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)

Official Journal EN of the European Union L series 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).

(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).

ELI: http://data.europa.eu/eli/dec/2024/2938/oj 1/22EN OJ L, 11.12.2024 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.

2/22 ELI: http://data.europa.eu/eli/dec/2024/2938/ojEN OJ L, 11.12.2024 Article 9 Balance sheet valuation rules

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

2. The revaluation of gold, foreign currency instruments, securities (other than securities classified as held-to-maturity, non-marketable securities, and securities held for monetary policy purposes that are accounted for at amortised costs), as well as financial instruments, both on-balance-sheet and off-balance-sheet, shall be performed at the year-end at mid- market rates and prices.

3. No distinction shall be made between price and currency revaluation differences for gold, but a single gold revaluation difference shall be accounted for, based on the euro price per defined unit of weight of gold derived from the euro/US dollar exchange rate on the quarterly revaluation date. For foreign exchange, including on-balance-sheet and off-balance-sheet transactions, revaluation shall take place on a currency-by-currency basis. For the purpose of this Article, holdings of special drawing rights (SDRs), including designated individual foreign exchange holdings underlying the SDR basket, shall be treated as one holding. For securities, revaluation shall take place on a code-by-code basis, i.e. same ISIN number/type, while any embedded options shall not be separated for valuation purposes. Securities held for monetary policy purposes or included in the items ‘Other financial assets’ or ‘Sundry’ shall be treated as separate holdings.

4. Marketable securities held for monetary policy purposes shall be treated as separate holdings and shall be valued either at market price or at amortised cost (subject to impairment), depending on monetary policy considerations.

5. Securities classified as held-to-maturity shall be treated as separate holdings and shall be valued at amortised cost (subject to impairment). The same treatment shall apply to non-marketable securities. Securities classified as held-to-

maturity may be sold before their maturity when any of the following occurs:

(a) if the quantity sold is considered not significant in comparison with the total amount of the held-to-maturity securities portfolio;

(b) if the securities are sold during one month before maturity date;

(c) under exceptional circumstances, such as a significant deterioration of the issuer’s creditworthiness.

Article 10 Reverse transactions Reverse transactions shall be accounted for in accordance with Article 10 of Guideline (EU) 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).

ELI: http://data.europa.eu/eli/dec/2024/2938/oj 3/22EN OJ L, 11.12.2024 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).

4/22 ELI: http://data.europa.eu/eli/dec/2024/2938/ojEN OJ L, 11.12.2024 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.

ELI: http://data.europa.eu/eli/dec/2024/2938/oj 5/22EN OJ L, 11.12.2024

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 6/22 ELI: http://data.europa.eu/eli/dec/2024/2938/ojANNEX I Composition and valuation rules for the balance sheet ASSETS Balance sheet item(1) Categorisation of contents of balance sheet items Valuation principle 1 Gold and gold Physical gold, i.e. bars, coins, plates, nuggets, in storage or ‘under way’. Market value receivables 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 2 Claims on non-euro Claims on counterparties resident outside the euro area including central area residents banks outside the euro area denominated in foreign currency denominated in foreign currency

2.1 Receivables from the (a) Drawing rights within the reserve tranche (net) (a) Drawing rights within the reserve tranche (net) International National quota minus balances in euro at the disposal of the IMF. Nominal value, translated at the foreign exchange market rate Monetary Fund (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’

(b) Special drawing rights (SDRs) (b) SDRs Holdings of SDRs (gross) Nominal value, translated at the foreign exchange market rate

(c) Other claims (c) Other claims Loans under special borrowing arrangements, deposits made to Nominal value, translated at the foreign exchange market rate trusts under the management of the IMF

2.2 Balances with banks (a) Balances with banks outside the euro area other than those (a) Balances with banks outside the euro area and security under asset item 11.3 ‘Other financial assets’ Nominal value, translated at the foreign exchange market rate investments, external Current accounts, fixed-term deposits, day-to-day money, reverse loans and other repo transactions external assets

(b) Security investments outside the euro area other than those (b) (i) Marketable debt securities other than held-to-maturity under asset item 11.3 ‘Other financial assets’ Market price and foreign exchange market rate. Any premiums or discounts are amortised

