Archived - Exchange Fund Account Annual Report 2002: 1

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Introduction 

This report reviews the operations of the Exchange Fund Account ("EFA") for the 2002 calendar year and the changes in Canada's international reserve holdings against the background of developments in the foreign exchange market. The accompanying Financial Statements provide additional information on the operations of the EFA.

The Exchange Fund Account is the principal repository of Canada's official international reserves. The EFA is governed by the provisions of the Currency Act and is held in the name of the Minister of Finance. Foreign currency borrowings by the Government of Canada are the main source of financing of the EFA.

Objectives 

The objectives of the EFA are:

• to provide general foreign-currency liquidity for the Government; and
• to provide funds to help promote orderly conditions for the Canadian dollar in the foreign exchange market.

Governance 

The Government approves the general policies related to the management of the EFA and, in particular, establishes the target level of reserves and provides an annual report to Parliament on the operations of the Account. Responsibility for the management of the EFA is jointly shared by the Department of Finance and the Bank of Canada. The Bank of Canada, acting as fiscal agent for the Minister of Finance, effects transactions for the Account.

The Director, Financial Markets Division (Department of Finance) and the Chief, Financial Markets Department (Bank of Canada), are responsible for the on-going management of the EFA. A Policy Committee, comprised of senior management of the Department of Finance and the Bank of Canada, meets semi-annually to review developments, approve major policy initiatives and provide guidance and accountability on the management of the Account.

The Risk Management Unit (RMU), established by the Bank of Canada to oversee the risk position of the Government of Canada, monitors and advises on the risk position of the EFA, including market, credit and liquidity risks.

Key Principles 

The foreign currency reserve assets and the liabilities financing those assets are managed on a portfolio basis, based on many of the same principles used by private sector financial institutions (FIs), including prudent risk management principles.

In this regard, interest rate and currency risks are immunized to the extent possible and the net cost of carrying reserves is minimized. On the asset side, attention is paid to asset liquidity and quality, diversification and credit limits with counterparties. On the liability side, the same attention is paid to diversified means of raising funds, as well as to the cost of different sources of funds and the maturity profile of the liabilities.

Principles governing the management of the EFA include;

• There should be a sufficient amount of high-quality, highly-liquid foreign exchange reserve assets available for general liquidity purposes and to promote orderly conditions for the Canadian dollar in the foreign exchange market;
• The difference between the interest paid on the Government's foreign currency liabilities used to fund EFA assets and the interest earned on those assets should be minimized;
• Foreign reserves should be managed to immunize, as much as possible, the currency and duration risks;
• A prudent maturity structure and maturity profile should be maintained to limit refinancing needs within the context of liquidity requirements;
• Best practices with regards to risk management should be applied in the overall management of the EFA;
• Credit risk should be managed prudently through diversification of the EFA asset portfolio, with appropriate use of credit ratings, counterparty limits and collateral support; and
• Foreign currency borrowing activities (e.g. Global bonds and medium term notes) to fund EFA assets should be conducted so as to maintain Canada's reputation as a successful borrower in international capital markets.

Other key management guidelines include:

• The EFA portfolio is structured into a Liquidity Tier and an Investment Tier;
• At least 50% of the EFA's assets are denominated in U.S. dollars. The remainder of the portfolio is split among euro and yen-denominated assets;
• The EFA holds debt in the designated currencies of highly rated sovereign Governments, their agencies and supranational organizations having an A-rating or better.

Recent Developments 

Risk Management

Consistent with best practices in risk management in recent years, the Government has been moving to a broad collateral management approach in the federal debt program to better manage the Government's credit risk to FI counterparties. Collateral management systems¹ are increasingly the norm in capital markets as a way of managing credit risk.

In 2002, collateral frameworks were implemented on both the domestic and foreign sides of the Government's debt program. The Government successfully implemented a new credit framework for the investment of its domestic (Receiver General) cash balances which includes a move to collateralized investment of the cash beyond uncollateralized limits. On the foreign side, the Government put in place a collateral framework for the cross-currency swap program used to raise foreign exchange reserves in order to mitigate the Government's exposure to its swap counterparties. Under the new framework, high-quality collateral (e.g. cash, securities) must be posted by counterparties when the amount of credit risk borne by the Government exceeds specified limits.

