Consolidated financial statement of the Eurosystem as at 4 January 2013

9 January 2013

Items not related to monetary policy operations

In the week ending 4 January 2013 the decrease of EUR 40.4 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 7.5 billion to EUR 218.8 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
3 January 2013 14-day US dollar liquidity-providing reverse transaction USD 0.6 billion
3 January 2013 7-day US dollar liquidity-providing reverse transaction USD 1 billion
3 January 2013 84-day US dollar liquidity providing reverse transactions USD 1.1 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 0.3 billion to EUR 308 billion. Banknotes in circulation (liability item 1) fell by EUR 9.3 billion to EUR 904.4 billion. Liabilities to general government (liability item 5.1) decreased by EUR 11.4 billion to EUR 96.9 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 13.8 billion to EUR 655.3 billion. On Thursday, 3 January 2013, a main refinancing operation of EUR 89.7 billion matured and a new one of EUR 81.1 billion was settled. On the same day, fixed-term deposits in an amount of EUR 197.6 billion matured and new deposits were collected in the amount of EUR 208.5 billion, with a maturity of six days.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.1 billion (compared with EUR 3.2 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 252.6 billion (compared with EUR 261.7 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased marginally by EUR 0.1 billion to EUR 276.9 billion due to quarter-end adjustments. Therefore, in the week ending 4 January 2013 the value of accumulated purchases under the Securities Markets Programme amounted to EUR 208.7 billion, while those of the portfolios held under the first and second covered bond purchase programmes totalled EUR 51.8 billion and EUR 16.4 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) increased by EUR 6.2 billion to EUR 462.3 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 31 December 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 1,261.179 per fine oz.

USD: 1.3194 per EUR

JPY: 113.61 per EUR

Special drawing rights: EUR 1.1657 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 438,686 0 −40,429
2 Claims on non-euro area residents denominated in foreign currency 250,685 −170 −7,981
2.1 Receivables from the IMF 86,980 0 −2,024
2.2 Balances with banks and security investments, external loans and other external assets 163,705 −170 −5,957
3 Claims on euro area residents denominated in foreign currency 32,340 −17 −1,258
4 Claims on non-euro area residents denominated in euro 19,033 −183 −23
4.1 Balances with banks, security investments and loans 19,033 −183 −23
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 1,116,994 −11,800 0
5.1 Main refinancing operations 81,097 −8,564 0
5.2 Longer-term refinancing operations 1,035,769 −2 0
5.3 Fine-tuning reverse operations 0 0 0
5.4 Structural reverse operations 0 0 0
5.5 Marginal lending facility 127 −3,235 0
5.6 Credits related to margin calls 0 0 0
6 Other claims on euro area credit institutions denominated in euro 203,816 −2,438 0
7 Securities of euro area residents denominated in euro 584,944 −2,232 2,044
7.1 Securities held for monetary policy purposes 276,903 −460 556
7.2 Other securities 308,041 −1,772 1,488
8 General government debt denominated in euro 29,961 −2 −44
9 Other assets 279,704 455 2,044
Total assets 2,956,165 −16,386 −45,647
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 904,411 −9,266 0
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 924,018 8,169 0
2.1 Current accounts (covering the minimum reserve system) 462,287 6,185 0
2.2 Deposit facility 252,615 −9,074 0
2.3 Fixed-term deposits 208,500 10,941 0
2.4 Fine-tuning reverse operations 0 0 0
2.5 Deposits related to margin calls 616 117 0
3 Other liabilities to euro area credit institutions denominated in euro 6,493 −303 0
4 Debt certificates issued 0 0 0
5 Liabilities to other euro area residents denominated in euro 137,209 −13,373 4
5.1 General government 96,856 −11,375 4
5.2 Other liabilities 40,353 −1,998 0
6 Liabilities to non-euro area residents denominated in euro 185,485 −827 −14
7 Liabilities to euro area residents denominated in foreign currency 3,439 43 −77
8 Liabilities to non-euro area residents denominated in foreign currency 5,815 −407 −158
8.1 Deposits, balances and other liabilities 5,815 −407 −158
8.2 Liabilities arising from the credit facility under ERM II 0 0 0
9 Counterpart of special drawing rights allocated by the IMF 54,952 0 −1,291
10 Other liabilities 241,411 −424 1,334
11 Revaluation accounts 407,375 0 −45,449
12 Capital and reserves 85,556 0 4
Total liabilities 2,956,165 −16,386 −45,647

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