CELEX: 11992M/PRO/SEBC/32
Language: en
Date: 1992-02-07 00:00:00
Title: Treaty on European Union - Protocol on the statute of the european system of central banks and of the European Central Bank - Chapter VI: Financial provisions of the ESCB - Article 32: Allocation of monetary income of national central banks

Avis juridique important

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11992M/PRO/SEBC/32

Treaty on European Union - Protocol on the statute of the european system of central banks and of the European Central Bank - Chapter VI: Financial provisions of the ESCB - Article 32: Allocation of monetary income of national central banks  

Official Journal C 191 , 29/07/1992 P. 0075

 Article 32  Allocation of monetary income of national central banks 32.1. The income accruing to the national central banks in the performance of the ESCB's monetary policy function (hereinafter referred to as 'monetary income') shall be allocated at the end of each financial year in accordance with the provisions of this Article.  32.2. Subject to Article 32.3, the amount of each national central bank's monetary income shall be equal to its annual income derived from its assets held against notes in circulation and deposit liabilities to credit institutions. These assets shall be earmarked by national central banks in accordance with guidelines to be established by the Governing Council.  32.3. If, after the start of the third stage, the balance sheet structures of the national central banks do not, in the judgment of the Governing Council, permit the application of Article 32.2, the Governing Council, acting by a qualified majority, may decide that, by way of derogation from Article 32.2, monetary income shall be measured according to an alternative method for a period of not more than five years.  32.4. The amount of each national central bank's monetary income shall be reduced by an amount equivalent to any interest paid by that central bank on its deposit liabilities to credit institutions in accordance with Article 19.  The Governing Council may decide that national central banks shall be indemnified against costs incurred in connection with the issue of bank notes or in exceptional circumstances for specific losses arising from monetary policy operations undertaken for the ESCB. Indemnification shall be in a form deemed appropriate in the judgment of the Governing Council; these amounts may be offset against the national central banks' monetary income.  32.5. The sum of the national central banks' monetary income shall be allocated to the national central banks in  proportion to their paid-up shares in the capital of the ECB, subject to any decision taken by the Governing Council pursuant to Article 33.2.  32.6. The clearing and settlement of the balances arising from the allocation of monetary income shall be carried out by the ECB in accordance with guidelines established by the Governing Council.  32.7. The Governing Council shall take all other measures necessary for the application of this Article.