Consolidated financial statement of the Eurosystem as at 12 November 2010

16 November 2010

Items not related to monetary policy operations

In the week ending 12 November 2010 the decrease of EUR 3 million in gold and gold receivables (asset item 1) reflected the sale of gold by one Eurosystem central bank (consistent with the Central Bank Gold Agreement that came into effect on 27 September 2009).

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) decreased by EUR 0.3 billion to EUR 176.9 billion on account of customer and portfolio transactions and US dollar liquidity-providing operations (see below).

Extraordinary operations:
Value date Type of transaction Maturing amount New amount
12 November 2010 6-day US dollar liquidity-providing reverse transaction USD 60 million USD 65 million

The liquidity-providing transactions were conducted by the Eurosystem in connection with the temporary reciprocal currency arrangement (swap line) that the European Central Bank has with the Federal Reserve System.

The holdings by the Eurosystem of marketable securities other than those held for monetary policy purposes (asset item 7.2) increased by EUR 1 billion to EUR 314.6 billion. Banknotes in circulation (liability item 1) decreased by EUR 1.8 billion to EUR 814.5 billion. Liabilities to general government (liability item 5.1) decreased by EUR 2.8 billion to EUR 78.2 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) increased by EUR 47.9 billion to EUR 431.5 billion. On Wednesday, 10 November 2010, a main refinancing operation of EUR 178.4 billion matured and a new one of EUR 175 billion was settled. On the same day, a longer-term refinancing operation of EUR 52.2 billion matured and a new one of EUR 63.6 billion was settled. On Thursday, 11 November 2010, a longer-term refinancing operation of EUR 35.7 billion matured. On Wednesday, 10 November 2010, a liquidity-providing fine-tuning operation of EUR 12.6 billion, with a maturity of 6 days, was settled. On the same day, fixed-term deposits in an amount of EUR 63.5 billion matured and new deposits were collected in an amount of EUR 64 billion, with a maturity of one week.

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 1.1 billion to EUR 126.1 billion as a result of settled purchases under the Securities Markets Programme. Therefore, in the week ending 12 November 2010 the value of the accumulated purchases under the Securities Markets Programme and that of the portfolio held under the covered bond purchase programme totalled EUR 65.1 billion and EUR 61 billion respectively. Both portfolios are accounted for on a held-to-maturity basis.

Recourse to the marginal lending facility (asset item 5.5) was EUR 2.1 billion (compared with EUR 0.1 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 20.2 billion (compared with EUR 81.7 billion in the preceding week).

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) increased by EUR 55.1 billion to EUR 245.1 billion.

Assets (EUR millions) Balance Difference compared with last week due to transactions
Totals/sub-totals may not add up, due to rounding
1 Gold and gold receivables 334,409 −3
2 Claims on non-euro area residents denominated in foreign currency 219,603 −649
2.1 Receivables from the IMF 69,734 −87
2.2 Balances with banks and security investments, external loans and other external assets 149,869 −563
3 Claims on euro area residents denominated in foreign currency 23,825 116
4 Claims on non-euro area residents denominated in euro 19,351 311
4.1 Balances with banks, security investments and loans 19,351 311
4.2 Claims arising from the credit facility under ERM II 0 0
5 Lending to euro area credit institutions related to monetary policy operations denominated in euro 515,799 −13,072
5.1 Main refinancing operations 175,035 −3,316
5.2 Longer-term refinancing operations 326,098 −24,287
5.3 Fine-tuning reverse operations 12,552 12,552
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 2,112 1,981
5.6 Credits related to margin calls 2 −2
6 Other claims on euro area credit institutions denominated in euro 28,265 −88
7 Securities of euro area residents denominated in euro 440,691 2,025
7.1 Securities held for monetary policy purposes 126,101 1,073
7.2 Other securities 314,590 953
8 General government debt denominated in euro 34,977 0
9 Other assets 262,059 3,986
Total assets 1,878,979 −7,374
Liabilities (EUR millions) Balance Difference compared with last week due to transactions
Totals/sub-totals may not add up, due to rounding
1 Banknotes in circulation 814,499 −1,810
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 329,321 −5,941
2.1 Current accounts (covering the minimum reserve system) 245,061 55,053
2.2 Deposit facility 20,209 −61,523
2.3 Fixed-term deposits 64,000 500
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 50 29
3 Other liabilities to euro area credit institutions denominated in euro 3,911 910
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 84,532 −2,553
5.1 General government 78,173 −2,761
5.2 Other liabilities 6,359 207
6 Liabilities to non-euro area residents denominated in euro 40,775 −1,108
7 Liabilities to euro area residents denominated in foreign currency 820 −533
8 Liabilities to non-euro area residents denominated in foreign currency 12,052 334
8.1 Deposits, balances and other liabilities 12,052 334
8.2 Liabilities arising from the credit facility under ERM II 0 0
9 Counterpart of special drawing rights allocated by the IMF 53,665 0
10 Other liabilities 164,473 3,328
11 Revaluation accounts 296,740 0
12 Capital and reserves 78,191 0
Total liabilities 1,878,979 −7,374

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