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Consolidated financial statement of the Eurosystem as at 31 May 2013

4 June 2013

Items not related to monetary policy operations

In the week ending 31 May 2013, the decrease of EUR 1 million in gold and gold receivables (asset item 1) reflected the exchange of gold coins for gold bars 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) decreased by EUR 0.1 billion to EUR 218.8 billion on account of customer and portfolio transactions.

In the week ending 31 May 2013, the Eurosystem did not conduct any liquidity-providing transactions 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) increased by EUR 1.2 billion to EUR 346.6 billion. Banknotes in circulation (liability item 1) rose by EUR 3.9 billion to EUR 905.2 billion. Liabilities to general government (liability item 5.1) increased by EUR 3.5 billion to EUR 102.7 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 12 billion to EUR 541.1 billion. On Wednesday, 29 May 2013, a main refinancing operation of EUR 103.4 billion matured and a new one of EUR 103.2 billion, with a maturity of seven days, was settled. On the same day, fixed-term deposits in an amount of EUR 201 billion matured and new deposits were collected in an amount of EUR 197 billion, with a maturity of one week. On Thursday, 30 May 2013, a longer-term refinancing operation of EUR 8.3 billion matured and a new one of EUR 5.8 billion was settled.

During the week, EUR 8.1 billion of longer-term refinancing operations was repaid before maturity.

Recourse to the marginal lending facility (asset item 5.5) was virtually nil (compared with EUR 0.5 billion in the preceding week), while recourse to the deposit facility (liability item 2.2) was EUR 85.6 billion (compared with EUR 81 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) decreased by EUR 0.2 billion to EUR 259 billion. This decrease was due to the redemption of securities under the first covered bond purchase programme. Therefore, in the week ending 31 May 2013 the value of accumulated purchases under the Securities Markets Programme amounted to EUR 196.9 billion, while the values of the portfolios held under the first and second covered bond purchase programmes totalled EUR 46 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 21.3 billion to EUR 273.4 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 435,315 −1
2 Claims on non-euro area residents denominated in foreign currency 255,100 1,131
2.1 Receivables from the IMF 86,412 −28
2.2 Balances with banks and security investments, external loans and other external assets 168,688 1,159
3 Claims on euro area residents denominated in foreign currency 27,320 −1,304
4 Claims on non-euro area residents denominated in euro 19,935 −1,796
4.1 Balances with banks, security investments and loans 19,935 −1,796
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 824,113 −11,310
5.1 Main refinancing operations 103,191 −208
5.2 Longer-term refinancing operations 720,897 −10,621
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 24 −482
5.6 Credits related to margin calls 0 0
6 Other claims on euro area credit institutions denominated in euro 91,534 −4,447
7 Securities of euro area residents denominated in euro 605,593 1,073
7.1 Securities held for monetary policy purposes 259,004 −150
7.2 Other securities 346,589 1,222
8 General government debt denominated in euro 29,012 0
9 Other assets 261,526 5,901
Total assets 2,549,449 −10,753
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 905,246 3,896
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 556,066 −20,617
2.1 Current accounts (covering the minimum reserve system) 273,354 −21,292
2.2 Deposit facility 85,640 4,603
2.3 Fixed-term deposits 197,000 −4,000
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 72 72
3 Other liabilities to euro area credit institutions denominated in euro 6,580 505
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 135,235 7,143
5.1 General government 102,739 3,535
5.2 Other liabilities 32,496 3,608
6 Liabilities to non-euro area residents denominated in euro 151,551 −5,795
7 Liabilities to euro area residents denominated in foreign currency 2,457 −336
8 Liabilities to non-euro area residents denominated in foreign currency 6,007 284
8.1 Deposits, balances and other liabilities 6,007 284
8.2 Liabilities arising from the credit facility under ERM II 0 0
9 Counterpart of special drawing rights allocated by the IMF 55,145 0
10 Other liabilities 235,705 4,168
11 Revaluation accounts 406,635 0
12 Capital and reserves 88,823 0
Total liabilities 2,549,449 −10,753
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