Archived - 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

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Exchange Fund Account 

Balance Sheet
As at December 31, 2000

	2000		1999
	(in millions of dollars)
	US	Canadian	US	Canadian
Assets
Denominated in US dollars
Cash and short-term deposits	$4,240	$6,358	$3,575	$5,160
Marketable securities (Note 5)	16,089	24,126	11,696	16,881
	20,329	30,484	15,271	22,041
Denominated in other foreign currencies
Cash and short-term deposits (Note 6)	146	219	24	35
Marketable securities (Note 6)	7,167	10,747	5,564	8,030
	7,313	10,966	5,588	8,065
Denominated in Special Drawing Rights
Special Drawing Rights (Note 7)	579	868	529	764
Gold and gold loans (Note 8)	54	81	88	127
	633	949	617	891
Official international reserve assets	$28,275	$42,399	$ 21,476	$30,997
Due to the Consolidated Revenue Fund
Advances (Note 9)		$39,870		$29,062
Net revenue for the year		2,529		1,935
		$42,399		$30,997

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

	2000	1999
	(in millions of Canadian dollars)
Revenue from investments
Marketable securities	$ 2,292	$ 533
Cash and short-term deposits	407	237
Special Drawing Rights	36	33
Gold	6	14
	2,741	817
Other revenue (loss)
Gain on sales of gold	198	247
Net foreign exchange gains/(losses)	(410)	871
	(212)	1,118
Net revenue for the year due to the Consolidated Revenue Fund	$ 2,529	$ 1,935

(The accompanying notes are an integral part of these financial statements.)

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