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Exchange Fund Account Annual Report 2000: 2
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Financial Statements -
December 31, 2000
Management Responsibility for the Financial Statements
Responsibility for the financial statements of the Exchange Fund Account (the Account) and all other information presented in this Annual Report rests with the Department of Finance. The operation of the Account is governed by the provisions of Part II of the Currency Act. The Account is administered by the Bank of Canada as fiscal agent.
The financial statements were prepared in accordance with the stated accounting policies set out in Note 2 to the financial statements which conform to those used by the Government of Canada. These policies were applied on a basis consistent with that of the preceding year.
The Department of Finance establishes policies for the Account’s transactions and investments, and related accounting activities. It also ensures that the Account's activities comply with the statutory authority of the Currency Act.
The Bank of Canada effects transactions for the Account and maintains records, as required to provide reasonable assurance regarding the reliability of the financial statements. The Bank reports to the Department of Finance on the financial position of the Account and on the results of its operations.
The Auditor General of Canada conducts an independent audit of the financial statements of the Account and reports the results of his audit to the Minister of Finance.
The Annual Report of the Account is tabled in Parliament along with the financial statements, which are part of the Public Accounts of Canada and are referred to the Standing Committee on Public Accounts for their review.
| _________________ David A. Dodge Governor Bank of Canada |
___________________ Kevin G. Lynch Deputy Minister Department of Finance |
| _________________ F.J. Mahoney Chief Accountant Bank of Canada |
Exchange Fund Account
Balance Sheet
As at December 31, 2000
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2000 |
1999 |
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(in millions of dollars) |
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US |
Canadian |
US |
Canadian |
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Assets |
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Denominated in US dollars |
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Cash and short-term deposits |
$4,240 |
$6,358 |
$3,575 |
$5,160 |
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Marketable securities (Note 5) |
16,089 |
24,126 |
11,696 |
16,881 |
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20,329 |
30,484 |
15,271 |
22,041 |
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Denominated in other foreign currencies |
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Cash and short-term deposits (Note 6) |
146 |
219 |
24 |
35 |
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Marketable securities (Note 6) |
7,167 |
10,747 |
5,564 |
8,030 |
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7,313 |
10,966 |
5,588 |
8,065 |
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Denominated in Special Drawing Rights |
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Special Drawing Rights (Note 7) |
579 |
868 |
529 |
764 |
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Gold and gold loans (Note 8) |
54 |
81 |
88 |
127 |
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633 |
949 |
617 |
891 |
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Official international reserve assets |
$28,275 |
$42,399 |
$ 21,476 |
$30,997 |
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Due to the Consolidated Revenue Fund |
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Advances (Note 9) |
$39,870 |
$29,062 |
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Net revenue for the year |
2,529 |
1,935 |
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$42,399 |
$30,997 |
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Approved:
| ___________________ David A. Dodge Governor Bank of Canada |
___________________ Kevin G. Lynch Deputy Minister Department of Finance |
| ___________________ F.J. Mahoney Chief Accountant Bank of Canada |
(The accompanying notes are an integral part of these financial statements.)
Exchange Fund Account
Statement of Revenue
for the year ended December 31, 2000
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2000 |
1999 |
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(in millions of Canadian dollars) |
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Revenue from investments |
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Marketable securities |
$ 2,292 |
$ 533 |
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Cash and short-term deposits |
407 |
237 |
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Special Drawing Rights |
36 |
33 |
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Gold |
6 |
14 |
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2,741 |
817 |
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Other revenue (loss) |
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Gain on sales of gold |
198 |
247 |
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Net foreign exchange gains/(losses) |
(410) |
871 |
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(212) |
1,118 |
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Net revenue for the year due to the Consolidated Revenue Fund |
$ 2,529 |
$ 1,935 |
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(The accompanying notes are an integral part of these financial statements.)
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| Last Updated: 2004-05-25 |
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