Profit and loss acount

Source: OeNB.

The chart below displays the net effect monetary policy operations have had on the OeNB, in particular the significant impact of the key interest rate increases on the profit and loss account.

Adjusted for the re-allocation of monetary income within the Eurosystem, the net effect of monetary policy on the profit and loss account has been negative since the financial year 2022. The chart highlights the structural changes in the components of the net interest effect of monetary policy operations resulting from the interest rate turnaround. The net interest effect stems from the monetary policy components of net interest income (profit and loss item 1, i.e. TARGET, deposits and minimum reserves, longer-term refinancing operations, securities held for monetary policy purposes, euro banknotes in circulation, foreign reserve assets transferred to the ECB), the net result of pooling of monetary income (profit and loss item 5) as well as the OeNB’s share of the ECB’s profit distribution (subitem of profit and loss item 4).