Annual Report 2004

ance with Article 69 paragraph 1 of
the Nationalbank Act, these losses
did not have an impact on profit.
However, in view of the risk assessment
of nondomestic assets, a provision
for exchange rate risks of EUR
40.000 million was made.
4 Income from equity shares
and participating interests
This item records dividend payments
of EUR 18.000 million made by
Mu‹nze O‹ sterreich Aktiengesellschaft
and of EUR 2.171 million made by
the BIS for 2003. The distribution
of profit by AUSTRIA CARD-Plastikkarten
und Ausweissysteme Gesellschaft
m.b.H. resulted in income of
EUR 0.366 million. Moreover, this
item reflects a repayment of EUR
0.559 million of part of the OeNBÕs
paid-up capital in the ECBÕs capital
on December 31, 2003, resulting
fromthedecreaseintheweighting
in the ECB capital key on January 1,
2004. Also included under this item
is the distribution of the ECBÕs seigniorage
income on its 8% share of
euro banknotes in circulation. 9 In
2004, the ECBÕs income on euro
banknotes in circulation was fully retained
by the ECB in accordance with
a decision of the Governing Council
on December 16, 2004, and in view
of the ECB result.
5 Net result of pooling
of monetary income
Article 32 of the Statute of the
ESCB 10 defines monetary income as
the income accruing to the NCBs in
the performance of the EurosystemÕs
monetary policy function. The
amount of each NCBÕs monetary income
is determined by measuring
the actual annual income that derives
from the earmarkable assets held
against its liability base. Such assets
shall be earmarked and the income
derived from these assets shall be redistributed
among the euro area
NCBs in accordance with guidelines
to be established by the Governing
Council of the ECB (Article 32.2 of
the ESCB Statute).
The amount of income the NCBs
actually pay into the pool for redistribution
is influenced by the costs
that they incur in connection with
the liquidity-absorbing monetary policy
operations and by the remuneration
of reserves under the EurosystemÕs
minimum reserve system, because
any interest that the NCBs pay
on banksÕ minimum reserve deposits
reduces the amounts they contribute
to the pool of monetary income.
The monetary income pooled by
the Eurosystem is to be allocated
among NCBs in according to the subscribed
capital key. The difference
between the monetary income
pooled by the OeNB amounting to
EUR 230.471 million and reallocated
to the OeNB amounting to EUR
239.200 million is the net result arising
from the calculation of monetary
income, EUR 8.729 million. The
OeNBÕs share in monetary income
retained to cover the loss incurred
by the ECB in 2004 reduced this
net result by EUR 39.601 million,
so the net result of pooling of monetary
income represents an expense of EUR
30.872 million.
9 Decision of the European Central Bank of 21 November 2002 on the distribution of the income of the European
Central Bank on euro banknotes in circulation to the national central banks of the participating Member States
(ECB/2002/9).
10 Decision of the European Central Bank of 6 December 2001 on the allocation of monetary income of the
national central banks of participating Member States from the financial year 2002 (ECB/2001/16).
Financial Statements
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