2024/2938

11.12.2024

DECISION (EU) 2024/2938 OF THE EUROPEAN CENTRAL BANK

of 14 November 2024

on the annual accounts of the European Central Bank

(ECB/2024/32)

(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 (EU) 2016/2247 of the European Central Bank (ECB/2016/35) (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) Pursuant to Article 26.2 of the Statute of the European System of Central Banks and of the European Central Bank (hereinafter the ‘Statute of the ESCB’), the annual accounts of the European Central Bank (ECB) shall be drawn up by the Executive Board, in accordance with the principles established by the Governing Council and shall be approved by the latter. This Decision establishes the rules applicable to the ECB for the purpose of drawing up its annual accounts.

(3) The composition and valuation rules include the possibility for the Governing Council to establish in the ECB’s balance sheet a provision to cover financial risks.

(4) Income is recognised in accordance with and by reference to the rules established in Guideline (EU) 2024/2941 of the European Central Bank (ECB/2024/31) (2), as well the accounting for off-balance sheets instruments.

(5) Where 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 should follow valuation principles in accordance with International Financial Reporting Standards as adopted by the European Union as relevant to the ECB’s activities and accounts,

HAS ADOPTED THIS DECISION:

CHAPTER I

GENERAL PROVISIONS

Article 1

Definitions

1. The terms defined in Article 1 of Guideline (EU) 2024/2941 (ECB/2024/31) have the same meaning when used in this Decision.

2. Other technical terms used in this Decision have the same meaning as in Annex II to Guideline (EU) 2024/2941 (ECB/2024/31).

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) 2024/2941 (ECB/2024/31) shall apply for the purposes of this Decision.

Article 4

Basic accounting assumptions

1. The basic accounting assumptions defined in Article 4 of Guideline (EU) 2024/2941 (ECB/2024/31) shall apply for the purposes of this Decision.

2. In derogation from the first sentence of Article 4(3) of Guideline (EU) 2024/2941 (ECB/2024/31), 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) 2024/2941 (ECB/2024/31) 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) 2024/2941 (ECB/2024/31).

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 financial risks

Taking into due consideration the nature of the ECB’s activities, the Governing Council may establish a provision for financial 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 exposure.

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;

Article 10

Reverse transactions

Reverse transactions shall be accounted for in accordance with Article 10 of Guideline (EU) 2024/2941 (ECB/2024/31).

Article 11

Marketable equity shares

Marketable equity shares shall be accounted for in accordance with Article 11 of Guideline (EU) 2024/2941 (ECB/2024/31).

Article 12

Marketable investment funds

Marketable investment funds shall be accounted for in accordance with Article 12 of Guideline (EU) 2024/2941 (ECB/2024/31).

Article 13

Hedging of interest rate risk on securities with derivatives

The hedging of interest rate risk shall be accounted for in accordance with Article 13 of Guideline (EU) 2024/2941 (ECB/2024/31).

Article 14

Synthetic instruments

Synthetic instruments shall be accounted for in accordance with Article 14 of Guideline (EU) 2024/2941 (ECB/2024/31).

CHAPTER III

INCOME RECOGNITION

Article 15

Income recognition

1. Article 16(1), (2), (3), (5) and (7) of Guideline (EU) 2024/2941 (ECB/2024/31) 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 16(1), point (c) of Guideline (EU) 2024/2941 (ECB/2024/31), 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 16

Cost of transactions

Article 17 of Guideline (EU) 2024/2941 (ECB/2024/31) shall apply to this Decision.

CHAPTER IV

ACCOUNTING RULES FOR OFF-BALANCE-SHEET INSTRUMENTS

Article 17

General rules

Article 18 of Guideline (EU) 2024/2941 (ECB/2024/31) shall apply to this Decision.

Article 18

Foreign exchange forward transactions

Foreign exchange forward transactions shall be accounted for in accordance with Article 19 of Guideline (EU) 2024/2941 (ECB/2024/31).

Article 19

Foreign exchange swaps

Foreign exchange swaps shall be accounted for in accordance with Article 20 of Guideline (EU) 2024/2941 (ECB/2024/31).

