Consolidated financial statement of the Eurosystem as at 30 May 2014

3 June 2014

Items not related to monetary policy operations

In the week ending 30 May 2014, the decrease of EUR 67 million in gold and gold receivables (asset item 1) reflected the issue of commemorative gold coins 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) increased by EUR 0.6 billion to EUR 210.5 billion on account of customer and portfolio transactions.

In the past week the Eurosystem has not conducted any liquidity-providing transactions in connection with the standing swap arrangement 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 1.5 billion to EUR 358.5 billion. Banknotes in circulation (liability item 1) increased by EUR 6.7 billion to EUR 953.8 billion. Liabilities to general government (liability item 5.1) decreased by EUR 1.4 billion to EUR 119.8 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) increased by EUR 58.2 billion to EUR 537 billion. On Wednesday, 28 May 2014, a main refinancing operation of EUR 132 billion matured and a new one of EUR 174 billion, with a maturity of one week, was settled. On the same day, fixed-term deposits in an amount of EUR 137.5 billion matured and new deposits were collected in an amount of EUR 102.9 billion, with a maturity of one week.

During the week, a longer-term refinancing operation of EUR 6.3 billion matured and a new one of EUR 10.9 billion was settled, while EUR 7 billion of longer-term refinancing operations was repaid before maturity.

Recourse to the marginal lending facility (asset item 5.5) remained virtually unchanged at EUR 0.1 billion, while recourse to the deposit facility (liability item 2.2) was EUR 39.9 billion (compared with EUR 23.8 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) decreased by EUR 1.4 billion to EUR 215.3 billion. This decrease was due to the redemption of securities acquired under the first and second covered bond purchase programmes. Therefore, in the week ending 30 May 2014 the value of accumulated purchases under the Securities Markets Programme amounted to EUR 164.5 billion, while the values of the portfolios held under the first and second covered bond purchase programmes totalled EUR 36.5 billion and EUR 14.3 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 40.8 billion to EUR 209.4 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 326,477 −67
2 Claims on non-euro area residents denominated in foreign currency 245,902 598
2.1 Receivables from the IMF 81,319 1
2.2 Balances with banks and security investments, external loans and other external assets 164,583 597
3 Claims on euro area residents denominated in foreign currency 23,788 −669
4 Claims on non-euro area residents denominated in euro 19,592 −726
4.1 Balances with banks, security investments and loans 19,592 −726
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 679,749 39,710
5.1 Main refinancing operations 174,002 42,095
5.2 Longer-term refinancing operations 505,682 −2,325
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 64 −61
5.6 Credits related to margin calls 1 0
6 Other claims on euro area credit institutions denominated in euro 57,409 −3,752
7 Securities of euro area residents denominated in euro 573,745 −2,898
7.1 Securities held for monetary policy purposes 215,260 −1,409
7.2 Other securities 358,485 −1,488
8 General government debt denominated in euro 27,267 −6
9 Other assets 243,166 1,177
Total assets 2,197,095 33,368
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 953,817 6,662
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 352,187 22,395
2.1 Current accounts (covering the minimum reserve system) 209,392 40,846
2.2 Deposit facility 39,910 16,136
2.3 Fixed-term deposits 102,878 −34,587
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 7 0
3 Other liabilities to euro area credit institutions denominated in euro 1,687 −1,106
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 163,008 5,313
5.1 General government 119,757 −1,391
5.2 Other liabilities 43,251 6,705
6 Liabilities to non-euro area residents denominated in euro 76,456 −599
7 Liabilities to euro area residents denominated in foreign currency 1,005 −227
8 Liabilities to non-euro area residents denominated in foreign currency 5,342 −446
8.1 Deposits, balances and other liabilities 5,342 −446
8.2 Liabilities arising from the credit facility under ERM II 0 0
9 Counterpart of special drawing rights allocated by the IMF 52,830 0
10 Other liabilities 209,205 1,365
11 Revaluation accounts 288,913 0
12 Capital and reserves 92,644 9
Total liabilities 2,197,095 33,368

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