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Consolidated financial statement of the Eurosystem as at 3 April 2020

8 April 2020

In the week ending 3 April 2020, the increase of EUR 39.3 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) increased by EUR 15.4 billion to EUR 434.3 billion, mainly due to US dollar liquidity-providing operations. The increase owing to the effects of the quarter-end adjustments of assets and liabilities was EUR 5.8 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 4.7 billion to EUR 618.3 billion.

Base money (liability items 1, 2.1 and 2.2) increased by EUR 101.3 billion to EUR 3,435.9 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 April 2020

Weekly change – purchases

Weekly change – redemptions

Weekly change – quarter-end adjustments

Covered bond purchase programme 1

EUR 0.8 billion

-

-EUR 0.2 billion

+EUR 0.0 billion

Securities Markets Programme

EUR 41.1 billion

-

-

+EUR 0.1 billion

Covered bond purchase programme 2

EUR 2.9 billion

-

-

-EUR 0.0 billion

Covered bond purchase programme 3

EUR 275.2 billion

+EUR 1.8 billion

-EUR 1.0 billion

-EUR 0.4 billion

Asset-backed securities purchase programme

EUR 31.7 billion

+EUR 0.7 billion

-EUR 0.1 billion

-EUR 0.0 billion

Public sector purchase programme

EUR 2,169.6 billion

+EUR 13.2 billion

-EUR 5.0 billion

-EUR 7.1 billion

Corporate sector purchase programme

EUR 203.4 billion

+EUR 2.7 billion

-EUR 0.5 billion

-EUR 0.3 billion

Pandemic emergency purchase programme

EUR 30.2 billion

+EUR 30.2 billion

-

-EUR 0.0 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 April 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 1,467.050 per fine oz.

USD: 1.0956 per EUR

JPY: 118.90 per EUR

CNY: 7.7784 per EUR

Special drawing rights: EUR 1.2461 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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