title: Decision (EU) 2016/2247 of the European Central Bank of 3 November 2016 on the annual accounts of the European Central Bank (ECB/2016/35)

text:
               20.12.2016

               EN

               Official Journal of the European Union

               L 347/1

         DECISION (EU) 2016/2247 OF THE EUROPEAN CENTRAL BANK
   of 3 November 2016
   on the annual accounts of the European Central Bank (ECB/2016/35)
   (recast)
   THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,
   Having regard to the Treaty on the Functioning of the European Union,
   Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular Article 26.2 thereof,
   Whereas:

               (1)

               Decision ECB/2010/21 (1) has been substantially amended several times. Since further amendments are to be made, that Decision should be recast in the interests of clarity.

               (2)

               Guideline ECB/2010/20 (2) to which Decision ECB/2010/21 refers has been recast and repealed by Guideline (EU) 2016/2249 of the European Central Bank (ECB/2016/34) (3),

         HAS ADOPTED THIS DECISION:
   CHAPTER I

      GENERAL PROVISIONS

   Article 1
   Definitions
   1.   The terms defined in Article 1 of Guideline (EU) 2016/2249 (ECB/2016/34) 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 (EU) 2016/2249 (ECB/2016/34).
   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
   Qualitative characteristics
   The qualitative characteristics defined in Article 3 of Guideline (EU) 2016/2249 (ECB/2016/34) shall apply for the purposes of this Decision.
   Article 4
   Basic accounting assumptions
   The basic accounting assumptions defined in Article 4 of Guideline (EU) 2016/2249 (ECB/2016/34) shall also apply for the purposes of this Decision.
   In derogation from the first sentence of Article 4(3) of Guideline (EU) 2016/2249 (ECB/2016/34), post-balance-sheet events shall only be taken into account until the date on which the Executive Board authorises the submission of the ECB's annual accounts to the Governing Council for approval.
   Article 5
   Economic and cash/settlement approaches
   The rules set out in Article 5 of Guideline (EU) 2016/2249 (ECB/2016/34) shall apply to this Decision.
   Article 6
   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 6 of Guideline (EU) 2016/2249 (ECB/2016/34).
   CHAPTER II

      COMPOSITION AND VALUATION RULES FOR THE BALANCE SHEET

   Article 7
   Composition of the balance sheet
   The composition of the balance sheet shall be based on the structure set out in Annex I.
   Article 8
   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 9
   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 securities classified as held-to-maturity, non-marketable securities, and securities held for monetary policy purposes that are accounted for at amortised costs), 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 special drawing rights (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, while any embedded options shall not be separated for valuation purposes. Securities held for monetary policy purposes or included in the items ‘Other financial assets’ or ‘Sundry’ shall be treated as separate holdings.
   4.   Marketable securities held for monetary policy purposes shall be treated as separate holdings and shall be valued either at market price or at amortised cost (subject to impairment), depending on monetary policy considerations.
   5.   Securities classified as held-to-maturity shall be treated as separate holdings and shall be valued at amortised cost (subject to impairment). The same treatment shall apply to non-marketable securities. Securities classified as held-to-maturity may be sold before their maturity when any of the following occurs:

               (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 one month before maturity date;

               (c)

               under exceptional circumstances, such as a significant deterioration of the issuer's creditworthiness.

         Article 10
   Reverse transactions
   Reverse transactions shall be accounted for in accordance with Article 10 of Guideline (EU) 2016/2249 (ECB/2016/34).
   Article 11
   Marketable equity instruments
   Marketable equity instruments shall be accounted for in accordance with Article 11 of Guideline (EU) 2016/2249 (ECB/2016/34).
   Article 12
   Hedging of interest rate risk on securities with derivatives
   The hedging of interest rate risk shall be accounted for in accordance with Article 12 of Guideline (EU) 2016/2249 (ECB/2016/34).
   Article 13
   Synthetic instruments
   Synthetic instruments shall be accounted for in accordance with Article 13 of Guideline (EU) 2016/2249 (ECB/2016/34).
   CHAPTER III

      INCOME RECOGNITION

   Article 14
   Income recognition
   1.   Article 15(1), (2), (3), (5) and (7) of Guideline (EU) 2016/2249 (ECB/2016/34) 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 European System of Central Banks and of the European Central Bank (hereinafter 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 15(1)(c) of Guideline (EU) 2016/2249 (ECB/2016/34), 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 15
   Cost of transactions
   Article 16 of Guideline (EU) 2016/2249 (ECB/2016/34) shall apply to this Decision.
   CHAPTER IV

