Consolidated financial statement of the Eurosystem as at 30 September 2016

5 October 2016

Items not related to monetary policy operations

In the week ending 30 September 2016 the decrease of EUR 0.5 billion in gold and gold receivables (asset item 1) reflected quarterly revaluation adjustments as well as the sale of gold, amounting to EUR 12 million, by one Eurosystem national central bank for the purpose of producing a commemorative coin.

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) increased by EUR 5.4 billion to EUR 279.4 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
29 September 2016 7-day US dollar liquidity-providing reverse transactions USD 290 million USD 6,348 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) decreased by EUR 2 billion to EUR 329.3 billion. Banknotes in circulation (liability item 1) rose by EUR 4 billion to EUR 1,096.3 billion. Liabilities to general government (liability item 5.1) decreased by EUR 15.6 billion to EUR 155.4 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 8.7 billion to EUR 154.5 billion. On Wednesday, 28 September 2016, a main refinancing operation (asset item 5.1) of EUR 43.2 billion matured and a new one of EUR 38.7 billion, with a maturity of one week, was settled.

During the week, a longer-term refinancing operation (asset item 5.2) of EUR 7.7 billion matured and a new one of EUR 4.6 billion was settled. In addition, EUR 11 billion provided under the first series of targeted longer-term refinancing operations (TLTRO-I), including a voluntary amount of EUR 9.4 billion, was repaid before maturity. Moreover, the second tender in the second series of targeted longer-term refinancing operations (TLTRO-II), amounting to EUR 45.3 billion and with a maturity of 1,463 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 398 billion (compared with EUR 362.8 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 14.5 billion to EUR 1,434.8 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 30 September 2016 Difference compared with 23 September 2016 – purchases Difference compared with 23 September 2016 – redemptions Difference compared with 23 September 2016 – quarter-end adjustments
Covered bond purchase programme 1 EUR 15.6 billion - - -EUR 0.0 billion
Covered bond purchase programme 2 EUR 7.3 billion - - +EUR 0.0 billion
Covered bond purchase programme 3 EUR 194.3 billion +EUR 1.0 billion - -EUR 0.6 billion
Asset-backed securities purchase programme EUR 20.7 billion +EUR 0.6 billion -EUR 0.2 billion -
Corporate sector purchase programme EUR 29.7 billion +EUR 1.9 billion - -EUR 0.1 billion
Public sector purchase programme EUR 1,061.2 billion +EUR 15.6 billion - -EUR 4.1 billion
Securities Markets Programme EUR 106 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 4.6 billion to EUR 759.8 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 30 September 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 1,185.915 per fine oz.

USD: 1.1161 per EUR

JPY: 113.09 per EUR

Special drawing rights: EUR 1.2503 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 412,633 −12 −498
2 Claims on non-euro area residents denominated in foreign currency 315,195 2,642 −1,973
  2.1 Receivables from the IMF 77,840 1,083 −501
  2.2 Balances with banks and security investments, external loans and other external assets 237,354 1,558 −1,472
3 Claims on euro area residents denominated in foreign currency 33,904 4,506 −211
4 Claims on non-euro area residents denominated in euro 19,572 1,829 −14
  4.1 Balances with banks, security investments and loans 19,572 1,829 −14
  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 552,557 26,581 0
  5.1 Main refinancing operations 38,740 −4,438 0
  5.2 Longer-term refinancing operations 513,797 31,071 0
  5.3 Fine-tuning reverse operations 0 0 0
  5.4 Structural reverse operations 0 0 0
  5.5 Marginal lending facility 20 −52 0
  5.6 Credits related to margin calls 0 0 0
6 Other claims on euro area credit institutions denominated in euro 83,405 −6,552 1
7 Securities of euro area residents denominated in euro 1,764,071 17,273 −4,776
  7.1 Securities held for monetary policy purposes 1,434,785 18,968 −4,484
  7.2 Other securities 329,286 −1,695 −292
8 General government debt denominated in euro 26,439 0 −38
9 Other assets 230,369 4,748 3,238
Total assets 3,438,145 51,014 −4,271
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 1,096,255 4,044 0
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 1,157,891 30,695 0
  2.1 Current accounts (covering the minimum reserve system) 759,817 −4,578 0
  2.2 Deposit facility 398,016 35,226 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 58 47 0
3 Other liabilities to euro area credit institutions denominated in euro 3,804 −56 0
4 Debt certificates issued 0 0 0
5 Liabilities to other euro area residents denominated in euro 260,956 −12,599 0
  5.1 General government 155,392 −15,620 0
  5.2 Other liabilities 105,564 3,021 0
6 Liabilities to non-euro area residents denominated in euro 122,847 29,427 −4
7 Liabilities to euro area residents denominated in foreign currency 2,789 −95 −25
8 Liabilities to non-euro area residents denominated in foreign currency 8,756 −10 4
  8.1 Deposits, balances and other liabilities 8,756 −10 4
  8.2 Liabilities arising from the credit facility under ERM II 0 0 0
9 Counterpart of special drawing rights allocated by the IMF 58,132 0 −354
10 Other liabilities 207,335 −391 −1,515
11 Revaluation accounts 418,546 0 −2,377
12 Capital and reserves 100,835 0 0
Total liabilities 3,438,145 51,014 −4,271

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