Guideline (EU) 2021/2041 of the European Central Bank of 11 November 2021 amending Guideline (EU) 2016/2249 on the legal framework for accounting and financial reporting in the European System of Central Banks (ECB/2021/51)
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Address https://gelex.eu/eli/EU/act/oj/L/2021/2041@2021-11-11/en
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 Articles 12.1, 14.3 and 26.4 thereof,
Having regard to the contribution of the General Council of the European Central Bank (ECB) pursuant to the second and third indents of Article 46.2 of the Statute of the European System of Central Banks and of the European Central Bank,
Whereas:
(1) Guideline (EU) 2016/2249 of the European Central Bank (ECB/2016/34) lays down the rules for standardising the accounting and financial reporting of operations undertaken by the national central banks of Member States whose currency is the euro.
(2) It is necessary to clarify with regard to the economic and cash/settlement approaches that the indexation amount payable at maturity should be part of the carrying amount of index-linked bonds at quarter end.
(3) Additional technical amendments to Annex IV are required for the purpose of: (a) ensuring consistency across the Eurosystem with regard to the financial reporting of balances with, and securities issued by, international organisations; (b) allowing for the classification of defaulted securities as part of sundry items on the asset side of the balance sheet; and (c) clarifying the classification of funds and accounts of credit and financial institutions on the liability side of the balance sheet.
(4) Therefore, Guideline (EU) 2016/2249 (ECB/2016/34) should be amended accordingly,
HAS ADOPTED THIS GUIDELINE:
Article 1 Amendments
Guideline (EU) 2016/2249 (ECB/2016/34) is amended as follows:
(1) in Article 5, paragraph 4 is replaced by the following:
4. With the exception of quarter-end and year-end accounting adjustments and of items disclosed under Other assets and Other liabilities, amounts presented as part of the daily financial reporting for Eurosystem financial reporting purposes shall only show cash movements in balance sheet items. At quarter-end and year-end, the amortisation and any indexation amount payable at maturity as part of the principal amount of index-linked bonds, shall also be included in the carrying value of securities.;
(2) Annex IV is replaced by the Annex to this Guideline.
Article 2 Taking effect and implementation
1. This Guideline shall take effect on the day of its notification to the national central banks of the Member States whose currency is the euro.
2. The national central banks of the Member States whose currency is the euro shall comply with this Guideline from 31 December 2021.
Article 3 Addressees
This Guideline is addressed to all Eurosystem central banks.
Done at Frankfurt am Main, 11 November 2021. For the Governing Council of the ECB The President of the ECB Christine Lagarde
ANNEX
ANNEX
Annex IV to Guideline (EU) 2016/2249 (ECB/2016/34) is replaced by the following: .
ANNEX IV COMPOSITION AND VALUATION RULES FOR THE BALANCE SHEET
ASSETS
Balance sheet item Categorisation of contents of balance sheet items Valuation principle Scope of application 1 1 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 one business day between release and receipt Market value Mandatory 2 2 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 2.1 Receivables from the International Monetary Fund (IMF) Mandatory Mandatory Mandatory 2.2 2.2 Balances with banks and security investments, external loans and other external assets Mandatory Mandatory Mandatory Mandatory Mandatory Mandatory Mandatory Mandatory 3 3 Claims on euro area residents denominated in foreign currency Mandatory Mandatory Mandatory Mandatory Mandatory Mandatory 4 4 Claims on non-euro area residents denominated in euro 4.1 4.1 Balances with banks, security investments and loans Mandatory Mandatory Mandatory Mandatory Mandatory Mandatory Mandatory 4.2 4.2 Claims arising from the credit facility under Exchange Rate Mechanism (ERM) II Lending according to the ERM II conditions Nominal value Mandatory 5 5 Lending to euro area credit institutions related to monetary policy operations denominated in euro Items 5.1 to 5.5: transactions according to the respective monetary policy instruments described in Guideline (EU) 2015/510 of the European Central Bank (ECB/2014/60) 5.1 5.1 Main refinancing operations Regular liquidity-providing reverse transactions with a weekly frequency and normally a maturity of one week Nominal value or repo cost Mandatory 5.2 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 Mandatory 5.3 5.3 Fine-tuning reverse operations Reverse transactions, executed as ad hoc transactions for fine-tuning purposes Nominal value or repo cost Mandatory 5.4 