2005年-ECB欧洲央行_Annual_Accounts_2004_22页_245kb

2004 ECB Management Report Summary

Core Content

The European Central Bank (ECB) reported a net loss of €1,636 million for the year ending 31 December 2004, following a net loss of €477 million in 2003. The loss was primarily due to the appreciation of the euro against the US dollar and, to a lesser extent, the Japanese yen, which led to writedowns in the euro value of the ECB's US dollar-denominated assets.

Financial Results

• Net Loss: €1,636 million (2003: €477 million)
• Interest Income: €2,612 million (2003: €2,689 million)
• Net Interest Income: €689.77 million (2003: €715.13 million)
• Realised Gains/Losses: €136 million (2003: €525 million)
• Write-downs on Financial Assets: €2,093 million (2003: €3,972 million)
• Net Expense from Fees and Commissions: €261,517 (2003: €63,466)
• Total Net Income: €-1,261.77 million (2003: €-160.75 million)
• Staff Costs: €161.19 million (2003: €129.89 million)
• Administrative Expenses: €176.29 million (2003: €153.55 million)
• Depreciation: €33.66 million (2003: €30.41 million)
• Banknote Production Services: €3.12 million (2003: €2.09 million)
• Loss for the Year: €1,636.03 million

Capital and Staff

• Staff: 1,309 (2003: 1,213), including 131 at managerial levels
• Capital: €4,089.28 million (2003: €4,097.23 million)
• Reserves: €296.07 million (2003: €772.76 million)
• Capital Key Adjustments:
  • First adjustment on 1 January 2004
  • Second adjustment on 1 May 2004 due to EU enlargement
  • Non-euro area NCBs increased their paid-up capital contributions from 5% to 7%

Funding of the Loss

The Governing Council decided to offset the 2004 loss by:

• Using the entire remaining general reserve fund of €296 million
• Using NCBs' monetary income of €1,340 million (15% of total Eurosystem monetary income)

Accounting Policies

• Prudence Principle: Unrealised gains are not recognised as income, while unrealised losses are expensed
• Revaluation: Assets and liabilities are revalued at current market exchange rates and security prices
• Gold Valuation: Valued at the market price in euro per fine ounce
• Securities: Valued at mid-market prices on the balance sheet date
• Fixed Assets: Valued at cost less depreciation (except land, which is valued at cost)
• Depreciation Periods:
  • Computers, hardware, software, motor vehicles: 4 years
  • Equipment, furniture, plant in building: 10 years
  • Capitalised building and refurbishment expenditure: 25 years
  • Fixed assets costing less than €10,000: Written off in the year of acquisition

Investment Activities and Risk Management

• The ECB's foreign reserve assets are mainly in USD, with some in JPY, gold, and SDRs
• The euro appreciated against USD by 8% and to a lesser extent against JPY
• The ECB's investment activities are governed by the Eurosystem's accounting and financial reporting rules
• Intra-Eurosystem balances are managed through the TARGET system
• Intra-Eurosystem claims related to banknote allocation are included in the balance sheet as a net asset

Governance and External Auditors

• The ECB's governance is detailed in Chapter 8 of the Annual Report
• KPMG Deutsche Treuhand-Gesellschaft Aktiengesellschaft was appointed as the external auditors for a five-year period up to 2007

Banknotes in Circulation

• The ECB's share of the total euro banknote issue is 8%
• This share is disclosed under the balance sheet liability item "Banknotes in circulation"
• Interest income from these claims is included in "Net interest income"
• The Governing Council decided on quarterly interim distributions of this income

Balance Sheet Highlights

• Total Assets: €90,212,064,303 (2003: €86,531,757,873)
• Gold and Gold Receivables: 24.7 million ounces (no change from 2003)
• Claims on Non-Euro Area Residents (Foreign Currency): €26,938,993,980 (2003: €28,593,384,857)
• Claims on Euro Area Residents (Foreign Currency): €2,552,016,565 (2003: €2,799,472,504)
• Banknotes in Circulation: €40,100,852,165 (2003: €34,899,471,205)
• Total Liabilities: €90,212,064,303 (2003: €86,531,757,873)

Key Information

• The ECB's profitability is heavily influenced by exchange rate fluctuations and interest rate exposures
• The ECB's pension fund obligations contributed significantly to the increase in staff costs
• The ECB's balance sheet includes various liabilities and assets, including revaluation accounts and provisions
• The ECB's financial statements are based on historical cost with market valuation adjustments
• The ECB's role in the Eurosystem includes managing foreign exchange and banknote allocations
• The ECB's capital and reserves are subject to periodic adjustments based on the capital key

Main Points

• The ECB experienced a significant net loss in 2004 due to the appreciation of the euro
• Staff and administrative expenses increased by 18% due to higher pension fund obligations
• The capital key was adjusted twice in 2004, reflecting EU enlargement
• The ECB's financial activities are governed by a set of prudential and transparent accounting policies
• The ECB's balance sheet and profit and loss account reflect the impact of revaluation and write-downs
• The ECB's governance and external audit arrangements are in place and well-defined