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BALANCE SHEET ITEMS – SHORT EXPLANATIONS
The balance sheet of Eesti Pank and its disclosure time have been changed
due to the adoption of the euro. The greatest changes are related to recording
intra-ESCB balances/intra-Eurosystem balances as well as banknotes in circulation.
Intra-ESCB transactions are cross-border transactions that occur between
two EU central banks. Intra-ESCB transactions in euro are primarily processed
via TARGET2 - the Trans-European Automated Real-time Gross settlement Express
Transfer system. Such transactions give rise to bilateral balances in accounts
held between those EU central banks that are connected to TARGET2. These bilateral
balances are then assigned to the ECB on a daily basis, leaving each NCB with
a single net bilateral position vis-a-vis the ECB only. This position in the
books of the ECB represents the net claim or liability of Eesti Pank against
the rest of the ESCB.
Intra-Eurosystem balances of euro area NCBs vis-a-vis the ECB arising
from TARGET2, as well as other intra-Eurosystem balances denominated in euro
(e.g. interim profit distributions to NCBs), are presented on the Balance Sheet
of the ECB as a single net asset or liability position and disclosed under "Claims
within the Eurosystem" or "Liabilities within the Eurosystem".
Intra-Eurosystem balances arising from the allocation of euro banknotes
within the Eurosystem are included as a single net asset under "Claims
within the Eurosystem".
Intra-Eurosystem balances arising from the transfer of foreign reserve
assets to the ECB by NCBs joining the Eurosystem are denominated in euro and
reported under "Claims within the Eurosystem".
The balance sheet of Eesti Pank with short explanations on all items
is available at the central bank's web
site.
The balance sheet of Eesti Pank is published quarterly on the fifth banking
day after the end of quarter at 14.00.
The ECB publishes the Eurosystem's balance sheet (consolidated financial
statement) on its web
site.
ASSETS
| Balance-sheet item |
Contents of the item |
| 1 |
Gold and gold receivables |
Physical gold, gold deposits, claims to receive gold
arising from the transactions, etc. |
| 2 |
Claims on non-euro area residents denominated in foreign
currency |
Receivables from the International Monetary Fund (IMF);
balances with banks outside the euro area; current accounts, external loans
and deposits outside the euro area; reverse repos; investment in non-euro-area
residents’ securities denominated in foreign currency |
| 3 |
Claims on euro area residents denominated in foreign
currency |
Investment in euro-area residents’ securities
denominated in foreign currency, other claims on euro-area residents
|
| 4 |
Claims on non-euro area residents denominated in euro |
Balances with banks outside the euro area, current
accounts, external loans and deposits outside the euro area; reverse repo
transactions in connection with the management of securities denominated
in euro , investment in non-euro area residents’ securities denominated
in euro |
| 5 |
Lending to euro area credit institutions related to
monetary policy operations denominated in euro |
Transactions according to the respective monetary
policy instruments described in Annex I to Guideline ECB/2000/7 of 31 August
2000 on monetary policy instruments and procedures of the Eurosystem |
| 6 |
Other claims on euro area credit institutions denominated
in euro |
Current accounts, fixed-term deposits, day-to-day
money, reverse repo transactions in connection with the management of security
portfolios; correspondent accounts with euro area credit institutions; other
similar claims |
| 7 |
Securities of euro area residents denominated in euro |
Securities held for monetary policy purposes; other
euro-area residents’ securities denominated in euro |
| 8 |
General government debt denominated in euro |
Eesti Pank has no claims recorded under this item |
| 9 |
Intra-Eurosystem claims |
Participating interest in ECB; claims equivalent to
the transfer of foreign reserves; net claims related to the allocation of
euro banknotes; other claims within the Eurosystem; net claims arising from
balances of TARGET2 accounts and (see also the liabilities item 10 "Intra-Eurosystem
liabilities”); other intra-Eurosystem claims denominated in euro |
| 10 |
Other assets |
Fixed assets; other financial assets; off-balance-sheet
instruments revaluation differences; accruals and prepaid expenditure
sundry assets – advances, loans, revaluation suspense accounts; loss
for the current year |
| |
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Income not due in, but assignable to the reported
period
Prepaid expenditure and accrued interest paid (i.e., accrued interest purchased
with a security)
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Other similar minor items |
LIABILITIES
| Balance-sheet item |
Contents of the item |
| 1 |
Banknotes in circulation |
a) euro banknotes, plus/minus adjustments relating
to the application of the banknote allocation key in accordance with Decision
ECB/2010/23
and Decision ECB/2010/29.