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 Mandatory 5.5 5.5 Marginal lending facility Overnight liquidity facility at a pre-specified interest rate against eligible assets (standing facility) Nominal value or repo cost Mandatory 5.6 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 Mandatory 6 6 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 including Emergency Liquidity Assistance in the form of collateralised loans. Any claims stemming from monetary policy operations initiated by an NCB prior to joining the Eurosystem Nominal value or cost Mandatory 7 7 Securities of euro area residents denominated in euro 7.1 7.1 Securities held for monetary policy purposes Securities held for monetary policy purposes (including securities purchased for monetary policy purposes that are 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 Mandatory Mandatory 7.2 7.2 Other securities Securities other than those under asset item 7.1 Securities held for monetary policy purposes and under asset item 11.3 Other financial assets; notes and bonds, bills, zero bonds, money market paper held outright, including government securities stemming from before economic and monetary union (EMU), denominated in euro. Equity shares and investment funds Mandatory Mandatory Mandatory Mandatory Mandatory 8 8 General government debt denominated in euro Claims on government stemming from before EMU (non-marketable securities, loans) Deposits/loans at nominal value, non-marketable securities at cost Mandatory - 9 Intra-Eurosystem claims(+) - 9.1 Participating interest in ECB(+) Only an NCB balance sheet item The ECB capital share of each NCB in accordance with the Treaty and the respective capital key and contributions in accordance with Article 48.2 of the Statute of the ESCB Cost Mandatory - 9.2 Claims equivalent to the transfer of foreign reserves(+) Only an NCB balance sheet item Euro-denominated claims on the ECB in respect of initial and additional transfers of foreign reserves under Article 30 of the Statute of the ESCB Nominal value Mandatory - 9.3 Claims related to the issuance of ECB debt certificates(+) Only an ECB balance sheet item Intra-Eurosystem claims vis-à-vis NCBs, arising from the issuance of ECB debt certificates Cost Mandatory - 9.4 Net claims related to the allocation of euro banknotes within the Eurosystem (+) For the NCBs: net claim related to the application of the banknote allocation key i.e. including the ECB’s banknote issue related intra-Eurosystem balances, the compensatory amount and its balancing accounting entry as defined by Decision (EU) 2016/2248 of the European Central Bank (ECB/2016/36) For the ECB: claims related to the ECB’s banknote issue, in accordance with Decision ECB/2010/29 Nominal value Mandatory - 9.5 Other claims within the Eurosystem (net)(+) Net position of the following sub-items: Mandatory Mandatory Mandatory 9 10 Items in the course of settlement Settlement account balances (claims), including the float of cheques in collection Nominal value Mandatory 9 11 Other assets 9 11.1 Coins of euro area Euro coins if an NCB is not the legal issuer Nominal value Mandatory 9 11.2 Tangible and intangible fixed assets Land and buildings, furniture and equipment including computer equipment, software Cost less depreciation Recommended Depreciation rates: Capitalisation of expenditure: limit based (below EUR 10000 excluding VAT: no capitalisation) 9 11.3 Other financial assets Recommended Recommended Recommended Recommended Recommended Recommended Recommended Recommended 9 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 Mandatory 9 11.5 Accruals and prepaid expenditure Income not due in, but assignable to the reported period. Prepaid expenditure and accrued interest paid, i.e. accrued interest purchased with a security Nominal value, foreign exchange translated at market rate Mandatory 9 11.6 Sundry Recommended Mandatory Mandatory Recommended Mandatory Mandatory - 12 Loss for the year Nominal value Mandatory
(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 item 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 General arrangements to borrow, 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
(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
(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 debt 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) outside the euro area 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
(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
(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 debt 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
(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
(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 debt 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 outside the euro area other than those under asset item 11.3 Other financial assets
(c) Loans outside the euro area Deposits at nominal value
(a) Marketable debt securities Accounted for depending on monetary policy considerations:
(a)
(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(b) Provisions). Any premiums or discounts are amortised
(b) Non-marketable debt securities Cost subject to impairment. Any premiums or discounts are amortised
(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 debt securities Cost subject to impairment. Any premiums or discounts are amortised
(d) Marketable equity shares Market price
(e) Marketable investment funds Market price
(a) net claims arising from balances of TARGET2 accounts and correspondent accounts of NCBs, i.e. the net figure of claims and liabilities – see also liability item 10.4 Other liabilities within the Eurosystem (net)
(a) Nominal value
(b) claim due to the difference between monetary income to be pooled and redistributed. Only relevant for the period between booking of monetary income as part of the year-end procedures, and its settlement on the last working day in January each year
(b) Nominal value
(c) other intra-Eurosystem claims denominated in euro that may arise, including the interim distribution of ECB income
(c) Nominal value
computers and related hardware/software and motor vehicles: 4 years
equipment, furniture and plant in building: 10 years
building and capitalised major refurbishment expenditure: 25 years
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, e.g. 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
(b) Marketable investment funds Market price
(c) Participating interests and non-marketable 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. Any premiums or discounts are amortised
(f) Marketable debt securities classified as held-to-maturity or held as a permanent investment Cost subject to impairment. Any premiums or discounts are amortised
(g) Non-marketable debt securities Cost subject to impairment. Any premiums or discounts are amortised
(h) Balances with banks and loans Nominal value, translated at the foreign exchange market rate if the balances or deposits are denominated in foreign currencies
(a) Advances, loans and other minor items. Loans on a trust basis. Coins denominated in national euro area currency units. Current expense (net accumulated loss), loss of the previous year before coverage
(a) Nominal value or cost
(b) Revaluation suspense accounts (only a balance sheet item during the year: unrealised losses at revaluation dates during the year, which are not covered by the relevant revaluation accounts under the liability item Revaluation accounts)
(b) Revaluation difference between average cost and market value, foreign exchange translated at market rate
(c) Investments related to customer gold deposits
(c) Market value
(d) Net pension assets
(d) As per Article 28(2)
(e) Outstanding claims and securities arising from the default of eligible counterparties or issuers in the context of Eurosystem monetary policy operations
(e) Nominal/recoverable value (before/after settlement of losses)
(f) 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
(f) 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 Categorisation of contents of balance sheet items Valuation principle Scope of application 1 1 Banknotes in circulation Mandatory Mandatory 2 2 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 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 Mandatory 2.2 2.2 Deposit facility Overnight deposits at a pre-specified interest rate (standing facility) Nominal value Mandatory 2.3 2.3 Fixed-term deposits Collection for liquidity absorption purposes owing to fine-tuning operations Nominal value Mandatory 2.4 2.4 Fine-tuning reverse operations Monetary policy-related transactions with the aim of liquidity absorption Nominal value or repo cost Mandatory 2.5 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 Mandatory 3 3 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. Any liabilities/deposits stemming from monetary policy operations initiated by a central bank prior to joining the Eurosystem Nominal value or repo cost Mandatory 4 4 Debt certificates issued Only an ECB balance sheet item – for the NCBs a transitional balance sheet item. 