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Document 32015O0024
Guideline (EU) 2015/1197 of the European Central Bank of 2 July 2015 amending Guideline ECB/2010/20 on the legal framework for accounting and financial reporting in the European System of Central Banks (ECB/2015/24)
Guideline (EU) 2015/1197 of the European Central Bank of 2 July 2015 amending Guideline ECB/2010/20 on the legal framework for accounting and financial reporting in the European System of Central Banks (ECB/2015/24)
Guideline (EU) 2015/1197 of the European Central Bank of 2 July 2015 amending Guideline ECB/2010/20 on the legal framework for accounting and financial reporting in the European System of Central Banks (ECB/2015/24)
OJ L 193, 21.7.2015, p. 147–165
(BG, ES, CS, DA, DE, ET, EL, EN, FR, HR, IT, LV, LT, HU, MT, NL, PL, PT, RO, SK, SL, FI, SV)
No longer in force, Date of end of validity: 30/12/2016; Repealed by 32016O0034
21.7.2015 |
EN |
Official Journal of the European Union |
L 193/147 |
GUIDELINE (EU) 2015/1197 OF THE EUROPEAN CENTRAL BANK
of 2 July 2015
amending Guideline ECB/2010/20 on the legal framework for accounting and financial reporting in the European System of Central Banks (ECB/2015/24)
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 Articles 12.1, 14.3 and 26.4 thereof,
Having regard to the contribution of the General Council of the European Central Bank pursuant to the second and third indents of Article 46.2 of the Statute of the European System of Central Banks and of the European Central Bank,
Whereas:
(1) |
Guideline ECB/2010/20 (1) lays down the rules for standardising the accounting and financial reporting of operations undertaken by the national central banks. |
(2) |
There is a need to clarify the financial reporting of securities issued by supranational or international organisations purchased as part of the secondary markets public sector asset purchase programme established by Decision (EU) 2015/774 of the European Central Bank (ECB/2015/10) (2) with a view to ensure the reporting of these holdings under asset item 7.1. |
(3) |
Some further technical changes to Annex IV to Guideline ECB/2010/20 are also required. |
(4) |
Therefore, Guideline ECB/2010/20 should be amended accordingly, |
HAS ADOPTED THIS GUIDELINE:
Article 1
Amendment
Annex IV to Guideline ECB/2010/20 is replaced by the Annex to this Guideline.
Article 2
Taking effect
This Guideline shall take effect on the day of its notification to the national central banks of the Member States whose currency is the euro.
Article 3
Addressees
This Guideline is addressed to all Eurosystem central banks.
Done at Frankfurt am Main, 2 July 2015.
For the Governing Council of the ECB
The President of the ECB
Mario DRAGHI
(1) Guideline ECB/2010/20 of 11 November 2010 on the legal framework for accounting and financial reporting in the European System of Central Banks (OJ L 35, 9.2.2011, p. 31).
(2) Decision (EU) 2015/774 of the European Central Bank of 4 March 2015 on a secondary markets public sector asset purchase programme (ECB/2015/10) (OJ L 121, 14.5.2015, p. 20).
