Riksbank transfers SEK 7.6 billion to the Treasury

Riksbank transfers SEK 7.6 billion to the Treasury The Governing Board of the Riksbank has decided to propose that, of the Bank's net revenue in 1998, SEK 7.6 billion be transferred to the Treasury. The Riksbank Act prescribes that the allocation of the Riksbank's net revenue is determined by the Riksdag (Sweden's parliament), while the Governing Board makes proposals to the Riksdag. The proposed allocation of net revenue has been calculated in accordance with the current guidelines, which state that the transfer (dividend) to the Treasury is to be based on the average level of net revenue, adjusted for exchange rate effects. The remaining net revenue is allocated to the Riksbank's Balancing Account and Contingency Fund. Total net revenue in 1998 amounted to SEK 21.9 billion. Increases in the market value of the securities portfolio as a result of falling market interest rates was a favourable factor behind this result, as was the depreciation of the krona relative to the currencies in the foreign exchange reserves. For further information, please contact: Henrik Gardholm, Planning and Accounting Dept., telephone no. +46 8 787 01 19 Balance sheet AT END OF ACCOUNTING PERIOD Assets, SEK MILLION 1998 1997 Gold and foreign assets Gold 13,834 909 Claims on the International Monetary Fund 13,707 9,242 Ecu claim on the European Central Bank/EMI - 10,598 Foreign banks, securities 108,735 70,239 136,276 90,988 Other foreign assets 120 2,461 Domestic assets Treasury securities 32,842 53,088 Advances to banks 2,265 4,117 Monetary policy repos 41,581 36,216 Other domestic assets 203 1,124 76,891 94,545 Fixed assets Fixed assets 1,087 1,175 Total assets 214,374 189,169 Liabilities and capital, SEK MILLION 1998 1997 Foreign liabilities Net allocation of special 2,838 2,641 drawing rights in the IMF Other foreign liabilities 4,100 3,983 6,938 6,624 Domestic liabilities Deposits from banks 1,679 1,961 Other deposits - 7 Special accounts 15 34 Other domestic liabilities 341 3,864 2,035 5,866 Notes and coins in circulation Notes 82,288 78,986 Coins 3,980 3,809 86,268 82,795 Balancing account and capital Balancing account 47,422 47,422 Capital 49,848 32,211 97,270 79,633 Result for the year 21,863 14,251 Total liabilities and capital 214,374 189,169 Profit and loss account 1997-1998 SEK MILLION 1998 1997 Foreign operations Interest received 7,229 7,919 Interest expenditure -417 -458 Revaluation of exchange rates 9,685 3,786 Total foreign operations 16,497 11,247 Domestic operations Interest on Treasury securities, et cetera 4,263 3,602 Interest on advances to banks, et cetera 1,630 496 Interest expenditure -44 -197 Total domestic operations 5,849 3,901 Administrative revenue 169 149 Administrative expenditure -661 -633 Other income 17 21 Other expenditure -8 -5 Result before balance-sheet allocations 21,863 14,680 Balance-sheet allocations To balancing account - -429 Net revenue 21,863 14,251 ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1999/02/15/19990215BIT00370/bit0001.doc http://www.bit.se/bitonline/1999/02/15/19990215BIT00370/bit0002.pdf