Consolidated financial statement of the Eurosystem as at 23 September 2011

Items not related to monetary policy operations

In the week ending 23 September 2011 gold and gold receivables (asset item 1) remained unchanged.

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) decreased by EUR 0.1 billion to EUR 177.8 billion on account of customer and portfolio transactions and US dollar liquidity-providing operations (see below).

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 1.1 billion to EUR 336.2 billion. Banknotes in circulation (liability item 1) decreased by EUR 0.2 billion to EUR 852.5 billion. Liabilities to general government (liability item 5.1) increased by EUR 16.2 billion to EUR 56.4 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 5.2 billion to EUR 264.8 billion. On Wednesday, 21 September 2011, a main refinancing operation of EUR 163.8 billion matured and a new one of EUR 201.1 billion was settled. On the same day, fixed-term deposits in an amount of EUR 143 billion matured and new deposits were collected in an amount of EUR 152.5 billion, with a maturity of one week.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.5 billion (compared with EUR 1.2 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 150.7 billion (compared with EUR 111.5 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 3.9 billion to EUR 215.9 billion. This increase is due to the net result of settled purchases and the redemption of securities under the Securities Markets Programme. Therefore, in the week ending 23 September 2011 the value of accumulated purchases under the Securities Markets Programme and that of the portfolio held under the covered bond purchase programme totalled EUR 156.5 billion and EUR 59.4 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 18 billion to EUR 223.5 billion.