Consolidated financial statement of the Eurosystem as at 1 January 2016

6 January 2016

Items not related to monetary policy operations

In the week ending 1 January 2016 the decrease of EUR 10.1 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) increased by EUR 7.3 billion to EUR 272.6 billion. This change was due to the effects of the quarterly revaluation of assets and liabilities, as well as to the customer and portfolio transactions carried out by Eurosystem central banks during the period under review.

During the week, the Eurosystem did not conduct 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) remained virtually unchanged at EUR 358 billion. Banknotes in circulation (liability item 1) increased by EUR 0.1 billion to EUR 1,083.5 billion. Liabilities to general government (liability item 5.1) decreased by EUR 10.8 billion to EUR 59.3 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 18.9 billion to EUR 346.4 billion. On Wednesday, 30 December 2015, a main refinancing operation (asset item 5.1) of EUR 72.9 billion matured and a new one of EUR 89 billion, with a maturity of one week, was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.5 billion (compared with virtually nil in the preceding week), while recourse to the deposit facility (liability item 2.2) was EUR 212.4 billion (compared with EUR 177.1 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 803.1 billion. The table below provides the detailed breakdown of asset item 7.1 into the different portfolios. All portfolios are accounted for at amortised cost.

Monetary policy securities portfolios Reported value as at 1 January 2016 Difference compared with 25 December 2015 – purchases Difference compared with 25 December 2015 – redemptions Difference compared with 25 December 2015 – quarter-end adjustments
Covered bond purchase programme 1 EUR 20.6 billion - - -
Covered bond purchase programme 2 EUR 9.7 billion - - -
Covered bond purchase programme 3 EUR 143.3 billion - - -EUR 0.5 billion
Asset-backed securities purchase programme EUR 15.3 billion - -EUR 0.1 billion -
Public sector purchase programme EUR 491.2 billion - - -EUR 1.8 billion
Securities Markets Programme EUR 123.0 billion - - +EUR 0.3 billion

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 24 billion to EUR 555.9 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 2015 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 973.225 per fine oz.

USD: 1.0887 per EUR

JPY: 131.07 per EUR

Special drawing rights: EUR 1.2728 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 338,713 0 −10,138
2 Claims on non-euro area residents denominated in foreign currency 307,115 3,129 5,799
  2.1 Receivables from the IMF 80,384 −2 1,302
  2.2 Balances with banks and security investments, external loans and other external assets 226,732 3,131 4,497
3 Claims on euro area residents denominated in foreign currency 31,109 −2,166 1,063
4 Claims on non-euro area residents denominated in euro 20,242 −177 −49
  4.1 Balances with banks, security investments and loans 20,242 −177 −49
  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 558,989 16,501 0
  5.1 Main refinancing operations 88,978 16,070 0
  5.2 Longer-term refinancing operations 469,543 0 0
  5.3 Fine-tuning reverse operations 0 0 0
  5.4 Structural reverse operations 0 0 0
  5.5 Marginal lending facility 468 431 0
  5.6 Credits related to margin calls 0 0 0
6 Other claims on euro area credit institutions denominated in euro 107,863 −3,926 22
7 Securities of euro area residents denominated in euro 1,161,159 −201 −1,986
  7.1 Securities held for monetary policy purposes 803,135 −106 −2,040
  7.2 Other securities 358,023 −96 54
8 General government debt denominated in euro 25,145 −2 −5
9 Other assets 230,810 888 4,577
Total assets 2,781,145 14,046 −716
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 1,083,539 144 0
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 768,419 11,365 0
  2.1 Current accounts (covering the minimum reserve system) 555,864 −23,996 0
  2.2 Deposit facility 212,415 35,361 0
  2.3 Fixed-term deposits 0 0 0
  2.4 Fine-tuning reverse operations 0 0 0
  2.5 Deposits related to margin calls 140 0 0
3 Other liabilities to euro area credit institutions denominated in euro 5,202 104 0
4 Debt certificates issued 0 0 0
5 Liabilities to other euro area residents denominated in euro 141,805 −10,422 −1
  5.1 General government 59,295 −10,796 −1
  5.2 Other liabilities 82,510 374 0
6 Liabilities to non-euro area residents denominated in euro 54,529 13,718 −21
7 Liabilities to euro area residents denominated in foreign currency 2,803 −25 67
8 Liabilities to non-euro area residents denominated in foreign currency 3,677 −634 174
  8.1 Deposits, balances and other liabilities 3,677 −634 174
  8.2 Liabilities arising from the credit facility under ERM II 0 0 0
9 Counterpart of special drawing rights allocated by the IMF 59,179 0 968
10 Other liabilities 218,618 −205 2,658
11 Revaluation accounts 346,172 0 −4,562
12 Capital and reserves 97,201 0 0
Total liabilities 2,781,145 14,046 −716

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