Annual Report 2004

Development of the
OeNBÕs Currency
Positions in the Financial
Year 2004
Net Currency Position (including gold)
Notes to the
Balance Sheet
Assets
1 Gold and gold receivables
Closing balance Dec. 31, 2004 EUR 3,179.013 million
Closing balance Dec. 31, 2003 EUR 3,372.243 million
Change —EUR 193.230 million
—5.7%
This item comprises the OeNBÕs
holdings of physical and nonphysical
gold, which amounted to 307 tons
on December 31, 2004. At a market
value of EUR 321.562 per fine ounce
(i.e. EUR 10,338.46 per kg of fine
gold), the OeNBÕs gold holdings were
worth EUR 3,179.013 million at the
balance sheet date.
The valuation on December 31,
2004, resulted in unrealized valuation
losses of EUR 114.023 million.
Dec. 31, 2003 Dec. 31, 2004 Change
EUR million EUR million EUR million %
Gold and gold receivables
Claims on non-euro area residents
3,372.243 3,179.013 —193.230 —5.7
denominated in foreign currency 1
Claims on euro area residents
7,905.320 7,129.312 —776.008 —9.8
denominated in foreign currency 876.766 746.609 —130.157 —14.8
Other assets 20.309 22.932 +2.623 +12.9
less:
Liabilities to euro area residents denominated
in foreign currency
Liabilities to non-euro area residents denominated
76.492 0.047 —76.445 —99.9
in foreign currency
Counterpart of Special Drawing Rights allocated
372.099 0.156 —371.943 —99.9
by the IMF
Off-balance sheet instrumentsÕ revaluation
210.915 204.040 —6.875 —3.3
differences 4.109 0.712 —3.397 —82.7
Other liabilities
Revaluation accounts
0.063 — —0.063 —100.0
2
74.912 59.326 —15.586 —20.8
Total 11,436.048 10,813.585 —622.463 —5.4
1
Excluding the share of the IMF quota which was not drawn, expressed in euro.
2
Resulting from the change in net unrealized exchange rate gains on foreign currency-denominated securities on December 31, 2003, and December 31,
2004.
In 2004, 10 tons of gold were sold
to the Bank for International Settlements
(BIS) at EUR 107.454 million.
The sales were effected within the
framework of the Joint Statement
on Gold concluded by 14 central
banks (including the OeNB) and the
ECB in March 2004. The price gains
of EUR 84.551 million realized on
the sales were disclosed under item
2.1 Realized gains/losses arising from
financial operations of the profit and
loss account.
The Joint Statement on Gold
provides for annual sales over a
period of five years under a concerted
program; annual sales are not
to exceed 500 tons and total sales
over the five-year period are limited
to 2,500 tons. Moreover, gold leasings
and the use of gold futures and
options will not be increased over
the period.
Financial Statements
Annual Report 2004 ×
87