In the week ending 3 January 2020, the decrease of EUR 3.3 billion in gold and gold receivables (asset item 1) reflected quarterly revaluation adjustments as well as a net purchase of gold coin amounting to EUR 1 million by one Eurosystem national central bank.
The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) fell by EUR 9.6 billion to EUR 296 billion. This change was due mainly to the effects of the quarterly revaluation of assets and liabilities. The decrease on account of customer and portfolio transactions was EUR 1.6 billion.
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) fell by EUR 8 billion to EUR 388.7 billion.
Base money (liability items 1, 2.1 and 2.2) increased by EUR 11.9 billion to EUR 3,156.4 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 3 January 2020||Weekly change – purchases||Weekly change – redemptions||Weekly change – quarter-end adjustments|
|Covered bond purchase programme 1||EUR 1.8 billion||–||–||+EUR 0.0 billion|
|Covered bond purchase programme 2||EUR 2.9 billion||–||–||+EUR 0.0 billion|
|Covered bond purchase programme 3||EUR 263.6 billion||–||–||-EUR 0.5 billion|
|Asset-backed securities purchase programme||EUR 28.4 billion||–||-EUR 0.3 billion||+EUR 0.0 billion|
|Corporate sector purchase programme||EUR 184.3 billion||–||-EUR 0.2 billion||-EUR 0.3 billion|
|Public sector purchase programme||EUR 2,102.9 billion||–||–||-EUR 6.2 billion|
|Securities Markets Programme||EUR 47.9 billion||–||–||+EUR 0.1 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 3 January 2020 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 1,354.104 per fine oz.
USD: 1.1234 per EUR
JPY: 121.94 per EUR
CNY: 7.8205 per EUR
Special drawing rights: EUR 1.2339 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).