Bank of Canada unaudited balance sheet

Summary#

The Bank of Canada published an unaudited statement of its financial position as at July 31, 2022 (amounts shown are in millions of dollars). The statement reports total assets and total liabilities and equity of 455,801 and was signed on August 23, 2022 by Coralia Bulhoes (Chief Financial Officer) and Tiff Macklem (Governor). The notice appeared in the Canada Gazette on September 3, 2022.

What it does#

• Publishes the Bank’s unaudited balance sheet (statement of financial position) as of July 31, 2022.
• Shows the Bank’s main holdings and obligations, including:
  • Total assets: 455,801 (millions)
  • Total investments: 429,038
  • Total loans and receivables: 525
  • Bank notes in circulation: 117,191
  • Total deposits (including deposits by the government and payments system members): 303,921
  • Securities sold under repurchase agreements: 32,795
  • Total liabilities: 454,848
  • Total equity: 953
• Notes some specific balances, such as deposits by the Government of Canada (105,534) and by members of Payments Canada (186,725).
• The statement is signed by senior Bank officials (Coralia Bulhoes and Tiff Macklem) on August 23, 2022 and presented as unaudited.

Who's affected#

• The general public and taxpayers who want transparency about the central bank’s finances.
• Financial market participants, economists, and journalists who track the Bank’s balance-sheet size and composition.
• The Government of Canada and participants in Payments Canada, since they appear as depositors on the Bank’s balance sheet.
• Anyone monitoring central-bank operations (e.g., holdings of government bonds, repurchase agreements, or the amount of bank notes in circulation).
• Some line items in the table were marked “n/a”; it is unclear from the notice why those specific figures are not shown.

Why it matters#

• The statement gives a snapshot of how big the Bank’s balance sheet was and where its funds were invested on July 31, 2022.
• That information helps the public and markets understand the Bank’s exposures and role in supporting Canada’s financial system (for example, its holdings of government bonds, repurchase agreements, and the amount of currency circulating).
• Because the report is unaudited, it is a timely (but not independently verified) disclosure of the Bank’s financial position.