Consolidated financial statement of the Eurosystem as at 1 July 2011

6 July 2011

Items not related to monetary policy operations

In the week ending 1 July 2011 the increase of EUR 12.6 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) decreased by EUR 0.6 billion to EUR 176.6 billion. This change was due to the effects of the quarterly revaluation of assets and liabilities and to the customer and portfolio transactions carried out by Eurosystem central banks during the period under review.

The holdings by the Eurosystem of marketable securities other than those held for monetary policy purposes (asset item 7.2) increased by EUR 6 billion to EUR 350.7 billion. Banknotes in circulation (liability item 1) rose by EUR 5.7 billion to EUR 849.2 billion. Liabilities to general government (liability item 5.1) decreased by EUR 22 billion to EUR 71.8 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 55.9 billion to EUR 354.5 billion. On Wednesday, 29 June 2011, a main refinancing operation of EUR 186.9 billion matured and a new one of EUR 141.5 billion was settled. On the same day, fixed-term deposits in an amount of EUR 74 billion matured and new deposits were collected in the same amount, with a maturity of one week. On Thursday, 30 June 2011, a longer-term refinancing operation of EUR 129.5 billion matured and a new one of EUR 132.2 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.5 billion (compared with EUR 0.2 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 24.9 billion (compared with EUR 13.2 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 0.2 billion to EUR 134.3 billion, mainly owing to quarter-end adjustments. Therefore, in the week ending 1 July 2011 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 74.2 billion and EUR 60.1 billion respectively. Both portfolios are accounted for on a held-to-maturity basis.

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 37.2 billion to EUR 216.2 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 1 July 2011 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 1,043.382 per fine oz.

USD: 1.4453 per EUR

JPY: 116.25 per EUR

Special drawing rights: EUR 1.1067 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 363,251 0 12,581
2 Claims on non-euro area residents denominated in foreign currency 216,010 −632 −1,055
2.1 Receivables from the IMF 74,282 24 −622
2.2 Balances with banks and security investments, external loans and other external assets 141,728 −656 −433
3 Claims on euro area residents denominated in foreign currency 23,257 −415 −47
4 Claims on non-euro area residents denominated in euro 20,499 −225 38
4.1 Balances with banks, security investments and loans 20,499 −225 38
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 455,154 −42,369 0
5.1 Main refinancing operations 141,461 −45,482 0
5.2 Longer-term refinancing operations 313,163 2,861 0
5.3 Fine-tuning reverse operations 0 0 0
5.4 Structural reverse operations 0 0 0
5.5 Marginal lending facility 504 291 0
5.6 Credits related to margin calls 26 −39 0
6 Other claims on euro area credit institutions denominated in euro 45,165 4,214 0
7 Securities of euro area residents denominated in euro 485,011 6,610 −419
7.1 Securities held for monetary policy purposes 134,350 −8 236
7.2 Other securities 350,661 6,618 −655
8 General government debt denominated in euro 33,993 −470 −58
9 Other assets 302,244 −5,915 571
Total assets 1,944,583 −39,202 11,611
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 849,165 5,725 0
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 316,912 −23,713 0
2.1 Current accounts (covering the minimum reserve system) 216,212 −37,206 0
2.2 Deposit facility 24,902 11,713 0
2.3 Fixed-term deposits 74,000 0 0
2.4 Fine-tuning reverse operations 0 0 0
2.5 Deposits related to margin calls 1,798 1,780 0
3 Other liabilities to euro area credit institutions denominated in euro 5,086 2,307 0
4 Debt certificates issued 0 0 0
5 Liabilities to other euro area residents denominated in euro 79,476 −21,927 0
5.1 General government 71,776 −21,961 0
5.2 Other liabilities 7,701 34 0
6 Liabilities to non-euro area residents denominated in euro 36,317 −1,683 −5
7 Liabilities to euro area residents denominated in foreign currency 890 −603 −26
8 Liabilities to non-euro area residents denominated in foreign currency 9,593 −296 −167
8.1 Deposits, balances and other liabilities 9,593 −296 −167
8.2 Liabilities arising from the credit facility under ERM II 0 0 0
9 Counterpart of special drawing rights allocated by the IMF 52,170 0 −441
10 Other liabilities 196,838 988 1,484
11 Revaluation accounts 316,656 0 10,766
12 Capital and reserves 81,479 0 0
Total liabilities 1,944,583 −39,202 11,611

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