In the week ending 3 July 2020 the increase of EUR 38.9 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) fell by EUR 14.2 billion to EUR 324 billion. This change was mainly due to a reduction in US dollar liquidity‑providing operations. The decrease owing to the effects of the quarter-end adjustments of assets and liabilities was EUR 4.3 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) fell by EUR 119.1 billion to EUR 1,171.9 billion.
Base money (liability items 1, 2.1 and 2.2) increased by EUR 94.2 billion to EUR 4,287.6 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 3 July 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 34.6 billion||–||–||+EUR 0.1 billion|
|Covered bond purchase programme 2||EUR 2.9 billion||–||–||-EUR 0.0 billion|
|Covered bond purchase programme 3||EUR 284.1 billion||+EUR 1.3 billion||–||-EUR 0.4 billion|
|Asset-backed securities purchase programme||EUR 30.6 billion||+EUR 0.2 billion||-EUR 0.1 billion||-EUR 0.0 billion|
|Public sector purchase programme||EUR 2,249.7 billion||+EUR 10.3 billion||–||-EUR 5.9 billion|
|Corporate sector purchase programme||EUR 220.4 billion||+EUR 1.3 billion||-EUR 0.7 billion||-EUR 0.3 billion|
|Pandemic emergency purchase programme||EUR 365.7 billion||+EUR 22.3 billion||-EUR 1.8 billion||-EUR 0.4 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 3 July 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 1,579.032 per fine oz.
USD: 1.1198 per EUR
JPY: 120.66 per EUR
CNY: 7.9219 per EUR
Special drawing rights: EUR 1.2281 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).