Template on International Reserves and Foreign Currency Liquidity1 for Portugal

Date of last update:
 

Jul 21, 2014
Release Calendar

 

Information disclosed by Banco de Portugal (BP),  Directorate General for the Treasury and Finance (DGTF),  and Portuguese Treasury and Government Debt Agency (IGCP) 2 3 4

 

SECTIONS:

I.   Official reserve assets and other foreign currency assets (approximate market value)

II.  Predetermined short-term net drains on foreign currency assets (nominal value)

III. Contingent short-term net drains on foreign currency assets (nominal value)5

IV. Memo items

Previous data

Previous data

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Previous data

 

   Country notes  

 

End June 2014

 


 

I. Official reserve assets and other foreign currency assets (approximate market value) 6

 

(in EUR millions - values may not sum due to rounding)

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Total

Banco de Portugal

Central Government

A. Official reserve assets 7 14 214 14 214 0

      1. Foreign currency reserves (in convertible foreign currencies)

1 187 1 187 0

            (a) Securities

1 011 1 011 0

                 of which: issuer headquartered in reporting country but located abroad

0 0 0

            (b) total currency and deposits with:

176 176 0

                  (i) other national central banks, BIS and IMF

33 33 0

                  (ii) banks headquartered in the reporting country

0 0 0

                             of which: located abroad

0 0 0

                  (iii) banks headquartered outside the reporting country

142 142 0

                             of which: located in the reporting country

0 0 0

      2. IMF reserve position

308 308 0

      3. SDRs

897 897 0

      4. gold (including gold deposits and, if appropriate, gold swapped) 8

11 822 11 822 0

          —volume in 106 fine troy ounces

12 12 0

      5. other reserve assets (specify)

0 0 0

          —financial derivatives

0 0 0

          —loans to nonbank nonresidents

0 0 0

          —other

0 0 0
B. Other foreign currency assets 279 155 124

          —securities not included in official reserve assets

126 126 0

          —deposits not included in official reserve assets

29 29 0

          —loans not included in official reserve assets

0 0 0

          —financial derivatives not included in official reserve assets

124 0 124

          —gold not included in official reserve assets

0 0 0

          —other

0 0 0

 

II. Predetermined short-term net drains on foreign currency assets (nominal value)

 

(in EUR millions - values may not sum due to rounding)

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Total

Banco de Portugal

Central Government

Total

Maturity breakdown (residual)

Total

Maturity breakdown (residual)

Total

Maturity breakdown (residual)

Up to 1 month

More than 1 and up to 3 months

More than 3 months and up to 1 year

Up to 1 month

More than 1 and up to 3 months

More than 3 months and up to 1 year

Up to 1 month

More than 1 and up to 3 months

More than 3 months and up to 1 year
     

 1. Foreign currency loans, securities, and deposits 9

-1 987 0 -244 -1 743 0 0 0 0 -1 987 0 -244 -1 743
          —outflows (-)   Principal -988 0 0 -988 0 0 0 0 -988 0 0 -988
  Interest -999 0 -244 -755 0 0 0 0 -999 0 -244 -755
          —inflows (+)

 

  Principal 0 0 0 0 0 0 0 0 0 0 0 0
  Interest 0 0 0 0 0 0 0 0 0 0 0 0
 2. Aggregate short and long positions in forwards and futures in foreign currencies vis-à-vis the domestic currency (including the forward leg of currency swaps) 10 2 235 2 447 1 787 0 0 0 0 2 235 2 447 1 787
      (a) Short positions (-) -84 0 -59 -26 0 0 0 0 -84 0 -59 -26
      (b) Long positions (+) 2 319 2 505 1 812 0 0 0 0 2 319 2 505 1 812
 3. Other 0 0 0 0 0 0 0 0 0 0 0 0
          —outflows related to repos (-) 0 0 0 0 0 0 0 0 0 0 0 0
          —inflows related to reverse repos (+) 0 0 0 0 0 0 0 0 0 0 0 0
         —trade credit (-) 0 0 0 0 0 0 0 0 0 0 0 0
          —trade credit (+) 0 0 0 0 0 0 0 0 0 0 0 0
          —other accounts payable (-) 0 0 0 0 0 0 0 0 0 0 0 0
          —other accounts receivable (+) 0 0 0 0 0 0 0 0 0 0 0 0

 

III. Contingent short-term net drains on foreign currency assets (nominal value)

 

(in EUR millions - values may not sum due to rounding)

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Total

Banco de Portugal

Central Government

Total

Maturity breakdown (residual)

Total

Maturity breakdown (residual)

Total

Maturity breakdown (residual)

