## THE FUND’S INCOME POSITION FOR FY 2013—ACTUAL OUTCOME

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### Executive summary and headline results
- FY 2013 net income, including income from surcharges, amounted to SDR 2.0 billion, and was in line with the April estimate.
- In accordance with decisions taken in April 2013, a corresponding transfer of currencies has been made from the GRA to the Investment Account (IA).
- The placement of the net income to the Fund’s reserves strengthened precautionary balances to SDR 11.5 billion at end-FY 2013.
- Document date: August 19, 2013.

### Detailed income composition (operational income and investment income)
- Operational income (April Projections / Actual Outcome): 1,573 / 1,562 (in millions of SDRs).
- Lending income (April Projections / Actual Outcome): 1,457 / 1,444
  - Margin for the rate of charge: 919 / 918
  - Service charges: 57 / 53
  - Commitment fees: 48 / 47
  - Note: Commitment fees are refundable if drawings are made under an arrangement and therefore income from these fees is only recognized at the cancellation or expiration of the arrangement.
- Investment income (Reserves) (April Projections / Actual Outcome): 58 / 61
  - Fixed-Income Subaccount (reserves portfolio): SDR 61 million (actual)
  - Endowment Subaccount: SDR 6 million (actual)
  - Temporary Windfall Profits Subaccount: SDR 0.4 million (actual)
- Interest free resources (April Projections / Actual Outcome): 5 / 4
  - Interest free resources reduce the Fund's costs and therefore provide implicit returns. They are mainly attributable to the SCA-1, unremunerated reserve tranche positions not represented by gold holdings, and GRA income for the year not yet transferred to the IA.

### Expenses and administrative reconciliation
- Total expenses (April Projections / Actual Outcome): 661 / 664 (in millions of SDRs)
  - Net administrative expenditures: 625 / 628
  - Capital budget items expensed: 6 / 5
  - Depreciation: 30 / 31
- Table 2 reconciliation highlights (in U.S. dollars and SDR):
  - Net administrative budget outturn (U.S.$ millions): 948
  - Capital budget items expensed (U.S.$ millions): 8
  - Depreciation (U.S.$ millions): 47
  - Total expenses in U.S. dollars millions: 1,003
  - Total expenses in SDR millions (per Table 1): 664
  - IAS 19 timing difference (SDR millions): 141
  - Total administrative expenses per the audited financial statements (SDR millions): 751
  - Reimbursements from PRG Trust, PCDR Trust, and SDR Department (SDR millions): -53

### IAS 19 pension and employee benefit timing difference
- IAS 19 timing difference (April estimate / Actual): -147 / -141 (SDR millions)
- Actuarially determined IAS 19 expense for FY 2013: SDR 248 million.
- Actual funding for IAS 19 in FY 2013: SDR 107 million.
- Resulting timing difference that decreased net income: SDR 141 million.

### Net operational income, surcharges, and net income position
- Net operational income (A-B) (April Projections / Actual Outcome): 912 / 898 (SDR millions).
- Surcharges (April Projections / Actual Outcome): 1,242 / 1,241 (SDR millions).
- Retained investment income (Endowment and Temporary Windfall Profits Subaccounts): 6 (SDR millions).
- Net income position (April Projections / Actual Outcome): 2,013 / 2,004 (SDR millions).
  - GRA net income is SDR 1,998 million comprising total net income of SDR 2,004 million less SDR 6 million retained in the IA.

### Transfers, reserves placement, and operational actions
- FY 2013 GRA net income (SDR): 1,998 (see note above).
- Currencies amounting to SDR 1.9 billion were transferred from the GRA to the IA in August 2013.
- Netting of transfers for operational expediency resulted in a net transfer of SDR 1,937 million that took place on August 8, 2013 (netting the transfer of GRA net income to the IA and the transfer of the Fixed Income Subaccount income to the GRA).
- FY 2013 GRA net income (SDR 2 billion) has been placed in the Fund’s general and special reserves.

### Key memorandum statistics and indicators (April Projections / Actual Outcome)
- Outstanding Fund credit (average balances, SDR billions): 91.9 / 91.8
- SDR interest rate (average, in percent): 0.1 / 0.1
- US$/SDR exchange rate (average): 1.52 / 1.51
- Precautionary balances (end of period, SDR billions): 11.5 / 11.5

### Decisions and required actions
- No additional decisions are required at this time; the Executive Board took necessary decisions in April 2013 during the review of the Fund’s income position for FY 2013 and FY 2014.
- Decision outcomes referenced:
  - Transfer of currencies equivalent to GRA net income of FY 2013 (SDR 1,998 million) to the IA.
  - Transfer to the GRA of the income of the Fixed Income Subaccount of the IA (SDR 61 million) for meeting FY 2013 administrative expenses.
  - Netting of the two transfers for operational expediency resulting in a net transfer of SDR 1,937 million on August 8, 2013.

*Source: THE FUND’S INCOME POSITION FOR FY 2013—ACTUAL OUTCOME (Finance Department, Legal Department, Office of Budget and Planning), August 19, 2013.*

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