Consolidated financial statement of the Eurosystem as at 20 April 2012

24 April 2012

Items not related to monetary policy operations

In the week ending 20 April 2012 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 227.9 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
19 April 2012 7-day US dollar liquidity-providing reverse transaction USD 1.3 billion USD 0.9 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 18.5 billion to EUR 328.5 billion. Banknotes in circulation (liability item 1) fell by EUR 4.6 billion to EUR 869.7 billion. Liabilities to general government (liability item 5.1) decreased by EUR 3.5 billion to EUR 155.3 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 38.8 billion to EUR 152 billion. On Wednesday, 18 April 2012, a main refinancing operation of EUR 55.4 billion matured and a new one of EUR 51.8 billion was settled. On the same day, fixed-term deposits in an amount of EUR 214 billion matured and new deposits in the same amount were collected.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.3 billion (compared with EUR 2 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 775.6 billion (compared with EUR 742.8 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 0.5 billion to EUR 281.1 billion. This increase was due to the purchases under the second covered bond purchase programme that were settled during the week. Therefore, in the week ending 20 April 2012 the value of accumulated purchases under the Securities Markets Programme amounted to EUR 214.2 billion, while those of the portfolios held under the first and second covered bond purchase programmes totalled EUR 56.8 billion and EUR 10.2 billion respectively. All three 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 35.5 billion to EUR 93.5 billion.

Other issues

In the week ending 20 April 2012, an accounting reclassification took place in order to harmonise the disclosure of the Emergency Liquidity Assistance (ELA) provided by Eurosystem central banks to domestic credit institutions under other claims on euro area credit institutions denominated in euro (asset item 6). This mainly explains the decrease of other securities (asset item 7.2) by EUR 18.5 billion, the decrease of other assets (asset item 9) by EUR 105.6 billion as well as the increase of other claims on euro area credit institutions denominated in euro (asset item 6) by EUR 121.1 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 432,706 0
2 Claims on non-euro area residents denominated in foreign currency 240,381 712
2.1 Receivables from the IMF 86,122 20
2.2 Balances with banks and security investments, external loans and other external assets 154,258 693
3 Claims on euro area residents denominated in foreign currency 54,618 105
4 Claims on non-euro area residents denominated in euro 19,271 −835
4.1 Balances with banks, security investments and loans 19,271 −835
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 1,142,714 −5,268
5.1 Main refinancing operations 51,775 −3,587
5.2 Longer-term refinancing operations 1,090,626 0
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 311 −1,682
5.6 Credits related to margin calls 1 1
6 Other claims on euro area credit institutions denominated in euro 183,692 121,143
7 Securities of euro area residents denominated in euro 609,674 −18,037
7.1 Securities held for monetary policy purposes 281,148 468
7.2 Other securities 328,526 −18,506
8 General government debt denominated in euro 31,131 0
9 Other assets 252,923 −105,570
Total assets 2,967,109 −7,750
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 869,653 −4,639
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 1,084,186 −2,026
2.1 Current accounts (covering the minimum reserve system) 93,498 −35,520
2.2 Deposit facility 775,650 32,825
2.3 Fixed-term deposits 214,000 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 1,037 670
3 Other liabilities to euro area credit institutions denominated in euro 2,388 1
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 166,552 −3,256
5.1 General government 155,266 −3,523
5.2 Other liabilities 11,286 266
6 Liabilities to non-euro area residents denominated in euro 76,522 −319
7 Liabilities to euro area residents denominated in foreign currency 3,819 223
8 Liabilities to non-euro area residents denominated in foreign currency 8,587 741
8.1 Deposits, balances and other liabilities 8,587 741
8.2 Liabilities arising from the credit facility under ERM II 0 0
9 Counterpart of special drawing rights allocated by the IMF 54,716 0
10 Other liabilities 215,708 1,513
11 Revaluation accounts 399,445 0
12 Capital and reserves 85,532 13
Total liabilities 2,967,109 −7,750

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