Monetary Policy Operations Loss Sharing Among NCBs
Monetary policy operation losses are not automatically shared among Eurosystem NCBs. They are shared only pursuant to an ECB Governing Council vote, which need not be pro-forma.
Despite the plain language that a vote is required, Eurosystem official publications claim that this loss sharing is automatic:...The Governing Council may decide that national central banks shall be indemnified against costs incurred in connection with the issue of banknotes or in exceptional circumstances for specific losses arising from monetary policy operations undertaken for the ESCB. Indemnification shall be in a form deemed appropriate in the judgment of the Governing Council; these amounts may be offset against the national central banks' monetary income.