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income of the national central banks of Member States whose currency is the euro (recast) (ECB/2010/23) (2011/66/EU) (repealed)

Article 1 Definitions

For the purposes of this Decision:

(a)

‘NCB’ means a national central bank of a Member State whose currency is the euro;

(b)

‘liability base’ means the amount of qualifying liabilities, within the balance sheet of each NCB, specified in accordance with Annex I to this Decision;

(c)

‘earmarkable assets’ means the amount of assets held against the liability base, within the balance sheet of each NCB, specified in accordance with Annex II to this Decision;

(d)

‘intra-Eurosystem balances on euro banknotes in circulation’ means the claims and liabilities arising between an NCB and the ECB and between an NCB and the other NCBs as a result of the application of Article 4 of Decision ECB/2010/29;

(e)

‘subscribed capital key’ means the NCBs’ shares, expressed as percentages, in the ECB’s subscribed capital that result from applying to the NCBs the weightings in the key referred to in Article 29.1 of the Statute of the ESCB and as applicable for the relevant financial year;

(f)

‘credit institution’ means either: (a) a credit institution within the meaning of Article 2 and Article 4(1)(a) of Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions(1), as implemented in national law, that is subject to supervision by a competent authority; or (b) another credit institution within the meaning of Article 123(2) of the Treaty on the Functioning of the European Union that is subject to scrutiny of a standard comparable to supervision by a competent authority;

(g)

‘HBS’ means the harmonised balance sheet as set out in Annex VIII to the Guideline ECB/2010/20 of 11 November 2010 on the legal framework for accounting and financial reporting in the European System of Central Banks(2);

(h)

‘reference rate’ means the latest available marginal interest rate used by the Eurosystem in its tenders for main refinancing operations under paragraph 3.1.2 of Annex I to Guideline ECB/2000/7 of 31 August 2000 on monetary policy instruments and procedures of the Eurosystem(3). Where more than one main refinancing operation is conducted for settlement on the same day, a simple average of the marginal rates of the operations conducted in parallel is used;

(i)

‘cash changeover date’ means the date on which euro banknotes and coins acquire the status of legal tender in a Member State whose currency is the euro;

(j)

‘reference period’ means a period of 24 months starting 30 months before the cash changeover date;

(k)

‘cash changeover year’ means a period of 12 months starting on the cash changeover date;

(l)

‘daily foreign exchange reference rate’ means the daily foreign exchange reference rate that is based on the regular daily concertation procedure between central banks within and outside the European System of Central Banks, which normally takes place at 14.15 Central European Time;

(m)

‘withdrawn euro banknotes’ means any euro banknote type or series that has been withdrawn from circulation by a decision of the Governing Council taken pursuant to Article 5 of Decision ECB/2003/4;

(n)

‘issue key’ means the average subscribed capital key during the issue phase of a type or series of withdrawn euro banknotes;

(o)

‘issue phase’, in relation to a euro banknote type or series, means the period starting on the date on which the first issue of a euro banknote of this type or series is recorded in the liability base and ending on the date on which the last issue of a euro banknote of this type or series is recorded in the liability base;

(p)

‘to write off’ means to eliminate withdrawn euro banknotes from the balance sheet item ‘banknotes in circulation’.

(1)

OJ L 177, 30.6.2006, p. 1.

(2)

See page 31 of this Official Journal.

(3)

OJ L 310, 11.12.2000, p. 1.