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Annual Report 2020 Annual Report 2020 Members of the Executive Board of the Deutsche Bundesbank Dr Jens Weidmann President of the Deutsche Bundesbank Professor Claudia Buch Vice-President of the Deutsche Bundesbank Burkhard Balz Professor Johannes Beermann Dr Sabine Mauderer Professor Joachim Wuermeling We mourn the loss of the following members of our staff Manuela Kraus 3 January 2020 Jürgen Peter Elberskirch 19 May 2020 Norbert Hölscher 26 May 2020 Andreas Krug 22 June 2020 Christian Waller 14 July 2020 Vinzenz Theodor Linster 28 August 2020 Jürgen Schirmer 26 September 2020 Lutz Strelow 16 October 2020 Thomas Ernst Josef Ferger 24 October 2020 Silvia Katharina Haus 4 November 2020 Marion Herberg 27 November 2020 Manfred Johann Pregler 11 December 2020 We also remember the retired staff members of the Bank who passed away in 2020. We will honour their memory. DEUTSCHE BUNDESBANK Deutsche Bundesbank Annual Report 2020 6 Deutsche Bundesbank Wilhelm-Epstein-Strasse 14 60431 Frankfurt am Main Germany Postfach 10 06 02 60006 Frankfurt am Main The Annual Report is published by the Deutsche Germany Bundesbank, Frankfurt am Main, by virtue of Section 18 of the Bundesbank Act. It is available Tel.: +49 (0)69 9566 3512 to interested parties free of charge. Email: www.bundesbank.de/kontakt This is a translation of the original German Internet: www.bundesbank.de language version, which is the sole authorita- tive text. Reproduction permitted only if source is stated. ISSN 0949-1090 (print edition) ISSN 1861-5694 (online edition) Deutsche Bundesbank Annual Report 2020 7 Contents Bundesbank round-up ......................................................................................... 11 Economic activity and price developments ..................................................................... 12 Fiscal policy ...................................................................................................................... 19 Monetary policy ............................................................................................................... 21 Banking supervision and financial stability ..................................................................... 24 Cash and cashless payments ........................................................................................... 27 Working under pandemic conditions .............................................................................. 31 Acknowledgements ......................................................................................................... 35 Chronology of monetary policy decisions ..................................................... 37 Annual accounts of the Deutsche Bundesbank for 2020 ........................ 43 Balance sheet of the Deutsche Bundesbank as at 31 December 2020 ......................... 44 Profit and loss account of the Deutsche Bundesbank for the year 2020 ...................... 46 Unqualified independent auditor’s report for statutory audits of annual financial statements ........................................................................................ 47 General information on the annual accounts ................................................................. 52 Notes on the individual balance sheet items .................................................................. 54 Assets ................................................................................................................................ 54 Liabilities ............................................................................................................................ 62 Notes on the profit and loss account .............................................................................. 69 Annex ......................................................................................................................... 77 The Deutsche Bundesbank: key figures ............................................................................... 78 Branches of the Deutsche Bundesbank ............................................................................... 80 Staff of the Deutsche Bundesbank ...................................................................................... 80 Offices held by members of the Executive Board of the Deutsche Bundesbank ....................... 81 Deutsche Bundesbank Annual Report 2020 8 Boxes Economic monitoring in times of COVID-19: increased need for timely and higher-frequency indicators .............................................................. 15 Brexit from the perspective of banking supervision .................................................. 26 Evaluation of the too-big-to-fail reforms of the G20 countries ................................. 28 The new BIS innovation hub centre in Frankfurt and Paris ........................................ 32 Diversification of foreign currency reserves .............................................................. 33 Overview of the Deutsche Bundesbank’s accounting policies ................................... 50 Tables Gold reserves by storage location ............................................................................ 55 Receivables from the IMF ........................................................................................ 55 Balances with banks and security investments, external loans and other external assets ........................................................................................ 56 Net foreign exchange positions in selected currencies ............................................. 57 Lending to euro area credit institutions related to monetary policy operations denominated in euro ............................................................................................... 58 Securities held for monetary policy purposes ........................................................... 59 Tangible and intangible fixed assets ......................................................................... 61 Provisions ................................................................................................................ 65 Discount rates and trends ........................................................................................ 66 Revaluation accounts .............................................................................................. 68 Net interest income ................................................................................................. 70 Net result of financial operations, write-downs and risk provisions ........................... 71 Net income from fees and commissions .................................................................. 72 Staff costs ............................................................................................................... 74 Charts Aggregate output ................................................................................................... 14 High-frequency indicators of economic development in Germany ............................ 16 Consumer prices ..................................................................................................... 18 Impact of the G20 too-big-to-fail reforms ............................................................... 29 Net issuance of banknotes in Germany .................................................................... 30 Distribution of German foreign currency reserves as at 31 December 2020 .............. 34 Deutsche Bundesbank Annual Report 2020 9 Abbreviations and symbols p Provisional r Revised e Estimated pe Partly estimated … Figure available at a later date . Figure unknown, not to be published or not meaningful 0 Less than 0.5 but more than nil – Nil Discrepancies in the totals are due to rounding. Deutsche Bundesbank Annual Report 2020 10 Deutsche Bundesbank Annual Report 2020 11 Bundesbank round-up Deutsche Bundesbank Annual Report 2020 12 Bundesbank round-up 2020 will go down in history as the year when At the same time, the fallout from the crisis has the coronavirus pandemic struck: the year of a affected the Bundesbank not only in its roles global public health crisis unprecedented in our with regard to monetary policy, banking super- lifetimes. Around the world, COVID-19 has al- vision and maintaining financial stability, but ready claimed the lives of more than two million also in other tasks. In particular, the onset of people, and many more have fallen seriously ill. the crisis saw a temporary spike in demand for In one fell swoop, the pandemic transformed cash. The Bundesbank ensured that the econ- our daily lives to an almost unimaginable degree. omy was supplied with cash at all times. In this context, it – like many institutions – had to reor- At the same time, it triggered a deep and glo- ganise its work in order to continue to perform bal economic crisis. Among those affected its tasks under pandemic conditions. With a were the European economies, which suffered great deal of flexibility and effort, the Bundes- severe downturns last spring. Fiscal policy is bank’s staff adapted to the new circumstances. taking on a key role in the economic response As a result, in addition to managing the fallout to the fallout from the crisis, as it can provide from the crisis, the Bundesbank successfully direct financial support to the healthcare system pushed ahead with major projects – ranging and to enterprises and households. However, from the Eurosystem monetary policy strategy mone tary policy must also play its part, as the review, through innovation in the digitalisation price outlook in the euro area
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