Consolidated financial statement of the Eurosystem as at 1 April 2016

6 April 2016

Items not related to monetary policy operations

In the week ending 1 April 2016 the increase of EUR 38.6 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) decreased by EUR 7.5 billion to EUR 261.1 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.

US dollar liquidity operations

Value date Type of transaction Maturing amount New amount
31 March 2016 7-day US dollar liquidity-providing reverse transaction USD 48 million USD 45 million

The above liquidity-providing transactions were conducted by the Eurosystem 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) increased by EUR 0.6 billion to EUR 350.7 billion. Banknotes in circulation (liability item 1) decreased by EUR 2.3 billion to EUR 1,071 billion. Liabilities to general government (liability item 5.1) fell by EUR 50.1 billion to EUR 129.7 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 35.8 billion to EUR 256.4 billion. On Wednesday, 30 March 2016, a main refinancing operation (asset item 5.1) of EUR 60.6 billion matured and a new one of EUR 62.3 billion, with a maturity of one week, was settled.

During the week, a longer-term refinancing operation (asset item 5.2) of EUR 11.6 billion matured and a new one of EUR 10.3 billion was settled. In addition, a targeted longer-term refinancing operation of EUR 7.3 billion, with a maturity of 910 days, was settled.

Recourse to the marginal lending facility (asset item 5.5) was virtually nil (compared with EUR 0.1 billion in the preceding week), while recourse to the deposit facility (liability item 2.2) was EUR 268.4 billion (compared with EUR 225.1 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 8.4 billion to EUR 986.2 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 April 2016 Difference compared with 25 March 2016 – purchases Difference compared with 25 March 2016 – redemptions Difference compared with 25 March 2016 – quarter-end adjustments
Covered bond purchase programme 1 EUR 19.1 billion - -EUR 0.2 billion -
Covered bond purchase programme 2 EUR 8.6 billion - -EUR 0.3 billion -
Covered bond purchase programme 3 EUR 165.8 billion +EUR 0.8 billion -EUR 0.2 billion -EUR 0.5 billion
Asset-backed securities purchase programme EUR 19.0 billion - -EUR 0.2 billion -
Public sector purchase programme EUR 652.0 billion +EUR 11.3 billion - -EUR 2.6 billion
Securities Markets Programme EUR 121.6 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) increased by EUR 32.4 billion to EUR 575.6 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 March 2016 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 1,084.102 per fine oz.

USD: 1.1385 per EUR

JPY: 127.90 per EUR

Special drawing rights: EUR 1.2376 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 377,304 0 38,591
2 Claims on non-euro area residents denominated in foreign currency 297,521 −2,187 −9,463
  2.1 Receivables from the IMF 77,426 149 −2,375
  2.2 Balances with banks and security investments, external loans and other external assets 220,095 −2,336 −7,088
3 Claims on euro area residents denominated in foreign currency 29,194 2,212 −899
4 Claims on non-euro area residents denominated in euro 20,942 −909 5
  4.1 Balances with banks, security investments and loans 20,942 −909 5
  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 525,054 7,685 0
  5.1 Main refinancing operations 62,319 1,745 0
  5.2 Longer-term refinancing operations 462,731 5,986 0
  5.3 Fine-tuning reverse operations 0 0 0
  5.4 Structural reverse operations 0 0 0
  5.5 Marginal lending facility 5 −46 0
  5.6 Credits related to margin calls 0 0 0
6 Other claims on euro area credit institutions denominated in euro 111,232 −899 0
7 Securities of euro area residents denominated in euro 1,336,866 11,286 −2,227
  7.1 Securities held for monetary policy purposes 986,154 11,189 −2,777
  7.2 Other securities 350,713 97 549
8 General government debt denominated in euro 26,985 0 −80
9 Other assets 216,662 1,747 −795
Total assets 2,941,761 18,934 25,131
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 1,071,004 −2,289 0
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 844,222 75,807 0
  2.1 Current accounts (covering the minimum reserve system) 575,572 32,355 0
  2.2 Deposit facility 268,396 43,257 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 254 196 0
3 Other liabilities to euro area credit institutions denominated in euro 4,222 −156 0
4 Debt certificates issued 0 0 0
5 Liabilities to other euro area residents denominated in euro 220,502 −49,349 0
  5.1 General government 129,651 −50,099 0
  5.2 Other liabilities 90,851 749 0
6 Liabilities to non-euro area residents denominated in euro 53,184 −3,459 −58
7 Liabilities to euro area residents denominated in foreign currency 4,473 51 −213
8 Liabilities to non-euro area residents denominated in foreign currency 3,591 −898 −170
  8.1 Deposits, balances and other liabilities 3,591 −898 −170
  8.2 Liabilities arising from the credit facility under ERM II 0 0 0
9 Counterpart of special drawing rights allocated by the IMF 57,542 122 −1,759
10 Other liabilities 208,362 −1,075 −2,490
11 Revaluation accounts 375,994 0 29,822
12 Capital and reserves 98,666 181 0
Total liabilities 2,941,761 18,934 25,131

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