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ance with Article 69 paragraph 1 of<br />
the Nationalbank Act, these losses<br />
did not have an impact on profit.<br />
However, in view of the risk assessment<br />
of nondomestic assets, a provision<br />
for exchange rate risks of EUR<br />
40.000 million was made.<br />
4 Income from equity shares<br />
and participating interests<br />
This item records dividend payments<br />
of EUR 18.000 million made by<br />
Mu‹nze O‹ sterreich Aktiengesellschaft<br />
and of EUR 2.171 million made by<br />
the BIS for 2003. The distribution<br />
of profit by AUSTRIA CARD-Plastikkarten<br />
und Ausweissysteme Gesellschaft<br />
m.b.H. resulted in income of<br />
EUR 0.366 million. Moreover, this<br />
item reflects a repayment of EUR<br />
0.559 million of part of the OeNBÕs<br />
paid-up capital in the ECBÕs capital<br />
on December 31, 2003, resulting<br />
fromthedecreaseintheweighting<br />
in the ECB capital key on January 1,<br />
<strong>2004</strong>. Also included under this item<br />
is the distribution of the ECBÕs seigniorage<br />
income on its 8% share of<br />
euro banknotes in circulation. 9 In<br />
<strong>2004</strong>, the ECBÕs income on euro<br />
banknotes in circulation was fully retained<br />
by the ECB in accordance with<br />
a decision of the Governing Council<br />
on December 16, <strong>2004</strong>, and in view<br />
of the ECB result.<br />
5 Net result of pooling<br />
of monetary income<br />
Article 32 of the Statute of the<br />
ESCB 10 defines monetary income as<br />
the income accruing to the NCBs in<br />
the performance of the EurosystemÕs<br />
monetary policy function. The<br />
amount of each NCBÕs monetary income<br />
is determined by measuring<br />
the actual annual income that derives<br />
from the earmarkable assets held<br />
against its liability base. Such assets<br />
shall be earmarked and the income<br />
derived from these assets shall be redistributed<br />
among the euro area<br />
NCBs in accordance with guidelines<br />
to be established by the Governing<br />
Council of the ECB (Article 32.2 of<br />
the ESCB Statute).<br />
The amount of income the NCBs<br />
actually pay into the pool for redistribution<br />
is influenced by the costs<br />
that they incur in connection with<br />
the liquidity-absorbing monetary policy<br />
operations and by the remuneration<br />
of reserves under the EurosystemÕs<br />
minimum reserve system, because<br />
any interest that the NCBs pay<br />
on banksÕ minimum reserve deposits<br />
reduces the amounts they contribute<br />
to the pool of monetary income.<br />
The monetary income pooled by<br />
the Eurosystem is to be allocated<br />
among NCBs in according to the subscribed<br />
capital key. The difference<br />
between the monetary income<br />
pooled by the OeNB amounting to<br />
EUR 230.471 million and reallocated<br />
to the OeNB amounting to EUR<br />
239.200 million is the net result arising<br />
from the calculation of monetary<br />
income, EUR 8.729 million. The<br />
OeNBÕs share in monetary income<br />
retained to cover the loss incurred<br />
by the ECB in <strong>2004</strong> reduced this<br />
net result by EUR 39.601 million,<br />
so the net result of pooling of monetary<br />
income represents an expense of EUR<br />
30.872 million.<br />
9 Decision of the European Central Bank of 21 November 2002 on the distribution of the income of the European<br />
Central Bank on euro banknotes in circulation to the national central banks of the participating Member States<br />
(ECB/2002/9).<br />
10 Decision of the European Central Bank of 6 December 2001 on the allocation of monetary income of the<br />
national central banks of participating Member States from the financial year 2002 (ECB/2001/16).<br />
Financial Statements<br />
<strong>Annual</strong> <strong>Report</strong> <strong>2004</strong> ×<br />
113