decis european central bank decemb alloc monetari incom nation central bank particip member state financi year ecb ec govern council european central bank regard statut european system central bank european central bank hereinaft refer quot statut quot articl thereof articl statut monetari incom incom accru nation central bank ncb perform monetari polici function provis articl statut amount ncb monetari incom equal annual incom deriv asset held note circul deposit liabil credit institut asset earmark ncb accord guidelin govern council financi year ncb earmark asset ensu perform monetari polici function asset held note circul deposit liabil credit institut articl statut amount ncb monetari incom reduc amount equival interest paid ncb deposit liabil credit institut accord articl statut pursuant articl statut sum monetari incom ncb alloc proport paid share capit european central bank ecb articl articl statut govern council ecb empow establish guidelin clear settlement ecb balanc aris alloc monetari incom measur applic articl statut pursuant articl council regul ec introduct euro januari ecb ncb hereinaft refer quot eurosystem quot put circul banknot denomin euro articl regul continu legal tender statu banknot denomin nation currenc unit maximum period month end transit period year regard special year banknot circul denomin nation currenc unit account consider proport total eurosystem banknot circul pattern member state situat compar situat financi year monetari incom calcul method analog provid decis ecb novemb amend decis decemb alloc monetari incom nation central bank particip member state loss ecb financi year order ensur pattern banknot circul significantli affect rel incom posit ncb articl statut govern council decid derog articl monetari incom measur altern method articl guidelin ecb januari adopt provis cash changeov euro banknot frontload credit institut appoint agent debit respect account ncb case face quot linear debit model quot frontload sum januari januari januari calcul monetari incom year account quot linear debit model quot decis relat decis ecb decemb issu euro banknot ecb ncb issu euro banknot decis ecb establish alloc euro banknot circul ncb proport paid share capit ecb decis alloc ecb total euro banknot circul alloc euro banknot eurosystem member rise intra eurosystem balanc remuner intra eurosystem balanc euro banknot circul direct effect incom eurosystem member regul decis incom accru ecb remuner intra eurosystem claim ncb relat share euro banknot circul principl distribut ncb accord decis govern council proport share subscrib capit kei financi year accru net balanc intra eurosystem claim liabil euro banknot circul remuner appli object criterion defin cost monei context main refinanc oper rate eurosystem tender main refinanc oper regard net intra eurosystem liabil euro banknot circul includ liabil base purpos calcul ncb monetari incom articl statut equival banknot circul settlement interest intra eurosystem balanc euro banknot circul result distribut substanti amount eurosystem monetari incom ncb proport paid share capit ecb intra eurosystem balanc adjust gradual adapt ncb balanc sheet profit loss account adjust base banknot circul ncb period prior introduct euro banknot adjust account special circumst year member state changeov scenario credit institut increas level normal cash hold appli yearli basi accord fix formula year adjust intra eurosystem balanc euro banknot circul calcul order compens signific ncb incom posit consequ introduct euro banknot subsequ alloc monetari incom govern council decid recours derog articl statut allow articl statut adjust intra eurosystem balanc euro banknot circul account special situat grand duchi luxembourg aris recent monetari histori govern council ecb adopt decis expect econom result financi equilibrium econom result entail remain unchang period applic articl decis firm commit govern council ecb ensur mainten regim provid decis decemb decid articl definit purpos decis quot particip member state quot member state adopt singl currenc accord treati establish european commun quot ncb quot nation central bank particip member state quot liabil base quot amount qualifi liabil balanc sheet ncb accord annex decis quot earmark asset quot amount asset held liabil base balanc sheet ncb accord annex ii decis quot intra eurosystem balanc euro banknot circul quot claim liabil aris ncb ecb ncb ncb result applic articl decis ecb decemb issu euro banknot quot subscrib capit kei quot percentag result appli ncb weight kei refer articl statut laid decis ecb decemb nation central bank percentag share kei capit european central bank quot credit institut quot credit institut subject minimum reserv requir regul ecb applic minimum reserv amend regul ecb quot hb quot harmonis balanc sheet structur annex ix guidelin ecb legal framework account report european system central bank amend decemb decemb quot refer rate quot latest margin interest rate eurosystem tender main refinanc oper paragraph annex guidelin ecb august monetari polici instrument procedur eurosystem main refinanc oper conduct settlement dai simpl averag margin rate oper conduct parallel articl intra eurosystem balanc euro banknot circul intra eurosystem balanc euro banknot circul calcul monthli basi record book ecb ncb busi dai month date busi dai preced month calcul intra eurosystem balanc euro banknot circul previou paragraph made frontload euro banknot januari date januari intra eurosystem balanc euro banknot circul includ result applic articl decis remuner refer rate remuner