Reserve Bank of Australia Annual Report – 1997 Financial Statements Note 3

Note 3 Reserves

1996 $'000 1997 $'000
Changes in the Bank's various Reserves are shown below.    
Reserve Bank Reserve Fund (Note 1(f))    
Opening balance 593,890 643,890
Appropriation from profits in terms of section 30 of the Reserve Bank Act 50,000 1,637,490
As at 30 June 643,890 2,281,380
Reserve for Contingencies and General Purposes (Note 1(f))
Opening balance 2,855,699 2,955,699
Transfer from earnings in terms of section 78 of the Reserve Bank Act (Note 2) 100,000 367,247
As at 30 June 2,955,699 3,322,946
Asset Revaluation Reserves (Note 1(f))
Gold
Opening balance 3,965,109 3,472,670
Net revaluation adjustments (492,439) (246,517)
Transfers to earnings – realised (gains)/losses – (1,637,490)
As at 30 June 3,472,670 1,588,663
Foreign currency
(Covers effects of exchange rate movements on investments held in foreign currencies)    
Opening balance 1,987,501 Nil
Net revaluation adjustments (1,316,563) 555,796
Transfers to earnings – realised (gains)/losses (1,681,240) (127,602)
– unrealised losses (end year) (Notes 1(f), 2) 1,010,302 –
As at 30 June Nil 428,194
Investments
(Covers changes in prices of securities in their local market)
Opening balance 80,463 211
Net revaluation adjustments 44,952 479,515
Transfer to earnings as realised (gains)/losses (125,204) (245,490)
As at 30 June 211 234,236
Shares in international financial institutions (Note 9)
Opening balance 90,769 75,510
Net revaluation adjustments (15,259) (7,312)
As at 30 June 75,510 68,198
Bank premises
(Notes 1(e), 6)    
Opening balance 57,323 57,953
Net revaluation adjustments 165 13,471
Transfers to earnings as realised (gains)/losses 465 –
As at 30 June 57,953 71,424
Total Asset Revaluation Reserves
Opening balance 6,181,165 3,606,344
Net revaluation adjustments (1,779,144) 794,953
Transfers to earnings – realised (gains)/losses (1,805,979) (2,010,582)
– unrealised losses (end year) (Notes 1(f), 2) 1,010,302 –
As at 30 June 3,606,344 2,390,715