Up to 1 month

More than 1 and up to 3 months

More than 3 months and up to 1 year

Up to 1 month

More than 1 and up to 3 months

More than 3 months and up to 1 year

Up to 1 month

More than 1 and up to 3 months

More than 3 months and up to 1 year
     
   1. Contingent liabilities in foreign currency 0 0 0 0 0 0 0 0 0 0 0 0
      (a) Collateral guarantees on debt falling due within 1 year 0 0 0 0 0 0 0 0 0 0 0 0
      (b) Other contingent liabilities 0 0 0 0 0 0 0 0 0 0 0 0
   2. Foreign currency securities issued with embedded options (puttable bonds) 11                        
   3. Undrawn, unconditional credit lines12 provided by: 0 0 0 0 0 0 0 0 0 0 0 0
      (a) other national monetary authorities, BIS, IMF, and other international organizations 0 0 0 0 0 0 0 0 0 0 0 0
          —other national monetary authorities (+) 0 0 0 0 0 0 0 0 0 0 0 0
          —BIS (+) 0 0 0 0 0 0 0 0 0 0 0 0
          —IMF (+) 0 0 0 0 0 0 0 0 0 0 0 0
      (b) with banks and other financial institutions headquartered in the reporting country (+) 0 0 0 0 0 0 0 0 0 0 0 0
      (c) with banks and other financial institutions headquartered outside the reporting country (+) 0 0 0 0 0 0 0 0 0 0 0 0
       Undrawn, unconditional credit lines provided to: 0 0 0 0 0 0 0 0 0 0 0 0
      (a) other national monetary authorities, BIS, IMF, and other international organizations 0 0 0 0 0 0 0 0 0 0 0 0
          —other national monetary authorities (-) 0 0 0 0 0 0 0 0 0 0 0 0
          —BIS (-) 0 0 0 0 0 0 0 0 0 0 0 0
          —IMF (-) 0 0 0 0 0 0 0 0 0 0 0 0
      (b) banks and other financial institutions headquartered in reporting country (- ) 0 0 0 0 0 0 0 0 0 0 0 0
      (c) banks and other financial institutions headquartered outside the reporting country ( - ) 0 0 0 0 0 0 0 0 0 0 0 0
   4. Aggregate short and long positions of options in foreign currencies vis-à-vis the domestic currency 13 0 0 0 0 0 0 0 0 0 0 0 0
      (a) Short positions 0 0 0 0 0 0 0 0 0 0 0 0
            (i) Bought puts 0 0 0 0 0 0 0 0 0 0 0 0
            (ii) Written calls 0 0 0 0 0 0 0 0 0 0 0 0
      (b) Long positions 0 0 0 0 0 0 0 0 0 0 0 0
            (i) Bought calls 0 0 0 0 0 0 0 0 0 0 0 0
            (ii) Written puts 0 0 0 0 0 0 0 0 0 0 0 0
PRO MEMORIA: In-the-money options 14                        
   1. At current exchange rates 0 0 0 0 0 0 0 0 0 0 0 0
      (a) Short position                        
      (b) Long position - - - - - - - - - - - -
   2. + 5 % (depreciation of 5%) - - - - - - - - - - - -
      (a) Short position - - - - - - - - - - - -
      (b) Long position - - - - - - - - - - - -
   3. - 5 % (appreciation of 5%) - - - - - - - - - - - -
      (a) Short position - - - - - - - - - - - -
      (b) Long position - - - - - - - - - - - -
   4. +10 % (depreciation of 10%) - - - - - - - - - - - -
      (a) Short position - - - - - - - - - - - -
      (b) Long position - - - - - - - - - - - -
   5. - 10 % (appreciation of 10%) - - - - - - - - - - - -
      (a) Short position - - - - - - - - - - - -
      (b) Long position - - - - - - - - - - - -
   6. Other (specify) - - - - - - - - - - - -
      (a) Short position - - - - - - - - - - - -
      (b) Long position - - - - - - - - - - - -

 

IV. Memo items

 

(in EUR millions - values may not sum due to rounding)

