ECB's Financial Statements

Article 15 of the Statute of the ESCB requires that a consolidated financial statement of the Eurosystem is published each week.

Consolidated weekly financial statement of the Eurosystem

Article 15 of the Statute of the ESCB requires that a consolidated financial statement of the Eurosystem is published each week. The weekly financial statement shows the assets and liabilities held by the Eurosystem vis-à-vis third parties as they arise in the accounts of the euro area national central banks (NCBs) and the ECB. Claims and liabilities between Eurosystem central banks (so-called intra-Eurosystem claims and liabilities such as TARGET2 balances) cancel each other out and are therefore not shown.

The consolidated weekly financial statement provides the public with information on the Eurosystem’s monetary policy operations, foreign exchange operations and investment activities.

The weekly financial statements of the Eurosystem are published on a Tuesday, and they relate to the preceding Friday. Certain publication dates differ from this general rule, for example, in respect of the first weekly financial statement after quarter-end the publication day will normally be a Wednesday (instead of Tuesday).

In order to have access to the published consolidated weekly financial statement of the Eurosystem, please click on the link to the right.

With a view to improving the Eurosystem’s transparency and enchancing public confidence, the ECB has decided, in addition to the consolidated weekly financial statement of the Eurosystem, to publish also, on a monthly basis, the financial statements of the NCBs and the ECB which form the basis of the consolidated financial statement of the Eurosystem.

Disaggregated financial statement of the Eurosystem

The disaggregated financial statement reference date is the first Friday of each month, except in cases where the last working day of the month is a Friday, which will coincide with the reference date. The publication will take place with one-month time lag and will have the same format as the weekly consolidated financial statement, disclosing separately the consolidation adjustments.

For the year 2020, the reference and publication dates will be as follows:

Reference date Publication date
4 December 2020 6 January 2021
1 January 2021  2 February 2021
29 January 20212 March 2021 
26 February 2021 30 March 2021
2 April 2021 4 May 2021
30 April 2021 1 June 2021
4 June 2021 7 July 2021
2 July 20213 August 2021 
30 July 2021 31 August 2021
3 September 2021 6 October 2021
1 October 2021 2 November 2021
 29 October 202130 November 2021

Banknotes in circulation

In the published Eurosystem disaggregated financial statements, the banknotes figures of each NCB and of the ECB as reported under the balance sheet item “Banknotes in circulation” will not always follow the exact banknote allocation key per NCB. This difference is due to the related re-alignment being conducted on the last working day of the month. Consequently, the balance of “banknotes in circulation” will only correspond to the amount calculated according to the banknote allocation key of each NCB when these dates coincide.

Consolidation adjustments

The “consolidation adjustments” column of the disaggregated financial statement shows what adjustments are necessary in order to transform the disaggregated financial statement into the consolidated weekly financial statement. Consolidation adjustments involve eliminating transactions or results in the consolidation process of the Eurosystem. The following items are eliminated as part of the consolidation process:

Disaggregated financial statement of the Eurosystem
“Claims/liabilities equivalent to the transfer of foreign reserves”
“Claims/liabilities related to TARGET2 and correspondent accounts (net)”
“Claims/liabilities related to other operational requirements within the Eurosystem”

The primary consolidation adjustment, in terms of magnitude, refers to the TARGET2 balances, which cancel each other out at the Eurosystem level.

Claims/liabilities arising from the transfer of foreign reserve assets to the ECB by NCBs joining the Eurosystem are denominated in euro. The total of the NCB’s claims arising from the aforementioned transfer equals the liability of the ECB vis-a-vis the NCBs. Therefore, the above claims and liabilities cancel each other out at the Eurosystem level.

The greater part of the ECB’s paid-up capital, which is made up of contributions from the Eurosystem NCBs and which is disclosed under “Capital and reserves” on the liability side of the ECB’s balance sheet, is offset against the “Participating interest in ECB” shown by each euro area NCB as an intra-Eurosystem claim.

Finally, the non-euro area NCBs are required to pay in 3.75% of their subscribed capital as a contribution to the operational costs of the ECB. This contribution is not part of the consolidation adjustments.

In order to have access to the published disaggregated financial statement of the Eurosystem, please click on the link to the right.

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