Dear Mr. X,
the first part of your question relates to receivables from 05.07.2012
the Federal Bank of the TARGET2 payment system. On the question of
economic causes of the development of TARGET2 balances and with them
associated financial risks, the German Federal Bank in its
Extensively commented in 2011 Annual Report (page 52-54). More
Information can be found in the Monthly Report March 2012 (page 28) and
March 2011 (pp 34-35).
To your question whether for any resulting losses may
Provisions were to form in the federal budget, is initially
determine that the federal budget revenues and expenditures traditionally,
that is, Cash flows are compared. Risk provisions, as
in the form of provisions, is not explicitly in this framework
representable. However, there is a gap between the constitutionally
(according to the debt brake) permissible and indeed in the federal budget
estimated net borrowing. In 2012, this supplementary
estimated at € 18 billion. This security clearance can be used as a
budgetary form of risk provisioning interpret.
Specific financial risk for the federal government resulting in particularly
from the guarantees. For the bilaterally executed Greece package no.
1, an amount of approximately € 15 billion to abundant beech here. in the
hypothetical case of a failure of the Bundesbank's claims
to the ECB, the federal budget would only be charged if capital
would nachzuschießen. The information to be for the previous year profit distribution
Bundesbank (€ 1.2 billion in the current year) is already done, so that at
this point does not face any acute financial risks.
From the ECB purchased as part of the SMP securities are in the books
performed on a held-to-maturity securities and amortized
At cost less any impairment losses. based on
the information available and the estimated recoverable amounts, to
End of the year 2011 annual impairment tests were performed.
As of December 31, 2011, no impairment loss was recognized. further
Explanatory notes on the purchased under the SMP program
Securities may be taken from the ECB Annual Report 2011 (Chapter
Notes to the balance sheet, page 204-205).
As to your question regarding the implications of the bankruptcy of
Member States of the euro area and the banking systems of these
Member States for the ECB balance sheet, we would like to note that the
Euro system as part of the implementation of monetary policy measures against
Losses related to monetary policy operations meets. this
consist, in particular, that it is the where the counterparties
Eurosystem has to act to financially sound institutions (see 'The
The implementation of monetary policy in the euro area - General rules
monetary policy instruments and procedures of the Eurosystem ',
), And that for monetary policy refinancing operations accordingly
Article 18.1 of the ESCB Statute adequate collateral to.
Regardless of the ECB may increase their equity if they than
adequately considered, see for example ECB press release of 16.12.2010
For more information on this topic, see our website: