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Financial Statements<br />
14 Revaluation accounts<br />
This item consists of the following<br />
accounts:<br />
Dec. 31, 2003 Dec. 31, <strong>2004</strong> Change<br />
EUR million EUR million EUR million<br />
Eurosystem revaluation accounts<br />
Gold 857.402 743.380 —114.022<br />
Foreign currency 41.690 39.588 —2.102<br />
Securities 149.090 151.928 +2.838<br />
Participating interests 179.352 175.799 —3.553<br />
Off-balance sheet instruments 9.283 6.792 —2.491<br />
Subtotal 1,236.817 1,117.487 —119.330<br />
Unrealized valuation gains<br />
from January 1, 1999 (initial valuation)<br />
Securities 1.713 1.423 —0.290<br />
Participating interests 279.728 279.728 —<br />
Subtotal 281.441 281.151 —0.290<br />
Reserve fund for exchange risks<br />
(funded up to the end of 1998) 851.190 537.349 —313.841<br />
Total 2,369.448 1,935.987 —433.461<br />
Revaluation on the revaluation<br />
accounts is effected on a currencyby-currency<br />
and code-by-code basis.<br />
The above amounts reflect the valuation<br />
gains established in the valuation<br />
of assets as at December 31, <strong>2004</strong>.<br />
Those gains are realizable only in<br />
the context of future transactions in<br />
the respective category or can be<br />
used only to reverse revaluation<br />
losses that may arise in future years.<br />
The revaluation gains in each currency<br />
cover the risks associated with<br />
nondomestic assets (as established<br />
with the VaR method).<br />
In line with requirements, the initial<br />
valuation gains recorded in the<br />
opening balance sheet of January 1,<br />
1999, were partly realized during<br />
<strong>2004</strong> in the course of sales of underlying<br />
assets.<br />
Article 69 paragraph 1 of the<br />
Nationalbank Act obliges the OeNB<br />
to maintain a reserve fund covering<br />
exchange risks which may arise on<br />
nondomestic assets. The reserve fund<br />
for exchange risks posted in the financial<br />
statements for <strong>2004</strong> contains exchange<br />
gains accrued in the run-up to<br />
1999 totaling EUR 537.349 million.<br />
On the one hand, the annual change<br />
reflects the realization of exchange<br />
rate gains resulting from the sale of<br />
underlying assets. On the other hand,<br />
the fund is used to cover unrealized<br />
exchange losses that must be expensed,<br />
as well as any exchange risks<br />
(as calculated with the VaR approach)<br />
that are not offset by the balances<br />
on the revaluation accounts. As from<br />
January 1, 1999, no further allocations<br />
to this fund have been permitted.<br />
108 ×<br />
<strong>Annual</strong> <strong>Report</strong> <strong>2004</strong>
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