ANNEX
‘ANNEX IV
COMPOSITION AND VALUATION RULES FOR THE BALANCE SHEET (2)
ASSETS
Balance sheet item (3) |
Categorisation of contents of balance sheet items |
Valuation principle |
Scope of application (4) |
||||||||||
1 |
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 |
Mandatory |
||||||||
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 International Monetary Fund (IMF) |
|
|
Mandatory |
||||||||
|
|
Mandatory |
|||||||||||
|
|
Mandatory |
|||||||||||
2.2 |
2.2 |
Balances with banks and security investments, external loans and other external assets |
|
|
Mandatory |
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|
|
Mandatory |
|||||||||||
|
Mandatory |
||||||||||||
|
Mandatory |
||||||||||||
|
Mandatory |
||||||||||||
|
|
Mandatory |
|||||||||||
|
|
Mandatory |
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3 |
3 |
Claims on euro area residents denominated in foreign currency |
|
|
Mandatory |
||||||||
|
Mandatory |
||||||||||||
|
Mandatory |
||||||||||||
|
Mandatory |
||||||||||||
|
|
Mandatory |
|||||||||||
4 |
4 |
Claims on non-euro area residents denominated in euro |
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|
|
||||||||
4.1 |
4.1 |
Balances with banks, security investments and loans |
|
|
Mandatory |
||||||||
|
|
Mandatory |
|||||||||||
|
Mandatory |
||||||||||||
|
Mandatory |
||||||||||||
|
Mandatory |
||||||||||||
|
|
Mandatory |
|||||||||||
|
|
Mandatory |
|||||||||||
|
Mandatory |
||||||||||||
|
Mandatory |
||||||||||||
4.2 |
4.2 |
Claims arising from the credit facility under ERM II |
Lending according to the ERM II conditions |
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 Guideline (EU) 2015/510 of the European Central Bank (ECB/2014/60) (5) |
|
|
||||||||
5.1 |
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 |
Mandatory |
||||||||
5.2 |
5.2 |
Longer-term refinancing operations |
Regular liquidity-providing reverse transactions with a monthly frequency and normally a maturity of three months |
Nominal value or repo cost |
Mandatory |
||||||||
5.3 |
5.3 |
Fine-tuning reverse operations |
Reverse transactions, executed as ad hoc transactions for fine-tuning purposes |
Nominal value or repo cost |
Mandatory |
||||||||
5.4 |
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 |
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 |
||||||||
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 |
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6 |
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 including Emergency Liquidity Assistance. Any claims stemming from monetary policy operations initiated by an NCB prior to joining the Eurosystem |
Nominal value or cost |
Mandatory |
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7 |
7 |
Securities of euro area residents denominated in euro |
|
|
|
||||||||
7.1 |
7.1 |
Securities held for monetary policy purposes |
Securities held for monetary policy purposes (including securities purchased for monetary policy purposes that are issued by supranational or international organisations, or multilateral development banks, irrespective of their geographical location). ECB debt certificates purchased for fine-tuning purposes |
|
Mandatory |
||||||||
|
Mandatory |
||||||||||||
7.2 |
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 |
|
Mandatory |
||||||||
|
Mandatory |
||||||||||||
|
Mandatory |
||||||||||||
|
Mandatory |
||||||||||||
8 |
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 |
Mandatory |
||||||||
— |
9 |
Intra-Eurosystem claims+) |
|
|
|
||||||||
— |
9.1 |
Participating interest in ECB+) |
Only an NCB balance sheet item The ECB capital share of each NCB in accordance with the Treaty and the respective capital key and contributions in accordance with Article 48.2 of the Statute of the ESCB |
Cost |
Mandatory |
||||||||
— |
9.2 |
Claims equivalent 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 Article 30 of the Statute of the ESCB |
Nominal value |
Mandatory |
||||||||
— |
9.3 |
Claims related to the issuance of ECB debt certificates+) |
Only an ECB balance sheet item Intra-Eurosystem claims vis-à-vis NCBs, arising from the issuance of ECB debt certificates |
Cost |
Mandatory |
||||||||
— |
9.4 |
Net claims related to the allocation of euro banknotes within the Eurosystem+) (1) |
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/2010/23 (6) For the ECB: claims related to the ECB's banknote issue, in accordance with Decision ECB/2010/29 |
Nominal value |
Mandatory |
||||||||
— |
9.5 |
Other claims within the Eurosystem (net)+) |
Net position of the following sub-items: |
|
|
||||||||
|
|
Mandatory |
|||||||||||
|
|
Mandatory |
|||||||||||
|
|
Mandatory |
