26