ELI:

http://data.europa.eu/eli/dec/2024/2938/oj 7/22 OJ L,

11.12.2024 ENBalance sheet item(1) Categorisation of contents of balance sheet items Valuation principle Notes and bonds, bills, zero bonds, money market paper, equity (ii) Marketable debt securities classified as held-to-maturity shares, investment funds held as part of the foreign reserves, all Cost subject to impairment and foreign exchange market rate. Any issued by non-euro area residents 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 (c) External loans those under asset item 11.3 ‘Other financial assets’ Deposits at nominal value, translated at the foreign exchange market rate

(d) Other external assets (d) Other external assets Non-euro area banknotes and coins Nominal value, translated at the foreign exchange market rate 3 Claims on euro area (a) Security investments inside the euro area other than those (a) (i) Marketable debt securities other than held-to-maturity residents under asset item 11.3 ‘Other financial assets’ Market price and foreign exchange market rate. Any premiums or denominated in Notes and bonds, bills, zero bonds, money market paper, equity discounts are amortised foreign currency shares, investment funds, held as part of the foreign reserves, all (ii) Marketable debt securities classified as held-to-maturity issued by euro area residents 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 (b) Other claims asset item 11.3 ‘Other financial assets’ Deposits and other lending at nominal value, translated at the foreign Loans, deposits, reverse repo transactions, sundry lending exchange market rate 4 Claims on non-euro area residents denominated in euro 8/22

ELI:

http://data.europa.eu/eli/dec/2024/2938/oj EN OJ L,

11.12.2024Balance sheet item(1) Categorisation of contents of balance sheet items Valuation principle

4.1 Balances with banks, (a) Balances with banks outside the euro area other than those (a) Balances with banks outside the euro area security investments under asset item 11.3 ‘Other financial assets’ Nominal value and loans Current accounts, fixed-term deposits, day-to-day money, reverse repo transactions in connection with the management of securities denominated in euro

(b) Securities issued by entities outside the euro area other than (b) (i) Marketable debt securities other than held-to-maturity those under asset item 11.3 ‘Other financial assets’ or asset Market price. Any premiums or discounts are amortised item 7.1 ‘Securities held for monetary policy purposes’

(ii) Marketable debt securities classified as held-to-maturity Equity shares, investment funds, notes and bonds, bills, zero bonds, Cost subject to impairment. Any premiums or discounts are money market paper, all issued by non-euro area residents 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 (c) Loans to non-euro area residents item 11.3 ‘Other financial assets’ Deposits at nominal value

4.2 Claims arising from Lending in accordance with the ERM II conditions Nominal value the credit facility under the Exchange Rate Mechanism II (ERM II) 5 Lending to euro area Items 5.1 to 5.5: transactions in accordance with the respective monetary credit institutions policy instruments described in Guideline (EU) 2015/510 of the related to monetary European Central Bank (ECB/2014/60)(2) policy operations denominated in euro

5.1 Main refinancing Regular liquidity-providing reverse transactions with a weekly frequency Nominal value or repo cost operations and normally a maturity of 1 week

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11.12.2024 ENBalance sheet item(1) Categorisation of contents of balance sheet items Valuation principle

5.2 Longer-term Regular liquidity-providing reverse transactions normally with a Nominal value or repo cost refinancing monthly frequency, with a maturity longer than that of the main operations refinancing operations

5.3 Fine-tuning reverse Reverse transactions, executed as ad hoc transactions for fine-tuning Nominal value or repo cost operations purposes

5.4 Structural reverse Reverse transactions adjusting the structural position of the Eurosystem Nominal value or repo cost operations vis-à-vis the financial sector

5.5 Marginal lending Overnight liquidity facility at a pre-specified interest rate against eligible Nominal value or repo cost facility assets (standing facility)

5.6 Credits related to Additional credit to credit institutions, arising from value increases of Nominal value or cost margin calls underlying assets regarding other credit to these credit institutions 6 Other claims on euro Current accounts, fixed-term deposits, day-to-day money, reverse repo Nominal value or cost area credit transactions in connection with the management of security portfolios institutions under the asset item 7 ‘Securities of euro area residents denominated in denominated in euro 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 7 Securities of euro area residents denominated in euro

7.1 Securities held for Securities held for monetary policy purposes (including securities (a) Marketable securities

monetary policy purchased for monetary policy purposes issued by supranational or Accounted for depending on monetary policy considerations: purposes international organisations, or multilateral development banks,

(i) Market price. Any premiums or discounts are amortised irrespective of their geographical location). European Central Bank (ECB)

(ii) Cost subject to impairment (cost when the impairment is covered debt certificates purchased for fine-tuning purposes 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 10/22

ELI:

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11.12.2024Balance sheet item(1) Categorisation of contents of balance sheet items Valuation principle

7.2 Other securities Securities other than those under asset item 7.1 ‘Securities held for (a) Marketable debt securities other than held-to-maturity monetary policy purposes’, under asset item 8 ‘General government debt Market price. Any premiums or discounts are amortised denominated in euro’, and under asset item 11.3 ‘Other financial assets’:

(b) Marketable debt securities classified as held-to-maturity notes and bonds, bills, zero bonds, money market paper held outright.

