Consolidated financial statement of the Eurosystem as at 28 September 2012

3 October 2012

Items not related to monetary policy operations

In the week ending 28 September 2012 the increase of EUR 45.5 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) decreased by EUR 5.8 billion to EUR 229.2 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
27 September 2012 7-day US dollar liquidity-providing reverse transaction USD 3.7 billion USD 1.6 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 0.8 billion to EUR 317.4 billion. Banknotes in circulation (liability item 1) rose by EUR 0.3 billion to EUR 892.5 billion. Liabilities to general government (liability item 5.1) increased by EUR 4.9 billion to EUR 99 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 18.6 billion to EUR 651.5 billion. On Wednesday, 26 September 2012, a main refinancing operation of EUR 119.8 billion matured and a new one of EUR 117.4 billion was settled. On the same day, fixed-term deposits in an amount of EUR 209 billion matured and new deposits in the same amount were collected. On Thursday, 27 September 2012, a longer-term refinancing operation of EUR 26.3 billion matured and a new one of EUR 18.7 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 2 billion (compared with EUR 1 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 315.8 billion (compared with EUR 305.6 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 0.8 billion to EUR 280.2 billion, owing to purchases of securities under the second covered bond purchase programme, the redemption of securities under the first covered bond purchase programme and quarter-end adjustments. Therefore, in the week ending 28 September 2012 the value of accumulated purchases under the Securities Markets Programme amounted to EUR 209.5 billion, while those of the portfolios held under the first and second covered bond purchase programmes totalled EUR 54.5 billion and EUR 16.2 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 24.7 billion to EUR 525.8 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 28 September 2012 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 1,377.417 per fine oz.

USD: 1.2930 per EUR

JPY: 100.37 per EUR

Special drawing rights: EUR 1.1931 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 479,292 0 45,513
2 Claims on non-euro area residents denominated in foreign currency 256,413 −164 −4,901
2.1 Receivables from the IMF 90,069 255 −1,034
2.2 Balances with banks and security investments, external loans and other external assets 166,344 −419 −3,867
3 Claims on euro area residents denominated in foreign currency 39,858 −2,015 −128
4 Claims on non-euro area residents denominated in euro 16,512 −1,399 46
4.1 Balances with banks, security investments and loans 16,512 −1,399 46
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 1,178,184 −9,016 0
5.1 Main refinancing operations 117,383 −2,455 0
5.2 Longer-term refinancing operations 1,058,750 −7,546 0
5.3 Fine-tuning reverse operations 0 0 0
5.4 Structural reverse operations 0 0 0
5.5 Marginal lending facility 2,047 1,077 0
5.6 Credits related to margin calls 4 −91 0
6 Other claims on euro area credit institutions denominated in euro 212,652 −774 0
7 Securities of euro area residents denominated in euro 597,655 1,492 −1,479
7.1 Securities held for monetary policy purposes 280,207 264 560
7.2 Other securities 317,448 1,228 −2,039
8 General government debt denominated in euro 30,010 0 −32
9 Other assets 271,857 3,224 2,527
Total assets 3,082,432 −8,652 41,545
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 892,496 312 0
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 1,052,529 −15,114 0
2.1 Current accounts (covering the minimum reserve system) 525,830 −24,652 0
2.2 Deposit facility 315,754 10,107 0
2.3 Fixed-term deposits 209,000 0 0
2.4 Fine-tuning reverse operations 0 0 0
2.5 Deposits related to margin calls 1,945 −569 0
3 Other liabilities to euro area credit institutions denominated in euro 5,224 −607 0
4 Debt certificates issued 0 0 0
5 Liabilities to other euro area residents denominated in euro 119,439 3,661 0
5.1 General government 98,956 4,865 0
5.2 Other liabilities 20,483 −1,204 0
6 Liabilities to non-euro area residents denominated in euro 171,667 1,040 −12
7 Liabilities to euro area residents denominated in foreign currency 4,198 747 −109
8 Liabilities to non-euro area residents denominated in foreign currency 6,626 −1,242 −138
8.1 Deposits, balances and other liabilities 6,626 −1,242 −138
8.2 Liabilities arising from the credit facility under ERM II 0 0 0
9 Counterpart of special drawing rights allocated by the IMF 56,243 0 −643
10 Other liabilities 235,635 2,750 −536
11 Revaluation accounts 452,824 0 42,984
12 Capital and reserves 85,551 −199 0
Total liabilities 3,082,432 −8,652 41,545

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