this means the ECB can only use unrealized gold gains to cover/offset future unrealized losses on gold
Illya Gerasymchuk
this means the ECB can only use unrealized gold gains to cover/offset future unrealized losses on gold
these unrealized gains can neither offset an operational, nor a loss in another security bucket, such as FX
moreover, as per Eurosystem's accounting framework unrealized gains are non-distributable and may only offset future unrealized losses on the same item
