欧洲央行-T2S 2023财年的财务报表英

EUROPEANCENTRALBANK

EUROSYSTEM

ID1798110482

T2Sfinancialstatementsforthefiscalyear2023

April2024

T2Soperatingstatement

1

Financialresultsforthefiscalyear

(amountsineuro)

Notes

2023

2022

Revenues

122,108,963

124,579,787

T2Sfeeschargedtocustomers

1

120,705,393

123,705,887

Otherincome

Expenses

Servicesprovidedbythe4CB

2

1,403,570

873,900 (117,773,870) (70,871,754)

(132,973,479)

3

(72,449,273)

ServicesprovidedbytheECB

3

(4,475,538)

(3,728,020)

AmortisationofT2Splatform

4

(39,220,284)

(40,205,885)

InterestchargedbyNCBs

5

(16,828,384)

(2,968,212)

Netsurplus/deficit

(10,864,516)

6,805,916

T2Sfinancialsituation1

Year-endbalances

(amountsineuro)

Assets

Notes

2023

2022

T2Splatform

6

159,830,612

193,434,552

Currentaccounts

35,127,365

15,152,638

Accruedincome

7

12,082,722

40,554,603

Totalassets

207,040,699

249,141,792

Liabilities

Notes

2023

2022

Pre-financingofT2SbytheEurosystem

8

426,049,316

458,083,413

Otherprovisions

9

200,000

150,000

Accruedexpenses

10

5,349,437

4,601,919

Accumulateddeficit

(224,558,055)

(213,693,539)

Totalliabilities

207,040,699

249,141,792

1Figuresmightnotaddupduetorounding.

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Explanatorynotes

Thenotesonthe2023T2SfinancialstatementsprovideexplanationsandadditionalinformationaboutthefiguresintheT2SoperatingstatementandtheT2Sfinancialsituationreportfor2023.

2

Notesontheaccountingpolicies

TheT2SfinancialstatementshavebeenpreparedinaccordancewithspecificaccountingpoliciesdevelopedbytheMarketInfrastructureBoard(T2SBoard).Thesepoliciesarebasedongenerallyacceptedaccountingprinciplesand

standards.

TheT2SfinancialreportingframeworkcoversstandardsfortheannualT2S

operatingstatement(expenseandrevenueaccounts),theannualT2Sfinancialsituationreport(assetandliabilityaccounts)andtherelateddisclosures.

T2Splatform

Owingtotheirintegralcharacteristics,boththehardwareandsoftwareoftheT2Ssystemaretreatedhomogenouslyandarerepresentedasasingleintangibleassetundertheposition“T2Splatform”.Thelatterrepresentsthecarryingamountofthe

T2Splatform.ThevalueoftheT2Splatformismadeupofthecapitalised

developmentcostspaidtotheEuropeanCentralBank(ECB)andthefourservice-providingcentralbanks(4CB),capitalisedinterestincurredduringtheconstructionphase,andadditionaldevelopmentcostsincurredduringtheoperationalphase,e.g.fornewreleases,afterdeductionofaccumulatedamortisationamountsandany

impairmentlosses.Impairmenttestsaretakingplaceannuallyasoftheendofthemigrationphase(September2017);impairmentlossesarerecordedwhenthebookvalueislowerthantheasset’sexpectedrecoverableamount.

3

Amortisation

Theamortisationmethodreflectsthepatterninwhichtheasset’sfutureeconomic

benefitsareexpectedtobeconsumed.Themethodwasbasedonthe(expected)

proportionofsettlementvolumesalreadymigratedinT2Sduringthemigrationphase(completedinSeptember2017)andisthereafterbasedonalinearmethodfrom

January2018toDecember2027

4

(tenyearsaftertheendofmigration).

2Foranintroductionto,andfurtherinformationon,theT2Sfinancialstatements,pleaserefertothe

explanatorynote

forthefiscalyear2015,whichwaspreparedinparallelwiththe2015T2Sfinancialstatements.

