Decision (EU) 2024/2938 of the European Central Bankof 14 November 2024on the annual accounts of the European Central Bank (ECB/2024/32)(recast)

Done at Frankfurt am Main, 14 November 2024.

The President of the ECB

Christine Lagarde

Annex

ANNEX I

Composition and valuation rules for the balance sheet

ASSETS

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.

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).

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).

Balance sheet itemCategorisation of contents of balance sheet itemsValuation principle1Gold and gold receivablesPhysical 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 receiptMarket value2Claims on non-euro area residents denominated in foreign currencyClaims on counterparties resident outside the euro area including central banks outside the euro area denominated in foreign currency2.1Receivables 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

2.2Balances 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

3Claims 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

4Claims on non-euro area residents denominated in euro

4.1Balances 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

4.2Claims arising from the credit facility under the Exchange Rate Mechanism II (ERM II)Lending in accordance with the ERM II conditionsNominal value5Lending to euro area credit institutions related to monetary policy operations denominated in euroItems 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)5.1Main refinancing operationsRegular liquidity-providing reverse transactions with a weekly frequency and normally a maturity of 1 weekNominal value or repo cost

5.2Longer-term refinancing operationsRegular liquidity-providing reverse transactions normally with a monthly frequency, with a maturity longer than that of the main refinancing operationsNominal value or repo cost5.3Fine-tuning reverse operationsReverse transactions, executed as ad hoc transactions for fine-tuning purposesNominal value or repo cost5.4Structural reverse operationsReverse transactions adjusting the structural position of the Eurosystem vis-à-vis the financial sectorNominal value or repo cost5.5Marginal lending facilityOvernight liquidity facility at a pre-specified interest rate against eligible assets (standing facility)Nominal value or repo cost5.6Credits related to margin callsAdditional credit to credit institutions, arising from value increases of underlying assets regarding other credit to these credit institutionsNominal value or cost6Other claims on euro area credit institutions denominated in euroCurrent 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 EurosystemNominal value or cost7Securities of euro area residents denominated in euro7.1Securities held for monetary policy purposesSecurities 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

7.2Other securitiesSecurities 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

8General government debt denominated in euroClaims on government stemming from before Economic and Monetary Union (EMU) (non-marketable securities, loans)Deposits/loans at nominal value, non-marketable securities at cost9Intra-Eurosystem claims9.1Claims related to TARGET (net)Claims related to TARGET (net)Nominal value9.2Claims related to the allocation of euro banknotes within the EurosystemClaims related to the ECB’s banknote issue, in accordance with Decision ECB/2010/29 of the European Central BankNominal value9.3Other 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

10Items in course of settlementSettlement account balances (claims), including the float of cheques in collectionNominal value11Other assets11.1Coins of euro areaEuro coinsNominal value

11.2Tangible and intangible fixed assetsLand 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 10000 excluding VAT: no capitalisation)

11.3Other 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

11.4Off-balance-sheet instruments revaluation differencesValuation 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 dateNet position between forward and spot, at the foreign exchange market rate11.5Accruals and prepaid expensesIncome not due in, but assignable to the reported period. Prepaid expenses and accrued interest paid, i.e. accrued interest purchased with a securityNominal value, translated at the foreign exchange market rate11.6Sundry

(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

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.

Balance sheet itemCategorisation of contents of balance sheet itemsValuation principle1Banknotes in circulationEuro banknotes issued by the ECB, in accordance with Decision ECB/2010/29Nominal value2Liabilities to euro area credit institutions related to monetary policy operations denominated in euroItems 2.1, 2.2, 2.3 and 2.5: deposits in euro as described in Guideline (EU) 2015/510 (ECB/2014/60)

