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Under certain conditions, the Agreement on Net Financial Assets (ANFA) allows the Eurosystem’s national central banks to create central bank money on their own account. The independent position of the European Central bank (ECB) requires transparency and a clear distinction between national additional money and the common money creation of the Eurosystem. The fulfilment of these conditions is critically examined against the background of the asset purchase programmes. The consequences are analysed in the framework of an alternative calculation method for net financial assets. As a result, the independence of the ECB is seen as potentially jeopardised by the restrictions on its leeway to conduct monetary policy. [ABSTRACT FROM AUTHOR]