Bank of Canada Statement of Position

Summary#

The Bank of Canada published an unaudited Statement of financial position as at January 31, 2023. It shows total assets and total liabilities and deficiency of $410,803 million, and an accumulated deficit of $(1,560) million.

What it does#

• Publishes the Bank’s unaudited balance sheet (statement of financial position) dated January 31, 2023. Amounts are shown in millions of dollars.
• Includes signed declarations by Coralia Bulhoes (Chief Financial Officer and Chief Accountant) and Tiff Macklem (Governor) dated February 17, 2023.

Key numbers and breakdowns (selected highlights)

• Total assets: $410,803 million.
• Total liabilities and deficiency: $410,803 million.
• Cash and foreign deposits: $15 million.
• Loans and receivables (total): $5 million.
• Investments (total): $382,625 million, including:
  • Government of Canada bonds — amortized cost: $109,073 million.
  • Government of Canada bonds — fair value through profit and loss: $239,196 million.
  • Canada Mortgage Bonds: $8,109 million.
  • Other bonds: $9,750 million.
  • Securities lent or sold under repurchase agreements: $16,018 million.
  • Shares in the Bank for International Settlements: $479 million.
• Derivatives — indemnity agreements with the Government of Canada: $27,020 million.
• Capital assets (total): $667 million (property $519 million, intangible $104 million, right-of-use leased assets $44 million).
• Other assets: $471 million.
• Liabilities (selected):
  • Bank notes in circulation: $115,616 million.
  • Deposits (total): $280,690 million, including Government of Canada $81,892 million and members of Payments Canada $189,806 million.
  • Securities sold under repurchase agreements (liability side): $14,745 million.
  • Other liabilities: $321 million.
  • Total liabilities: $411,372 million.
• Deficiency items include share capital $5 million, statutory and special reserves $100 million, investment revaluation reserve $441 million, actuarial gains reserve $445 million, accumulated deficit $(1,560) million, for a total deficiency of $(569) million.

Who's affected#

• The Bank of Canada itself (its financial statements and accountability).
• Financial market participants and analysts who track central bank balance sheets.
• The federal government and organizations that use or hold deposits with the Bank, including members of Payments Canada.
• The Canadian public and anyone interested in monetary policy, public finance, or the quantity of bank notes in circulation.

If you’re a casual reader, note this is an internal financial snapshot of the central bank. It is unaudited and mainly of interest to people who follow central bank operations or Canada’s financial system.

Why it matters#

• The statement shows how large the Bank’s holdings and commitments are. That helps analysts and markets understand the Bank’s role in financial markets and liquidity provision.
• The size of government bond holdings and notes in circulation are useful indicators for those watching monetary policy and money supply.
• The reported accumulated deficit and the fact the statement is unaudited are accounting facts that people tracking the Bank’s finances will notice.