2002 also saw the development of a new framework to move a portion of the Government's short-term US-dollar deposits to a collateralized basis. Currently the Government invests its US-dollar cash balances in unsecured bank deposits with a number of commercial banks. Under the revised framework, to be implemented in spring of 2003, the Government's portfolio of unsecured US-dollar cash deposits will be reduced and a program of investments in the repo² market will be implemented to collateralize a good part of the Government's short-term U.S. dollar investments.

Investment and Credit Guidelines for the EFA

In line with the implementation of collateral management frameworks for the Government's cross-currency swap program, the Government modified in 2002 its credit guidelines to accept A-rated FIs as eligible counterparties for deposits and swaps. This change will help the Government further diversify its credit risk across FI counterparties and will help improve the cost of carry of the reserve portfolio. Credit exposure to A-rated FIs will be maintained within prudent standards, consistent with best practices of comparable sovereigns and market participants.

The investment guidelines governing the management of the reserves asset portfolio were also modified in 2002 to allow a limited amount of securities of A-rated sovereigns to be held within prudent limits (previously, the Government could only invest in AA and AAA-rated sovereigns), mirroring the change to allow limited exposure to A-rated financial counterparties involved in reserves management. This change is in line with investment practices of a number of OECD sovereigns and will allow the Government to further diversify its EFA investments.

In 1999, the Government of Canada became one of the first countries to provide enhanced reserves disclosure in a manner consistent with the standards established by the International Monetary Fund and the G-10 central banks. The enhanced disclosure provides more extensive disaggregated data on countries' reserve holdings, including for example, data on off-balance sheet transactions. Initiatives to enhance international standards for reserves disclosures reflect the broad international consensus that more comprehensive and timely reserves data would help reduce the possibility of financial crises. In line with continued global efforts to increase transparency, the Government now discloses its credit and investment guidelines governing the EFA portfolio (see Annex 1).

Asset-Liability Gap

The Government of Canada's policy is to immunize currency and interest rate risk in Canada's reserve program. Foreign currency liabilities came to exceed liquid foreign currency assets (see graph 1), largely as a result of foreign exchange intervention and important commitments in the International Monetary Fund in 1998. The Government has taken steps to bring foreign currency liabilities in line with foreign currency assets through a program of purchases of U.S. dollars in foreign exchange markets. These U.S. purchases are small in relation to the large daily flows in the foreign exchange markets and are undertaken with sensitivity to market conditions. This program has reduced the gap between foreign currency assets and liabilities to some US$1.7 billion, based on market value calculations, as of the end of December 2002, and the plan is to close the gap in an orderly manner in the 2003-04 fiscal year.

Foreign Exchange Market Developments 

The Canadian dollar finished 2002 relatively unchanged at US$0.6339 (up 1 per cent). The Canadian dollar's high for the year was US$0.6654 recorded on June 28 while the low for the year was US$0.6179 recorded on January 21. On a trade weighted basis, the Canadian dollar remained relatively stable against the C6³ currencies; however, it lost more than 11 per cent against the C5 currencies (the C6 index excluding the U.S. dollar). The loss against the C5 index reflects the fact that the Canadian dollar did not appreciate as much as the other major currencies on the broad-based U.S. dollar weakening trend that started in February 2002.

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Financial Review 

1. Foreign Exchange Market Intervention 

The objectives of the Exchange Fund Account are to provide general liquidity for the Government and to promote orderly conditions in the foreign exchange market for the Canadian dollar. In September 1998, the Department of Finance and the Bank of Canada decided to move away from acting in the foreign exchange market in a predictable or automatic fashion (selling foreign exchange / buying Canadian dollars when there was downward pressure on the exchange rate, or buying foreign exchange / selling Canadian dollars when there was upward pressure on the value of the Canadian dollar). Instead, current Government policy is for the Bank of Canada to act on a discretionary basis.

Since September 1998 the Bank of Canada, acting as agent for the Government, has not undertaken any foreign exchange market intervention in the form of either purchases or sales of U.S. dollars versus the Canadian dollar (see Table 1).⁴

Table 1
Foreign Exchange Market Intervention

	1998	1999	2000	2001	2002
	(in millions of U.S. dollars)
Purchases	51	0	971	0	0
Sales	-9,063	0	0	0	0
Net	-9,012	0	97	0	0
1 Represents purchases of euros as part of Canada's participation in the G7 concerted intervention in support of the euro.