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Total

Banco de Portugal

Central Government

   1. To be reported with standard periodicity and timeliness: 15      
      (a) short-term domestic currency debt indexed to the exchange rate 0 0 0
      (b) financial instruments denominated in foreign currency and settled by other means (e.g., in domestic currency) 16 0 0 0
          —nondeliverable forwards 0 0 0
          —short positions 0 0 0
          —long positions 0 0 0
          —other instruments 0 0 0
      (c) pledged assets 17 0 0 0
          —included in reserve assets 0 0 0
          —included in other foreign currency assets 0 0 0
      (d) securities lent and on repo 18 0 0 0
          —lent or repoed and included in Section I 0 0 0
          —lent or repoed but not included in Section I 0 0 0
          —borrowed or acquired and included in Section I 0 0 0
          —borrowed or acquired but not included in Section I 0 0 0
      (e) financial derivative assets (net, marked to market) 19 124 0 124
          —forwards 9 0 9
          —futures 0 0 0
          —swaps 115 0 115
          —options 0 0 0
          —other 0 0 0
      (f) derivatives (forward, futures, or options contracts) that have a residual maturity greater than one year, which are subject to margin calls. 0 0 0
          —aggregate short and long positions in forwards and futures in foreign currencies vis-à-vis the domestic currency (including the forward leg of currency swaps) 0 0 0
            (a) short positions ( – ) 0 0 0
            (b) long positions (+) 0 0 0
          —aggregate short and long positions of options in foreign currencies vis-à-vis the domestic currency 0 0 0
            (a) short positions 0 0 0
                  (i) bought puts 0 0 0
                  (ii) written calls 0 0 0
            (b) long positions 0 0 0
                  (i) bought calls 0 0 0
                  (ii) written puts 0 0 0
   2. To be disclosed less frequently:      
       (a) currency composition of reserves (by groups of currencies) 14 214 14 214 0
          —currencies in SDR basket 14 003 14 003 0
          —currencies not in SDR basket 211 211 0

 

 

Footnotes:

 
1. In accordance with the new methodology of the IMF published in the document 'Data Template on International Reserves and Foreign Liquidity. Operational Guidelines', October 2001.    
 
2. In principle, only instruments denominated and settled in foreign currency (or those whose valuation is directly dependent on the exchange rate and that are settled in foreign currency) are to be included in categories I, II, and III of the template. Financial instruments denominated in foreign currency and settled in other ways (e.g., in domestic currency or commodities) are included as memo items under Sections IV.
 
3. Netting of positions is allowed only if they have the same maturity, are against the same counterpart, and a master netting agreement is in place. Positions on organized exchanges could also be netted.
 
4. Monetary authorities defined according to the IMF Balance of Payments Manual, Fifth Edition.
 
5. Table III in the Template refers to contingent short term net drains on foreign currency assets. This Table is not presented since Portugal has no contingent drains on foreign currency assets.
 
6. In cases of large positions vis-à-vis institutions headquartered in the reporting country, in instruments other than deposits or securities, they should be reported as separate items.
 
7. The valuation basis for gold assets should be disclosed; ideally this would be done by showing the volume and price.
 
8. In accordance with the definition provided in the Guideline ECB/2004/15 of 16 July 2004, amended by the Guideline ECB/2007/3, on the statistical reporting requirements of the ECB in the field of balance of payments and international investment position statistics, and the international reserves template.
 
9. Including interest payments due within the corresponding time horizons. Foreign currency deposits held by nonresidents with central banks should also be included here. Securities referred to are those issued by the monetary authorities and the central government (excluding social security).
 
10. In the event that there are forward or futures positions with a residual maturity greater than one year, which could be subject to margin calls, these should be reported separately under Section IV.
 
11. Only bonds with a residual maturity greater than one year should be reported under this item, as those with shorter maturities will already be included in Section II, above.
 
12. Reporters should distinguish potential inflows and potential outflows resulting from contingent lines of credit and report them separately, in the specified format.
 
13. In the event that there are options positions with a residual maturity greater than one year, which could be subject to margin calls, these should be reported separately under Section IV.
 
14. These "stress-tests" are an encouraged, rather than a prescribed, category of information in the IMF’s Special Data Dissemination Standard (SDDS). Could be disclosed in the form of a graph. As a rule, notional value should be reported. However, in the of cash-settled options, the estimated future inflow/outflow should be disclosed. Positions are "in the money" or would be, under the assumed values.
 
15. Distinguish between assets and liabilities where applicable.
 
16. Identify types of instrument; the valuation principles should be the same as in Sections I-III. Where applicable, the notional value of nondeliverable forward positions should be shown in the same format as for the nominal value of deliverable forwards/futures in Sections II.
 
17. Only assets included in Section I that are pledged should be reported here.
 
18. Assets that are lent or repoed should be reported here, whether or not they have been included in Section I of the template, along with any associated liabilities (in Section II). However, these should be reported in two separate categories, depending on whether or not they have been included in Section I. Similarly, securities that are borrowed or acquired under repo agreements should be reported as a separate item and treated symmetrically. Market values should be reported and the accounting treatment disclosed.
 
19. Identify types of instrument. The main characteristics of internal models used to calculate the market value should be disclosed.
 
Country notes:
There has been a break in the series for central government in «section I.B - financial derivatives not included in official reserve assets» and «section II.2 - Aggregate short and long positions in forwards and futures in foreign currencies vis-à-vis the domestic currency (including the forward leg of currency swaps)». From December 2005 onwards, Section I.B excludes contracts with payments only in euros, and Section II.2 comprises only contracts in foreign currency vis-à-vis the Euro.

 


 

Contact person: José Faustino (Banco de Portugal)      tel.: 351-21-8931300; fax: 351-21-3128477; e-mail: distat@bportugal.pt

 

 

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