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Decision of the European Central Bank of 25 November 2010 on the allocation of monetary income of the national central banks of Member States whose currency is the euro (recast) (ECB/2010/23) (2011/66/EU) (repealed)
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Article 6Calculation and allocation of income resulting from the write-off of euro banknotes
1.Withdrawn euro banknotes shall remain part of the liability base until they are exchanged or written off, whichever event occurs first.
2.The Governing Council may decide to write off withdrawn euro banknotes, in which case it shall specify the write-off date and the total amount of the provision to be made for those withdrawn euro banknotes that are still expected to be exchanged.
3.Withdrawn euro banknotes shall be written off as follows:
(a)On the write-off date, the ECB’s and the NCBs’ balance sheet items ‘Banknotes in circulation’ shall be reduced by the total amount of withdrawn euro banknotes still in circulation. For this purpose, the actual amounts of withdrawn euro banknotes that were put into circulation shall be adjusted to their pro-rata amounts calculated in accordance with the issue key, and the differences shall be settled among the ECB and the NCBs.
(b)The adjusted amount of withdrawn euro banknotes shall be written off from the balance sheet item ‘Banknotes in circulation’ to the NCBs’ profit and loss accounts.
(c)Each NCB shall establish a provision for withdrawn euro banknotes that are still expected to be exchanged. The provision shall be equivalent to the relevant NCB’s share in the total amount of the provision calculated using the issue key.
4.Withdrawn euro banknotes that are exchanged after the write-off date shall be recorded in the books of the NCB that has accepted them. The inflow of withdrawn euro banknotes shall be redistributed among NCBs at least once a year by applying the issue key, and the differences shall be settled between them. Each NCB shall set off the pro-rata amount against its provision or, in the event that the inflow exceeds the provision, record a corresponding expense in its profit and loss account.
5.The Governing Council shall review the total amount of the provision on an annual basis.
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