3Therecoverableamountofanassetisthegreaterofits“fairvaluelesscoststosell”andits“valuein

”

use.

4TheendoftheamortisationperiodwasadjustedfromSeptember2027toDecember2027forconsistencyreasons.

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Pre-financingofT2SbytheEurosystem

ThisitemrelatestotheamountsowedtotheEurosystemnationalcentralbanks

(NCBs)thathavebeenpre-financingT2S,namelythecoveredcostsincurredfor

boththedevelopmentandtheoperationofT2S.ThisliabilityeffectivelyreflectstheexpectationthattheparticipatingcentralbankswilleventuallybereimbursedforthedevelopmentandoperationalcostsincludedintheT2Spricingenvelope(thetotalamount,includingcapitalcost,toberecoveredthroughfees).ThereimbursementwillbefundedbycashsurplusesgeneratedfromT2SusagefeespaidbyT2S

customers(centralsecuritiesdepositories(CSDs)andcentralbanks).

Reimbursementhasbegunintheyear2020oncethecollectedfeesexceededtheannualoperationalexpenses.

Operatingstatement

Duringtheoperationalphase,theT2Soperatingstatementshowsanetsurplusordeficit,dependinglargelyonwhethertheT2SfeesaresufficienttocovertheT2S

operationalcosts,theamortisationoftheT2Splatform,impairmentlosses,ifany,

andotherexpenses.Adeficitcouldtriggeranextensionoftheamortisationperiodand/orapriceincreaseinordertoreachfullcostrecoverywithinthegivencost

recoveryperiod.Asurpluswouldmakeitpossibletorepaythepre-financingloan

giventoT2SbytheEurosystemcentralbanks.Theyearlysurplus/deficitisreflectedinthenetaccumulatedsurplus/deficitaccount.

Income/expenses

Incomeandexpenseitemsarerecognisedonceearned/incurred.IntheoperationalphaseofT2S,alloperationalcostsareexpensedasincurredtotheT2Soperatingstatement,whileadditionaldevelopmentcosts(e.g.fornewreleases)arecapitalisedtotheT2SplatformandreportedintheT2Sfinancialsituationreport.

Accruedincomeandexpenses

Proceduresareinplacetocalculateandestablish,ateachyear-end,thecosts

incurredbyT2Sbutnotyetreimbursedtotheserviceproviders,aswellasincomenotyetcollectedbutearnedinthereportingyear.

Post-balance-sheetevents

Thisreferstorelevanteventsthatoccurredafterthereportingperiodwhichhaveamaterialimpactonthereportsforthatperiod.Suchpost-balance-sheeteventsdidnotoccurintheyear2024forthecurrentreportingperiodofthefinancialyear2023.

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Costrecovery

In2010theGoverningCounciloftheECBdecidedthatT2Swouldbedevelopedand

operatedundertheprincipleoffullcostrecovery.TheMarketInfrastructureBoard(T2SBoard)regularlymonitorsdevelopmentsthatmayaffecttheprospectsofcostrecovery.Thecostrecoverytargetisbasedon:i)theT2Spricingpolicy(see

Schedule7(Pricing)oftheT2SFrameworkAgreementandoftheCurrency

ParticipationAgreement),

5

ii)agivencostrecoveryperiod,iii)thetotalcostsfor

developingandoperatingT2S,andiv)theusageofT2SresourceswhichgeneraterevenuesforT2S.

WhiletheuseofT2Sresourcesisdependentonmarketdynamics,theGoverning

CounciloftheECBaimstosteercostsandadjustpricinginordertoensurethatT2Sisinapositiontorecoverall,andonly,itstotalcostsinthelongterm.

On21June2018theGoverningCounciloftheECBdecidedtoextendthecost

recoveryperiodtotheendof2029andincreasethepricesasof2019inordertoensurefullcostrecovery.

