Consolidated financial statement of the Eurosystem as at 28 September 2018

3 October 2018

In the week ending 28 September 2018 the decrease of EUR 17.8 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) increased by EUR 1.6 billion to EUR 266.4 billion. This change was due mainly to customer and portfolio transactions. The increase on account of the effects of the quarterly revaluation of assets and liabilities was EUR 0.4 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) rose by EUR 3 billion to EUR 92.5 billion.

Base money (liability items 1, 2.1 and 2.2) decreased by EUR 33.5 billion to EUR 3,146.2 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.

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 28 September 2018 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 1,022.287 per fine oz.

USD: 1.1576 per EUR

JPY: 131.23 per EUR

CNY: 7.9662 per EUR

Special drawing rights: EUR 1.2052 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).