      ACCOUNTING RULES FOR OFF-BALANCE-SHEET INSTRUMENTS

   Article 16
   General rules
   Article 17 of Guideline (EU) 2016/2249 (ECB/2016/34) shall apply to this Decision.
   Article 17
   Foreign exchange forward transactions
   Foreign exchange forward transactions shall be accounted for in accordance with Article 18 of Guideline (EU) 2016/2249 (ECB/2016/34).
   Article 18
   Foreign exchange swaps
   Foreign exchange swaps shall be accounted for in accordance with Article 19 of Guideline (EU) 2016/2249 (ECB/2016/34).
   Article 19
   Futures contracts
   Futures contracts shall be accounted for in accordance with Article 20 of Guideline (EU) 2016/2249 (ECB/2016/34).
   Article 20
   Interest rate swaps
   Interest rate swaps shall be accounted for in accordance with Article 21 of Guideline (EU) 2016/2249 (ECB/2016/34).
   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 21
   Forward rate agreements
   Forward rate agreements shall be accounted for in accordance with Article 22 of Guideline (EU) 2016/2249 (ECB/2016/34).
   Article 22
   Forward transactions in securities
   Forward transactions in securities shall be accounted for in accordance with Method A in Article 23(1) of Guideline (EU) 2016/2249 (ECB/2016/34).
   Article 23
   Options
   Options shall be accounted for in accordance with Article 24 of Guideline (EU) 2016/2249 (ECB/2016/34).
   CHAPTER V

      ANNUAL PUBLISHED BALANCE SHEET AND PROFIT AND LOSS ACCOUNT

   Article 24
   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 25
   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 accounting principles.
   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 Financial Reporting Standards as adopted by the European Union, which are relevant to the ECB's activities and accounts.
   Article 26
   Repeal
   1.   Decision ECB/2010/21 is hereby repealed.
   2.   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 27
   Entry into force
   This Decision shall enter into force on 31 December 2016.

      Done at Frankfurt am Main, 3 November 2016.

            The President of the ECB

         Mario DRAGHI

      (1)  Decision ECB/2010/21 of 11 November 2010 on the annual accounts of the European Central Bank (OJ L 35, 9.2.2011, p. 1).

      (2)  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).

      (3)  Guideline (EU) 2016/2249 of the European Central Bank of 3 November 2016 on the legal framework for accounting and financial reporting in the European System of Central Banks (ECB/2016/34) (see page 37 of this Official Journal).

      ANNEX I

         COMPOSITION AND VALUATION RULES FOR THE BALANCE SHEET

      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, translated at the foreign exchange market rate

                              (b)

                                 Special drawing rights (SDRs)

                              Holdings of SDRs (gross)

                              (b)

                                 SDRs

                              Nominal value, translated 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, translated 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, translated 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 debt securities other than held-to-maturity

                                          Market price and foreign exchange market rate
                                          Any premiums or discounts are amortised

                                          (ii)

                                             Marketable debt securities classified as held-to-maturity

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

                                          (iii)

                                             Non-marketable debt 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, translated 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 debt securities other than held-to-maturity

                                          Market price and foreign exchange market rate
                                          Any premiums or discounts are amortised

                                          (ii)

                                             Marketable debt securities classified as held-to-maturity

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

                                          (iii)

                                             Non-marketable debt 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 debt securities other than held-to-maturity

                                          Market price
                                          Any premiums or discounts are amortised

                                          (ii)

                                             Marketable debt securities classified as held-to-maturity

                                          Cost subject to impairment
                                          Any premiums or discounts are amortised

                                          (iii)

                                             Non-marketable debt 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’ and asset item 7.1 ‘Securities held for monetary policy purposes’

                              Securities issued by supranational or international organisations, e.g. the European Investment Bank, irrespective of their geographical location, and not purchased for monetary policy purposes

                              (d)

                                          (i)

                                                Marketable debt securities other than held-to-maturity

                                          Market price
                                          Any premiums or discounts are amortised

                                          (ii)

                                                Marketable debt securities classified as held-to-maturity

                                          Cost subject to impairment
                                          Any premiums or discounts are amortised

                                          (iii)

                                             Non-marketable debt securities

                                          Cost subject to impairment
                                          Any premiums or discounts are amortised

                  4.2

                     Claims arising from the credit facility under the Exchange Rate Mechanism (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 Guideline (EU) 2015/510 of the European Central Bank (ECB/2014/60) (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 normally with a monthly frequency, with a maturity longer than that of the main refinancing operations

