Rozhodnutí Evropské centrální banky (EU) 2024/2938 ze dne 14. listopadu 2024 o ročních účetních závěrkách Evropské centrální banky (ECB/2024/32) (přepracované znění)

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,

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

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

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 ).

(1) Decision (EU) 2016/2247 of the European Central Bank (ECB/2016/35)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 ). 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)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). , 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,

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.

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).

Article 1 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 Article 2 Scope of application

Article 3 Article 3 Qualitative characteristics

Article 4 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 Article 5 Economic and cash/settlement approaches

Article 6 Article 6 Recognition of assets and liabilities

Article 7 Article 7 Composition of the balance sheet

Article 8 Article 8 Provision for financial risks

Article 9 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 Article 10 Reverse transactions

Article 11 Article 11 Marketable equity shares

Article 12 Article 12 Marketable investment funds

Article 13 Article 13 Hedging of interest rate risk on securities with derivatives

Article 14 Article 14 Synthetic instruments

Article 15 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 Article 16 Cost of transactions

Article 17 Article 17 General rules

Article 18 Article 18 Foreign exchange forward transactions

Article 19 Article 19 Foreign exchange swaps

Article 20 Article 20 Futures contracts

Article 21 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 Article 22 Forward rate agreements

Article 23 Article 23 Forward transactions in securities

Article 24 Article 24 Options

Article 25 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.

Article 26 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 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 Article 28 Entry into force

The qualitative characteristics defined in Article 3 of Guideline (EU) 2024/2941 (ECB/2024/31) shall apply for the purposes of this Decision.

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

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.

The rules set out in Article 5 of Guideline (EU) 2024/2941 (ECB/2024/31) shall apply to this Decision.

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).

The composition of the balance sheet shall be based on the structure set out in Annex I.

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.

Current market rates and prices shall be used for balance sheet valuation purposes unless specified otherwise in Annex I.

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.

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.

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.

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.

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

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

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

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

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

Article 16(1), (2), (3), (5) and (7) of Guideline (EU) 2024/2941 (ECB/2024/31) shall apply to income recognition.

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

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

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

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

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

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

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.

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

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).

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

The format of the ECB’s published annual balance sheet shall follow the format in Annex II.

The format of the ECB’s published profit and loss account shall follow the format in Annex III.

In interpreting this Decision, account shall be taken of the preparatory work, the accounting principles harmonised by Union law and generally accepted accounting principles.

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.

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.

Decision (EU) 2016/2247 (ECB/2016/35) is hereby repealed.

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.

This Decision shall enter into force on 31 December 2024 .

HAS ADOPTED THIS DECISION: