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Document 32008O0021
Guideline of the European Central Bank of 11 December 2008 amending Guideline ECB/2006/16 on the legal framework for accounting and financial reporting in the European System of Central Banks (ECB/2008/21)
Guideline of the European Central Bank of 11 December 2008 amending Guideline ECB/2006/16 on the legal framework for accounting and financial reporting in the European System of Central Banks (ECB/2008/21)
Guideline of the European Central Bank of 11 December 2008 amending Guideline ECB/2006/16 on the legal framework for accounting and financial reporting in the European System of Central Banks (ECB/2008/21)
OJ L 36, 5.2.2009, p. 46–58
(BG, ES, CS, DA, DE, ET, EL, EN, FR, IT, LV, LT, HU, MT, NL, PL, PT, RO, SK, SL, FI, SV)
No longer in force, Date of end of validity: 30/12/2010; Implicitly repealed by 32010O0020
5.2.2009 |
EN |
Official Journal of the European Union |
L 36/46 |
GUIDELINE OF THE EUROPEAN CENTRAL BANK
of 11 December 2008
amending Guideline ECB/2006/16 on the legal framework for accounting and financial reporting in the European System of Central Banks
(ECB/2008/21)
(2009/100/EC)
THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,
Having regard to the Statute of the European System of Central Banks and of the European Central Bank (hereinafter the ESCB Statute), 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 47.2 of the ESCB Statute,
Whereas:
(1) |
Guideline ECB/2006/16 of 10 November 2006 on the legal framework for accounting and financial reporting in the European System of Central Banks (1) needs to be amended in order to reflect policy decisions and market developments. |
(2) |
The Eurosystem has revised its disclosure policy for securities transactions with a view to enhance further the transparency of the financial statements. As part of the revised policy, securities that previously qualified as financial fixed assets should be reclassified from the balance sheet item ‘Other financial assets’ to the appropriate item under the heading ‘asset’ depending on the origin of the issuer, the currency denomination and on whether the securities are held-to-maturity. Moreover, all financial instruments that are part of an earmarked portfolio should be included under the item ‘Other financial assets’. |
(3) |
Guideline ECB/2006/16 does not contain specific rules on the accounting of forward interest rate swaps, foreign exchange futures and equity futures. Such instruments are increasingly used in the financial markets and may be relevant to the management of the ECB’s foreign reserves. While forward interest rate swaps should be accounted for in the same manner as ‘plain vanilla’ interest rate swaps, foreign exchange futures and equity futures should be accounted for in the same manner as interest rate futures. |
(4) |
The current rules on equity instruments need to be amended in order to reflect the possibility to deal with marketable equities as part of the management of the ECB’s foreign reserves, |
HAS ADOPTED THIS GUIDELINE:
Article 1
Amendments
Guideline ECB/2006/16 is amended as follows:
1. |
Article 5(2) is replaced by the following: ‘2. Securities transactions including equity instruments denominated in foreign currency may continue to be recorded according to the cash/settlement approach. The related accrued interest including premiums or discounts shall be recorded on a daily basis from the spot settlement date.’; |
2. |
Article 7 is amended as follows:
|
3. |
Article 8(5) is replaced by the following: ‘5. Reverse transactions, including security lending transactions, conducted under an automated security lending programme shall only be recorded with effect on the balance sheet where collateral is provided in the form of cash placed on an account of the relevant NCB or the ECB.’; |
4. |
Article 9 is amended as follows:
|
5. |
Article 16 is amended as follows:
|
6. |
Article 17(3) is replaced by the following: ‘3. Interest rate swaps shall be individually revalued and, if necessary, translated into euro at the currency spot rate. It is recommended that unrealised losses taken to the profit and loss account at the year-end should be amortised in subsequent years, that in the case of forward interest rate swaps the amortisation should begin from value date of the transaction and that the amortisation should be linear. Unrealised revaluation gains shall be credited to a revaluation account.’ |
7. |
Annexes II, IV and IX to Guideline ECB/2006/16 are amended in accordance with the Annex to this Guideline. |
Article 2
Entry into force
This Guideline shall enter into force on 31 December 2008.
Article 3
Addressees
This Guideline applies to all Eurosystem central banks.
Done at Frankfurt am Main, 11 December 2008.
For the Governing Council of the ECB
The President of the ECB
Jean-Claude TRICHET
ANNEX
Annexes II, IV and IX to Guideline ECB/2006/16 are amended as follows:
1. |
Annex II is amended as follows:
|
2. |
the table entitled ‘Assets’ in Annex IV is replaced by the following: ‘ASSETS
|
3. |
in Annex IX, the words ‘Transfer to/from provisions for foreign exchange rate and price risks’ in the first column of the table under subheading 2,3 are replaced by the words ‘Transfer to/from provisions for foreign exchange rate, interest rate and gold price risks’. |
(1) The numbering in the first column relates to the balance sheet formats given in Annexes V, VI and VII (weekly financial statements and consolidated annual balance sheet of the Eurosystem). The numbering in the second column relates to the balance sheet format given in Annex VIII (annual balance sheet of a central bank). The items marked with a “+)” are consolidated in the Eurosystem’s weekly financial statements.
(2) The composition and valuation rules listed in this Annex are considered mandatory for the ECB’s accounts and for all material assets and liabilities in NCBs accounts for Eurosystem purposes, i.e. material to the Eurosystem’s operation.