2.1Current 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 value2.2Deposit facilityOvernight deposits at a pre-specified interest rate (standing facility)Nominal value2.3Fixed-term depositsCollection for liquidity absorption purposes owing to fine-tuning operationsNominal value2.4Fine-tuning reverse operationsMonetary policy-related transactions with the aim of liquidity absorptionNominal value or repo cost2.5Deposits related to margin callsDeposits of credit institutions, arising from value decreases of underlying assets regarding credits to these credit institutionsNominal value3Other liabilities to euro area credit institutions denominated in euroRepo 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 cost4ECB debt certificates issuedDebt certificates as described in Guideline (EU) 2015/510 (ECB/2014/60). Discount paper, issued with the aim of liquidity absorptionCost. Any discounts are amortised5Liabilities to other euro area residents denominated in euro5.1General governmentCurrent accounts, fixed-term deposits, deposits repayable on demandNominal value5.2Other liabilitiesCurrent 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 demandNominal value

6Liabilities to non-euro area residents denominated in euroCurrent 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 euroNominal value or repo cost7Liabilities to euro area residents denominated in foreign currencyCurrent accounts. Liabilities under repo transactions; usually investment transactions using foreign currency assets or goldNominal value, translated at the year-end foreign exchange market rate8Liabilities to non-euro area residents denominated in foreign currency8.1Deposits, balances and other liabilitiesCurrent accounts. Liabilities under repo transactions; usually investment transactions using foreign currency assets or goldNominal value, translated at the year-end foreign exchange market rate8.2Liabilities arising from the credit facility under the Exchange Rate Mechanism (ERM II)Borrowing in accordance with the ERM II conditionsNominal value, translated at the year-end foreign exchange market rate9Counterpart of special drawing rights allocated by the IMFSDR-denominated item which shows the amount of SDRs that were originally allocated to the respective country/NCBNominal value, translated at the year-end foreign exchange market rate10Intra-Eurosystem liabilities10.1Liabilities equivalent to the transfer of foreign reservesECB balance sheet item, denominated in euroNominal value10.2Liabilities related to TARGET (net)Liabilities related to TARGET (net)Nominal value10.3Other 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

11Items in course of settlementSettlement account balances (liabilities), including the float of giro transfersNominal value12Other liabilities

12.1Off-balance-sheet instruments revaluation differencesValuation 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 dateNet position between forward and spot, at the foreign exchange market rate12.2Accruals and income collected in advanceExpenditure falling due in a future period but relating to the reporting period. Income received in the reported period but relating to a future periodNominal value, foreign exchange translated at market rate12.3Sundry

(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)

13Provisions13.1Risk provisionsProvisions 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 value13.2Other 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

14Revaluation 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)

15Capital and reserves15.1CapitalPaid-up capitalNominal value15.2ReservesLegal 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 abrogatedNominal value16Accumulated losses carried forwardNominal value17Profit/ (loss) for the yearNominal value

Annex

ANNEX II

Annual balance sheet of the ECB

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

The table of assets may also be published above the table of liabilities.

(EUR million)AssetsReporting yearPrevious yearLiabilitiesReporting yearPrevious 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 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

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

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.

Liabilities related to TARGET (net)

10.3.

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

13.1.

Risk provisions

13.2.

Other provisions

14

Revaluation accounts

15

Capital and reserves

15.1.

Capital

15.2.

Reserves

16

Accumulated losses carried forward

17

Profit /(loss) for the year

Total assetsTotal liabilities

Annex

ANNEX III

Published profit and loss account of the ECB

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

This includes administrative provisions.

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).

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.

(EUR million)Profit and loss account for the year ending 31 December …Reporting yearPrevious year

1. Net interest income / (expense)

1.1.

Interest income

1.2.

Interest expense

1. 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

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

1. Income from equity instruments and participating interests

1. Other income

1. Staff costs

1. Administrative expenses

1. Depreciation of tangible and intangible fixed assets

1. Banknote production services

1. Other expenses

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

1. Transfer (to) / from risk provisions

Profit / (loss) for the year

Annex

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

ANNEX V

Correlation table

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