Consolidated financial statement of the Eurosystem as at 23 December 2016

28 December 2016

Items not related to monetary policy operations

In the week ending 23 December 2016 gold and gold receivables (asset item 1) remained unchanged.

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) decreased by EUR 1.1 billion to EUR 277.8 billion.

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) decreased by EUR 0.2 billion to EUR 322.9 billion. Banknotes in circulation (liability item 1) increased by EUR 9.4 billion to EUR 1,126.7 billion. Liabilities to general government (liability item 5.1) decreased by EUR 35.8 billion to EUR 133.1 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 37.9 billion to EUR 166.9 billion. On Wednesday, 21 December 2016, a main refinancing operation (asset item 5.1) of EUR 36.8 billion matured and a new one of EUR 32.9 billion, with a maturity of one week, was settled.

During the week, a longer-term refinancing operation (asset item 5.2) of EUR 4.6 billion matured and a new one of EUR 2.7 billion was settled. In addition, EUR 14.2 billion provided under the first series of targeted longer-term refinancing operations (TLTRO-I) was repaid before maturity. Moreover, the third tender in the second series of targeted longer-term refinancing operations (TLTRO-II), amounting to EUR 62.2 billion and with a maturity of 1,456 days, was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.4 billion (compared with EUR 0.1 billion in the preceding week), while recourse to the deposit facility (liability item 2.2) was EUR 422.9 billion (compared with EUR 418.4 billion in the preceding week). The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 15.5 billion to EUR 1,659.5 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 23 December 2016 Difference compared with 16 December 2016 – purchases Difference compared with 16 December 2016 – redemptions
Covered bond purchase programme 1 EUR 12.8 billion - -EUR 0.2 billion
Covered bond purchase programme 2 EUR 6.9 billion - -EUR 0.1 billion
Covered bond purchase programme 3 EUR 204.1 billion +EUR 0.4 billion -EUR 0.2 billion
Asset-backed securities purchase programme EUR 23.0 billion +EUR 0.1 billion -EUR 0.2 billion
Corporate sector purchase programme EUR 51.2 billion +EUR 0.6 billion -
Public sector purchase programme EUR 1,259.4 billion +EUR 15.1 billion -
Securities Markets Programme EUR 102.0 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 51.2 billion to EUR 930.9 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 412,635 0
2 Claims on non-euro area residents denominated in foreign currency 317,771 −1,685
  2.1 Receivables from the IMF 77,129 −374
  2.2 Balances with banks and security investments, external loans and other external assets 240,642 −1,311
3 Claims on euro area residents denominated in foreign currency 35,535 −1,329
4 Claims on non-euro area residents denominated in euro 18,273 179
  4.1 Balances with banks, security investments and loans 18,273 179
  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 589,801 42,364
  5.1 Main refinancing operations 32,877 −3,945
  5.2 Longer-term refinancing operations 556,570 46,102
  5.3 Fine-tuning reverse operations 0 0
  5.4 Structural reverse operations 0 0
  5.5 Marginal lending facility 353 207
  5.6 Credits related to margin calls 0 0
6 Other claims on euro area credit institutions denominated in euro 71,658 −8,179
7 Securities of euro area residents denominated in euro 1,982,339 15,237
  7.1 Securities held for monetary policy purposes 1,659,471 15,484
  7.2 Other securities 322,869 −248
8 General government debt denominated in euro 26,437 0
9 Other assets 231,259 8,389
Total assets 3,685,708 54,976
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 1,126,737 9,368
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 1,353,785 55,685
  2.1 Current accounts (covering the minimum reserve system) 930,862 51,197
  2.2 Deposit facility 422,873 4,463
  2.3 Fixed-term deposits 0 0
  2.4 Fine-tuning reverse operations 0 0
  2.5 Deposits related to margin calls 49 24
3 Other liabilities to euro area credit institutions denominated in euro 8,816 3,929
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 238,016 −33,834
  5.1 General government 133,075 −35,831
  5.2 Other liabilities 104,941 1,998
6 Liabilities to non-euro area residents denominated in euro 145,688 18,352
7 Liabilities to euro area residents denominated in foreign currency 6,993 −129
8 Liabilities to non-euro area residents denominated in foreign currency 10,431 −1,806
  8.1 Deposits, balances and other liabilities 10,431 −1,806
  8.2 Liabilities arising from the credit facility under ERM II 0 0
9 Counterpart of special drawing rights allocated by the IMF 58,132 0
10 Other liabilities 219,038 3,411
11 Revaluation accounts 418,545 0
12 Capital and reserves 99,527 0
Total liabilities 3,685,708 54,976

Media contacts