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  • PRESS RELEASE

Consolidated financial statement of the Eurosystem as at 30 June 2023

5 July 2023

In the week ending 30 June 2023 the decrease of EUR 23.5 billion 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) fell by EUR 2.6 billion to EUR 312.5 billion. This change was due to the negative effects of the quarterly revaluation of assets and liabilities of EUR 3.1 billion, which more than offset an increase of EUR 0.5 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) increased by EUR 42.4 billion to EUR -2,960.1 billion. This was due primarily to the change in the level of the deposit facility (liability item 2.2) and the longer-term refinancing operations (asset item 5.2).

Claims on non-euro area residents denominated in euro (asset item 4) increased by EUR 1.9 billion to EUR 15.8 billion, mainly owing to Eurosystem operations providing euro liquidity to non-euro area central banks. Further details can be found on the ECB’s website under “Central bank liquidity lines”.

Base money (liability items 1, 2.1 and 2.2) decreased by EUR 536.1 billion to EUR 5,317.4 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.

Table 1


Monetary policy securities portfolios

Reported value as at 30 June 2023

Weekly change – purchases [1]

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 296.7 billion

+EUR 0.1 billion

-EUR 0.7 billion

-EUR 0.2 billion

Asset-backed securities purchase programme

EUR 17.4 billion

+EUR 0.1 billion

-EUR 0.2 billion

-EUR 0.0 billion

Public sector purchase programme

EUR 2,530.9 billion

+EUR 1.1 billion

-EUR 2.2 billion

-EUR 2.2 billion

Corporate sector purchase programme

EUR 338.9 billion

+EUR 0.2 billion

-EUR 0.5 billion

-EUR 0.2 billion

Pandemic emergency purchase programme

EUR 1,672.1 billion

+EUR 2.6 billion

-EUR 2.2 billion

-EUR 3.1 billion

[1] As purchase volumes decline during the partial reinvestment phase of the asset purchase programme portfolio, this column may sometimes show negative amounts. These are expected to be infrequent and would result from sales of securities conducted, for instance, for risk management purposes.

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 June 2023 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 1,753.313 per fine oz.

USD: 1.0866 per EUR

JPY: 157.16 per EUR

CNY: 7.8983 per EUR

Special drawing rights: EUR 1.2246 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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