                  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 held for monetary policy purposes (including securities purchased for monetary policy purposes issued by supranational or international organisations, or multilateral development banks, irrespective of their geographical location). European Central Bank (ECB) debt certificates purchased for fine-tuning purposes

                              (a)

                                 Marketable debt securities

                              Accounted for depending on monetary policy considerations:

                                          (i)

                                          Market price
                                          Any premiums or discounts are amortised

                                          (ii)

                                          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

                              (b)

                                 Non-marketable debt 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 Economic and Monetary Union (EMU), denominated in euro. Equity instruments

                              (a)

                                 Marketable debt securities other than held-to-maturity

                              Market price
                              Any premiums or discounts are amortised

                              (b)

                                 Marketable debt securities classified as held-to-maturity

                              Cost subject to impairment
                              Any premiums or discounts are amortised

                              (c)

                                 Non-marketable debt 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 national central banks (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 (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 debt securities other than held to maturity

                              Market price
                              Premiums/discounts are amortised

                              (e)

                                 Marketable debt 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 debt 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 (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

                  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 25(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 Guideline (EU) 2015/510 (ECB/2014/60)

                  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 Guideline (EU) 2015/510 (ECB/2014/60). 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, translated 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, translated 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, translated 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, translated 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 (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

                  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 25(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)

                  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
                              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 14(2)

                              (a)

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

                              (b)

                              Remeasurement results of the net defined benefit liability (asset) in respect of post-employment benefits, which are the net position of the following sub-items:

                                          (i)

                                          Actuarial gains and losses in the present value of the defined benefit obligation

                                          (ii)

                                          Return on plan assets, excluding amounts included in net interest on the net defined benefit liability (asset)

                                          (iii)

                                          Any change in the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability (asset)

                              (b)

                              As per Article 25(2)

                  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)  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).

         (2)  Decision ECB/2010/29 of 13 December 2010 on the issue of euro banknotes (OJ L 35, 9.2.2011, p. 26).

      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 on behalf of the central banks). It is recommended that the costs incurred in connection with the issue of euro banknotes are taken to the profit and loss account as they are invoiced or otherwise incurred, see also Guideline (EU) 2016/2249 (ECB/2016/34).

      ANNEX IV

         REPEALED DECISION WITH ITS LIST OF THE SUCCESSIVE AMENDMENTS

                  Decision ECB/2010/21

                     OJ L 35, 9.2.2011, p. 1.

                  Decision ECB/2012/30

                     OJ L 356, 22.12.2012, p. 93.

                  Decision ECB/2013/52

                     OJ L 33, 4.2.2014, p. 7.

                  Decision ECB/2014/55

                     OJ L 68, 13.3.2015, p. 53.

                  Decision ECB/2015/26

                     OJ L 193, 21.7.2015, p. 134.

      ANNEX V

         CORRELATION TABLE

                  Decision ECB/2010/21

                  This Decision

                  Article 3

                  Article 4

                  Article 6

                  Article 7

                  Article 7

                  Article 8

                  Article 8

                  Article 9

                  Article 9

                  Article 10

                  Article 10

                  Article 11

                  Article 11

                  Article 12

                  Article 12

                  Article 13

                  Article 13

                  Article 14

                  Article 14

                  Article 15

                  Article 15

                  Article 16

                  Article 16

                  Article 17

                  Article 17

                  Article 18

                  Article 18

                  Article 19

                  Article 19

                  Article 20

                  Article 20

                  Article 21

                  Article 21

                  Article 22

                  Article 22

                  Article 23

                  Article 23

                  Article 24

                  Article 24

                  Article 25

                  Article 25

                  Article 26

                  Article 26

                  Article 27


Avis juridique important

|

31976D0753

76/753/Euratom: Commission Decision of 17 September 1976 concluding the framework Agreement for commercial and economic cooperation between the European Communities and Canada

Official Journal L 260 , 24/09/1976 P. 0022 - 0026 Finnish special edition: Chapter 11 Volume 3 P. 0033  Swedish special edition: Chapter 11 Volume 3 P. 0033

