- PRESS RELEASE
5 January 2022
In the week ending 31 December 2021 the increase of EUR 41.4 billion in gold and gold receivables (asset item 1) 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 6.7 billion to EUR 329 billion. This change was due to the effects of the quarterly revaluation of assets and liabilities of EUR 5.3 billion and an increase of EUR 1.5 billion on account of customer and portfolio transactions.
As a result of the Eurosystem's open market operations and standing facilities, net lending to credit institutions (asset item 5 minus liability items 2.2, 2.3, 2.4, 2.5 and 4) decreased by EUR 100.8 billion to EUR 1,420.1 billion. This was due primarily to the change in the level of the deposit facility (liability item 2.2).
Base money (liability items 1, 2.1 and 2.2) fell by EUR 144.6 billion to EUR 5,836.1 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.
Monetary policy securities portfolios | Reported value as at 31 December 2021 | Weekly change - purchases | Weekly change - redemptions | Weekly change - quarter-end adjustments |
Covered bond purchase programme 1 | EUR 0.4 billion | - | - | -EUR 0.0 billion |
Securities Markets Programme | EUR 6.5 billion | - | - | +EUR 0.0 billion |
Covered bond purchase programme 2 | EUR 2.4 billion | - | - | +EUR 0.0 billion |
Covered bond purchase programme 3 | EUR 298.2 billion | - | - | -EUR 0.4 billion |
Asset-backed securities purchase programme | EUR 28.5 billion | - | -EUR 0.2 billion | -EUR 0.0 billion |
Public sector purchase programme | EUR 2,487.1 billion | - | - | -EUR 5.0 billion |
Corporate sector purchase programme | EUR 309.7 billion | - | -EUR 0.0 billion | -EUR 0.4 billion |
Pandemic emergency purchase programme | EUR 1,580.7 billion | - | -EUR 0.2 billion | -EUR 4.2 billion |
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 31 December 2021 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 1,609.483 per fine oz.
USD: 1.1326 per EUR
JPY: 130.38 per EUR
CNY: 7.1947 per EUR
Special drawing rights: EUR 1.2359 per SDR
Increase in the paid-up capital of the European Central Bank (ECB) owing to the withdrawal of the Bank of England from the European System of Central Banks (ESCB)
On 29 December 2021 the national central banks of the euro area paid a total additional contribution of EUR 0.6 billion owing to their increased subscription to the ECB's capital following the Bank of England's withdrawal from the ESCB, in line with the announcement made on 30 January 2020. This payment towards the capital of the ECB gave rise to intra-Eurosystem balances, but, since such balances are always eliminated through the consolidation process, no change due to this capital increase is shown under capital and reserves (liability item 12) in the Eurosystem's consolidated financial statement. However, the paid-up capital increase will be reflected in the ECB's annual accounts, which will be published in February 2022. The final contribution is due in December 2022.
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).
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ECB - European Central Bank published this content on 05 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 January 2022 14:07:06 UTC.