2. Amount and Composition of Canada's Official International Reserves 

The Exchange Fund Account is the principal repository of Canada's official international reserves; Canada's foreign assets at the Bank of Canada and the International Monetary Fund are also included in the total of reserves. The composition of Canada's official international reserves and their distribution by holder at year end are shown below:

Table 2
Canada's Official International Reserves Holdings 
As at December 31 
(market value)

	Repository
	2001 Total	2002 Total1	Exchange Fund Account	Bank of Canada	Minister of Finance	Receiver General for Canada
	(in millions of U.S. dollars)
Convertible foreign currencies
Securities	26,329	30,240	30,240	-	-	-
Deposits	4,155	2,445	2,339	100	-	6
Gold	291	205	205	-	-	-
Reserve position in the IMF	2,859	3,567	-	-	3,567	-
Special drawing rights	614	712	712	-	-	-
Total	34,248	37,169	33,496	100	3,567	6
1 The classification of assets in the Statement of Official International Reserves differs from that used in the attached financial statements.

Canada's official reserves ended the year at US$37.2 billion on a market value basis. The increase in the value of reserves over this period was in large part due to the appreciation of the Euro and increases in the market value of securities. Financing activities are set out in greater detail in Table 7.

Table 3 below outlines the main factors affecting the level of reserves:

Table 3
Sources Of Changes In Canada's Official International Reserves 
(Market Value)

	2002Market Value
	(millions of U.S. dollars)
Official intervention	0
Net Government operations1	1,400
Change in foreign currency debt	-2,374
Net cross-currency swaps	565
Gains and losses on gold sales2	-7
Return on investments3	2,245
Foreign currency debt charges	-1,528
Foreign currency revaluation	2,500
Other transactions4	120
Total change	2,921
1 Net Government operations cover net purchases of foreign currency for Government foreign exchange requirements and for additions to reserves. 2 Gains and losses on gold sales reflect the degree to which proceeds from the sale of gold exceeds the market value of gold that existed at the end of the previous month. 3 Return on investments comprises interest earned on investments and changes in the market value of securities. 4 Other transactions covers increased support for IMF lending operations.

More detailed information on monthly levels and changes in Canada's reserves is presented in Table 8.

3. Term Structure of EFA Investments and Liabilities 

Table 4 shows EFA investments and foreign currency liabilities funding EFA assets by currency and term to maturity. Over 50% of the EFA investments are denominated in U.S. dollars.

Table 4
Term Structure Of Foreign Currency Investments And Liabilities
As at December 31, 2002
(par values¹ in millions of U.S. dollars)

	Foreign currency investments
Term	Cash and term deposits	Government securities in domestic currency	Other securities	Total assets	Foreign currency liabilities2
US Dollar Holdings
Under 6 months	2,529	3,125	3,177	8,831	12,849
6 to 12 months	-	-	30	30	-
1 to 5 years	-	-	5,317	5,317	5,571
Over 5 years	-	-	2,717	2,717	2,725
EURO Holdings3
Under 6 months	65	-	106	171	142
6 to 12 months	-	-	315	315	441
1 to 5 years	-	-	4,558	4,558	4,438
Over 5 years	-	-	7,658	7,658	7,740
YEN Holdings
Under 6 months	69	-	-	69	67
6 to 12 months	-	-	-	-	-
1 to 5 years	-	421	-	421	421
Over 5 years	-	421	-	421	421
Total	2,663	3,967	23,878	30,508	34,815
1 Data in this table reflect the par value of all investments and liabilities. In the attached Financial Statements, investments are reported at their book value which includes unamortized premiums or discounts where applicable and accrued interest. 2 The December 31, 2002 exchange rate was used for the euro and yen assets and liabilities. 3 The liability data fully reflect the impact of the Government's long-term interest rate and currency swaps. For example, US$8,532 million of the US$12,761 million Euro liabilities consist of swapped domestic issues.

4. The Exchange Fund Account's Revenues 

The Exchange Fund Account's revenues include income from its investments, net gains on sales of gold, and foreign exchange gains or losses on its assets and liabilities. In 2002, the EFA's income totalled C$2,728 million, compared with C$2,258 million in 2001.

