Consolidated financial statement of the Eurosystem as at 12 May 2017

16 May 2017

Items not related to monetary policy operations

In the week ending 12 May 2017 gold and gold receivables (asset item 1) decreased by EUR 21 million owing to the sale of gold 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) decreased by EUR 0.5 billion to EUR 279.3 billion.

US dollar liquidity operations

Value date

Type of transaction

Maturing amount

New amount

11 May 2017

7-day US dollar liquidity-providing reverse transaction

USD 35 million

USD 35 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 0.9 billion to EUR 296.8 billion. Banknotes in circulation (liability item 1) fell by EUR 0.4 billion to EUR 1,124.7 billion. Liabilities to general government (liability item 5.1) increased by EUR 26.6 billion to EUR 140.8 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) decreased by EUR 1.1 billion to EUR 180.5 billion. On Wednesday, 10 May 2017, a main refinancing operation (asset item 5.1) of EUR 14.4 billion matured and a new one of EUR 13.7 billion, with a maturity of one week, was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.2 billion (compared with EUR 0.3 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 600.7 billion (compared with EUR 600.4 billion in the preceding week). The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 14.8 billion to EUR 1,974.7 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 12 May 2017

Weekly change – purchases

Weekly change – redemptions

Covered bond purchase programme 1

EUR 8.3 billion

-

-

Covered bond purchase programme 2

EUR 5.8 billion

-

-

Covered bond purchase programme 3

EUR 218.6 billion

+EUR 1.2 billion

-

Asset-backed securities purchase programme

EUR 23.8 billion

+EUR 0.1 billion

-EUR 0.0 billion

Corporate sector purchase programme

EUR 84.9 billion

+EUR 1.5 billion

-

Public sector purchase programme

EUR 1,534.8 billion

+EUR 12.0 billion

-

Securities Markets Programme

EUR 98.4 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 7.1 billion to EUR 1,165.6 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 404,102 −21
2 Claims on non-euro area residents denominated in foreign currency 320,923 1,174
  2.1 Receivables from the IMF 77,400 10
  2.2 Balances with banks and security investments, external loans and other external assets 243,523 1,164
3 Claims on euro area residents denominated in foreign currency 32,253 −2,324
4 Claims on non-euro area residents denominated in euro 17,039 277
  4.1 Balances with banks, security investments and loans 17,039 277
  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 781,232 −798
  5.1 Main refinancing operations 13,679 −750
  5.2 Longer-term refinancing operations 767,304 0
  5.3 Fine-tuning reverse operations 0 0
  5.4 Structural reverse operations 0 0
  5.5 Marginal lending facility 248 −48
  5.6 Credits related to margin calls 0 0
6 Other claims on euro area credit institutions denominated in euro 79,618 995
7 Securities of euro area residents denominated in euro 2,271,448 13,922
  7.1 Securities held for monetary policy purposes 1,974,698 14,798
  7.2 Other securities 296,750 −876
8 General government debt denominated in euro 26,372 0
9 Other assets 237,602 538
Total assets 4,170,588 13,763
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 1,124,664 −394
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 1,766,310 −6,741
  2.1 Current accounts (covering the minimum reserve system) 1,165,598 −7,070
  2.2 Deposit facility 600,693 329
  2.3 Fixed-term deposits 0 0
  2.4 Fine-tuning reverse operations 0 0
  2.5 Deposits related to margin calls 18 0
3 Other liabilities to euro area credit institutions denominated in euro 10,828 −1,526
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 283,056 27,043
  5.1 General government 140,845 26,629
  5.2 Other liabilities 142,211 414
6 Liabilities to non-euro area residents denominated in euro 170,484 −4,717
7 Liabilities to euro area residents denominated in foreign currency 3,676 −424
8 Liabilities to non-euro area residents denominated in foreign currency 11,132 −257
  8.1 Deposits, balances and other liabilities 11,132 −257
  8.2 Liabilities arising from the credit facility under ERM II 0 0
9 Counterpart of special drawing rights allocated by the IMF 59,048 0
10 Other liabilities 227,166 845
11 Revaluation accounts 412,030 0
12 Capital and reserves 102,195 −67
Total liabilities 4,170,588 13,763

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