Article 20

Futures contracts

Futures contracts shall be accounted for in accordance with Article 21 of Guideline (EU) 2024/2941 (ECB/2024/31).

Article 21

Interest rate swaps

1. Interest rate swaps shall be accounted for in accordance with Article 22 of Guideline (EU) 2024/2941 (ECB/2024/31).

2. 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 22

Forward rate agreements

Forward rate agreements shall be accounted for in accordance with Article 23 of Guideline (EU) 2024/2941 (ECB/2024/31).

Article 23

Forward transactions in securities

Forward transactions in securities shall be accounted for in accordance with Method A in Article 24(1) of Guideline (EU) 2024/2941 (ECB/2024/31).

Article 24

Options

Options shall be accounted for in accordance with Article 25 of Guideline (EU) 2024/2941 (ECB/2024/31).

CHAPTER V

PUBLISHED ANNUAL BALANCE SHEET AND PUBLISHED PROFIT AND LOSS ACCOUNT

Article 25

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 follow the format in Annex III.

CHAPTER VI

FINAL PROVISIONS

Article 26

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 that are relevant to the ECB’s activities and accounts.

3. In extremely rare circumstances where the Governing Council concludes that compliance with a requirement of this Decision would not result in a fair presentation of the annual accounts, the ECB shall depart from that requirement and shall provide the reasons in the notes to the annual accounts.

Article 27

Repeal

1. Decision (EU) 2016/2247 (ECB/2016/35) 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 28

Entry into force

This Decision shall enter into force on 31 December 2024.

Done at Frankfurt am Main, 14 November 2024.

The President of the ECB

Christine LAGARDE

(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) (

OJ L 347, 20.12.2016, p. 1

(2) Guideline (EU) 2024/2941 of the European Central Bank of 14 November 2024 on the legal framework for accounting and financial reporting in the European System of Central Banks (ECB/2024/31) (

OJ L, 2024/2941, 11.12.2024, ELI: http://data.europa.eu/eli/guideline/2024/2941/oj)

ANNEX I

Composition and valuation rules for the balance sheet

ASSETS

Balance sheet item(1)

Categorisation of contents of balance sheet items

Valuation principle

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 1 business day between release and receipt

Market value

Claims on non-euro area residents denominated in foreign currency

Claims on counterparties resident outside the euro area including 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 liability item 6 ‘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

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 shares, investment funds 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 securities

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

(iv)	Marketable equity shares Market price and foreign exchange market rate

(v)	Marketable investment funds 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

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 shares, investment funds, 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 securities

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

(iv)	Marketable equity shares Market price and foreign exchange market rate

(v)	Marketable investment funds 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

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)	Securities issued by entities outside the euro area other than those under asset item 11.3 ‘Other financial assets’ or asset item 7.1 ‘Securities held for monetary policy purposes’

Equity shares, investment funds, 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 securities

Cost subject to impairment. Any premiums or discounts are amortised

(iv)	Marketable equity shares Market price

(v)	Marketable investment funds Market price

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

(c)	Loans to non-euro area residents

Deposits at nominal value

4.2

Claims arising from the credit facility under the Exchange Rate Mechanism II (ERM II)

Lending in accordance with the ERM II conditions

Nominal value

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)(2)

5.1

Main refinancing operations

Regular liquidity-providing reverse transactions with a weekly frequency and normally a maturity of 1 week

Nominal value or repo cost

5.2

Longer-term refinancing operations

Regular liquidity-providing reverse transactions 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

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

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 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 13.2(a) ‘Other Provisions’). Any premiums or discounts are amortised

(b)	Non-marketable securities

Cost subject to impairment. Any premiums or discounts are amortised

7.2

Other securities

Securities other than those under asset item 7.1 ‘Securities held for monetary policy purposes’, under asset item 8 ‘General government debt denominated in euro’, and under asset item 11.3 ‘Other financial assets’: notes and bonds, bills, zero bonds, money market paper held outright. Equity shares and investment funds