6

ThisdecisionwasinresponsetotheneedtoadjusttheT2Spricingpolicytotheactualvolume,cost,andrevenuesituation(seethe

announcement

formoreinformation).

NotesontheFinancialStatements

1Revenues–T2Sfeeschargedtocustomers

Theaccount“T2Sfeeschargedtocustomers”showsthenetrevenuesearnedin

2023byT2S.

TheGoverningCounciloftheECBacceptedaproposalbytheAdvisoryGrouponMarketInfrastructuresforSecuritiesandCollateralanddecidedon21June2018toincreasethedelivery-versus-payment(DvP)pricefrom€0.15to€0.195per

instruction,plusatemporarysurchargeof€0.04.Thetemporarysurchargeis

dependentonthegrowthofvolumes.Thepriceincreasebecameeffectiveasof1January2019(seethe

announcement

formoreinformation).

Nodiscountswereappliedintheyears2017to2023sincethe“feeholiday”regime(reductionofthemonthlyfeesbyonethird)forthe9CSDsthathadsignedthe

contractwiththeEurosystem(theT2SFrameworkAgreement)by30April2012expiredinNovember2016.ForthoseCSDs,aswellasfortheother13thathadsignedthecontractby30June2012,theprescribedone-offjoiningfee

7

wasalsowaived.

5BothdocumentsareavailableontheT2Swebsite,

www.t2s.eu,

under“Forprofessionaluse”inthesection

“Legaldocuments”

.

6

SeetheT2SFrameworkAgreement,Section2(T2Spricingpolicy)ofSchedule7(Pricing).

7

SeetheT2SFrameworkAgreement,Section5.9(One-offjoiningfee)ofSchedule7(Pricing).

Page5of7

TheT2Sfeesalsoincluderevenuesrelatedtotheapplicationoftherulesand

procedureslaiddowninArticle32(9)andinSection5.9ofSchedule7(Pricing)oftheT2SFrameworkAgreement.

2Otherincome

Otherincomerepresentsfundsreceivedandaccruedin2023withthespecific

purposeofdirectlycoveringtheserviceproviderexpensesfortheregulartechnicalandoperationalexaminationsofT2SservicesbytheExternalExaminerasdefinedinArticle26.1oftheT2SFrameworkAgreement.TheExternalExamineris

appointedbytheGoverningCounciloftheECBontheproposaloftheCSDSteeringGroup(CSG)andafterconsultationwiththeNon-euroCurrenciesSteeringGroup

(NECSG).

3ServicesprovidedtoT2S

Asofitslaunchinmid-2015,T2Shasbeenincurringannualoperational

expenditureswhicharepaidtotheserviceproviders:tothe4CBforrunningandmaintainingtheT2SplatformandtotheECBforitscoordinationactivities.Theexpendituresfor2023amountedto€76.9million(2022:€74.6million).

4Amortisation

Seenote6,“T2Splatform”.

5Interestchargedbynationalcentralbanks

T2SowesinteresttotheEurosystemNCBsfortheloanthathasfinancedboththedevelopmentoftheplatformandT2Soperations.TheEurosystem(pre-)financingeffectivelycoverstheliabilitiesofT2Svis-à-vistheT2Sserviceproviders(i.e.the4CBandtheECBforitsT2Scoordinationfunctions).

TheinterestrateusedforthecalculationistheannualaveragerateappliedtotheECB’smainrefinancingoperations(MROrate).Theaccruedinterestiscalculatedatyear-endontheprincipalamountofthepre-financingofT2SbytheEurosystem.

In2023theapplicableinterestratewas3.81%(annualaverageMROrate)andinterestexpenseaccumulatedin2023amountsto€16.8million.

6T2Splatform

Asattheendof2023,theT2Sassetvaluecomprised:(i)capitalisedcostsincurredduringthedevelopmentphaseuptothelaunchdate,(ii)accumulatedamortisation,

Page6of7

(iii)capitalisedinterestincurredduringthedevelopmentphase,and(iv)additionaldevelopmentcostsrelatedtochangerequests.

