Consolidated financial statement of the Eurosystem as at 18 May 2012

22 May 2012

Items not related to monetary policy operations

In the week ending 18 May 2012 the decrease of EUR 1 million in gold and gold receivables (asset item 1) mainly reflected the sale of gold coin by one Eurosystem central bank.

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) increased by EUR 0.2 billion to EUR 224.9 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
17 May 2012 7-day US dollar liquidity-providing reverse transaction USD 0.3 billion USD 0.3 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 1.1 billion to EUR 324.5 billion. Banknotes in circulation (liability item 1) increased by EUR 3.1 billion to EUR 878.3 billion. Liabilities to general government (liability item 5.1) increased by EUR 14.3 billion to EUR 114 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 23.5 billion to EUR 122.3 billion. On Wednesday, 16 May 2012, a main refinancing operation of EUR 39.3 billion matured and a new one of EUR 43 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 0.8 billion (compared with EUR 1.6 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 789.7 billion (compared with EUR 763.1 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) decreased by EUR 1.8 billion to EUR 280.2 billion. This decrease was due to the redemption of securities under the Securities Markets Programme, which more than offset the purchases settled under the second covered bond purchase programme during the week. Therefore, in the week ending 18 May 2012 the value of accumulated purchases under the Securities Markets Programme amounted to EUR 212.1 billion, while those of the portfolios held under the first and second covered bond purchase programmes totalled EUR 56.6 billion and EUR 11.5 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 44.3 billion to EUR 102.5 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 432,704 −1
2 Claims on non-euro area residents denominated in foreign currency 242,223 110
2.1 Receivables from the IMF 86,051 78
2.2 Balances with banks and security investments, external loans and other external assets 156,172 32
3 Claims on euro area residents denominated in foreign currency 50,962 −563
4 Claims on non-euro area residents denominated in euro 18,992 −520
4.1 Balances with banks, security investments and loans 18,992 −520
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 1,127,017 2,935
5.1 Main refinancing operations 42,988 3,701
5.2 Longer-term refinancing operations 1,083,183 0
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 845 −768
5.6 Credits related to margin calls 1 1
6 Other claims on euro area credit institutions denominated in euro 212,494 4,138
7 Securities of euro area residents denominated in euro 604,688 −2,898
7.1 Securities held for monetary policy purposes 280,192 −1,791
7.2 Other securities 324,496 −1,106
8 General government debt denominated in euro 30,589 0
9 Other assets 255,592 545
Total assets 2,975,261 3,746
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 878,293 3,114
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 1,107,179 −17,862
2.1 Current accounts (covering the minimum reserve system) 102,482 −44,333
2.2 Deposit facility 789,715 26,596
2.3 Fixed-term deposits 214,000 8
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 982 −133
3 Other liabilities to euro area credit institutions denominated in euro 8,515 958
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 125,123 14,512
5.1 General government 114,015 14,297
5.2 Other liabilities 11,108 216
6 Liabilities to non-euro area residents denominated in euro 84,974 2,859
7 Liabilities to euro area residents denominated in foreign currency 4,451 365
8 Liabilities to non-euro area residents denominated in foreign currency 9,089 −1,002
8.1 Deposits, balances and other liabilities 9,089 −1,002
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 217,938 808
11 Revaluation accounts 399,445 0
12 Capital and reserves 85,539 −6
Total liabilities 2,975,261 3,746

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