2004年-ECB欧洲央行_Annual_Accounts_2003_17页_300kb

2003 Balance Sheet and Profit and Loss Account Summary

Core Content Overview

The following summary presents the core content, main points, and key information from the European Central Bank (ECB) financial statements as of 31 December 2003.

Balance Sheet Highlights

Total Assets

• Total Assets (2003): €86,531,757,873
• Total Assets (2002): €90,267,596,268
• The decrease in total assets is primarily due to the ECB's net loss for the year.

Key Asset Categories

• Gold and Gold Receivables:

  • 2003: €8,145,320,117
  • 2002: €8,058,187,254
  • No transactions in gold occurred in 2003; the change was due to revaluation at year-end.

• Claims on Non-Euro Area Residents (Foreign Currency):

  • 2003: €2,799,472,504
  • 2002: €3,047,976,497
  • The reduction is due to the depreciation of the US dollar against the euro.

• Claims on Non-Euro Area Residents (Euro):

  • 2003: €146,867,501
  • 2002: €227,805,777
  • This category includes bank deposits with non-euro area residents.

• Balances with Banks and Security Investments, External Loans, and Other External Assets:

  • 2003: €28,593,384,857
  • 2002: €37,151,511,287
  • This category includes a wide range of financial assets, including reverse repurchase agreements and security investments.

• Claims on Euro Area Residents (Foreign Currency):

  • 2003: €2,799,472,504
  • 2002: €3,047,976,497
  • These claims include current accounts, money market deposits, and reverse repurchase agreements.

• Claims Related to the Allocation of Euro Banknotes:

  • 2003: €34,899,471,205
  • 2002: €28,681,074,010
  • This is the ECB's share of the total euro banknotes in circulation, which is backed by claims on NCBs.

• Other Claims within the Eurosystem (Net):

  • 2003: €4,599,894,403
  • 2002: €5,468,478,796
  • These include the net TARGET position and interim distributions of the ECB's banknote income.

• Other Assets:

  • 2003: €6,331,105,652
  • 2002: €7,512,342,178
  • This category includes tangible fixed assets, other financial assets, and sundry items.

Tangible Fixed Assets

• 2003: €128,911,950
• 2002: €112,624,758
• The increase is due to capitalised costs for the ECB's third site and additional information systems equipment.

Other Financial Assets

• 2003: €5,573,756,258
• 2002: €5,529,030,465
• Main components include securities in euro, reverse repurchase agreements, and claims related to the ECB pension fund.

Liabilities

• Total Liabilities (2003): €86,531,757,873
• Total Liabilities (2002): €90,267,596,268
• The decrease is due to the ECB's net loss for the year.

Key Liability Categories

• Banknotes in Circulation:

  • 2003: €34,899,471,205
  • 2002: €28,681,074,010
  • Represents the ECB's share of euro banknotes in circulation.

• Liabilities to Other Euro Area Residents (Euro):

  • 2003: €1,065,000,000
  • 2002: €1,036,000,000
  • Includes deposits from Euro Banking Association (EBA) members.

• Liabilities to Non-Euro Area Residents (Euro):

  • 2003: €146,867,501
  • 2002: €227,805,777
  • Includes balances held by non-euro area NCBs through the TARGET system.

• Intra-Eurosystem Liabilities:

  • 2003: €40,497,150,000
  • 2002: €40,497,150,000
  • These liabilities are related to the transfer of foreign reserve assets to the ECB.

• Other Liabilities:

  • 2003: €1,337,190,044
  • 2002: €1,493,130,331
  • Includes interest due to NCBs and obligations related to the pension fund.

• Provisions:

  • 2003: €87,195,777
  • 2002: €2,644,780,685
  • The provision was used to cover unrealised losses due to the depreciation of the US dollar.

• Revaluation Accounts:

  • 2003: €2,176,464,065
  • 2002: €4,404,834,096
  • These accounts reflect the revaluation of foreign exchange assets and liabilities.

• Capital and Reserves:

  • Capital (2003): €4,097,229,250
  • Reserves (2003): €772,757,209
  • These remain unchanged from 2002.

• Loss for the Year:

  • 2003: €476,688,785
  • 2002: €1,220,454,254
  • The loss for 2003 is due to significant write-downs on financial assets and revaluation losses.

Profit and Loss Account Highlights

Net Interest Income

• 2003: €715,126,677
• 2002: €994,533,055
• The decrease is due to lower interest income and higher interest expenses.

Interest Income

• 2003: €2,689,503,485
• 2002: €3,682,539,467
• Composed of interest income on foreign reserves, banknote allocation, and other interest income.

Interest Expense

• 2003: €1,974,376,808
• 2002: €2,688,006,412
• Includes remuneration of NCBs' claims and other interest expenses.

Net Result of Financial Operations

• 2003: €(878,720,100)
• 2002: €612,470,352
• Reflects the net impact of financial operations, write-downs, and risk provisions.

Net Income (Expense)

• 2003: €(160,745,609)
• 2002: €1,610,520,402
• The ECB reported a net loss in 2003 due to significant write-downs and revaluation losses.

Key Financial Policies

• The ECB follows historical cost accounting, with adjustments for market valuation of marketable securities and gold.
• Foreign currency assets and liabilities are revalued using the exchange rate on the balance sheet date.
• Revaluation accounts are used to record unrealised gains and losses, with unrealised losses expensed if they exceed previous revaluation gains.
• The ECB's retirement plan is managed by an external fund manager and is not fungible with other ECB financial assets.
• The pension fund had assets of €91.7 million as of 31 December 2003.
• The banknote allocation key ensures the ECB receives 8% of the total euro banknote issue.
• Interim distributions of the ECB's banknote income are made to NCBs on a quarterly basis, unless the ECB's net profit is insufficient.
• Reverse transactions (repurchase and reverse repurchase agreements) are included in the balance sheet and profit and loss account, with interest income or expenses recorded accordingly.
• Cash flow statements are not published, as they are considered not to provide additional relevant information.

Additional Notes

• The ECB's capital and reserves remained unchanged in 2003.
• Gold is valued at the market price in euros, based on the euro-to-US dollar exchange rate on 31 December 2003.
• The pension fund has minimum guarantees for benefits payable from the core benefit account.
• The ECB's third site and information systems contributed to the increase in tangible fixed assets.
• The provision for foreign exchange and interest rate risks was fully utilised in 2003 due to the significant depreciation of the US dollar.
• The ECB's external auditors are KPMG Deutsche Treuhand-Gesellschaft Aktiengesellschaft, appointed for a five-year period starting in 2003.