TheamortisationamountoftheT2Splatformin2023was€39.2million(2022:

€40.2million).FollowingcompletionofthemigrationphaseandafterthefullvolumecapacityofcontractingCSDswasreachedinSeptember2017,thelinearcalculationmethodhasbeenappliedforcalculatingtheamortisationsince2018.

ChangestothevalueoftheT2Splatformin2023

(ineuro)

Year

Event

Amount

2023

Openingbalance

193,434,552

2023

CapitalisationofdevelopmentcostsforReleaseR2023.JUNandReleaseR2023.NOV

5,616,344

2023

Amortisation

(39,220,284)

2023

T2Splatformclosingbalance

159,830,612

TheT2SBoarddecidedtostartimpairmenttestingaftertheendofthemigration

phase(September2017)oncetheinformationonthefullpotentialofT2Srevenueswouldbeavailable.Asattheendof2023,therewasnoindicationthattheT2S

platformmaybeimpaired.

7Accruedincome

AccruedincomereflectsT2SrevenueinDecember2023andotherincomenotyetbilledatyear-end2023.

8Pre-financingofT2SbytheEurosystem

TheEurosystem(pre-)financingeffectivelycoverstheliabilitiesofT2Svis-à-vistheT2Sserviceproviders(the4CBandtheECBforitsT2Scoordinationfunctions).

Thebalanceofthepre-financingofT2ScorrespondstotheloanthatT2SreceivedfromtheEurosystemNCBstocoverthecostsofdeveloping,runningand

maintainingtheT2Splatform,plustheaccumulatedinterestontheloan(seenote5).Thecostrecoverytargetcorrespondstothefullbalanceofthepre-financing.

ReimbursementoftheEurosystempre-financingloanstartedintheyear2020asthecollectedfeesexceededtheannualoperationalexpenses.

On31December2023,theoutstandingloanwiththeEurosystemamountedto€426.0million(2022:€458.1million).

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9Otherprovisions

Anamountof€50,000.00wasrecognisedin2023forconditionalparticipationfeespaidbyoneCSD.

10Accruedexpenses

AccruedexpensesrelatetooperationalcostsoftheECBasaT2SserviceprovideraswellasExternalExaminerexpensesincurredin2023forwhichnoinvoiceshavebeenraisedbyyear-end.On31December2023,atotalamountof€5.3millionwasaccrued(2022:€4.6million).

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DeloitteGmbH

Wirtschaftsprüfungsgesellschaft

ReportontheAuditoftheTARGET2-SecuritiesFinancialStatements2023I

INDEPENDENTAUDITOR’SREPORT

TotheChairpersonoftheMarket

InfrastructureBoardanditsMembersFrankfurtamMain

ReportontheAuditoftheTARGET2-SecuritiesFinancialStatements2023

Opinion

WehaveauditedthefinancialstatementsofTARGET2-Securities(theentity),whichcomprisethefinancialsituationreportasat31December2023,theoperatingstatementandtheexplanatorynotes,includingthenotesonthefinancialstatementsandtheaccountingpolicies.ThefinancialstatementshavebeenpreparedbytheMarketInfrastructureBoardactingfortheEurosystembasedontheTARGET2-SecuritiesFinancialReportingFrameworkasamendedon30April2020andapprovedon29May2020bytheGoverningCounciloftheEuropeanCentralBank(“ECB”).

Inouropinion,theaccompanyingfinancialstatementsoftheentityfortheyearended31December2023,presentsfairly,inallmaterialrespects,thefinancialpositionoftheentityandarepreparedinaccordancewiththeprinciplesoftheTARGET2-SecuritiesFinancialReportingFrameworkasamendedon30April2020andapprovedon29May2020bytheGoverningCounciloftheECB.