Equity shares and investment funds 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 8 General government Claims on government stemming from before Economic and Monetary Deposits/loans at nominal value, non-marketable securities at cost debt denominated in Union (EMU) (non-marketable securities, loans) euro 9 Intra-Eurosystem claims

9.1 Claims related to Claims related to TARGET (net) Nominal value TARGET (net)

9.2 Claims related to the Claims related to the ECB’s banknote issue, in accordance with Decision Nominal value allocation of euro ECB/2010/29 of the European Central Bank(3) banknotes within the Eurosystem

9.3 Other claims within Net position of the following sub-items: (a) Nominal value the Eurosystem (net) (a) correspondent accounts of NCBs

(b) other intra-Eurosystem balances denominated in euro that may (b) Nominal value arise, including the interim distribution of ECB income to NCBs 10 Items in course of Settlement account balances (claims), including the float of cheques in Nominal value settlement collection 11 Other assets

11.1 Coins of euro area Euro coins Nominal value

ELI:

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11.12.2024 ENBalance sheet item(1) Categorisation of contents of balance sheet items Valuation principle

11.2 Tangible and Land and buildings, furniture and equipment including computer Cost less depreciation intangible fixed assets equipment, software 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 000excluding

VAT: no capitalisation)

11.3 Other financial assets — Participating interests and investments in subsidiaries, equity shares (a) Marketable equity shares and investment funds held for strategic/policy reasons Market price, translated at the foreign exchange market rate if — Securities including equity shares and investment funds, and other denominated in foreign currencies financial instruments and balances including fixed-term deposits

(b) Marketable investment funds and current accounts held as an earmarked portfolio — Reverse repo transactions with financial institutions in connection Market price, translated at the foreign exchange market rate if with the management of securities portfolios under this asset item denominated in foreign currencies — Euro denominated reverse repo transactions with euro area financial (c) Participating interests and illiquid equity shares, and any other institutions other than credit institutions in connection with the equity instruments held as permanent investments management of securities portfolios other than those held under this Cost subject to impairment item

(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 12/22

ELI:

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11.12.2024Balance sheet item(1) Categorisation of contents of balance sheet items Valuation principle

(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 Valuation results of foreign exchange forwards, foreign exchange swaps, Net position between forward and spot, at the foreign exchange market rate instruments interest rate swaps (unless daily variation margin applies), forward rate revaluation agreements, forward transactions in securities, foreign exchange spot differences transactions from trade date to settlement date

11.5 Accruals and prepaid Income not due in, but assignable to the reported period. Prepaid Nominal value, translated at the foreign exchange market rate expenses expenses and accrued interest paid, i.e. accrued interest purchased with a security

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 (d) Nominal/recoverable value (before/after settlement of losses) counterparties or issuers in the context of Eurosystem monetary policy operations

(e) Assets or claims (vis-à-vis third parties) appropriated and/or (e) Cost (converted at the foreign exchange market rate at the time of the acquired in the context of the realisation of collateral submitted by acquisition if financial assets are denominated in foreign currencies) Eurosystem counterparties in default

(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 2014on 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 2010on the issue of euro banknotes (OJ L 35, 9.2.2011, p. 26).

LIABILITIES Balance sheet item(1) Categorisation of contents of balance sheet items Valuation principle 1 Banknotes in circulation Euro banknotes issued by the ECB, in accordance with Decision ECB/2010/29 Nominal value 2 Liabilities to euro area credit Items 2.1, 2.2, 2.3 and 2.5: deposits in euro as described in Guideline (EU) 2015/510 institutions related to monetary (ECB/2014/60) policy operations denominated in euro

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11.12.2024 ENBalance sheet item(1) Categorisation of contents of balance sheet items Valuation principle

2.1 Current accounts (covering the Euro accounts of credit institutions that are included in the list of financial institutions Nominal value minimum reserve system) 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.

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 Nominal value regarding credits to these credit institutions 3 Other liabilities to euro area Repo transactions with credit institutions for the management of securities portfolios Nominal value or repo cost credit institutions denominated under asset item 7 ‘Securities of euro area residents denominated in euro’. Other in euro 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.