refer previou paragraph settl target payment quarterli basi derog previou paragraph financi year remuner refer paragraph settl end year articl method measur monetari incom amount ncb monetari incom determin accord formula gt refer graphic gt mi amount ncb monetari incom pool lb liabil base ncb rr refer rate amount ncb monetari incom determin measur actual incom deriv earmark asset record book except thereof gold consid gener incom ncb earmark asset exce fall short liabil base differ offset appli differ averag rate return earmark asset ncb averag rate return calcul manner total incom accru ncb earmark asset exclud incom aris net intra eurosystem claim result target transact annex ii net intra eurosystem claim euro banknot circul includ result applic articl annex ii divid averag amount total earmark asset eurosystem averag rate return appli dai basi articl adjust intra eurosystem balanc purpos monetari incom calcul ncb intra eurosystem balanc euro banknot circul adjust compensatori amount determin accord formula gt refer graphic gt ca compensatori amount amount ncb result applic subscrib capit kei averag banknot circul period juli june averag ncb banknot circul period juli june coeffici financi year gt tabl gt sum compensatori amount ncb compensatori amount account entri balanc compensatori amount record separ intra eurosystem account book ncb date januari busi dai year account entri balanc compensatori amount remuner event euro banknot banqu central du luxembourg put circul exce averag banknot circul period juli june letter quot quot formula paragraph banqu central du luxembourg banknot put circul banqu central du luxembourg maximum limit eur billion applic derog compensatori amount calcul basi articl subject retroact adjust end order ensur complianc paragraph retroact adjust proport subscrib capit kei derog paragraph occurr specif conting rel pattern banknot circul annex iii decis ncb intra eurosystem balanc euro banknot circul adjust accord provis set annex adjust intra eurosystem balanc provid articl ceas appli januari articl calcul alloc monetari incom calcul ncb monetari incom effect ecb daili basi calcul base account data report ncb ecb ecb inform ncb cumul amount quarterli basi amount ncb monetari incom reduc amount equival interest accru paid liabil includ liabil base accord decis govern council ecb paragraph articl statut alloc sum ncb monetari incom proport subscrib capit kei place end financi year articl final provis decis enter forc januari decis publish offici journal european commun frankfurt main decemb behalf govern council ecb willem duisenberg oj oj oj page offici journal oj oj oj oj oj annex composit liabil base liabil base includ exclus item banknot circul financi year purpos annex ncb quot banknot circul quot includ banknot issu denomin nation currenc unit ii reduc remuner loan relat frontload euro banknot debit part asset item harmonis balanc sheet hb financi year purpos annex ncb quot banknot circul quot includ banknot denomin euro exclus banknot liabil euro area credit institut relat monetari polici oper denomin euro includ current account includ minimum reserv requir articl statut liabil item hb amount deposit eurosystem deposit facil liabil item hb fix term deposit liabil item hb liabil aris fine tune revers oper liabil item hb deposit relat margin call liabil item hb intra eurosystem liabil ncb aris issu ecb promissori note back issuanc ecb debt certif chapter annex guidelin ecb liabil item hb net intra eurosystem liabil result target transact part liabil item hb net intra eurosystem liabil euro banknot circul includ result applic articl decis amount ncb liabil base calcul accord harmonis account principl rule establish guidelin ecb legal framework account report european system central bank amend decemb decemb oj annex ii earmark asset earmark asset includ exclus item lend euro area credit institut relat monetari polici oper denomin euro asset item harmonis balanc sheet hb intra eurosystem claim equival transfer foreign reserv asset gold ecb articl statut part asset item hb net intra eurosystem claim result target transact part asset item hb net intra eurosystem claim euro banknot circul includ result applic articl decis gold includ claim respect gold transfer ecb amount permit ncb earmark proport gold correspond applic share subscrib capit kei total amount gold earmark ncb asset item part asset item hb purpos decis calcul monetari incom financi year gold valu basi gold price euro fine ounc decemb ncb earmark asset calcul accord harmonis account principl rule establish guidelin ecb legal framework account report european system central bank amend decemb decemb oj annex iii special conting adjust conting adjust event total averag banknot circul lower total averag banknot denomin nation currenc member state adopt euro period juli june coeffici quot quot appli financi year accord articl reduc retroact effect proport decreas total averag banknot circul reduct result coeffici lower applic derog quarter result reduct ncb compensatori amount quot ca quot applic year ad ncb compensatori amount applic articl conting adjust event ncb compensatori amount refer articl posit figur pai net remuner intra eurosystem balanc banknot circul ad item quot net result pool monetari incom quot profit loss account end year result net expens coeffici quot quot appli financi year accord articl reduc extent elimin condit reduct result coeffici lower applic derog quarter result reduct ncb compensatori amount quot ca quot applic year ad ncb compensatori amount applic articl