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Financial Statements<br />
11.3 Other financial assets<br />
Other financial assets comprise the<br />
following accounts:<br />
Dec. 31, 2003 Dec. 31, <strong>2004</strong> Change<br />
EUR million EUR million EUR million %<br />
Securities 6,555.781 6,020.453 —535.328 —8.2<br />
Participating interests 818.481 814.355 —4.126 —0.5<br />
Other investments 469.554 341.791 —127.763 —27.2<br />
Total 7,843.816 7,176.599 —667.217 —8.5<br />
Of the OeNBÕs securities portfolio,<br />
EUR 1,592.591 million represented<br />
investments of the pension<br />
reserve, another EUR 1,342.658<br />
million reflect investments of the<br />
OeNB Anniversary Fund for the Promotion<br />
of Scientific Research and<br />
Teaching (of which EUR 1,295.761<br />
million were earmarked as an endowment<br />
for the National Foundation for<br />
Research, Technology and Development,<br />
also referred to in brief as<br />
the National Foundation). Moreover,<br />
the securities portfolio related to<br />
capital and reserves, i.e. the OeNBÕs<br />
own funds management, came to<br />
EUR 3,085.203 million. 5 Revaluations<br />
of the portfolios resulted in<br />
unrealized valuation gains of EUR<br />
92.196 million and unrealized price<br />
losses of EUR 0.596 million as well<br />
as unrealized foreign currency gains<br />
of EUR 1.836 million.<br />
Of the participating interests, EUR<br />
511.750 million formed part of the<br />
own funds portfolio and EUR<br />
302.605 million formed part of the<br />
investment portfolio relating to investments<br />
of the pension reserve.<br />
Other investments include investments<br />
of the pension reserve (EUR<br />
73.297 million), investments to<br />
promote the National Foundation<br />
(EUR 222.902 million), investments<br />
of the initial OeNB Anniversary Fund<br />
(i.e. excluding the National Foundation;<br />
EUR 8.262 million) and the<br />
own funds portfolio (EUR 37.331<br />
million) and consisted mainly of overnight<br />
funds.<br />
Participating interests developed as<br />
follows:<br />
EUR million<br />
Net asset value on Dec. 31, 2003 818.481<br />
Purchases in <strong>2004</strong> 0.419<br />
Sales in <strong>2004</strong> (at book value) 0 1<br />
<strong>Annual</strong> depreciation in <strong>2004</strong> 0.992<br />
Revalutation in <strong>2004</strong> —3.553<br />
Net asset value on Dec. 31, <strong>2004</strong> 814.355<br />
1<br />
The balance between the book value of the sales and the underlying<br />
historical costs is EUR 0.008 million.<br />
5 The own funds of the OeNB shown under liabilities include its capital, the general reserve fund, the freely<br />
disposable reserve fund, the reserve for nondomestic and price risks, earmarked ERP capital funded with net<br />
interest income from loans, the reserve fund for exchange risks and general provisions, above all provisions<br />
for exchange rate risks and provisions for general banking risks.<br />
100 ×<br />
<strong>Annual</strong> <strong>Report</strong> <strong>2004</strong>