Consolidated financial statement of the Eurosystem as at 4 October 2013

9 October 2013

Items not related to monetary policy operations

In the week ending 4 October 2013 the increase of EUR 23.9 billion in gold and gold receivables (asset item 1) reflected quarterly revaluation adjustments, as well as the sale of gold 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 5 billion to EUR 207.1 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
4 October 2013 8-day US dollar liquidity-providing reverse transaction USD 325 million -

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 0.5 billion to EUR 352.9 billion. Banknotes in circulation (liability item 1) increased by EUR 4 billion to EUR 921.7 billion. Liabilities to general government (liability item 5.1) decreased by EUR 18.3 billion to EUR 76.6 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 5.2 billion to EUR 518.7 billion. On Wednesday, 2 October 2013, a main refinancing operation of EUR 97 billion matured and a new one of EUR 94.5 billion, with a maturity of one week, was settled. On the same day, fixed-term deposits in an amount of EUR 190.5 billion matured and new deposits were collected in the amount of EUR 187.5 billion, with a maturity of one week.

During the week, EUR 3.2 billion of longer-term refinancing operations was repaid before maturity.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.1 billion (approximately the same as in the preceding week), while recourse to the deposit facility (liability item 2.2) was EUR 55.3 billion (compared with EUR 52.9 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 0.3 billion to EUR 247 billion due to quarter-end adjustments. Therefore, in the week ending 4 October 2013 the value of accumulated purchases under the Securities Markets Programme amounted to EUR 188.2 billion, while the values of the portfolios held under the first and second covered bond purchase programmes totalled EUR 43.1 billion and EUR 15.7 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 6.6 billion to EUR 265.4 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 4 October 2013 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 989.078 per fine oz.

USD: 1.3505 per EUR

JPY: 131.78 per EUR

Special drawing rights: EUR 1.1363 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 343,919 −109 24,058
2 Claims on non-euro area residents denominated in foreign currency 245,370 705 −5,326
2.1 Receivables from the IMF 83,492 −7 −1,053
2.2 Balances with banks and security investments, external loans and other external assets 161,878 712 −4,273
3 Claims on euro area residents denominated in foreign currency 21,474 −606 −621
4 Claims on non-euro area residents denominated in euro 23,572 345 −29
4.1 Balances with banks, security investments and loans 23,572 345 −29
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 761,567 −5,737 0
5.1 Main refinancing operations 94,466 −2,561 0
5.2 Longer-term refinancing operations 666,999 −3,157 0
5.3 Fine-tuning reverse operations 0 0 0
5.4 Structural reverse operations 0 0 0
5.5 Marginal lending facility 101 −19 0
5.6 Credits related to margin calls 1 0 0
6 Other claims on euro area credit institutions denominated in euro 74,121 −7,155 0
7 Securities of euro area residents denominated in euro 599,900 −641 428
7.1 Securities held for monetary policy purposes 246,994 −244 534
7.2 Other securities 352,907 −397 −106
8 General government debt denominated in euro 28,328 0 −33
9 Other assets 252,329 −2,658 9,915
Total assets 2,350,580 −15,856 28,392
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 921,733 3,999 0
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 508,222 6,047 0
2.1 Current accounts (covering the minimum reserve system) 265,366 6,606 0
2.2 Deposit facility 55,336 2,465 0
2.3 Fixed-term deposits 187,500 −3,000 0
2.4 Fine-tuning reverse operations 0 0 0
2.5 Deposits related to margin calls 20 −25 0
3 Other liabilities to euro area credit institutions denominated in euro 6,045 −142 0
4 Debt certificates issued 0 0 0
5 Liabilities to other euro area residents denominated in euro 103,774 −15,846 0
5.1 General government 76,582 −18,303 0
5.2 Other liabilities 27,192 2,457 0
6 Liabilities to non-euro area residents denominated in euro 129,158 −5,706 −8
7 Liabilities to euro area residents denominated in foreign currency 2,117 −292 −93
8 Liabilities to non-euro area residents denominated in foreign currency 4,021 326 −106
8.1 Deposits, balances and other liabilities 4,021 326 −106
8.2 Liabilities arising from the credit facility under ERM II 0 0 0
9 Counterpart of special drawing rights allocated by the IMF 53,565 0 −674
10 Other liabilities 226,992 −4,241 9,419
11 Revaluation accounts 304,534 0 19,854
12 Capital and reserves 90,419 0 0
Total liabilities 2,350,580 −15,856 28,392

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