EBA欧洲银行-EBA-MB-2013-039-28Annual-Accounts-201229_38页_2mb

Summary of the European Banking Authority 2012 Annual Accounts

Core Content

The European Banking Authority (EBA) Annual Accounts for the year 2012 were prepared in accordance with the Financial Regulation and the accounting rules of the Commission's Accounting Officer. These accounts reflect the financial position of the EBA as of 31 December 2012 and provide a detailed overview of its assets, liabilities, and net assets, as well as the economic outturn and cash flow.

Main Points

• Certification: The Accounting Officer, Yves Lecoanet, certifies the Annual Accounts as presenting a true and fair view in all material aspects, based on reliable information from the Authorising Officer and necessary checks.
• Funding Structure: The EBA is funded 60% by contributions from Member States and 40% by Union funds, according to the weighting of votes set out in Article 3(3) of the Protocol (No 36) on transnational provisions.
• Budgetary and Financial Management: The EBA operates under a modified cash accounting principle for its budgetary accounts and an accrual accounting basis for its financial statements.
• Financial Statements Overview:
  • Balance Sheet: Total assets at 31 December 2012 amounted to €9,964,561, compared to €7,399,192 at the end of 2011. Total liabilities were €5,409,848 in 2012, up from €6,745,488 in 2011. Net assets stood at €4,554,713 as of 31 December 2012.
  • Economic Outturn Account: Operating revenue for 2012 was €18,144,484, with operating expenses at €14,236,605. The net surplus from operating activities was €3,901,009.
  • Cash Flow Table: Net cash flow from operating activities was €2,691,670, and the net increase in cash and cash equivalents was €2,567,764, leading to a balance of €8,945,787 at the end of 2012.
  • Changes in Net Assets: The net assets increased from €653,704 at the end of 2011 to €4,554,713 at the end of 2012, due to the net surplus for the year.

Key Financial Information

Assets

• Non-current assets:
  • Intangible fixed assets: €28,186
  • Tangible fixed assets:
    • Computer hardware: €89,220
    • Furniture: €71,255
    • Other fixtures and fittings: €346,388
  • Total non-current assets: €535,049
• Current assets:
  • Current receivables: €172,537
  • Sundry receivables: €19,264
  • Prepaid expenses: €291,924
  • Cash and cash equivalents: €8,945,787
  • Total current assets: €9,429,512
• Total assets: €9,964,561

Liabilities

• Non-current liabilities:
  • Provisions for risks and charges: €1,403,155
  • Total non-current liabilities: €1,403,155
• Current liabilities:
  • Current payables: €2,824,557
  • Sundry payables: €29,070
  • Payables to EU entities: €1,153,066
  • Total current liabilities: €4,006,693
• Total liabilities: €5,409,848

Net Assets

• Accumulated surplus (deficit): €653,704
• Net surplus for the year: €3,901,009
• Total net assets: €4,554,713

Notes to Financial Statements

Significant Accounting Policies

• The financial statements are based on accrual accounting and EU Accounting Rules.
• Assets and liabilities are reported at their real value, not netted.
• Estimates are used for provisions, receivables, and other financial elements, with changes in estimates reflected in the period they are known.

Non-current Assets

• Composed of intangible and tangible fixed assets, with depreciation based on the straight-line method.
• The useful life of computer hardware and software is 4 years, with an annual depreciation rate of 25%.
• Movable furniture has a useful life of 10 years and a depreciation rate of 10%.
• Assets under construction, such as those in Tower 42, are not amortised.

Current Assets

• Current receivables mainly consist of VAT recoverable from the UK Authorities.
• Sundry receivables include amounts to be recovered from the City of London and staff.
• Prepaid expenses include rent, business rates, and other operational costs.
• Cash and cash equivalents are held in accounts with Citigroup and the Co-operative Bank.

Provisions for Risks and Charges

• Includes salary adjustments disputed by the Council, re-instatement costs, and CEBS open invoices.
• Total provisions for risks and charges at 31 December 2012 were €1,403,155.

Payables

• Payables to suppliers, Member States, and European institutions are detailed, with accrued charges for annual leave and other expenses.

Revenue and Expenditure

• Revenue comes from Member States (60%) and EU subsidies (40%).
• Operating expenses include staff costs, building expenses, and other operational costs.

Budget Implementation

• The budgetary accounts reflect the implementation of the financial year 2012 budget.
• The surplus from the budgetary outturn was allocated 100% to the European Commission, despite Member States' preference for 60%.
• The EBA continues to seek a long-term solution in the context of the revision of the Framework Financial Regulation.

Additional Notes

• The EBA is part of the European System of Financial Supervisors (ESFS), working closely with EIOPA and ESMA.
• The Authority operates in three departments and two units, collaborating with national authorities.
• The lease agreement for the offices includes re-instatement obligations, with depreciation extended until 31 December 2014.