Our investment portfolio
The Bank's investment portfolio amounted to about €19.7 billion at end-December 2014 and was comprised mostly of euro-denominated assets.
The portfolio is invested in the major money and capital markets, in instruments that include deposits, other money market instruments, government bonds and other high-quality fixed income securities. We manage the portfolio by reference to a benchmark portfolio in order to maximise the returns, subject to liquidity and security considerations approved by the Commission.
The Bank also manages a share of the ECB’s US dollar reserve assets. Following a request from the Central Bank of Malta, we also manage Malta’s share of the ECB’s US dollar pooled reserves since 1 January 2008. This €0.7 billion portfolio represents the Bank's and the Malta’s share of the Eurosystem's foreign exchange reserves.
How we manage our investment assets
The following sections describe how we manage our investment assets:
Agreement on Net Financial Assets (ANFA)
5 February 2016
The European Central Bank has published the so-called ‘ANFA’ Agreement, the Agreement on Net Financial Assets, a framework agreement which is in place between the national central banks of the Eurosystem. It has also published a ‘Questions and Answers’ document to explain this technical document. In order to supplement this further, the Central Bank of Ireland is supplying an additional set of ‘Questions and Answers’, relating to its own situation.