No, it is the opposite. The ANFA sets a ceiling for the maximum amount of net financial assets that an NCB can have to ensure that changes in its financial assets and non-monetary policy liabilities do not affect the Eurosystem`s monetary policy. The ECB is responsible for ensuring that SEBC`s central banks comply with the ban on monetary financing, as defined in the statutes of the European Central Bank System and the ECB. The ANFA, which concerns only the desired structural liquidity position for the implementation of monetary policy and defines as such the size of the NFA, is not addressed. ANFA does not discuss the composition of non-monetary political assets and liabilities or how they are acquired. Details of the contract had not been originally published. Critics have called for the agreement to be disclosed.  However, according to the ECB, this was not necessary, as the ANFA is “an internal technical document”.  It was not until 5 February 2016 that the agreement was published by the ECB, accompanied by an updated version of the question and answer document, i.e.
national central banks are financially independent institutions that also fulfil national missions, as well as the crucial role of the Eurosystem in maintaining price stability. The AnFA was signed with precision to limit the amounts that NCBs could use each year to fulfill their missions, including their asset portfolios, without undermining monetary policy. Every central bank has assets that have nothing to do with monetary policy. In the euro area, monetary policy is centrally defined by the Governing Council for all 19 Member States. When economic and monetary union was created, governments decided in the European Treaty that monetary policy tasks would be delegated at European level. Beyond monetary policy, NCBs can and can carry out national missions. This principle is set out in Article 14.4 of the STATUTEs of the SEBC and the ECB. In practice, NCBs currently hold assets that are not related to monetary policy or the conduct of Eurosystem foreign exchange transactions, such as. B gold or foreign exchange reserves; asset portfolios, z.B. for employee pension funds; and assets held in exchange for client deposits, for example. B foreign central banks or governments.
At the same time, NCB also holds non-monetary policy commitments, including the aforementioned deposits of central banks or foreign governments. NCBs can carry out these national missions as long as their actions do not interfere with the objectives and missions of the European Central Bank System (SEBC), in particular monetary policy. Similarly, the ECB has a capital portfolio linked to its capital and balance sheet reserve, as well as a portfolio of pension funds for staff. Some NCB publish more detailed information on their non-monetary political portfolios, such as the NCB of Belgium and Finland, and publish all balance sheet information on their websites, on which you can track the overall size of non-monetary policy portfolios. In addition, the Eurosystem has published a guideline on how NCBs should manage national asset and liability operations in line with the objectives set by national and European law. ANFA itself is an internal technical document that does not contain portfolio data. The agreement outlines the mechanism that ensures that all net financial assets do not exceed a level at which they would affect monetary policy. ANFA is an agreement between the national central banks (NCBs) of the euro area and the ECB. It sets rules and limits for non-monetary political participation related to national NCB missions.
The ECB publishes the Eurosystem`s aggregate net financial assets and the NCB will publish their respective net financial assets annually (at the time of the accounts` publication).