Consolidated financial statement of the Eurosystem as at 30 June 2017

5 July 2017

Items not related to monetary policy operations

In the week ending 30 June 2017 the decrease of EUR 25 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 13.4 billion to EUR 264.4 billion. This change was due to the effects of the quarterly revaluation of assets and liabilities, which more than offset the increase owing to customer and portfolio transactions.

US dollar liquidity operations

Value date

Type of transaction

Maturing amount

New amount

29 June 2017

7-day US dollar liquidity-providing reverse transaction

USD 35 million

USD 3,060 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 0.5 billion to EUR 294.2 billion. Banknotes in circulation (liability item 1) rose by EUR 5.6 billion to EUR 1,136.9 billion. Liabilities to general government (liability item 5.1) decreased by EUR 48.9 billion to EUR 210.1 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) decreased by EUR 40.1 billion to EUR 162.2 billion. On Wednesday, 28 June 2017, a main refinancing operation (asset item 5.1) of EUR 11.5 billion matured and a new one of EUR 11.6 billion, with a maturity of one week, was settled.

During the week, a longer-term refinancing operation (asset item 5.2) of EUR 1.3 billion matured and a new one of EUR 2.7 billion was settled. In addition, EUR 1.8 billion provided under the first series of targeted longer-term refinancing operations (TLTRO-I) was repaid before maturity.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.3 billion (approximately the same as in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 617 billion (compared with EUR 577.2 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 6 billion to EUR 2,064.4 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 June 2017

Weekly change – purchases

Weekly change – redemptions

Weekly change – quarter-end adjustments

Covered bond purchase programme 1

EUR 7.6 billion

-

-EUR 0.2 billion

-EUR 0.0 billion

Covered bond purchase programme 2

EUR 5.4 billion

-

-EUR 0.0 billion

+EUR 0.0 billion

Covered bond purchase programme 3

EUR 222.6 billion

+EUR 1.1 billion

-EUR 0.8 billion

-EUR 0.6 billion

Asset-backed securities purchase programme

EUR 24.1 billion

+EUR 1.0 billion

-EUR 0.5 billion

-EUR 0.0 billion

Corporate sector purchase programme

EUR 96.6 billion

+EUR 1.6 billion

-EUR 0.0 billion

-EUR 0.2 billion

Public sector purchase programme

EUR 1,609.3 billion

+EUR 10.5 billion

-EUR 0.4 billion

-EUR 5.7 billion

Securities Markets Programme

EUR 98.7 billion

-

-

+EUR 0.2 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 52 billion to EUR 1,106 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 June 2017 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 1,089.905 per fine oz.

USD: 1.1412 per EUR

JPY: 127.75 per EUR

CNY: 7.7385 per EUR

Special drawing rights: EUR 1.2196 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 379,091 0 −24,959
2 Claims on non-euro area residents denominated in foreign currency 304,774 612 −17,465
  2.1 Receivables from the IMF 74,388 −71 −3,128
  2.2 Balances with banks and security investments, external loans and other external assets 230,386 683 −14,337
3 Claims on euro area residents denominated in foreign currency 31,219 2,479 −2,003
4 Claims on non-euro area residents denominated in euro 17,961 −473 −40
  4.1 Balances with banks, security investments and loans 17,961 −473 −40
  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 779,252 −378 0
  5.1 Main refinancing operations 11,636 116 0
  5.2 Longer-term refinancing operations 767,314 −456 0
  5.3 Fine-tuning reverse operations 0 0 0
  5.4 Structural reverse operations 0 0 0
  5.5 Marginal lending facility 302 −38 0
  5.6 Credits related to margin calls 0 0 0
6 Other claims on euro area credit institutions denominated in euro 70,918 −2,140 0
7 Securities of euro area residents denominated in euro 2,358,609 12,074 −5,549
  7.1 Securities held for monetary policy purposes 2,064,420 12,334 −6,325
  7.2 Other securities 294,190 −260 777
8 General government debt denominated in euro 25,788 −470 −114
9 Other assets 241,897 684 1,100
Total assets 4,209,510 12,389 −49,028
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 1,136,879 5,566 0
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 1,723,077 −12,258 0
  2.1 Current accounts (covering the minimum reserve system) 1,106,050 −52,026 0
  2.2 Deposit facility 616,974 39,740 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 53 28 0
3 Other liabilities to euro area credit institutions denominated in euro 9,195 1,498 0
4 Debt certificates issued 0 0 0
5 Liabilities to other euro area residents denominated in euro 347,586 −53,172 5
  5.1 General government 210,129 −48,930 5
  5.2 Other liabilities 137,457 −4,242 0
6 Liabilities to non-euro area residents denominated in euro 222,540 70,471 −27
7 Liabilities to euro area residents denominated in foreign currency 4,107 1,288 −182
8 Liabilities to non-euro area residents denominated in foreign currency 10,801 −1,068 −628
  8.1 Deposits, balances and other liabilities 10,801 −1,068 −628
  8.2 Liabilities arising from the credit facility under ERM II 0 0 0
9 Counterpart of special drawing rights allocated by the IMF 56,705 0 −2,343
10 Other liabilities 224,408 63 −5,736
11 Revaluation accounts 371,913 0 −40,117
12 Capital and reserves 102,299 0 0
Total liabilities 4,209,510 12,389 −49,028

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