The increase of EUR 145.8 billion in gold and gold receivables (asset item 1) in the period from 26 to 31 December 2025 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) decreased by EUR 0.2 billion to EUR 329.2 billion. This change was due to the effects of the quarterly revaluation of assets and liabilities, as well as to the customer and portfolio transactions carried out by Eurosystem central banks during the period under review.
The net balance of open market operations and standing facilities (asset item 5 minus liability items 2.2, 2.3, 2.4, 2.5 and 4) fell by EUR 30.5 billion to -EUR 2,363.1 billion.
Base money (liability items 1, 2.1 and 2.2) decreased by EUR 23.1 billion to EUR 4,220.1 billion.
The table below provides the detailed breakdown of securities held for monetary policy purposes (asset item 7.1) into the different portfolios. All debt securities held in these portfolios are accounted for at amortised cost.
Table 1
Monetary policy securities portfolios |
Reported value as at 31 December 2025 |
Weekly change - purchases [1] |
Weekly change - redemptions |
Weekly change - quarter-end adjustments |
Securities Markets Programme |
EUR 0.7 billion |
- |
- |
+EUR 0.0 billion |
Covered bond purchase programme 3 |
EUR 210.5 billion |
- |
- |
-EUR 0.0 billion |
Asset-backed securities purchase programme |
EUR 3.0 billion |
- |
-EUR 0.1 billion |
-EUR 0.0 billion |
Public sector purchase programme |
EUR 1,859.7 billion |
- |
-EUR 0.4 billion |
-EUR 2.5 billion |
Corporate sector purchase programme |
EUR 248.5 billion |
- |
-EUR 0.1 billion |
-EUR 0.1 billion |
Pandemic emergency purchase programme |
EUR 1,423.0 billion |
- |
-EUR 0.3 billion |
-EUR 2.6 billion |
[1] With the discontinuation of the reinvestments under the asset purchase programme, this column may sometimes show negative amounts. These are expected to be infrequent and would result from sales of securities conducted, for instance, for risk management purposes.
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 2025 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 3,669.106 per fine oz.
USD: 1.1750 per EUR
JPY: 184.09 per EUR
CNY: 8.2262 per EUR
Special drawing rights: EUR 1.1656 per SDR
The content and format of the weekly financial statement are set out in Annexes IV to VI to Guideline (EU) 2024/2941 of the European Central Bank of 14 November 2024 on the legal framework for accounting and financial reporting in the European System of Central Banks (ECB/2024/31).