The total value of banknotes in circulation is allocated on a monthly basis
between the NCBs of the Eurosystem on the last business day of the month
according to the allocation key
b) EEK banknotes in the year of cash changeover (2011) |
| 2 |
Liabilities to euro area credit institutions related
to monetary policy operations denominated in euro |
Current accounts (covering the minimum reserve); transactions
according to the respective monetary policy instruments described in Annex
I to Guideline ECB/2000/7 of 31 August 2000 on monetary policy instruments
and procedures of the Eurosystem |
| 3 |
Other liabilities to euro area credit institutions
denominated in euro |
Repo transactions in connection with simultaneous
reverse repo transactions for the management of securities portfolios under
asset item 7 "Securities of euro area residents denominated in euro";
other operations unrelated to Eurosystem monetary policy operations |
| 4 |
Issued debt securities |
ECB’s item only |
| 5 |
Liabilities to other euro area residents denominated
in euro |
Current accounts of staff, companies and clients including
financial institutions listed as exempt from the obligation to hold minimum
reserves; fixed-term deposits, deposits repayable on demand |
| 6 |
Liabilities to non-euro area residents denominated
in euro |
Current accounts, deposits, including accounts held
for payment purposes and accounts held for reserve management purposes:
of other banks, central banks, international/supranational institutions;
repo transactions in connection with simultaneous reverse repo transactions
for the management of securities denominated in euro |
| 7 |
Liabilities to euro area residents denominated in
foreign currency |
Euro-area residents' deposits, account balances and
other liabilities (repo transactions) in foreign currency |
| 8 |
Liabilities to non-euro area residents denominated
in foreign currency |
Non-euro area residents' deposits, account balances
and other liabilities (repo transactions) in foreign currency |
| 9 |
Counterpart of special drawing rights allocated by
the IMF |
SDR-denominated item which shows the amount of SDRs
that were originally allocated to Eesti Pank |
| 10 |
Intra-Eurosystem liabilities |
Net liabilities related to allocation of euro banknotes
within the Eurosystem and other liabilities within the Eurosystem (net liabilities
arising from balances of TARGET2 accounts, see also the asset item 9 “Intra-Eurosystem
claims”); other intra-Eurosystem liabilities |
| 11 |
Other liabilities |
Off-balance-sheet instruments revaluation differences;
accruals and income collected in advance; sundry liabilities – taxation
suspense accounts; foreign currency credit or guarantee cover accounts;
repo transactions with credit institutions in connection with simultaneous
reverse repo transactions for the management of securities portfolios; compulsory
deposits other than reserve deposits;
Other minor items – current income, profit of the current year, profit
of the previous year before distribution; coins in circulation issued by
Eesti Pank; EEK banknotes in circulation after the year of the cash changeover,
unless these are recorded under the liability item “Provisions”
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| 12 |
Provisions |
a)For pensions, for foreign exchange rate, interest
rate, and gold price risks, and for other purposes, e.g. expected future
expenses, provisions for ensuring the exchange of Estonian kroons into euro
after the year of the cash changeover
b)For counterparty or credit risks arising from monetary policy operations
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| 13 |
Revaluation accounts |
Revaluation accounts related to price movements for
gold, for every type of euro-denominated securities, for every type of foreign
currency-denominated securities, for options; market valuation differences
related to interest rate risk derivatives; revaluation accounts related
to foreign exchange rate movements for every currency net position held,
including foreign exchange swaps/forwards and SDRs |
| 14 |
Capital and reserves |
Fixed capital, reserve capital, special reserve and
other reserves; retained earnings |
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