- PRESS RELEASE
Consolidated financial statement of the Eurosystem as at 30 December 2022
4 January 2023
In the week ending 30 December 2022 the increase of EUR 47 million in gold and gold receivables (asset item 1) primarily 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 22.5 billion to EUR 346.1 billion. This change was due to the effects of the quarterly revaluation of assets and liabilities of EUR 23.5 billion and an increase of EUR 1 billion on account of customer and portfolio transactions.
The net balance of open market operations and standing facilities (asset item 5 minus liability items 2.2, 2.3, 2.4, 2.5 and 4) fell by EUR 227 billion to EUR -2,455.7 billion, owing mainly to the changes in the level of the deposit facility (liability item 2.2).
Base money (liability items 1, 2.1 and 2.2) decreased by EUR 199.4 billion to EUR 5,569.7 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 30 December 2022
Weekly change – purchases
Weekly change – redemptions
Weekly change – quarter-end adjustments
Securities Markets Programme
EUR 2.9 billion
+EUR 0.0 billion
Covered bond purchase programme 3
EUR 302.0 billion
-EUR 0.2 billion
Asset-backed securities purchase programme
EUR 22.9 billion
-EUR 0.2 billion
-EUR 0.0 billion
Public sector purchase programme
EUR 2,584.7 billion
-EUR 2.5 billion
Corporate sector purchase programme
EUR 344.1 billion
-EUR 0.3 billion
Pandemic emergency purchase programme
EUR 1,680.7 billion
-EUR 0.1 billion
-EUR 3.5 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 30 December 2022 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 1,706.075 per fine oz.
USD: 1.0666 per EUR
JPY: 140.66 per EUR
CNY: 7.3582 per EUR
Special drawing rights: EUR 1.2517 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 28 December 2022 the national central banks of the euro area paid a final additional contribution of EUR 0.6 billion owing to their increased subscriptions to the ECB’s capital following the withdrawal of the Bank of England 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 these 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 2023.
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).