Consolidated financial statement of the Eurosystem as at 2 July 2010

7 July 2010

Items not related to monetary policy operations

In the week ending 2 July 2010 the increase of EUR 65.4 billion in gold and gold receivables (asset item 1) reflected quarterly revaluation adjustments.

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) increased by EUR 18.2 billion to EUR 190.9 billion. This was due mainly to the effects of the quarterly revaluation of assets and liabilities, with customer and portfolio transactions carried out by Eurosystem central banks during the period under review resulting in an increase of EUR 0.2 billion.

The holdings by the Eurosystem of securities other than those held for monetary policy purposes (asset item 7.2) decreased by EUR 2.7 billion to EUR 296.7 billion, mainly on account of revaluations. Banknotes in circulation (liability item 1) increased by EUR 6.7 billion to EUR 816.5 billion. Liabilities to general government (liability item 5.1) decreased by EUR 39.7 billion to EUR 115.7 billion.

Items related to monetary policy operations

The Eurosystem’s net lending to credit institutions (asset item 5 minus liability items 2.2, 2.3, 2.4, 2.5 and 4) decreased by EUR 117.9 billion to EUR 416.9 billion. On Wednesday, 30 June 2010, a main refinancing operation of EUR 151.5 billion matured and a new one of EUR 162.9 billion was settled. On the same date fixed-term deposits in an amount of EUR 51 billion matured and new deposits in an amount of EUR 31.9 billion, with a maturity of one week were collected. On Thursday, 1 July 2010, a longer-term refinancing operation of EUR 2 billion, with a maturity of three months, matured and a new one of EUR 131.9 billion was settled, as was a liquidity-providing fine-tuning operation of EUR 111.2 billion, with a maturity of six days. On the same date, a longer-term refinancing operation of EUR 442.2 billion, with a maturity of one year, matured.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.5 billion (compared with EUR 0.6 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 231.7 billion (compared with EUR 284.4 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 5 billion to EUR 120.1 billion, mainly as a result of settled purchases of EUR 3.7 billion under the Securities Markets Programme and of EUR 1.3 billion under the euro-denominated covered bond purchase programme.

Current accounts of euro area credit institutions

As a result of all transactions, the current account position of credit institutions with the Eurosystem (liability item 2.1) decreased by EUR 84.7 billion to EUR 160.4 billion.

Quarter-end revaluation of the Eurosystem’s assets and liabilities

In line with the Eurosystem’s harmonised accounting rules, gold, foreign exchange, securities holdings and financial instruments of the Eurosystem are revalued at market rates and prices as at the end of each quarter. The net impact of the revaluation on each balance sheet item as at 2 July 2010 is shown in the additional column “ Difference compared with last week due to quarter-end adjustments”. The gold price and the principal exchange rates used for the revaluation of balances were as follows:

Gold: EUR 1010.920 per fine oz.

USD: 1.2271 per EUR

JPY: 108.79 per EUR

Special drawing rights: EUR 1.2046 per SDR

Assets (EUR millions) Balance Difference compared with last week due to
i)transactions
ii)quarter-end adjustments
Totals/sub-totals may not add up, due to rounding
i) ii)
1 Gold and gold receivables 352,092 0 65,402
2 Claims on non-euro area residents denominated in foreign currency 232,639 −330 19,978
2.1 Receivables from the IMF 74,078 17 4,719
2.2 Balances with banks and security investments, external loans and other external assets 158,561 −347 15,259
3 Claims on euro area residents denominated in foreign currency 31,344 −49 3,106
4 Claims on non-euro area residents denominated in euro 16,883 630 −23
4.1 Balances with banks, security investments and loans 16,883 630 −23
4.2 Claims arising from the credit facility under ERM II 0 0 0
5 Lending to euro area credit institutions related to monetary policy operations denominated in euro 680,576 −189,778 0
5.1 Main refinancing operations 162,912 11,400 0
5.2 Longer-term refinancing operations 405,927 −312,309 0
5.3 Fine-tuning reverse operations 111,237 111,237 0
5.4 Structural reverse operations 0 0 0
5.5 Marginal lending facility 484 −81 0
5.6 Credits related to margin calls 16 −26 0
6 Other claims on euro area credit institutions denominated in euro 43,771 1,539 0
7 Securities of euro area residents denominated in euro 416,735 3,995 −1,708
7.1 Securities held for monetary policy purposes 120,062 4,988 −23
7.2 Other securities 296,674 −993 −1,685
8 General government debt denominated in euro 35,085 −470 −21
9 Other assets 240,685 −9,174 2,468
Total assets 2,049,811 −193,637 89,202
Liabilities (EUR millions) Balance Difference compared with last week due to
i)transactions
ii)quarter-end adjustments
Totals/sub-totals may not add up, due to rounding
i) ii)
1 Banknotes in circulation 816,470 6,720 0
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 424,032 −156,527 0
2.1 Current accounts (covering the minimum reserve system) 160,380 −84,683 0
2.2 Deposit facility 231,717 −52,640 0
2.3 Fixed-term deposits 31,866 −19,134 0
2.4 Fine-tuning reverse operations 0 0 0
2.5 Deposits related to margin calls 68 −70 0
3 Other liabilities to euro area credit institutions denominated in euro 818 −220 0
4 Debt certificates issued 0 0 0
5 Liabilities to other euro area residents denominated in euro 123,841 −39,701 −2
5.1 General government 115,700 −39,722 −2
5.2 Other liabilities 8,140 22 0
6 Liabilities to non-euro area residents denominated in euro 41,882 408 46
7 Liabilities to euro area residents denominated in foreign currency 926 −204 173
8 Liabilities to non-euro area residents denominated in foreign currency 15,481 −393 1,226
8.1 Deposits, balances and other liabilities 15,481 −393 1,226
8.2 Liabilities arising from the credit facility under ERM II 0 0 0
9 Counterpart of special drawing rights allocated by the IMF 56,711 0 3,678
10 Other liabilities 162,640 −3,988 4,468
11 Revaluation accounts 328,818 0 79,613
12 Capital and reserves 78,191 268 0
Total liabilities 2,049,811 −193,637 89,202

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