Consolidated financial statement of the Eurosystem as at 11 November 2011

15 November 2011

Items not related to monetary policy operations

In the week ending 11 November 2011 the decrease of EUR 2 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) increased by EUR 0.4 billion to EUR 193.4 billion on account of customer and portfolio transactions and US dollar liquidity-providing operations (see below).

US dollar liquidity operations
Value date Type of transaction Maturing amount New amount
10 November 2011 7-day US dollar liquidity-providing reverse transaction USD 0.5 billion USD 0.5 billion
10 November 2011 84-day US dollar liquidity-providing reverse transaction - USD 0.4 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) decreased by EUR 1 billion to EUR 335.2 billion. Banknotes in circulation (liability item 1) decreased by EUR 0.6 billion to EUR 866.5 billion. Liabilities to general government (liability item 5.1) decreased by EUR 1.1 billion to EUR 49.8 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) increased by EUR 146.6 billion to EUR 261 billion. On Wednesday, 9 November 2011, a main refinancing operation of EUR 182.8 billion matured and a new one of EUR 194.8 billion was settled. On the same day, a longer-term refinancing operation of EUR 59.1 billion matured and a new one of EUR 55.5 billion, with a maturity of 35 days, was settled. Also on the same day, fixed-term deposits in an amount of EUR 173.5 billion matured and new deposits were collected in an amount of EUR 183 billion.

Recourse to the marginal lending facility (asset item 5.5) was EUR 2 billion (compared with EUR 1.2 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 144.7 billion (compared with EUR 288.4 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 3.8 billion to EUR 246.1 billion. This increase was due to the net result of settled purchases under the Securities Markets Programme and the redemption of securities under the Securities Markets Programme. Therefore, in the week ending 11 November 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 186.8 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) increased by EUR 159.6 billion to EUR 294.9 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 419,823 −2
2 Claims on non-euro area residents denominated in foreign currency 229,210 −541
2.1 Receivables from the IMF 80,239 −31
2.2 Balances with banks and security investments, external loans and other external assets 148,971 −510
3 Claims on euro area residents denominated in foreign currency 32,539 694
4 Claims on non-euro area residents denominated in euro 28,288 1,032
4.1 Balances with banks, security investments and loans 28,288 1,032
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 589,242 9,207
5.1 Main refinancing operations 194,765 11,992
5.2 Longer-term refinancing operations 392,481 −3,515
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 1,980 743
5.6 Credits related to margin calls 16 −13
6 Other claims on euro area credit institutions denominated in euro 89,087 3,559
7 Securities of euro area residents denominated in euro 581,238 2,850
7.1 Securities held for monetary policy purposes 246,065 3,839
7.2 Other securities 335,173 −989
8 General government debt denominated in euro 33,966 0
9 Other assets 340,154 −1,804
Total assets 2,343,547 14,995
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 866,452 −628
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 623,205 22,230
2.1 Current accounts (covering the minimum reserve system) 294,928 159,648
2.2 Deposit facility 144,701 −143,727
2.3 Fixed-term deposits 183,000 9,500
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 575 −3,190
3 Other liabilities to euro area credit institutions denominated in euro 2,574 −1,518
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 57,944 −769
5.1 General government 49,831 −1,147
5.2 Other liabilities 8,113 377
6 Liabilities to non-euro area residents denominated in euro 51,883 2,448
7 Liabilities to euro area residents denominated in foreign currency 3,982 1,325
8 Liabilities to non-euro area residents denominated in foreign currency 9,906 −1,577
8.1 Deposits, balances and other liabilities 9,906 −1,577
8.2 Liabilities arising from the credit facility under ERM II 0 0
9 Counterpart of special drawing rights allocated by the IMF 54,486 0
10 Other liabilities 208,360 −6,516
11 Revaluation accounts 383,276 0
12 Capital and reserves 81,481 0
Total liabilities 2,343,547 14,995

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