2008年-ECB欧洲央行_Annual_Accounts_2007_28页_408kb

Summary of the ECB Management Report for the Year Ending 31 December 2007

Core Content

The European Central Bank (ECB) reported a net profit of €0 for the year ending 31 December 2007, primarily due to the transfer of €286,416,109 to a provision for foreign exchange rate, interest rate, and gold price risks. This provision, which was increased from €2,371,395,162 in 2006 to €2,668,758,313 in 2007, was used to offset write-downs of assets denominated in US dollars and Japanese yen caused by the euro's appreciation against these currencies. The write-downs amounted to approximately €2.5 billion.

The ECB's financial activities and risk management are detailed in Chapter 2 of the Annual Report. The ECB's investment portfolio includes foreign reserve assets, which are used to fund operations in the foreign exchange market, and its own funds portfolio, which serves to cover operating expenses.

Key Resources, Risks and Processes

Governance of the ECB

• Governance information is detailed in Chapter 8 of the Annual Report.
• Members of the Executive Board are appointed by the Heads of State or Government of the Member States, following a recommendation from the EU Council and consultation with the European Parliament and the Governing Council.
• Terms and conditions of employment are determined by the Governing Council based on a proposal from a committee.

Employees

• The ECB's average number of staff (full-time equivalent) increased from 1,337 in 2006 to 1,366 in 2007, with 1,375 staff employed at year-end.
• Staff costs are detailed in note 29 of the Annual Accounts.

Investment Activities and Risk Management

• The ECB's foreign reserves portfolio is managed to mitigate exchange rate, interest rate, and gold price risks.
• The ECB's own funds portfolio includes paid-up capital, general reserve fund, and income from past investments.
• The provision for risks was increased to €2,668,758,313 in 2007, reducing net profit to zero.

Financial Result

Financial Accounts

• Total assets at the end of 2007 amounted to €126,043,458,303, up from €105,766,455,243 in 2006.
• Total liabilities matched total assets, at €126,043,458,303, indicating a balanced financial position.

Profit and Loss Account

• Net interest income rose to €2,420,766,640 in 2007 from €1,971,835,449 in 2006, driven by higher euro banknotes in circulation and increased marginal rates.
• Realised gains from financial operations increased from €475 million to €778.5 million, mainly due to lower US interest rates and higher gold prices.
• Write-downs on financial assets and positions totaled €2,534.25 million, significantly impacting the net result.
• The transfer to the risk provision reduced the net result to zero.

Capital and Reserves

• The ECB's subscribed capital increased to €5,761 million as of 1 January 2007, following the accession of Bulgaria and Romania and the payment of capital by Slovenia's NCB.
• The ECB's paid-up capital rose from €4,089 million to €4,127 million in 2007.
• Details of these changes are outlined in note 15 of the Annual Accounts.

Accounting Policies

Basis of Accounting

• The accounts are prepared on a historical cost basis, with market valuations applied to marketable securities, gold, and foreign currency assets/liabilities.
• Foreign exchange transactions and related accruals are recorded on the trade date, with settlement adjustments made at the settlement date.

Recognition of Assets and Liabilities

• Assets and liabilities are only recognised when the economic benefits or obligations are probable and measurable.

Income Recognition

• Realised gains and losses are recorded in the Profit and Loss Account.
• Unrealised gains and losses are recorded in revaluation accounts or the Profit and Loss Account if they exceed prior revaluation gains.

Fixed Assets

• Fixed assets are valued at cost less depreciation, with land valued at cost.
• Depreciation is calculated on a straight-line basis, with varying periods depending on the asset type.

Retirement Plan and Postemployment Benefits

• The ECB operates a defined benefit pension scheme for its staff.
• The liability is calculated as the present value of the defined benefit obligation, adjusted for plan assets and actuarial gains/losses.
• Actuarial gains and losses are amortised over the expected remaining working lives of employees.

Banknotes in Circulation

• The ECB's share of euro banknotes in circulation is 8%, which is backed by claims on NCBs.
• Interest income on these claims is included in net interest income and distributed to NCBs in the following year.

Additional Information

• The ECB's budget process involves the Budget Committee (BUCOM), which evaluates budget proposals and supplementary funding requests.
• The ECB's financial statements are prepared in accordance with the Statute of the ESCB and follow a harmonised approach to accounting and financial reporting.
• The ECB's external auditors for the 2007 financial year were KPMG Deutsche Treuhand-Gesellschaft Aktiengesellschaft.