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Future market developments,<br />
especially interest and exchange rate<br />
movements, may entail considerable<br />
fluctuations of the income accruing<br />
to the OeNB, the other Eurosystem<br />
NCBs and the ECB as a result of the<br />
harmonized accounting rules with<br />
which they have had to comply since<br />
January 1, 1999.<br />
Premiums or discounts arising on<br />
securities issued or purchased were<br />
calculated and presented as part of<br />
interest income and amortized over<br />
the remaining life of the securities.<br />
Participating interests were valued<br />
on the basis of the net asset value<br />
of the respective company (equity<br />
method).<br />
Tangible and intangible fixed assets<br />
were valued at cost less depreciation.<br />
Depreciation was calculated on a<br />
straight-line basis, from the quarter<br />
after acquisition throughout the<br />
expected economic lifetime of the<br />
assets according to the following<br />
formula:<br />
— computers, related hardware and<br />
software, and motor vehicles:<br />
4years<br />
— equipment, furniture and plant in<br />
building: 10 years<br />
— buildings: 25 years<br />
Fixed assets costing less than EUR<br />
10,000 were written off in the year<br />
of purchase.<br />
Financial Statements<br />
<strong>Annual</strong> <strong>Report</strong> <strong>2004</strong> ×<br />
83
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