Reserves for Contingencies and General Purposes | Financial Statements | Reserve Bank of Australia Annual Report - 1981

Reserve Bank of Australia Annual Report – 1981 Financial Statements Reserves for Contingencies and General Purposes

Note 5 Reserves for contingencies and general purposes

Amounts provided for contingencies from operating earnings have been approved by the Treasurer in terms of Section 78 of the Reserve Bank Act 1959. Movements in these reserves over 1980/81 reflect:

	Central Banking Business $'000	Note Issue Department $'000	Rural Credits Department $'000	Total $'000
Credits from:
Appropriations of operating earnings	44,250	70,235	3,969	118,454
Net exchange valuation surplus	24,980	—	—	24,980
	69,230	70,235	3,969	143,434
Debits from:
Revaluation of gold*	324,601	608,161	—	932,762
Net exchange valuation deficit	—	23,793	—	23,793
Net bond dealing losses	34,250	55,403	—	89,653
Net sundry items	22	6	—	28
Net movement 1980/81	−289,643	−617,128	+3,969	−902,802
* Revaluation of gold comprises a market valuation reduction of $954.2 million and an exchange valuation gain of $21.5 million; last year the exchange rate component of the revaluation of gold ($63.7 million deficit) was included as part of a net exchange valuation deficit of $62.6 million.