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9 |
10 |
Items in the course of settlement |
Settlement account balances (claims), including the float of cheques in collection |
Nominal value |
Mandatory |
||||||||
9 |
11 |
Other assets |
|
|
|
||||||||
9 |
11.1 |
Coins of euro area |
Euro coins if an NCB is not the legal issuer |
Nominal value |
Mandatory |
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9 |
11.2 |
Tangible and intangible fixed assets |
Land and buildings, furniture and equipment including computer equipment, software |
Cost less depreciation |
Recommended |
||||||||
|
Depreciation rates:
Capitalisation of expenditure: limit-based (below EUR 10 000 excluding VAT: no capitalisation) |
|
|||||||||||
9 |
11.3 |
Other financial assets |
|
|
Recommended |
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|
Recommended |
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|
Recommended |
||||||||||||
|
Recommended |
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|
Recommended |
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|
Recommended |
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|
Recommended |
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9 |
11.4 |
Off-balance-sheet instruments revaluation differences |
Valuation results of foreign exchange forwards, foreign exchange swaps, interest rate swaps (unless daily variation margin applies), 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 |
Mandatory |
||||||||
9 |
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 |
Mandatory |
||||||||
9 |
11.6 |
Sundry |
Advances, loans and 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 “Revaluation accounts”). Loans on a trust basis. Investments related to customer gold deposits. Coins denominated in national euro area currency units. Current expense (net accumulated loss), loss of the previous year before coverage. Net pension assets |
Nominal value or cost |
Recommended |
||||||||
Revaluation suspense accounts Revaluation difference between average cost and market value, foreign exchange translated at market rate |
Mandatory |
||||||||||||
Investments related to customer gold deposits Market value |
Mandatory |
||||||||||||
Outstanding claims arising from the default of Eurosystem counterparties in the context of Eurosystem credit operations |
Outstanding claims (from defaults) Nominal/recoverable value (before/after settlement of losses) |
Mandatory |
|||||||||||
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 |
Assets or claims (from defaults) Cost (converted at the foreign exchange market rate at the time of the acquisition if financial assets are denominated in foreign currencies) |
Mandatory |
|||||||||||
— |
12 |
Loss for the year |
|
Nominal value |
Mandatory |
LIABILITIES
Balance sheet item (8) |
Categorisation of contents of balance sheet items |
Valuation principle |
Scope of application (9) |
||||||
1 |
1 |
Banknotes in circulation (7) |
|
|
Mandatory |
||||
|
|
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 Guideline (EU) 2015/510 (ECB/2014/60) |
|
|
||||
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 in accordance with the Statute of the ESCB. 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 |
||||
2.5 |
2.5 |
Deposits related to margin calls |
Deposits of credit institutions, arising from value decreases of underlying assets regarding credits to these credit institutions |
Nominal value |
Mandatory |
||||
3 |
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. Any liabilities/deposits stemming from monetary policy operations initiated by a central bank prior to joining the Eurosystem |
Nominal value or repo cost |
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 Guideline (EU) 2015/510 (ECB/2014/60). Discount paper, issued with the aim of liquidity absorption |
Cost Any discounts are amortised |
Mandatory |
||||
5 |
5 |
Liabilities to other euro area residents denominated in euro |
|
|
|
||||
5.1 |
5.1 |
General government |
Current accounts, fixed-term deposits, deposits repayable on demand |
Nominal value |
Mandatory |
||||
5.2 |
5.2 |
Other liabilities |
Current accounts of staff, companies and clients including financial institutions listed as exempt from the obligation to hold minimum reserves (see liability item 2.1 “Current accounts”); fixed-term deposits, deposits repayable on demand |
Nominal value |
Mandatory |
||||
6 |
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 |
Mandatory |
||||
7 |
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 the foreign exchange market rate |
Mandatory |
||||
8 |
8 |
Liabilities to non-euro area residents denominated in foreign currency |
|
|
|
||||
8.1 |
