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Consolidated financial statement of the Eurosystem as at 2 October 2020

7 October 2020

In the week ending 2 October 2020 the increase of EUR 10.5 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) decreased by EUR 10 billion to EUR 305.2 billion. This change was due to the effects of the quarterly revaluation of assets and liabilities of EUR 10.3 billion, which was partially offset by an increase of EUR 0.3 billion on account of customer and portfolio transactions.

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 5.1 billion to EUR 1,258 billion.

Base money (liability items 1, 2.1 and 2.2) increased by EUR 248.9 billion to EUR 4,691 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 2 October 2020

Weekly change – purchases

Weekly change – redemptions

Weekly change – quarter-end adjustments

Covered bond purchase programme 1

EUR 0.5 billion

-

-

-EUR 0.0 billion

Securities Markets Programme

EUR 32.6 billion

-

-

+EUR 0.1 billion

Covered bond purchase programme 2

EUR 2.8 billion

-

-

-EUR 0.0 billion

Covered bond purchase programme 3

EUR 286.7 billion

+EUR 1.5 billion

-EUR 2.0 billion

-EUR 0.5 billion

Asset-backed securities purchase programme

EUR 29.2 billion

+EUR 0.1 billion

-EUR 0.1 billion

-EUR 0.0 billion

Public sector purchase programme

EUR 2,294.5 billion

+EUR 9.3 billion

-EUR 2.7 billion

-EUR 6.6 billion

Corporate sector purchase programme

EUR 236.9 billion

+EUR 1.6 billion

-

-EUR 0.4 billion

Pandemic emergency purchase programme

EUR 571.3 billion

+EUR 16.2 billion

-EUR 3.2 billion

-EUR 1.2 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 2 October 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 1,609.327 per fine oz.

USD: 1.1708 per EUR

JPY: 123.76 per EUR

CNY: 7.9720 per EUR

Special drawing rights: EUR 1.2022 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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