COMMISSION DECISION of 17 September 1976 concluding the Framework Agreement for commercial and economic cooperation between the European Communities and Canada (76/753/Euratom)  THE COMMISSION OF THE EUROPEAN COMMUNITIES,  Having regard to the Treaty establishing the European Atomic Energy Community, and in particular the second paragraph of Article 101 thereof,  Having regard to the approval of the Council,  Whereas the Framework Agreement for commercial and economic cooperation between the European Communities and Canada, signed in Ottawa on 6 July 1976, should be concluded on behalf of the European Atomic Energy Community,  HAS DECIDED AS FOLLOWS:    Article 1 The Framework Agreement for commercial and economic cooperation between the European Communities and Canada is hereby concluded and approved on behalf of the European Atomic Energy Community.  The text of the Agreement is annexed to this Decision.   Article 2 The President of the Commission shall give, as regards the Community, the notification provided for in Article 8 of the Agreement (1).   Article 3 This Decision shall enter into force on the day following its publication in the Official Journal of the European Communities.     Done at Brussels, 17 September 1976.  For the Commission  Christopher SOAMES  Vice-President   (1) The date of entry into force of the Agreement, as regards the European Atomic Energy Community, will be published in the Official Journal of the European Communities.


title: 72/377/EEC: Council Decision of 30 October 1972 aligning the dates of renewal of the terms of office of the members of the Monetary Committee, the Medium-term Economic Policy Committee, and of the office of the Budgetary Policy Committee

text:
44                              Official Journal of the European Communities
No L 257/20                  Official Journal of the European Communities                         15.11.72
                                          COUNCIL DECISION
                                            of 30 October 1972
            aligning the dates of renewal of the terms of office of the members of the
            Monetary Committee, the Medium-term Economic Policy Committee, and of
                              the office of the Budgetary Policy Committee
                                             ' (72/377/EEQ
THE    COUNCIL    OF  THE   EUROPEAN      COMMU         Committee appointed during 1972 and 1973
NITIES ,
                                                        shall expire on 31 December 1973 .
Having regard to the Treaty establishing the
European Economic Community, and in parti                                   Article 2
cular Articles 105 , 145 and 153 thereof;
Having regard to the opinion and the recom             By derogation from Article 4 (2) of the Council
mendation from the Commission ;                         Decision of 15 April 1964 setting up a Medium
Whereas the duration of the term of office of           term Economic Policy Committee, the terms of
                                                        office of the members of this Committee ap
the Chairmen and the Deputy Chairmen of the             pointed during 1973 shall expire on 31 Decem
Monetary Committee, the Medium-term Eco                ber 1973 .
nomic Policy Committee and the Budgetary
Policy Committee is for two years;
Whereas at present the terms of office expire on                             Article 3
different dates; whereas these dates should be
aligned to enable the offices of the committees         By derogation from Article 4 of the Council
concerned to be reappointed at the same time;           Decision of 8 May 1964 on cooperation between
                                                        the competent government departments of the
                                                         Member States in the field of budgetary policy,
                                                        the terms of office of the Chairman and Deputy
HAS DECIDED AS FOLLOWS :                                 Chairmen of the Budgetary Policy Committee
                                                         elected during 1972 or 1973 shall expire on
                                                        31 December 1973 .
                     Article 1
                                                        Done at Brussels, 6 November 1972.
By derogation from Article 5 (3) of the Council                                     For the Council
Decision of 18 March 1958 on the Rules
                                                                                The President
governing the Monetary Committee, the terms
of office of the members of the abovementioned                                     R. G. H. KRUISINGA


title: 2010/755/CFSP: Council Decision 2010/755/CFSP of 6 December 2010 amending Decision 2009/906/CFSP on the European Union Police Mission (EUPM) in Bosnia and Herzegovina (BiH)

text:
               7.12.2010

               EN

               Official Journal of the European Union

               L 320/10

         COUNCIL DECISION 2010/755/CFSP
   of 6 December 2010
   amending Decision 2009/906/CFSP on the European Union Police Mission (EUPM) in Bosnia and Herzegovina (BiH)
   THE COUNCIL OF THE EUROPEAN UNION,
   Having regard to the Treaty on European Union, and in particular Article 28 and Article 43(2) thereof,
   Whereas:

               (1)

               On 8 December 2009, the Council adopted Decision 2009/906/CFSP (1) on the European Union Police Mission (EUPM) in Bosnia and Herzegovina (BiH). That Decision expires on 31 December 2011.

               (2)

               EUPM is being conducted in the context of a situation which may deteriorate and could harm the objectives of the common foreign and security policy as set out in Article 21 of the Treaty.

               (3)

               Following the entry into force of the Lisbon Treaty the Political and Security Committee (PSC) is to exercise political control and strategic direction of the European Union Police Missions under the responsibility of the Council and the High Representative of the Union for Foreign Affairs and Security Policy (HR).

