Banka Slovenije’s Net Financial Assets
Central banks hold certain financial assets and liabilities on their balance sheets that do not relate to monetary policy; these are referred to as net financial assets. They are calculated as the difference between certain asset and liability items on central bank balance sheets (see the explainer among quick links for details). Net financial assets arise as the result of the management of central banks' own investments, the acceptance of government and non-banking sector deposits, membership of the International Monetary Fund, the performance of the function of lender of last resort, or make up the central bank’s capital. The central banks of the Eurosystem carry out these tasks independently, provided that this does not interfere with the objectives and implementation of the Eurosystem’s single monetary policy.
Similar to monetary policy instruments, changes in net financial assets result in a change in the level of liquidity available to banks. Excessive growth in net financial assets could reduce room for manoeuvre available for monetary policy implementation to an excessive extent. The Eurosystem therefore adopted the Agreement on Net Financial Assets (ANFA), which sets an upper limit on the total amount of net financial assets of all national central banks and their allocation between national central banks.
Banka Slovenije’s net financial assets calculated in accordance with the ANFA (EUR million)
Year | Outstanding amount at year end | Annual average* |
|---|---|---|
2015 | 973 | 864 |
2016 | 700 | 942 |
2017 | -448 | -856 |
2018 | -1,867 | -1,675 |
2019 | -1,533 | -934 |
2020 | -3,917 | -3,507 |
2021 | -5,263 | -6,325 |
2022 | -4,442 | -7,033 |
2023 | -4,741 | -5,159 |
2024 | -3,606 | -4,323 |
Source: Banka Slovenije
* The figure may differ from the figure published by the ECB on its website, as Banka Slovenije takes account of revised balance sheet data in its calculations.
The time series of Banka Slovenije’s net financial assets at year end between 2007 and 2015 and additional clarifications of the developments in Banka Slovenije’s net financial assets during this period can be found in the Banka Slovenije Annual Report 2015 (Box 4, Section 3.2.3).