BasisforOpinion

WeconductedourauditinaccordancewithInternationalStandardsonAuditing(“ISAs”).OurresponsibilitiesunderthosestandardsarefurtherdescribedintheAuditor’sResponsibilitiesfortheAuditoftheFinancialStatementssectionofourreport.WeareindependentoftheECBandTARGET2-SecuritiesinaccordancewiththeGermanethicalrequirementsthatarerelevanttoourauditoftheFinancialStatements,whichareconsistentwiththeInternationalEthicsStandardsBoardforAccountants'CodeofEthicsforProfessionalAccountants(“IESBACode”)andwehavefulfilledourotherethicalresponsibilitiesinaccordancewiththeserequirements.Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforouropinion.

EmphasisofMatter–BasisofAccounting

Wedrawattentiontotheexplanatorynotesinthefinancialstatements,whichdescribesthebasisofaccounting.ThefinancialstatementsarepreparedtoassisttheEurosysteminmeetingitsfinancialreportingrequirementsoriginatingfromtheTARGET2-SecuritiesFrameworkAgreement.AccordingtoArticle20“ObligationsoftheEurosystemrelatedtotheprovisionanduseoftheT2SServices”inChapter2oftheTARGET2-SecuritiesFrameworkAgreementtheEurosystemshallprovidethecontractingCentralSecuritiesDepositories(CSD)withfinancial

ReportontheAuditoftheTARGET2-SecuritiesFinancialStatements2023II

statements,reportsandotherinformationonTARGET2-Securitiesonaregularbasisthatfairlyrepresentthebusinessandfinancialconditions,resultofoperationsandstateofthecostofrecoveryinrelationtoTARGET2-Securitiesontherespectivedatesorfortherespectiveperiodscoveredbysuchfinancialstatements,reportsandotherinformation.Asaresult,thefinancialstatementsmaynotbesuitableforanotherpurpose.

Ouropinionisnotmodifiedinrespectofthesematters.

ResponsibilitiesoftheEurosystemandthosechargedwithGovernancefortheTARGET2-

SecuritiesFinancialStatements

TheMarketInfrastructureBoardactingfortheEurosystemisresponsibleforthepreparationandfairpresentationofthefinancialstatementsinaccordancewiththeFinancialReportingFrameworkasamendedon30April2020andapprovedon29May2020bytheGoverningCounciloftheECB,andforsuchinternalcontrolastheEurosystemdeterminesisnecessarytoenablethepreparationofFinancialStatementsthatarefreefrommaterialmisstatement,whetherduetofraudorerror.

Inpreparingthefinancialstatements,theMarketInfrastructureBoardactingfortheEurosystemisresponsibleforassessingtheentity’sabilitytocontinueasagoingconcern,disclosing,asapplicable,mattersrelatingtogoingconcernandusingthegoingconcernbasisofaccountingunlesstheEurosystemeitherintendstoliquidatetheentityortoceaseoperations,orhasnorealisticalternativebuttodoso.

Thosechargedwithgovernanceareresponsibleforoverseeingtheentity’sfinancialreportingprocess.

Auditor’sResponsibilitiesfortheAuditoftheFinancialStatements

Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefreefrommaterialmisstatement,whetherduetofraudorerror,andtoissueanauditor’sreportthatincludesouropinion.Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatanauditconductedinaccordancewithISAswillalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarisefromfraudorerrorandareconsideredmaterialif,individuallyorintheaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofuserstakenonthebasisofthesefinancialstatements.

AspartofanauditinaccordancewithISAs,weexerciseprofessionaljudgmentandmaintainprofessionalscepticismthroughouttheplanningandperformanceoftheaudit.Wealso:

•Identifyandassesstherisksofmaterialmisstatementofthefinancialstatements,whetherduetofraudorerror,designandperformauditproceduresresponsivetothoserisks,andobtainauditevidencethatissufficientandappropriatetoprovideabasisforouropinion.Theriskofnotdetectingamaterialmisstatementresultingfromfraudishigherthanfor

DeloitteGmbH

Wirtschaftsprüfungsgesellschaft

ReportontheAuditoftheTAR