In the week ending 1 April 2022 the increase of EUR 45 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) rose by EUR 0.6 billion to EUR 328.5 billion. This change was due to the effects of the quarterly revaluation of assets and liabilities of EUR 0.7 billion partially offset by a decrease of EUR 0.1 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) increased by EUR 4.1 billion to EUR 1,439 billion, mainly owing to the changes in the level of the deposit facility (liability item 2.2) and the longer-term refinancing operations (asset item 5.2).
Base money (liability items 1, 2.1 and 2.2) rose by EUR 45.1 billion to EUR 6,219.6 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 1 April 2022||Weekly change – purchases||Weekly change – redemptions||Weekly change – quarter-end adjustments|
|Covered bond purchase programme 1||EUR 0.0 billion||–||–||-EUR 0.0 billion|
|Securities Markets Programme||EUR 3.3 billion||–||–||+EUR 0.0 billion|
|Covered bond purchase programme 2||EUR 0.8 billion||–||-EUR 0.1 billion||+EUR 0.0 billion|
|Covered bond purchase programme 3||EUR 296.0 billion||+EUR 1.1 billion||-EUR 1.1 billion||-EUR 0.3 billion|
|Asset-backed securities purchase programme||EUR 27.0 billion||+EUR 0.2 billion||-EUR 0.3 billion||-EUR 0.0 billion|
|Public sector purchase programme||EUR 2,523.9 billion||+EUR 6.9 billion||-EUR 8.1 billion||-EUR 5.1 billion|
|Corporate sector purchase programme||EUR 331.1 billion||+EUR 3.0 billion||-EUR 0.3 billion||-EUR 0.4 billion|
|Pandemic emergency purchase programme||EUR 1,695.4 billion||+EUR 7.5 billion||-EUR 4.6 billion||-EUR 4.7 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 31 March 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 1,739.033 per fine oz.
USD: 1.1101 per EUR
JPY: 135.17 per EUR
CNY: 7.0403 per EUR
Special drawing rights: EUR 1.2454 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).