(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 securities Cost subject to impairment. Any premiums or discounts are amortised

(d)	Marketable equity shares Market price

(e)	Marketable investment funds Market price

General government debt denominated in euro

Claims on government stemming from before Economic and Monetary Union (EMU) (non-marketable securities, loans)

Deposits/loans at nominal value, non-marketable securities at cost

Intra-Eurosystem claims

9.1

Claims related to TARGET (net)

Nominal value

9.2

Claims related to the allocation of euro banknotes within the Eurosystem

Claims related to the ECB’s banknote issue, in accordance with Decision ECB/2010/29 of the European Central Bank(3)

Nominal value

9.3

Other claims within the Eurosystem (net)

Net position of the following sub-items:

(a)	correspondent accounts of NCBs

(a)	Nominal value

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

(b)	Nominal value

Items in course of settlement

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

Nominal value

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, equity shares and investment funds held for strategic/policy reasons

—	Securities including equity shares and investment funds, and other financial instruments and balances including fixed-term deposits and current accounts held as an earmarked portfolio

—	Reverse repo transactions with financial institutions in connection with the management of securities portfolios under this asset item

—	Euro denominated reverse repo transactions with euro area financial institutions other than credit institutions in connection with the management of securities portfolios other than those held under this item

(a)	Marketable equity shares Market price, translated at the foreign exchange market rate if denominated in foreign currencies

(b)	Marketable investment funds Market price, translated at the foreign exchange market rate if denominated in foreign currencies

(c)	Participating interests and illiquid equity shares, and any other equity instruments held as permanent investments Cost subject to impairment

(d)	Investment in subsidiaries or significant interests Net asset value

(e)	Marketable debt securities other than held-to-maturity Market price, translated at the foreign exchange market rate if denominated in foreign currencies. Any premiums/discounts are amortised

(f)	Marketable debt securities classified as held-to-maturity or held as a permanent investment Cost subject to impairment, translated at the foreign exchange market rate if denominated in foreign currencies. Any premiums or discounts are amortised

(g)	Non-marketable debt securities Cost subject to impairment

(h)	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 expenses

Income not due in, but assignable to the reported period. Prepaid expenses and accrued interest paid, i.e. accrued interest purchased with a security

Nominal value, translated at the foreign exchange 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 26(2)

(d)	Outstanding claims and securities arising from the default of eligible counterparties or issuers in the context of Eurosystem monetary policy 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)

LIABILITIES

Balance sheet item(4)

Categorisation of contents of balance sheet items

Valuation principle

Banknotes in circulation

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

Nominal value

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 except for credit institutions exempt from minimum reserve requirements. This item contains primarily accounts used in order to hold minimum reserves and excludes funds of credit institutions that are not freely disposable.

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

Other liabilities to euro area credit institutions denominated in euro

Repo transactions with credit institutions 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. Funds of credit institutions that are not freely disposable, and accounts of credit institutions exempt from minimum reserve requirements.

Nominal value or repo cost

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

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 not subject to minimum reserve requirements (see liability item 2.1); repo transactions with financial institutions other than credit institutions for the management of securities other than those under asset item 11.3 ‘Other financial assets’; fixed-term deposits, deposits repayable on demand

Nominal value

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. Repo transactions for the management of securities denominated in euro. Balances of TARGET accounts of central banks of Member States whose currency is not the euro

Nominal value or repo cost

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 the year-end foreign exchange market rate

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 the Exchange Rate Mechanism (ERM II)

Borrowing in accordance with the ERM II conditions

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

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

Intra-Eurosystem liabilities

10.1

Liabilities equivalent to the transfer of foreign reserves

ECB balance sheet item, denominated in euro

Nominal value

10.2

Liabilities related to TARGET (net)

Nominal value

10.3

Other liabilities within the Eurosystem (net)

Net position of the following sub-items:

(a)	correspondent accounts of NCBs

(a)	Nominal value

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

(b)	Nominal value

Items in course of settlement

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

Nominal value

Other liabilities

12.1

Off-balance-sheet instruments revaluation differences

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 financial institutions 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 26(2)

Provisions

13.1

Risk provisions

Provisions for risks that have not materialised, including the 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

13.2

Other provisions

(a)	Provisions due to the impairment of monetary policy operations.

