Consolidated financial statement of the Eurosystem as at 30 September 2011

5 October 2011

Items not related to monetary policy operations

In the week ending 30 September 2011 the increase of EUR 56.8 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 13.2 billion to EUR 191.1 billion. This change was due to the effects of the quarterly revaluation of assets and liabilities, the customer and portfolio transactions carried out by Eurosystem central banks during the period under review and US dollar liquidity-providing operations (see below).

US dollar liquidity operations
Value date Type of transaction Maturing amount New amount
29 September 2011 7-day US dollar liquidity-providing reverse transaction USD 0.5 billion USD 0.5 billion

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 0.5 billion to EUR 336.7 billion. Banknotes in circulation (liability item 1) rose by EUR 4.9 billion to EUR 857.4 billion. Liabilities to general government (liability item 5.1) decreased by EUR 4.8 billion to EUR 51.6 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 34.1 billion to EUR 230.6 billion. On Wednesday, 28 September 2011, a main refinancing operation of EUR 201.1 billion matured and a new one of EUR 208.3 billion was settled. On the same day, fixed-term deposits in an amount of EUR 152.5 billion matured and new deposits were collected in an amount of EUR 156.5 billion, with a maturity of one week. On Thursday, 29 September 2011, a longer-term refinancing operation of EUR 132.2 billion matured and a new one of EUR 140.6 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 1.4 billion (compared with EUR 0.5 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 199.6 billion (compared with EUR 150.7 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 4 billion to EUR 219.9 billion, owing to settled purchases under the Securities Markets Programme, the redemption of securities under the covered bond purchase programme and quarter-end adjustments. Therefore, in the week ending 30 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 160.7 billion and EUR 59.2 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 18.7 billion to EUR 204.9 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 30 September 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 1,206.399 per fine oz.

USD: 1.3503 per EUR

JPY: 103.79 per EUR

Special drawing rights: EUR 1.1564 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 420,005 0 56,756
2 Claims on non-euro area residents denominated in foreign currency 226,522 −155 13,659
2.1 Receivables from the IMF 80,402 −7 3,308
2.2 Balances with banks and security investments, external loans and other external assets 146,120 −149 10,351
3 Claims on euro area residents denominated in foreign currency 35,327 1,370 2,385
4 Claims on non-euro area residents denominated in euro 19,694 −991 48
4.1 Balances with banks, security investments and loans 19,694 −991 48
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 588,786 17,492 0
5.1 Main refinancing operations 208,349 7,200 0
5.2 Longer-term refinancing operations 378,935 9,299 0
5.3 Fine-tuning reverse operations 0 0 0
5.4 Structural reverse operations 0 0 0
5.5 Marginal lending facility 1,414 939 0
5.6 Credits related to margin calls 88 54 0
6 Other claims on euro area credit institutions denominated in euro 52,322 2,168 0
7 Securities of euro area residents denominated in euro 556,662 3,601 938
7.1 Securities held for monetary policy purposes 219,941 3,756 280
7.2 Other securities 336,721 −155 658
8 General government debt denominated in euro 33,965 0 16
9 Other assets 355,289 4,192 7,017
Total assets 2,288,571 27,677 80,819
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 857,372 4,882 0
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 563,015 32,985 0
2.1 Current accounts (covering the minimum reserve system) 204,871 −18,654 0
2.2 Deposit facility 199,639 48,988 0
2.3 Fixed-term deposits 156,500 4,000 0
2.4 Fine-tuning reverse operations 0 0 0
2.5 Deposits related to margin calls 2,004 −1,349 0
3 Other liabilities to euro area credit institutions denominated in euro 3,298 −1,264 0
4 Debt certificates issued 0 0 0
5 Liabilities to other euro area residents denominated in euro 59,740 −4,665 0
5.1 General government 51,646 −4,796 0
5.2 Other liabilities 8,094 131 0
6 Liabilities to non-euro area residents denominated in euro 50,036 −6,725 413
7 Liabilities to euro area residents denominated in foreign currency 2,476 −3 149
8 Liabilities to non-euro area residents denominated in foreign currency 13,802 765 787
8.1 Deposits, balances and other liabilities 13,802 765 787
8.2 Liabilities arising from the credit facility under ERM II 0 0 0
9 Counterpart of special drawing rights allocated by the IMF 54,486 0 2,316
10 Other liabilities 219,590 1,702 10,536
11 Revaluation accounts 383,276 0 66,619
12 Capital and reserves 81,481 0 0
Total liabilities 2,288,571 27,677 80,819

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