The main categories of income earned by the EFA are summarized below:

Table 5
Exchange Fund Account Income Summary

	1998	1999	2000	2001	2002
	(in millions of Canadian dollars)
Investment Income
Marketable securities	1,364	533	2,292	2,318	2,110
Cash and short-term deposits	257	237	407	303	91
Special drawing rights	69	33	36	32	23
Gold	26	14	6	7	4
Total Investment Income	1,716	817	2,741	2,660	2,228
Other Income
Gains on gold sales	253	247	198	50	175
Foreign exchange gains (losses)	(313)	871	(410)	(452)	325
Total Income	1,656	1,935	2,529	2,258	2,728

The EFA's securities lending programs enhance the yield earned on its securities portfolio by lending out to counterparties securities which are highly sought after in the market. At year end, $2,200 million (par value) in U.S. Government securities were held by financial institutions that act as agents for lending these securities to market participants. Income from securities lending was US$0.6 million in 2002 compared to US$1.5 million in 2001.

The EFA lends gold in the market on a short term basis, occasionally using forward rate agreements in order to benefit from occasional upward fluctuations in rates offered on gold loans. Income from this activity is reported as investment income on gold.

5. The Exchange Fund Account's Carry 

The Exchange Fund Account's carry is estimated by subtracting the interest paid on Canada's foreign currency liabilities from interest earned on the EFA's assets (i.e. the net interest earned or paid). In 2002, the net interest earned totalled US$15.6 million. Table 6 provides an estimate of the carry for the EFA portfolio as a whole and for the euro, yen, and U.S. dollar segments of the portfolio. The carry of the total EFA portfolio in 2002 is estimated at 5 basis points. On an individual portfolio basis, the carry for the euro portfolio is higher than that of the US dollar and yen portfolios, reflecting the comparative funding and investment opportunities in the euro market.

Carry for the EFA, Year 2002⁵:

Table 6
Carry for the EFA

	Interest Earned on Assets	Interest Paid on Liabilities	Net Interest Earned on Assets	Average Value of Assets	Carry in basis point1
	(in millions of U.S. dollars)
Euro Portfolio	575.1	534.8	40.3	11,411.4	+12
Yen Portfolio	9.9	10	(0.1)	868.1	0
US$ Portfolio
Matched	716.6	786.9	(70.3)	18,530.0	-20
Unmatched2	103.9	58.1	45.8	3,795.3	+13
Total	1,405.5	1,389.8	15.7	34,604.8	+5
1 The carry figures show the contribution of each currency portfolio to the overall carry of the EFA. 2 As the EFA is currently in a net foreign currency liability position, a portion of liabilities cannot be matched to any foreign currency assets. To estimate the interest income earned on the unmatched portion of the portfolio, note that sales of foreign currency assets to support the Canadian dollar on foreign exchange markets produce Canadian dollar cash which substitute for Canadian dollar borrowings. The interest paid on short-term Canadian-dollar liabilities over the same period are used to estimate the interest earned on the unmatched portion of the US-dollar portfolio. Higher short-term interest rates in Canada relative to the U.S. over the year resulted in a positive carry for the unmatched portion of the US-dollar portfolio.

The main strategies used to enhance the carry of the EFA have been, on the liability side, to achieve cost-effective funding of the reserves and, on the asset side, to take advantage of market opportunities while keeping the Account invested in liquid high-quality fixed-income securities. The EFA's carry has been further enhanced by proceeds derived from the Government's active securities lending program.

6. Financing of EFA Assets 

EFA foreign currency reserves are financed by foreign currency borrowings by the Government (see Table 7). Currently, all foreign currency marketable assets are matched to foreign currency borrowings. In addition, as noted before, because of heavy intervention in support of the Canadian dollar in 1998, there are currently more foreign currency liabilities than foreign currency assets (i.e. a portion of foreign currency liabilities is not matched by foreign currency assets).

Table 7
Foreign Currency Issues As At December 31 
(par values)¹

	2000	2001	2002
	(in millions of U.S. dollars)
Bonds	13,522	12,555	11,410
Canada Bills	3,776	2,686	1,712
Swapped domestic issues	14,325	16,608	18,378
Floating Rate Note	-	-	-
Canada Notes	638	928	842
Euro Medium Term Notes	2,988	2,571	2,161
Total	35,249	35,348	34,503
1 Liabilities are stated at historical FX rates.