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

(b)	For other purposes, e.g., expected future expenses

(b)	Cost/nominal value

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 15(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 26(2)

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

Accumulated losses carried forward

Nominal value

Profit/ (loss) for the year

Nominal value

(1) With the exception of asset item 7.1, the allocation of balances to those balance sheet items that refer to residency and/or economic sector is based on the classification for statistical purposes.

(2) 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

(3) Decision ECB/2010/29 of the European Central Bank of 13 December 2010 on the issue of euro banknotes (

OJ L 35, 9.2.2011, p. 26

(4) The allocation of balances to those balance sheet items that refer to residency and/or economic sector is based on the classification for statistical purposes.

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

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

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

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

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

Intra-Eurosystem claims

9.1.	Claims related to TARGET (net)

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

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

1	Banknotes in circulation

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

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

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

Intra-Eurosystem liabilities

10.1.

Liabilities equivalent to the transfer of foreign reserves

10.2.

Liabilities related to TARGET (net)

10.3.

Other liabilities within the Eurosystem (net)

11	Items in course of settlement

Other liabilities

12.1.

Off-balance-sheet instruments revaluation differences

12.2.

Accruals and income collected in advance

12.3.

Sundry

Provisions

13.1.

Risk provisions

13.2.

Other provisions

14	Revaluation accounts

Capital and reserves

15.1.

Capital

15.2.

Reserves

16	Accumulated losses carried forward

17	Profit /(loss) 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.	Net interest income / (expense)

1.1.	Interest income

1.2.	Interest expense

2.	Net result of financial operations and write downs

2.1.	Realised gains / (losses) arising from financial operations

2.2.	Write-downs on financial assets and positions

3.	Net income / (expense) from fees and commissions

4.	Income from equity instruments and participating interests

5.	Other income

6.	Staff costs(2)

7.	Administrative expenses(2)

8.	Depreciation of tangible and intangible fixed assets

9.	Banknote production services(3)

10.	Other expenses

Profit / (loss) before the transfer (to) / from risk provisions

11.	Transfer (to) / from risk provisions(4)

Profit / (loss) for the year

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

(2) This includes administrative provisions.

(3) 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) 2024/2941 (ECB/2024/31).

(4) This only includes transfers (to)/from provisions for risks that have not materialised, therefore transfers (to) / from provisions due to the impairment of monetary policy operations and other provisions are not included in this item.

ANNEX IV

Repealed decision with its list of the successive amendments

Decision (EU) 2016/2247 (ECB/2016/35)	OJ L 347, 20.12.2016, p. 1.
Decision (EU) 2017/2239 (ECB/2017/36)	OJ L 320, 6.12.2017, p. 18.
Decision (EU) 2019/2215 (ECB/2019/35)	OJ L 332, 23.12.2019, p. 168.
Decision (EU) 2021/2040 (ECB/2021/52)	OJ L 419, 24.11.2021, p. 1.

ANNEX V

Correlation table

Decision (EU) 2016/2247 (ECB/2016/35)

This Decision

Article 1

Article 2

Article 3

Article 4

Article 5

Article 6

Article 7

Article 8

Article 9

Article 10

Article 11

Article 11a

Article 12

Article 13

Article 14

Article 15

Article 16

Article 17

Article 18

Article 19

Article 20

Article 21

Article 22

Article 23

Article 24

Article 25

Article 26

Article 27

Article 1

Article 2

Article 3

Article 4

Article 5

Article 6

Article 7

Article 8

Article 9

Article 10

Article 11

Article 12

Article 13

Article 14

Article 15

Article 16

Article 17

Article 18

Article 19

Article 20

Article 21

Article 22

Article 23

Article 24

Article 25

Article 26

Article 27

Article 28

ELI: http://data.europa.eu/eli/dec/2024/2938/oj

ISSN 1977-0677 (electronic edition)