Consolidated financial statements of the Eurosystem as at 31 December 2021

January 5, 2022

During the week ending December 31, 2021, the increase of 41.4 billion euros gold and gold claims (asset 1) reflected quarterly revaluation adjustments.

The Eurosystem’s net position in foreign currencies (items 2 and 3 of assets less items 7, 8 and 9) of liabilities increased by 6.7 billion euros to 329 billion euros. This variation is explained by the effects of the quarterly reassessment of assets and liabilities of 5.3 billion euros and an increase of 1.5 billion euros due to transactions with customers and the portfolio.

As a result of the open market operations and standing facilities of the Eurosystem, net loans to credit institutions (asset item 5 less liability items 2.2, 2.3, 2.4, 2.5 and 4) decreased by 100 , 8 billion euros to stand at 1,420.1 billion euros. This is mainly explained by the variation in the level of deposit facility (article 2.2 of the liabilities).

The base currency (liability items 1, 2.1 and 2.2) decreased by 144.6 billion euros to 5,836.1 billion euros.

The table below shows the detailed breakdown of securities held for monetary policy purposes (asset 7.1) in the various portfolios. All portfolios are carried at amortized cost.

Quarter-end reassessment of Eurosystem assets and liabilities

In accordance with the harmonized accounting rules of the Eurosystem, gold, currencies and financial instruments (including part of holdings of securities not purchased for monetary policy purposes) are revalued at market rates and prices at the end of the period. each quarter.

The net impact of the revaluation on each balance sheet item at December 31, 2021 is presented in the additional column “Difference from last week due to end of quarter adjustments”. The price of gold and the main exchange rates used for revaluation of balances were as follows:

Gold: EUR 1,609.483 per fine ounce.

USD: 1.1326 per EUR

JPY: 130.38 per EUR

CNY: 7.1947 per EUR

Special drawing rights: EUR 1.2359 per SDR

Increase in the paid-up capital of the European Central Bank (ECB) due to the withdrawal of the Bank of England from the European System of Central Banks (ESCB)

On December 29, 2021, the national central banks of the euro area made a total additional contribution of 0.6 billion euros due to their increased subscription to the capital of the ECB following the withdrawal of the Bank of England from the ESCB, in accordance with the announcement made on January 30, 2020 This payment from the ECB’s capital gave rise to intra-Eurosystem balances, but, as these balances are still eliminated by the consolidation process, no change due to this increase of capital is presented under capital and reserves (liability item 12) in the consolidated financial statements of the Eurosystem. However, the increase in paid-up capital will be reflected in the annual accounts of the ECB, which will be published in February 2022. The final contribution is due in December 2022.

The content and format of the weekly financial situation are defined 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).

Marianne R. Winn