               (4)

               Decision 2009/906/CFSP should be amended to provide for a financial reference amount covering the expenditure of EUPM for the period from 1 January to 31 December 2011,

         HAS ADOPTED THIS DECISION:
   Article 1
   Decision 2009/906/CFSP is hereby amended as follows:

               (1)

               Article 9(2) is replaced by the following:
               ‘2.   Under the responsibility of the Council and the HR, the PSC shall exercise political control and strategic direction of EUPM.’;

               (2)

               in Article 10(1) the first sentence is replaced by the following:
               ‘1.   The PSC shall exercise, under the responsibility of the Council and the HR, political control and strategic direction of EUPM.’;

               (3)

               the following subparagraph is added to Article 12(1):
               ‘The financial reference amount intended to cover the expenditure of EUPM for the period from 1 January to 31 December 2011 shall be EUR 17 600 000.’.

         Article 2
   This Decision shall enter into force on the date of its adoption.

      Done at Brussels, 6 December 2010.

            For the Council

            The President

         J. MILQUET

      (1)  OJ L 322, 9.12.2009, p. 22.


title: Council Decision (EU) 2017/234 of 7 February 2017 on the conclusion, on behalf of the Union, of the Agreement between the European Union and the Federated States of Micronesia on the short-stay visa waiver

text:
               11.2.2017

               EN

               Official Journal of the European Union

               L 36/5

         COUNCIL DECISION (EU) 2017/234
   of 7 February 2017
   on the conclusion, on behalf of the Union, of the Agreement between the European Union and the Federated States of Micronesia on the short-stay visa waiver
   THE COUNCIL OF THE EUROPEAN UNION,
   Having regard to the Treaty on the Functioning of the European Union, and in particular point (a) of Article 77(2), in conjunction with point (a)(v) of the second subparagraph of Article 218(6) thereof,
   Having regard to the proposal from the European Commission,
   Having regard to the consent of the European Parliament (1),
   Whereas:

               (1)

               The Commission has negotiated on behalf of the Union an agreement with the Federated States of Micronesia on the short-stay visa waiver (the ‘Agreement’).

               (2)

               In accordance with Council Decision (EU) 2016/1879 (2), the Agreement has been signed and is applied on a provisional basis as from 20 September 2016.

               (3)

               The Agreement sets up a Joint Committee of experts for the management of the Agreement. The Union is to be represented within that Joint Committee by the Commission, which should be assisted by the representatives of the Member States.

               (4)

               This Decision constitutes a development of the provisions of the Schengen acquis in which the United Kingdom does not take part, in accordance with Council Decision 2000/365/EC (3); the United Kingdom is therefore not taking part in the adoption of this Decision and is not bound by it or subject to its application.

               (5)

               This Decision constitutes a development of the provisions of the Schengen acquis in which Ireland does not take part, in accordance with Council Decision 2002/192/EC (4); Ireland is therefore not taking part in the adoption of this Decision and is not bound by it or subject to its application.

               (6)

               The Agreement should be approved,

         HAS ADOPTED THIS DECISION:
   Article 1
   The Agreement between the European Union and the Federated States of Micronesia on the short-stay visa waiver is hereby approved on behalf of the Union.
   Article 2
   The President of the Council shall, on behalf of the Union, give the notification provided for in Article 8(1) of the Agreement (5).
   Article 3
   The Commission, assisted by the representatives of the Member States, shall represent the Union within the Joint Committee of experts set up pursuant to Article 6 of the Agreement.
   Article 4
   This Decision shall enter into force on the date of its adoption.

      Done at Brussels, 7 February 2017.

            For the Council

            The President

         L. GRECH

      (1)  Consent given on 1 December 2016.

      (2)  Council Decision (EU) 2016/1879 of 24 June 2016 on the signing, on behalf of the Union, and provisional application of the Agreement between the European Union and the Federated States of Micronesia on the short-stay visa waiver (OJ L 289, 25.10.2016, p. 2).

      (3)  Council Decision 2000/365/EC of 29 May 2000 concerning the request of the United Kingdom of Great Britain and Northern Ireland to take part in some of the provisions of the Schengen acquis (OJ L 131, 1.6.2000, p. 43).

      (4)  Council Decision 2002/192/EC of 28 February 2002 concerning Ireland's request to take part in some of the provisions of the Schengen acquis (OJ L 64, 7.3.2002, p. 20).

      (5)  The date of entry into force of the Agreement will be published in the Official Journal of the European Union by the General Secretariat of the Council.