4 October 2023
In the week ending 29 September 2023 the increase of EUR 4 billion in gold and gold receivables (asset item 1) primarily reflected quarterly revaluation adjustments.
The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) rose by EUR 4.3 billion to EUR 319.5 billion. This change was due to the positive effects of the quarterly revaluation of assets and liabilities of EUR 5.5 billion, which more than offset a decrease of EUR 1.2 billion on account of customer and portfolio transactions.
The net balance of open market operations and standing facilities (asset item 5 minus liability items 2.2, 2.3, 2.4, 2.5 and 4) increased by EUR 97.7 billion to -EUR 2,957.2 billion. This was due primarily to the change in the level of the deposit facility (liability item 2.2) and the longer-term refinancing operations (asset item 5.2).
Base money (liability items 1, 2.1 and 2.2) decreased by EUR 181.2 billion to EUR 5,198.3 billion.
The table below provides the detailed breakdown of securities held for monetary policy purposes (asset item 7.1) into the different portfolios. All portfolios are accounted for at amortised cost.
Table 1
|
Monetary policy securities portfolios |
Reported value as at 29 September 2023 |
Weekly change – purchases [1] |
Weekly change – redemptions |
Weekly change – quarter-end adjustments |
|
Securities Markets Programme |
EUR 2.9 billion |
– |
– |
+EUR 0.0 billion |
|
Covered bond purchase programme 3 |
EUR 292.0 billion |
– |
-EUR 0.4 billion |
-EUR 0.2 billion |
|
Asset-backed securities purchase programme |
EUR 15.3 billion |
– |
-EUR 0.6 billion |
-EUR 0.0 billion |
|
Public sector purchase programme |
EUR 2,470.6 billion |
– |
-EUR 0.6 billion |
-EUR 3.9 billion |
|
Corporate sector purchase programme |
EUR 331.2 billion |
– |
-EUR 0.3 billion |
-EUR 0.2 billion |
|
Pandemic emergency purchase programme |
EUR 1,667.8 billion |
+EUR 2.9 billion |
-EUR 2.3 billion |
-EUR 3.7 billion |
[1] With the discontinuation of the reinvestments under the asset purchase programme, this column may sometimes show negative amounts. These are expected to be infrequent and would result from sales of securities conducted, for instance, for risk management purposes.
Quarter-end revaluation of the Eurosystem’s assets and liabilities
In line with the Eurosystem’s harmonised accounting rules, gold, foreign exchange and financial instruments (including part of the securities holdings not purchased for monetary policy purposes) are revalued at market rates and prices as at the end of each quarter.
The net impact of the revaluation on each balance sheet item as at 29 September 2023 is shown in the additional column “Difference compared with last week due to quarter-end adjustments”. The gold price and the principal exchange rates used for the revaluation of balances were as follows:
Gold: EUR 1,764.820 per fine oz.
USD: 1.0594 per EUR
JPY: 158.10 per EUR
CNY: 7.7352 per EUR
Special drawing rights: EUR 1.2404 per SDR
The content and format of the weekly financial statement are set out in Annexes IV to VI of Guideline (EU) 2016/2249 of the European Central Bank of 3 November 2016 on the legal framework for accounting and financial reporting in the European System of Central Banks (ECB/2016/34).
