Consolidated financial statement of the Eurosystem as at 3 May 2013

Items not related to monetary policy operations

In the week ending 3 May 2013 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) remained unchanged at EUR 222.7 billion on account of customer and portfolio transactions and US dollar liquidity-providing operations (see below).

US dollar liquidity operations

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 345.2 billion. Banknotes in circulation (liability item 1) increased by EUR 7.7 billion to EUR 904.6 billion. Liabilities to general government (liability item 5.1) decreased by EUR 10.9 billion to EUR 72.3 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 20.5 billion to EUR 519.5 billion. On Thursday, 2 May 2013, a main refinancing operation of EUR 110.4 billion matured and a new one of EUR 105 billion, with a maturity of six days, was settled. On the same day, fixed-term deposits in an amount of EUR 202.5 billion matured and new deposits were collected in the same amount, with a maturity of six days.

During the week, EUR 2.3 billion of longer-term refinancing operations was repaid before maturity.

Recourse to the marginal lending facility (asset item 5.5) was EUR 1.9 billion (compared with virtually nil in the preceding week), while recourse to the deposit facility (liability item 2.2) was EUR 124.1 billion (compared with EUR 109.7 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) decreased by EUR 2.1 billion to EUR 263.4 billion. This decrease was due to the redemption of securities acquired under the first covered bond purchase programme, as well as under the Securities Markets Programme. Therefore, in the week ending 3 May 2013 the value of accumulated purchases under the Securities Markets Programme amounted to EUR 201 billion, while the values of the portfolios held under the first and second covered bond purchase programmes totalled EUR 46.4 billion and EUR 16.1 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 19.8 billion to EUR 296.2 billion.