In the week ending 2 July 2021 the increase of EUR 15.5 billion in gold and gold receivables (asset item 1) primarily reflected the 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 2.3 billion to EUR 311.2 billion. This change was mainly due to the effects of the quarterly revaluation of assets and liabilities of EUR 3.1 billion, while the increase on account of customer and portfolio transactions amounted to EUR 0.8 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) decreased by EUR 102.7 billion to EUR 1,428.6 billion, mainly owing to the change in the level of the deposit facility (liability item 2.2).
Base money (liability items 1, 2.1 and 2.2) increased by EUR 68.8 billion to EUR 5,924.5 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 July 2021||Weekly change – purchases||Weekly change – redemptions||Weekly change – quarter-end adjustments|
|Covered bond purchase programme 1||EUR 0.4 billion||–||–||-EUR 0.0 billion|
|Securities Markets Programme||EUR 17.1 billion||–||–||+EUR 0.0 billion|
|Covered bond purchase programme 2||EUR 2.4 billion||–||–||+EUR 0.0 billion|
|Covered bond purchase programme 3||EUR 292.2 billion||+EUR 0.4 billion||–||-EUR 0.4 billion|
|Asset-backed securities purchase programme||EUR 28.2 billion||+EUR 0.3 billion||-EUR 0.2 billion||-EUR 0.0 billion|
|Public sector purchase programme||EUR 2,419.8 billion||+EUR 7.7 billion||-EUR 5.1 billion||-EUR 5.2 billion|
|Corporate sector purchase programme||EUR 282.4 billion||+EUR 0.8 billion||–||-EUR 0.3 billion|
|Pandemic emergency purchase programme||EUR 1,185.7 billion||+EUR 23.4 billion||-EUR 4.7 billion||-EUR 2.9 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 July 2021 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 1,481.446 per fine oz.
USD: 1.1884 per EUR
JPY: 131.43 per EUR
CNY: 7.6742 per EUR
Special drawing rights: EUR 1.2000 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).