Consolidated financial statement of the Eurosystem as at 31 December 2021 (402 KB)

PRESS RELEASE

5 January 2022

Consolidated financial statement of the Eurosystem as at 31 December 2021

In the week ending 31 December 2021 the increase of EUR 41.4 billion in gold and gold receivables (asset item 1) reflected quarterly revaluation adjustments.

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and

1. rose by EUR 6.7 billion to EUR 329 billion. This change was due to the effects of the quarterly revaluation of assets and liabilities of EUR 5.3 billion and an increase of EUR 1.5 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) decreased by EUR 100.8 billion to EUR 1,420.1 billion. This was due primarily to the change in the level of the deposit facility (liability item 2.2).

Base money (liability items 1, 2.1 and 2.2) fell by EUR 144.6 billion to EUR 5,836.1 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	Reported value	Weekly change -	Weekly change	Weekly change
as at 31	- quarter-end
securities portfolios	purchases	- redemptions
December 2021	adjustments
Covered bond purchase	EUR 0.4 billion	-	-	-EUR 0.0 billion
programme 1
Securities Markets	EUR 6.5 billion	-	-	+EUR 0.0 billion
Programme
Covered bond purchase	EUR 2.4 billion	-	-	+EUR 0.0 billion
programme 2
Covered bond purchase	EUR 298.2	-	-	-EUR 0.4 billion
programme 3	billion
Asset-backed securities	EUR 28.5 billion	-	-EUR 0.2 billion	-EUR 0.0 billion
purchase programme
Public sector purchase	EUR 2,487.1	-	-	-EUR 5.0 billion
programme	billion
Corporate sector	EUR 309.7	-	-EUR 0.0 billion	-EUR 0.4 billion
purchase programme	billion
Pandemic emergency	EUR 1,580.7	-	-EUR 0.2 billion	-EUR 4.2 billion
purchase programme	billion

PRESS RELEASE / 5 January 2022

Consolidated financial statement of the Eurosystem as at 31 December 2021

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 December 2021 is shown in the additional column "Difference compared with last week due to quarter-endadjustments". The gold price and the principal exchange rates used for the revaluation of balances were as follows:

Gold: EUR 1,609.483 per fine oz.

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) owing to the withdrawal of the Bank of England from the European System of Central Banks (ESCB)

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

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).

European Central Bank Directorate General Communications, Global Media Relations Division Sonnemannstrasse 20, 60314 Frankfurt am Main, Germany

Tel.: [phone], Email: [e-mail], Website: www.ecb.europa.eu

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Quarterly consolidated financial statement of the Eurosystem as at 31 December 2021

(in EUR millions)

Assets	Balance as at	Difference compared with last week
			31 December 2021	due to
				transactions	quarter-end
				adjustments
1	Gold and gold receivables	559.373	0	41.440
2	Claims on non-euro area residents denominated in foreign currency	500.090	968	7.803
	2.1	Receivables from the IMF	218.902	0	3.295
	2.2	Balances with banks and security investments, external loans and
other external assets	281.188	968	4.508
3	Claims on euro area residents denominated in foreign currency	24.554	-754	565
4	Claims on non-euro area residents denominated in euro	12.982	-259	-36
	4.1	Balances with banks, security investments and loans	12.982	-259	-36
	4.2	Claims arising from the credit facility under ERM II	0	0	0
5	Lending to euro area credit institutions related to monetary policy
operations denominated in euro	2.201.882	161	0
	5.1	Main refinancing operations	386	161	0
	5.2	Longer-term refinancing operations	2.201.496	0	0
	5.3	Fine-tuning reverse operations	0	0	0
	5.4	Structural reverse operations	0	0	0
	5.5	Marginal lending facility	0	0	0
	5.6	Credits related to margin calls	0	0	0
6	Other claims on euro area credit institutions denominated in euro	26.553	-1.833	0
7	Securities of euro area residents denominated in euro	4.886.484	-397	-9.691
	7.1	Securities held for monetary policy purposes	4.713.478	-413	-9.906
	7.2	Other securities	173.007	16	215
8	General government debt denominated in euro	22.168	-2	18
9	Other assets	332.287	3.202	12.879

Total assets

8.566.372

1.086

52.979

Totals / sub-totals may not add up, due to rounding.

Liabilities	Balance as at	Difference compared with last week
			31 December 2021	due to
				transactions	quarter-end
				adjustments
1	Banknotes in circulation	1.544.386	1.404	0
2	Liabilities to euro area credit institutions related to monetary policy
operations denominated in euro	4.293.938	-145.950	0
	2.1	Current accounts (covering the minimum reserve system)	3.512.153	-246.873	0
	2.2	Deposit facility	779.596	100.886	0
	2.3	Fixed-term deposits	0	0	0
	2.4	Fine-tuning reverse operations	0	0	0
	2.5	Deposits related to margin calls	2.188	37	0
3	Other liabilities to euro area credit institutions denominated in euro	76.674	23.119	-1
4	Debt certificates issued	0	0	0
5	Liabilities to other euro area residents denominated in euro	757.066	5.566	-17
	5.1	General government	590.386	-3.074	-17
	5.2	Other liabilities	166.679	8.640	0
6	Liabilities to non-euro area residents denominated in euro	709.957	116.998	9
7	Liabilities to euro area residents denominated in foreign currency	14.106	-388	317
8	Liabilities to non-euro area residents denominated in foreign currency	2.729	-852	65
	8.1	Deposits, balances and other liabilities	2.729	-852	65
	8.2	Liabilities arising from the credit facility under ERM II	0	0	0
9	Counterpart of special drawing rights allocated by the IMF	178.834	0	2.705
10 Other liabilities	324.596	1.189	1.068
11 Revaluation accounts	554.814	0	48.834
12 Capital and reserves	109.272	0	0

Total liabilities

8.566.372

1.086

52.979

Global Media Relations, Sonnemannstrasse 20, D-60314 Frankfurt am Main, Tel.: [phone], E-mail: [e-mail]