2010年-ECB欧洲央行_Annual_Accounts_2009_30页_444kb

Summary of the ECB Management Report for the Year Ending 31 December 2009

1. Nature of the Business

The European Central Bank (ECB) activities for 2009 are detailed in the Annual Report. The report provides an overview of the ECB's objectives, governance, investment activities, and financial results.

2. Objectives and Tasks

The ECB's objectives and tasks are outlined in the Statute of the ESCB (Articles 2 and 3). The President's foreword to the Annual Report includes an overview of performance against these objectives.

3. Key Resources, Risks, and Processes

3.1 Governance of the ECB

• Information on the ECB's governance is detailed in Chapter 7 of the Annual Report.
• Members of the Executive Board are appointed by the governments of the Member States, with a recommendation from the EU Council after 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 comprising members from both the ECB and the EU Council.
• Emoluments of Executive Board members are outlined in note 30 of the Annual Accounts.

3.2 Employees

• The average number of staff (full-time equivalent) increased from 1,499 in 2008 to 1,530 in 2009.
• At the end of 2009, 1,563 staff were employed.
• The ECB's human resources strategy is described in Section 2 of Chapter 7 of the Annual Report.

3.3 Investment Activities and Risk Management

• The ECB's foreign reserves portfolio includes assets transferred by euro area NCBs and generates income for operations in the foreign exchange market.
• The ECB's own funds portfolio is used to cover operating expenses and includes paid-up capital, risk provisions, general reserve fund, and income from the portfolio.
• In 2009, the scope of the risk provision was extended to include credit risk.
• The risk provision, as of 31 December 2009, amounted to €4,020,445,722, reflecting the ECB's capital paid up by euro area NCBs.

3.4 Budget Process

• The Budget Committee (BUCOM) plays a key role in the ECB's financial governance.
• BUCOM evaluates annual budget proposals and supplementary funding requests before submission to the Governing Council for approval.
• The Executive Board regularly monitors spending against approved budgets, with the assistance of the internal controlling function and the Governing Council.

4. Financial Result

4.1 Financial Accounts

• The ECB's Annual Accounts are prepared by the Executive Board in accordance with the Governing Council's principles.
• They are approved by the Governing Council and subsequently published.

4.2 Financial Result for 2009

• Net income of the ECB before release from the risk provision was €2,218 million, compared to €2,661 million in 2008.
• Net profit after release was €2,253 million, distributed to the NCBs.
• Net interest income decreased from €2,381 million in 2008 to €1,547 million in 2009 due to lower interest rates on foreign reserve assets and reduced interest income from euro banknote allocation.
• Realised gains from financial operations increased from €662 million in 2008 to €1,103 million in 2009, driven by higher gains from gold and security sales.
• Total administrative expenses increased from €388 million in 2008 to €401 million in 2009.

4.3 Capital Adjustments

• The ECB's capital was adjusted on 1 January 2009 following Slovakia's adoption of the euro.
• Národná banka Slovenska paid up the remainder of its capital subscription, increasing the ECB's paid-up capital from €4,137 million to €4,142 million.

5. Other Issues

5.1 Retirement Plan

• In 2009, the ECB reviewed and froze its existing Retirement Plan on 31 May 2009.
• A new Pension Scheme was introduced on 1 June 2009 with increased compulsory contributions (ECB: 16.5% to 18%, staff: 4.5% to 6% of basic salary).
• Staff can make additional voluntary contributions to enhance retirement benefits.

5.2 Accounting Policies

• Financial statements are prepared on a historical cost basis with market valuation adjustments.
• Assets and liabilities are recognised when the associated economic benefits or obligations are probable and measurable.
• Income and expenses are recognised in the period they are incurred or earned.
• Unrealised gains and losses are recorded in revaluation accounts, while realised gains and losses are included in the Profit and Loss Account.

5.3 Gold and Foreign Currency Assets and Liabilities

• Gold and foreign currency assets are valued at market price, with revaluation differences treated separately.
• Gold is valued at the euro price per fine ounce on the year-end date.

5.4 Securities

• Marketable securities are valued at mid-market prices or yield curves, while held-to-maturity, non-marketable, and illiquid equity shares are valued at cost less impairment.

5.5 Intra-Eurosystem Balances

• Euro area NCBs' intra-Eurosystem balances with the ECB are presented as a single net asset or liability.
• Balances from the allocation of euro banknotes are included in the "Claims related to the allocation of euro banknotes" section.

5.6 Fixed Assets

• Fixed assets (excluding land) are valued at cost less depreciation.
• Land is valued at cost.
• Depreciation is calculated on a straight-line basis, with varying periods depending on the asset type.
• The depreciation period for rented premises was reduced to ensure assets are fully written off before the ECB moves to new premises.

5.7 Defined Benefit Plans

• The ECB's defined benefit pension plans are valued based on the present value of obligations, less the fair value of plan assets.
• Actuarial gains and losses are amortised using a "10% corridor" approach.

5.8 Banknotes in Circulation

• Euro banknotes are issued by the ECB and euro area NCBs, with allocations made monthly based on the banknote allocation key.
• The ECB was allocated 8% of the total value of euro banknotes in circulation.