Reserve Bank of Australia Annual Report – 2002 Financial Statements Note 4 – Reserves

Changes in the RBA's various reserves are shown below.

2002 $M 2001 $M
Asset revaluation reserves (Note 1(g))
Gold
Opening balance 1,260 1,125
Net revaluation adjustments 79 135
As at 30 June 1,339 1,260
Shares in international financial institutions (Note 6)
Opening balance 68 64
Net revaluation adjustments 6 4
As at 30 June 74 68
Bank properties (Notes 1(f), 7)
Opening balance 102 96
Net revaluation adjustments 15 11
Transfers (to)/from Statement of Distribution (10) (5)
As at 30 June 107 102
Total asset revaluation reserves
Opening balance 1,430 1,285
Net revaluation adjustments 100 150
Transfers (to)/from Statement of Distribution (10) (5)
As at 30 June 1,520 1,430
Unrealised profits reserve (Note 1(g))
Opening balance 1,809 1,489
Net transfers (to)/from Statement of Distribution (11) 320
As at 30 June 1,798 1,809
Reserve for Contingencies and General Purposes
Opening balance – 3,323
Transfer to Reserve Bank Reserve Fund – (3,323)
Closing balance – –
Reserve Bank Reserve Fund (Note 1(g))
Opening balance 6,152 2,829
Transfer from Reserve for Contingencies and General Purposes – 3,323
Closing balance 6,152 6,152
Capital
Opening and closing balance 40 40
Total capital and reserves
Opening balance 9,431 8,966
Net profit plus net revaluation adjustments in asset revaluation reserves 1,968 3,299
Distribution payable to Commonwealth of Australia (1,889) (2,834)
Closing balance 9,510 9,431

Prior to 30 June 2001, the Reserve Bank maintained a Reserve for Contingencies and General Purposes (RCGP) which provided for events which were contingent and non-foreseeable, mainly those arising from movements in the market value of the RBA's holdings of securities. On 30 June 2001, balances in this reserve were transferred to the RBRF and the RCGP was closed.