Consolidated financial statement of the Eurosystem as at 4 January 2019

9 January 2019

In the week ending 4 January 2019 the increase of EUR 34.3 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) decreased by EUR 4.6 billion to EUR 274 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 3.6 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 54.4 billion to EUR 65.4 billion.

Base money (liability items 1, 2.1 and 2.2) increased by EUR 51.1 billion to EUR 3,196 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 4 January 2019

Weekly change – purchases

Weekly change – redemptions

Weekly change - quarter-end adjustments

Covered bond purchase programme 1

EUR 4.3 billion

-

-

-EUR 0.0 billion

Covered bond purchase programme 2

EUR 4.0 billion

-

-

-EUR 0.0 billion

Covered bond purchase programme 3

EUR 262.2 billion

+EUR 0.0 billion

-

-EUR 0.5 billion

Asset-backed securities purchase programme

EUR 27.5 billion

+EUR 0.0 billion

-EUR 0.0 billion

-EUR 0.0 billion

Corporate sector purchase programme

EUR 178.1 billion

+EUR 0.0 billion

-

-EUR 0.3 billion

Public sector purchase programme

EUR 2,096.4 billion

+EUR 0.7 billion

-EUR 6.4 billion

-EUR 6.5 billion

Securities Markets Programme

EUR 73.1 billion

-

-

+EUR 0.2 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 4 January 2019 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 1,120.961 per fine oz.

USD: 1.1450 per EUR

JPY: 125.85 per EUR

CNY: 7.8751 per EUR

Special drawing rights: EUR 1.2154 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).

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