4 ECB debt certificates issued Debt certificates as described in Guideline (EU) 2015/510 (ECB/2014/60). Discount Cost. Any discounts are amortised paper, issued with the aim of liquidity absorption 5 Liabilities to other euro area residents denominated in euro

5.1 General government Current accounts, fixed-term deposits, deposits repayable on demand Nominal value

5.2 Other liabilities Current accounts of staff, companies and clients including financial institutions not Nominal value 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 14/22

ELI:

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11.12.2024Balance sheet item(1) Categorisation of contents of balance sheet items Valuation principle 6 Liabilities to non-euro area Current accounts, fixed-term deposits, deposits repayable on demand including Nominal value or repo cost residents denominated in euro 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 7 Liabilities to euro area residents Current accounts. Liabilities under repo transactions; usually investment transactions Nominal value, translated at the year-end foreign denominated in foreign using foreign currency assets or gold exchange market rate currency 8 Liabilities to non-euro area residents denominated in foreign currency

8.1 Deposits, balances and other Current accounts. Liabilities under repo transactions; usually investment transactions Nominal value, translated at the year-end foreign liabilities using foreign currency assets or gold exchange market rate

8.2 Liabilities arising from the credit Borrowing in accordance with the ERM II conditions Nominal value, translated at the year-end foreign facility under the Exchange Rate exchange market rate Mechanism (ERM II) 9 Counterpart of special drawing SDR-denominated item which shows the amount of SDRs that were originally allocated Nominal value, translated at the year-end foreign rights allocated by the IMF to the respective country/NCB exchange market rate 10 Intra-Eurosystem liabilities

10.1 Liabilities equivalent to the ECB balance sheet item, denominated in euro Nominal value transfer of foreign reserves

10.2 Liabilities related to TARGET Liabilities related to TARGET (net) Nominal value

(net)

10.3 Other liabilities within the Net position of the following sub-items: (a) Nominal value Eurosystem (net) (a) correspondent accounts of NCBs

(b) other intra-Eurosystem balances denominated in euro that may arise, including the (b) Nominal value interim distribution of ECB income to NCBs 11 Items in course of settlement Settlement account balances (liabilities), including the float of giro transfers Nominal value 12 Other liabilities

ELI:

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11.12.2024 ENBalance sheet item(1) Categorisation of contents of balance sheet items Valuation principle

12.1 Off-balance-sheet instruments Valuation results of foreign exchange forwards, foreign exchange swaps, interest rate Net position between forward and spot, at the revaluation differences swaps (unless daily variation margin applies), forward rate agreements, forward foreign exchange market rate transactions in securities, foreign exchange spot transactions from trade date to settlement date

12.2 Accruals and income collected Expenditure falling due in a future period but relating to the reporting period. Income Nominal value, foreign exchange translated at in advance received in the reported period but relating to a future period market rate

12.3 Sundry (a) Taxation suspense accounts. Foreign currency credit or guarantee cover accounts. (a) Nominal value or (repo) cost 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

(b) Customer gold deposits (b) Market value

(c) Net pension liabilities (c) As per Article 26(2) 13 Provisions Provisions for risks that have not materialised, including the contributions in Nominal value

13.1 Risk provisions accordance with Article 48.2 of the Statute of the ESCB with respect to central banks of Member States whose derogations have been abrogated.

(a) Provisions due to the impairment of monetary policy operations. (a) Nominal value (based on valuation at year-end by the Governing Council)

13.2 Other provisions

(b) For other purposes, e.g., expected future expenses (b) Cost/nominal value 14 Revaluation accounts (a) Revaluation accounts related to price movements for gold, for every type of euro- (a) Revaluation difference between average cost denominated securities, for every type of foreign currency-denominated securities, and market value, foreign exchange translated for options; market valuation differences related to interest rate risk derivatives; at market rate 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) 16/22

ELI:

http://data.europa.eu/eli/dec/2024/2938/oj EN OJ L,

11.12.2024Balance sheet item(1) Categorisation of contents of balance sheet items Valuation principle

(b) Remeasurement results of the net defined benefit liability (asset) in respect of post- (b) As per Article 26(2) 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) 15 Capital and reserves

15.1 Capital Paid-up capital Nominal value

15.2 Reserves Legal reserves, in accordance with Article 33 of the Statute of the ESCB, and Nominal value 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 16 Accumulated losses carried Nominal value forward 17 Profit/ (loss) for the year Nominal value

(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.

