2012年-ECB欧洲央行_Annual_Accounts_2011_32页_2mb

Summary of the ECB Management Report for the Year Ending 31 December 2011

1. Nature of the Business

The European Central Bank (ECB) operates under the Statute of the European System of Central Banks (ESCB), with its activities detailed in the Annual Report. The ECB's role includes monetary policy, financial market operations, and maintaining financial stability within the Eurosystem.

2. Objectives and Tasks

The ECB's objectives and tasks are outlined in Articles 2 and 3 of the ESCB Statute. Performance against these objectives is summarized in the President's foreword to the Annual Report, highlighting the ECB's alignment with its statutory mandates.

3. Key Resources, Risks, and Processes

Governance Structure

• The ECB has three main decision-making bodies: the Executive Board, the Governing Council, and the General Council.
• External controls include the European Court of Auditors and an external auditor appointed every five years to ensure independence.
• Internal controls are managed by each organisational unit, with the Directorate Internal Audit providing independent assessments.
• The ECB Audit Committee, established in 2007, assists the Governing Council in financial integrity and internal control oversight.

Risk Management

• In July 2011, the ECB restructured its Risk Management Division into an independent Risk Management Office (RMO).
• The RMO oversees risk management for financial market operations and proposes improvements to the Eurosystem’s operational framework.
• The ECB maintains a comprehensive ethics framework, regularly updated, to ensure professional conduct among staff and decision-making bodies.

4. Financial Resources

Capital

• In December 2010, the ECB increased its subscribed capital by €5 billion, reaching €10.8 billion.
• The increase was due to heightened financial risks, including foreign exchange, interest rate, and credit risks.
• The euro area NCBs paid their contributions in three equal annual installments, with €1,166 million paid in 2011.
• As of 31 December 2011, the ECB's paid-up capital was €6,484 million.

Risk Provisions

• A provision for foreign exchange, interest rate, credit, and gold price risks was established in 2005 and expanded in 2009.
• The provision, which may not exceed the ECB's capital, was increased to €6,363 million as of 31 December 2011.
• The provision was used to offset net interest income, resulting in a net profit of €728 million distributed to NCBs.

5. Financial Results

Financial Accounts

• The ECB's financial accounts are prepared by the Executive Board and approved by the Governing Council.
• They are based on the principles established by the Governing Council and follow the ECB's accounting policies.

Profit and Loss Account

• Net Interest Income: Increased from €1,422 million in 2010 to €1,999 million in 2011, driven by higher yields on securities and increased euro banknote allocations.
• Net Realised Gains: Slightly decreased from €474 million to €472 million.
• Write-downs: Amounted to €157 million in 2011, primarily due to unrealised price losses on securities.
• Total Net Income: Reached €1,170 million in 2011, compared to €586 million in 2010.
• Profit for the Year: €728 million, distributed to euro area NCBs.

6. Balance Sheet Highlights (31 December 2011)

• Total Assets: €230,871,284,674
• Total Liabilities: €230,871,284,674
• Key Assets:
  • Gold and gold receivables: €19,643,678,205
  • Securities held for monetary policy purposes: €22,819,128,768
  • Banknotes in circulation: €71,090,081,710
• Key Liabilities:
  • Liabilities to non-euro area residents: €77,116,620,293
  • Revaluation accounts: €24,324,930,772
  • Provisions: €6,407,941,415

7. Accounting Policies

Basis of Accounting

• The ECB's accounts are prepared on a historical cost basis, adjusted for market valuation of certain assets and liabilities.
• Assets and liabilities denominated in foreign currency are converted to euro at the balance sheet date exchange rate.

Valuation of Assets and Liabilities

• Marketable securities (excluding held-to-maturity) are valued at mid-market prices or relevant yield curves.
• Gold is valued at the market price on 31 December 2011, based on the euro-to-dollar exchange rate on that date.
• Unrealised gains and losses are recorded in revaluation accounts, while realised gains and losses are included in the Profit and Loss Account.

Income Recognition

• Income and expenses are recognised when earned or incurred.
• Unrealised losses are taken to the Profit and Loss Account if they exceed previous revaluation gains.
• Impairment losses are not reversed unless there is a subsequent observable improvement.

Reverse Transactions

• Reverse transactions involve repurchase agreements or credit operations against collateral.
• These are recorded on the balance sheet and result in interest expenses or income depending on the type of transaction.

Off-Balance-Sheet Instruments

• Currency instruments like foreign exchange forwards are included in the net foreign currency position.
• Interest rate instruments are revalued daily, with changes in variation margin recorded in the Profit and Loss Account.

8. Post-Balance-Sheet Events

• Events occurring after the balance sheet date but before the Governing Council approval are adjusted if they significantly affect the financial position.
• Non-material events are disclosed in the notes.

9. Intra-Eurosystem Balances

• Intra-ESCB balances are the result of cross-border payments settled in central bank money.
• These balances are netted and assigned to the ECB, with each NCB having a net position against the ECB.
• Balances from TARGET2 and other Eurosystem operations are presented as net assets or liabilities.