7. Risk Management 

The Government has in place a comprehensive risk management framework for identifying and managing treasury risk, including market, credit, operational and legal risks, related to the financing and investment of the foreign exchange reserves.⁶ The Government's risk management policies call for prudent management of treasury risks based on best practices. Standards for risk tolerance are very prudent, with market risks generally immunized and high credit quality and diversification standards followed.

The governance framework separates risk management from treasury operations. The Risk Management Unit (RMU) established by the Department of Finance and the Bank of Canada monitors and advises on the risk position of the EFA. The RMU measures the EFA's major treasury risks on a daily basis and reports regularly to both treasury and senior management at the Department of Finance and the Bank of Canada.

The Risk Management Committee (RMC) meets regularly to review risk reports and to provide guidance and accountability on the Government's treasury risk policies. The Committee is comprised of senior treasury management from the Department of Finance and the Bank of Canada and also includes members from the Department of Finance and the Bank of Canada outside treasury operations.

Table 8
Canada's Official International Reserves
(market value in millions of U.S. dollars)

Month End	Securities	Deposits	Gold1	Special Drawing Rights2	Reserve Position  in the IMF2 3	Total	Total Monthly  Change
2001
December	26,329	4,155	291	614	2,859	34,248	-337
2002
January	26,589	3,325	297	607	2,826	33,644	-604
February	26,764	3,595	284	619	2,918	34,180	536
March	27,298	2,876	288	621	2,946	34,029	-151
April	27,915	3,336	266	632	2,807	34,956	927
May	28,320	3,588	281	655	2,832	35,676	720
June	29,358	3,473	274	675	3,410	37,190	1,514
July	28,591	3,599	262	671	3,287	36,410	-780
August	29,179	3,588	242	688	3,399	37,096	686
September	29,478	2,885	250	686	3,316	36,615	-481
October	29,873	3,172	216	685	3,310	37,256	641
November	29,681	2,640	218	697	3,265	36,501	-755
December	30,240	2,445	205	712	3,567	37,169	668

 

Table 8 (cont'd)
Canada's Official International Reserves
(market value in millions of U.S. dollars)

Month End	Reserve Management Operations	Gains and Losses on Gold Sales	Return on Investments	Foreign Currency Debt Charges	Revaluation Effects	Net Government Operations	Official Intervention	Other transactions
2001
December	-215	0	-162	-120	-142	302	0	0
2002
January	-139	0	34	-82	-394	-23	0	0
February	320	0	126	-96	144	-48	0	90
March	128	0	-229	-93	47	1	0	-5
April	211	-2	348	-79	450	-1	0	0
May	210	0	111	-109	513	-1	0	-4
June	44	0	320	-147	882	415	0	0
July	-987	0	413	-159	-211	171	0	-7
August	188	-1	283	-101	100	126	0	91
September	-987	0	430	-214	32	254	0	4
October	616	-3	-22	-196	15	227	0	4
November	-721	0	-13	-57	67	22	0	-53
December	-692	-1	444	-195	855	257	0	0
1 Gold valuation is based on the London p.m. fix on the last business day of the reporting month. 2 SDR-denominated assets are valued in U.S. dollars at the SDR rate established by the IMF. A rise in the SDR in terms of the U.S. dollar generates an increase in the U.S. dollar value of Canada's holdings of SDR-denominated assets. 3 The reserve position in the IMF represents the amount of foreign exchange which Canada is entitled to draw from the IMF on demand for balance of payments purposes. It equals the Canadian quota, less IMF holdings of Canadian dollars, plus loans to the IMF. 4 Net change in Securities and deposits resulting from foreign currency funding activities of the Government. (Issuance of foreign currency liabilities used to acquire assets increase reserves, while maturities decrease reserves). 5 Return on investments is comprised of interest earned on investments and changes in the market value of securities resulting from changes in interest rates. 6 Net Government operations are the net purchases of foreign currency for Government foreign exchange requirements and for additions to reserves. 7 Other transactions covers increased support for IMF lending operations.

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Annex 1: Investment and Credit Guidelines for the EFA 

I. Eligible Issuers

To be eligible for EFA investments, an entity must have a credit rating in the top seven long-term categories from at least two of the following four rating agencies, at least one of which must be either Moody's or S&P:

Ratings Agency	Minimum Rating
Moody's	A3 or better
S&P	A- or better
Fitch	A- or better
Dominion Bond Rating Service	A(low) or better
Notes: The Bank for International Settlements (BIS) and the IMF are deemed to be eligible entities. Rating references elsewhere in this document use the ratings scale of S&P.