ELI:

http://data.europa.eu/eli/dec/2024/2938/oj 17/22 OJ L,

11.12.2024 ENANNEX II Annual balance sheet of the ECB (EUR million (1)) Reporting Assets(2) Reporting year Previous year Liabilities Previous year year 1 Gold and gold receivables 1 Banknotes in circulation 2 Claims on non-euro area residents denominated in 2 Liabilities to euro area credit institutions related to foreign currency monetary policy operations denominated in euro

2.1. Receivables from the IMF 2.1. Current accounts (covering the minimum

2.2. Balances with banks and security investments, reserve system) external loans and other external assets 2.2. Deposit facility 3 Claims on euro area residents denominated in foreign 2.3. Fixed-term deposits currency 2.4. Fine-tuning reverse operations 4 Claims on non-euro area residents denominated in euro 2.5. Deposits related to margin calls

4.1. Balances with banks, security investments and 3 Other liabilities to euro area credit institutions loans denominated in euro

4.2. Claims arising from the credit facility under 4 ECB debt certificates issued ERM II 5 Liabilities to other euro area residents denominated in 5 Lending to euro area credit institutions related to euro monetary policy operations denominated in euro 5.1. General government

5.1. Main refinancing operations 5.2. Other liabilities

5.2. Longer-term refinancing operations 6 Liabilities to non-euro area residents denominated in

5.3. Fine-tuning reverse operations euro

5.4. Structural reverse operations 7 Liabilities to euro area residents denominated in foreign

5.5. Marginal lending facility currency

5.6. Credits related to margin calls 8 Liabilities to non-euro area residents denominated in 6 Other claims on euro area credit institutions foreign currency denominated in euro 8.1. Deposits, balances and other liabilities 7 Securities of euro area residents denominated in euro 8.2. Liabilities arising from the credit facility under

7.1. Securities held for monetary policy purposes ERM II

7.2. Other securities 9 Counterpart of special drawing rights allocated by 8 General government debt denominated in euro the IMF 9 Intra-Eurosystem claims 10 Intra-Eurosystem liabilities

9.1. Claims related to TARGET (net) 10.1. Liabilities equivalent to the transfer of foreign

9.2. Claims related to the allocation of euro reserves banknotes within the Eurosystem 10.2. Liabilities related to TARGET (net)

9.3. Other claims within the Eurosystem (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 18/22

ELI:

http://data.europa.eu/eli/dec/2024/2938/oj EN OJ L,

11.12.2024(EUR million (1)) Reporting Assets(2) Reporting year Previous year Liabilities Previous year year 10 Items in course of settlement 12.2. Accruals and income collected in advance 11 Other assets 12.3. Sundry

11.1. Coins of euro area 13 Provisions

11.2. Tangible and intangible fixed assets 13.1. Risk provisions

11.3. Other financial assets 13.2. Other provisions

11.4. Off-balance-sheet instruments revaluation 14 Revaluation accounts differences 15 Capital and reserves

11.5. Accruals and prepaid expenses 15.1. Capital

11.6. Sundry 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.

ELI:

http://data.europa.eu/eli/dec/2024/2938/oj 19/22 OJ L,

11.12.2024 ENEN OJ L, 11.12.2024 ANNEX III Published profit and loss account of the ECB (EUR million(1)) 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.

20/22 ELI: http://data.europa.eu/eli/dec/2024/2938/ojEN OJ L, 11.12.2024 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.

ELI: http://data.europa.eu/eli/dec/2024/2938/oj 21/22EN OJ L, 11.12.2024 ANNEX V Correlation table Decision (EU) 2016/2247 (ECB/2016/35) This Decision Article 1 Article 1 Article 2 Article 2 Article 3 Article 3 Article 4 Article 4 Article 5 Article 5 Article 6 Article 6 Article 7 Article 7 Article 8 Article 8 Article 9 Article 9 Article 10 Article 10 Article 11 Article 11 Article 11a Article 12 Article 12 Article 13 Article 13 Article 14 Article 14 Article 15 Article 15 Article 16 Article 16 Article 17 Article 17 Article 18 Article 18 Article 19 Article 19 Article 20 Article 20 Article 21 Article 21 Article 22 Article 22 Article 23 Article 23 Article 24 Article 24 Article 25 Article 25 Article 26 Article 26 Article 27 Article 27 Article 28 22/22 ELI: http://data.europa.eu/eli/dec/2024/2938/oj