Banknotes in circulation
For the purposes of this Annex, in the cash changeover year for each NCB joining the Eurosystem ‘Banknotes in circulation’:
includes banknotes issued by the NCB and denominated in its national currency unit; and
must be reduced by the value of the non-remunerated loans related to frontloaded euro banknotes that have not been yet debited (part of asset item 6 of the HBS).
After the relevant cash changeover year, for each NCB ‘banknotes in circulation’ means banknotes denominated in euro, to the exclusion of any other banknotes.
If the cash changeover date is a day on which TARGET2 is closed, the liability of an NCB which results from euro banknotes that have been frontloaded under Guideline ECB/2006/9 and have entered into circulation before the cash changeover date forms part of the liability base (as part of the correspondent accounts under liability item 10.4 of the HBS) until the liability becomes part of the intra-Eurosystem liabilities resulting from TARGET2 transactions.
Liabilities to euro area credit institutions related to monetary policy operations denominated in euro, including any of the following:
current accounts including minimum reserve requirements pursuant to Article 19.1 of the Statute of the ESCB (liability item 2.1 of the HBS);
amounts in deposit under the Eurosystem deposit facility (liability item 2.2 of the HBS);
fixed-term deposits (liability item 2.3 of the HBS);
liabilities arising from fine-tuning reverse operations (liability item 2.4 of the HBS);
deposits related to margin calls (liability item 2.5 of the HBS).
Deposit liabilities to defaulted Eurosystem counterparties which have been reclassified from liability item 2.1 of the HBS.
Intra-Eurosystem liabilities of NCBs arising from the issuance of ECB debt certificates under Chapter 3.3 of Annex I to Guideline ECB/2000/7 (liability item 10.2 of the HBS).
Net intra-Eurosystem liabilities on euro banknotes in circulation, including those resulting from the application of Article 4 of this Decision (part of liability item 10.3 of the HBS).
Net intra-Eurosystem liabilities resulting from TARGET2 transactions remunerated at the reference rate (part of liability item 10.4 of the HBS).
Lending to euro area credit institutions related to monetary policy operations denominated in euro (asset item 5 of the HBS).
Securities held for monetary policy purposes (asset item 7.1 of the HBS).
Intra-Eurosystem claims equivalent to the transfer of foreign reserve assets other than gold to the ECB pursuant to Article 30 of the Statute of the ESCB (part of asset item 9.2 of the HBS).
Net intra-Eurosystem claims on euro banknotes in circulation including those resulting from the application of Article 4 of this Decision (part of asset item 9.4 of the HBS).
Net intra-Eurosystem claims resulting from TARGET2 transactions remunerated at the reference rate (part of asset item 9.5 of the HBS).
Gold, including claims in respect of gold transferred to the ECB, in an amount permitting each NCB to earmark a proportion of its gold that corresponds to the application of its share in the subscribed capital key to the total amount of gold earmarked by all NCBs (asset item 1 and part of asset item 9.2 of the HBS).
For the purposes of this Decision, gold is valued on the basis of the gold price in euro per fine ounce as at 31 December 2002.
Claims resulting from euro banknotes that have been frontloaded under Guideline ECB/2006/9 and have then entered into circulation before the cash changeover date (part of asset item 4.1 of the HBS until the cash changeover date and thereafter part of the correspondent accounts under asset item 9.5 of the HBS), but only until such claims become part of the intra-Eurosystem claims resulting from TARGET2 transactions.
Outstanding claims arising from default by Eurosystem counterparties in the context of Eurosystem credit operations, and/or financial assets or claims (vis-à-vis third parties) appropriated and/or acquired in the context of the realisation of collateral submitted by defaulted Eurosystem counterparties in the context of Eurosystem credit operations reclassified from asset item 5 of the HBS (part of asset item 11.6 of the HBS).
If the average total value of banknotes in circulation in a cash changeover year is lower than the average total euro value of banknotes in circulation during the reference period (including those denominated in the national currency of the Member State that has adopted the euro and translated into euro at the daily foreign exchange reference rate during the reference period), then the coefficient ‘S’ applying to the cash changeover year in accordance with Article 4(1) is reduced with retroactive effect in the same proportion as the decrease in the total average of banknotes in circulation.
The reduction may not result in a coefficient lower than 0,8606735. If this derogation is applied, one quarter of the resulting reduction in the NCBs’ compensatory amounts (C) applicable in the cash changeover year must be added to each NCB’s compensatory amount applicable in the second to fifth year following the cash changeover year pursuant to Article 4(1).
If those NCBs for which the compensatory amount referred to in Article 4(1) is a positive figure pay net remuneration on intra-Eurosystem balances on banknotes in circulation that results in a net expense when added to the item ‘net result of pooling of monetary income’ in their profit and loss account at the end of the year, then the coefficient ‘S’ applying to the cash changeover year in accordance with Article 4(1) is reduced to the extent necessary to eliminate this condition.
The reduction may not result in a coefficient lower than 0,8606735. If this derogation is applied, one quarter of the resulting reduction in the NCBs’ compensatory amounts (C) applicable in the cash changeover year is added to each NCB’s compensatory amount applicable in the second to fifth year following the cash changeover year pursuant to Article 4(1).
| Decision ECB/2001/16 | OJ L 337, 20.12.2001, p. 55. |
| Decision ECB/2003/22 | OJ L 9, 15.1.2004, p. 39. |
| Decision ECB/2006/7 | OJ L 148, 2.6.2006, p. 56. |
| Decision ECB/2007/15 | OJ L 333, 19.12.2007, p. 86. |
| Decision ECB/2009/27 | OJ L 339, 22.12.2009, p. 55. |
| Decision ECB/2001/16 | This Decision |
|---|---|
| Article 5a | Article 6 |
| Article 6 | Article 7 |