II. Aggregate and Individual Limits on Holdings

a) Sovereigns and Directly Guaranteed Agencies

Type of Issuer	Aggregate Category Limits (as % of liquid reserves)	Individual Counter party Limits (as % of liquid reserves)
AAA sovereigns in domestic currency  (including directly guaranteed agencies)	Unlimited	Unlimited
AAA sovereigns in foreign currency (including directly guaranteed agencies), and AA- to AA+ sovereigns in domestic and foreign currency (including directly guaranteed agencies)	25	10
Single A sovereigns (including directly guaranteed agencies)	2	See below*

*The limits for single A sovereigns (including directly guaranteed agencies) in US$ millions are as follows:

Credit Rating	Total Exposure	Of Which Home Currency	Of Which Non-Home Currency
A+	500	500	50
A	250	250	25
A-	100	100	10

b) Other Eligible Securities/Deposits

Type of Issuer/Financial Institution	Aggregate Category Limits (as % of liquid reserves)	Individual Counter party Limits (as % of liquid reserves)
Implicitly guaranteed sovereign agencies (including eligible US Agencies)	15	3
Supranationals (not including deposits at the BIS)	25	10
Deposits at the BIS	10	--
Commercial bank deposits	US$ 1.5 billion	See limits below

III. Financial Institution (FI) Counterparty Credit Risk Limits

a) For Swaps, Deposits and Forwards

Type of Exposure (US$M)	Credit Rating of FI Counterparty
	A-	A	A+	AA-	AA	AA+	AAA
Actual Exposure	10	25	50	100	150	200	300
Aggregate Actual Exposure for all FI counterparties	2% of liquid reserves			N/A
	25% of liquid reserves
Potential Exposure*	10	25	50	200	200	200	200
Total Potential Exposure for all FI Counterparties	1,250
*Potential exposure on swaps and forwards is calculated based on BIS guidelines.

b) For Repo Transactions

Minimum credit rating for a counterparty	A-
Business line limits for counterparties,  by credit rating	AAA	US$ 750M
	AA	US$ 500M
	A	US$ 300M
Eligible collateral	US Treasuries and Agencies
Minimum rating for collateral	AAA
Maximum term of collateral	10.5 years

IV. Terms of Investments

Instrument	Maximum Term
Commercial bank deposits and other non-marketable investments	3 months
Commercial bank marketable investments	1 year
All other marketable securities	10.5 years   (unless matching a specific liability that exceeds 10.5 years)

V. Liquidity Limits

Minimum holdings of US Treasuries	10% of liquid reserves
Minimum issue size	US$ 500M
Maximum holding of any issue/note program/CP program	10% of the issue/note program/CP program
Maximum non-marketable investments beyond 5 days in term	15% of liquid reserves

VI. Currency Composition

Currency	% of Liquid Reserves
US dollar	Minimum of 50
Euro and/or Yen	Up to 50

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Notes:

¹ Collateral management systems involve the pledging of securities, or cash by a counterparty to another, in order to reduce the credit risk faced by the latter, should the former default.

² Repos are transactions in which one party sells securities to another while agreeing to repurchase those same securities at a specific price on a specific forward date. These transactions are similar to secured loans, with the lender of money receiving securities as collateral as protection against default risk.

³ The C6 index includes the United States, the Euro-11, Japan, the United Kingdom, Switzerland and Sweden.

⁴ Official intervention is separate from net purchases of foreign currency for Government foreign exchange requirements and for additions to reserves.

⁵  Interest earned on the euro, yen, and U.S. dollar matched portfolios includes actual and accrued interest and amortization of premium/discount. Interest earned on the unmatched U.S. dollar portfolio is the U.S. dollar equivalent of the Canadian dollar advance to the CRF multiplied by a weighted average of Government of Canada treasury bill rates prevailing in 2002. Interest paid on liabilities includes actual and accrued interest but does not include a relatively small amount of amortization.

⁶  For more information on the Government risk management framework, see article published in the winter 2001-02 edition of the Bank of Canada Review.

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