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 foreign exchange market rate |
Mandatory |
||||
8.2 |
8.2 |
Liabilities arising from the credit facility under ERM II |
Borrowing in accordance with the ERM II conditions |
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 |
||||
— |
10 |
Intra-Eurosystem liabilities+) |
|
|
|
||||
— |
10.1 |
Liabilities equivalent to the transfer of foreign reserves+) |
Only an ECB balance sheet item denominated in euro |
Nominal value |
Mandatory |
||||
— |
10.2 |
Liabilities related to the issuance of ECB debt certificates+) |
Only an NCB balance sheet item Intra-Eurosystem liability vis-à-vis the ECB, arising from the issuance of ECB debt certificates |
Cost |
Mandatory |
||||
— |
10.3 |
Net liabilities related to allocation of euro banknotes within the Eurosystem+) (7) |
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/2010/23 |
Nominal value |
Mandatory |
||||
— |
10.4 |
Other liabilities within the Eurosystem (net)+) |
Net position of the following sub-items: |
|
|
||||
|
|
Mandatory |
|||||||
|
|
Mandatory |
|||||||
|
|
Mandatory |
|||||||
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 instruments revaluation differences |
Valuation results of foreign exchange forwards, foreign exchange swaps, interest rate swaps (unless daily variation margin applies), 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 |
Mandatory |
||||
10 |
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 |
Mandatory |
||||
10 |
12.3 |
Sundry |
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. 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 after the cash changeover year, if not shown under liability item “Provisions”. Net pension liabilities |
Nominal value or (repo) cost |
Recommended |
||||
Customer gold deposits Market value |
Customer gold deposits: mandatory |
||||||||
10 |
13 |
Provisions |
|
|
Recommended |
||||
|
|
Mandatory |
|||||||
11 |
14 |
Revaluation accounts |
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 The contributions from NCBs in accordance with Article 48.2 of the Statute of the ESCB to the ECB are consolidated with the respective amounts disclosed under asset item 9.1 “Participating interest in the ECB”+) |
Revaluation difference between average cost and market value, foreign exchange translated at market rate |
Mandatory |
||||
12 |
15 |
Capital and reserves |
|
|
|
||||
12 |
15.1 |
Capital |
Paid-up capital — the ECB's capital is consolidated with the capital shares of the NCBs |
Nominal value |
Mandatory |
||||
12 |
15.2 |
Reserves |
Legal reserves and other reserves. Retained earnings The contributions from NCBs to the ECB in accordance with Article 48.2 of the Statute of the ESCB are consolidated with the respective amounts disclosed under asset item 9.1 “Participating interest in the ECB”+) |
Nominal value |
Mandatory |
||||
10 |
16 |
Profit for the year |
|
Nominal value |
Mandatory |
(1) Items to be harmonised. See recital 5 of this Guideline.
(2) Disclosure 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 should be harmonised in NCBs published annual financial statements. The items to be harmonised are indicated with an asterisk in Annexes IV, VIII and IX.
(3) The numbering in the first column relates to the balance sheet formats given in Annexes V, VI and VII (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 VIII (annual balance sheet of a central bank). The items marked with a “+)” are consolidated in the Eurosystem's weekly financial statements.
(4) The composition and valuation rules listed in this Annex are considered mandatory for the ECB's accounts and for all material assets and liabilities in NCBs' accounts for Eurosystem purposes, i.e. material to the Eurosystem's operation.
(5) Guideline (EU) 2015/510 of the European Central Bank of 19 December 2014 on the implementation of the Eurosystem monetary policy framework (ECB/2014/60) (OJ L 91, 2.4.2015, p. 3).
(6) Decision ECB/2010/23 of 25 November 2010 on the allocation of monetary income of the national central banks of Member States whose currency is the euro (OJ L 35, 9.2.2011, p. 17).
(7) Items to be harmonised. See recital 5 of this Guideline.
(8) The numbering in the first column relates to the balance sheet formats given in Annexes V, VI and VII (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 VIII (annual balance sheet of a central bank). The items marked with a “+)” are consolidated in the Eurosystem's weekly financial statements.
(9) The composition and valuation rules listed in this Annex are considered mandatory for the ECB's accounts and for all material assets and liabilities in NCBs' accounts for Eurosystem purposes, i.e. material to the Eurosystem's operation.’