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 Mandatory 5 5 Liabilities to other euro area residents denominated in euro 5.1 5.1 General government Current accounts, fixed-term deposits, deposits repayable on demand Nominal value Mandatory 5.2 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 Current accounts); 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 Mandatory 6 6 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 TARGET2 accounts of central banks of Member States whose currency is not the euro Nominal value or repo cost Mandatory 7 7 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 foreign exchange market rate Mandatory 8 8 Liabilities to non-euro area residents denominated in foreign currency 8.1 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 foreign exchange market rate Mandatory 8.2 8.2 Liabilities arising from the credit facility under ERM II Borrowing in accordance with the ERM II conditions Nominal value, translated at the foreign exchange market rate Mandatory 9 9 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 market rate Mandatory - 10 Intra-Eurosystem liabilities(+) - 10.1 Liabilities equivalent to the transfer of foreign reserves(+) Only an ECB balance sheet item denominated in euro Nominal value Mandatory - 10.2 Liabilities related to the issuance of ECB debt certificates(+) Only an NCB balance sheet item Intra-Eurosystem liability vis-à-vis the ECB, arising from the issuance of ECB debt certificates Cost Mandatory - 10.3 Net liabilities related to allocation of euro banknotes within the Eurosystem (+) Only an NCB balance sheet item. For the NCBs: net liability related to the application of the banknote allocation key, i.e. including the ECB’s banknote issue related intra-Eurosystem balances, the compensatory amount and its balancing accounting entry as defined by Decision (EU) 2016/2248 (ECB/2016/36) Nominal value Mandatory - 10.4 Other liabilities within the Eurosystem (net)(+) Net position of the following sub-items: Mandatory Mandatory Mandatory 10 11 Items in course of settlement Settlement account balances (liabilities), including the float of giro transfers Nominal value Mandatory 10 12 Other liabilities 10 12.1 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 Mandatory 10 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 Mandatory 10 12.3 Sundry Recommended Mandatory Recommended 10 13 Provisions Recommended Mandatory 11 14 Revaluation accounts 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. The contributions from NCBs in accordance with Article 48.2 of the Statute of the ESCB to the ECB are consolidated with the respective amounts disclosed under asset item 9.1 Participating interest in the ECB(+) Revaluation difference between average cost and market value, foreign exchange translated at market rate Mandatory 12 15 Capital and reserves 12 15.1 Capital Paid-up capital – the ECB’s capital is consolidated with the capital shares of the NCBs Nominal value Mandatory 12 15.2 Reserves Legal reserves and other reserves. Retained earnings The contributions from NCBs to the ECB in accordance with Article 48.2 of the Statute of the ESCB are consolidated with the respective amounts disclosed under asset item 9.1 Participating interest in the ECB(+) Nominal value Mandatory 10 16 Profit for the year Nominal value Mandatory
(a) Euro banknotes, plus/minus adjustments relating to the application of the banknote allocation key in accordance with Decision (EU) 2016/2248 (ECB/2016/36) and Decision ECB/2010/29
(a) Nominal value
(b) Banknotes denominated in national euro area currency units during the cash changeover year
(b) Nominal value
(a) net liabilities arising from balances of TARGET2 accounts and correspondent accounts of NCBs, i.e. the net figure of claims and liabilities - see also asset item 9.5 Other claims within the Eurosystem (net)
(a) Nominal value
(b) liability due to the difference between monetary income to be pooled and redistributed. Only relevant for the period between booking of monetary income as part of the year-end procedures, and its settlement at the last working day in January each year
(b) Nominal value
(c) other intra-Eurosystem liabilities denominated in euro that may arise, including the interim distribution of ECB income
(c) Nominal value
(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. Current income (net accumulated profit), profit of the previous year before distribution. Liabilities on a trust basis. Coins in circulation if an NCB is the legal issuer. Banknotes in circulation denominated in national euro area currency units that have ceased to be legal tender but are still in circulation after the cash changeover year, if not shown under the liability item Provisions
(a) Nominal value or (repo) cost
(b) Customer gold deposits
(b) Market value
(c) Net pension liabilities
(c) As per Article 28(2)
(a) For pensions, for financial risks, and for other purposes, e.g. expected future expenses, provisions for national euro area currency units that have ceased to be legal tender but are still in circulation after the cash changeover year if these banknotes are not shown under liability item 12.3 Other liabilities/sundry The contributions from NCBs to the ECB in accordance with Article 48.2 of the Statute of the ESCB are consolidated with the respective amounts disclosed under asset item 9.1 Participating interest in the ECB(+)
(a) Cost/nominal/discounted value
(b) For counterparty or credit risks arising from monetary policy operations
(b) Nominal value