Consolidated financial statement of the Eurosystem as at 30 December 2016

4 January 2017

Items not related to monetary policy operations

In the week ending 30 December 2016 the decrease of EUR 30.6 billion in gold and gold receivables (asset item 1) reflected quarterly revaluation adjustments, as well as a technical adjustment amounting to EUR 1 million, carried out by one Eurosystem national central bank.

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) increased by EUR 8.6 billion to EUR 286.4 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.

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 2 billion to EUR 320.9 billion. Banknotes in circulation (liability item 1) fell by EUR 0.5 billion to EUR 1,126.2 billion. Liabilities to general government (liability item 5.1) decreased by EUR 18.2 billion to EUR 114.9 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 4.7 billion to EUR 171.6 billion. On Wednesday, 28 December 2016, a main refinancing operation (asset item 5.1) of EUR 32.9 billion matured and a new one of EUR 39.1 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 0.4 billion in the preceding week), while recourse to the deposit facility (liability item 2.2) was EUR 424.2 billion (compared with EUR 422.9 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) decreased by EUR 5.4 billion to EUR 1,654 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 December 2016 Difference compared with 23 December 2016 – purchases Difference compared with 23 December 2016 – redemptions Difference compared with 23 December 2016 – quarter-end adjustments
Covered bond purchase programme 1 EUR 12.8 billion - - -EUR 0.0 billion
Covered bond purchase programme 2 EUR 6.9 billion - - +EUR 0.0 billion
Covered bond purchase programme 3 EUR 203.5 billion +EUR 0.0 billion - -EUR 0.6 billion
Asset-backed securities purchase programme EUR 22.8 billion - -EUR 0.2 billion -EUR 0.0 billion
Corporate sector purchase programme EUR 51.1 billion +EUR 0.0 billion - -EUR 0.2 billion
Public sector purchase programme EUR 1,254.6 billion +EUR 0.0 billion - -EUR 4.8 billion
Securities Markets Programme EUR 102.3 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 41.9 billion to EUR 889 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 December 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 1,098.046 per fine oz.

USD: 1.0541 per EUR

JPY: 123.4 per EUR

Special drawing rights: EUR 1.2746 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 382,061 1 −30,575
2 Claims on non-euro area residents denominated in foreign currency 327,854 1,607 8,476
  2.1 Receivables from the IMF 78,752 23 1,600
  2.2 Balances with banks and security investments, external loans and other external assets 249,102 1,584 6,876
3 Claims on euro area residents denominated in foreign currency 30,719 −5,584 769
4 Claims on non-euro area residents denominated in euro 19,082 890 −80
  4.1 Balances with banks, security investments and loans 19,082 890 −80
  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 595,873 6,073 0
  5.1 Main refinancing operations 39,131 6,254 0
  5.2 Longer-term refinancing operations 556,570 0 0
  5.3 Fine-tuning reverse operations 0 0 0
  5.4 Structural reverse operations 0 0 0
  5.5 Marginal lending facility 172 −181 0
  5.6 Credits related to margin calls 0 0 0
6 Other claims on euro area credit institutions denominated in euro 69,104 −2,554 0
7 Securities of euro area residents denominated in euro 1,974,899 404 −7,845
  7.1 Securities held for monetary policy purposes 1,654,026 −174 −5,271
  7.2 Other securities 320,873 578 −2,574
8 General government debt denominated in euro 26,460 −2 25
9 Other assets 236,847 −3,201 8,789
Total assets 3,662,901 −2,367 −20,441
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 1,126,216 −521 0
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 1,313,264 −40,520 0
  2.1 Current accounts (covering the minimum reserve system) 888,988 −41,875 0
  2.2 Deposit facility 424,208 1,335 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 69 20 0
3 Other liabilities to euro area credit institutions denominated in euro 9,427 611 0
4 Debt certificates issued 0 0 0
5 Liabilities to other euro area residents denominated in euro 220,760 −17,255 −1
  5.1 General government 114,880 −18,193 −2
  5.2 Other liabilities 105,880 939 1
6 Liabilities to non-euro area residents denominated in euro 205,678 59,985 4
7 Liabilities to euro area residents denominated in foreign currency 3,644 −3,640 292
8 Liabilities to non-euro area residents denominated in foreign currency 9,301 −1,317 188
  8.1 Deposits, balances and other liabilities 9,301 −1,317 188
  8.2 Liabilities arising from the credit facility under ERM II 0 0 0
9 Counterpart of special drawing rights allocated by the IMF 59,263 0 1,131
10 Other liabilities 221,402 290 2,074
11 Revaluation accounts 394,418 0 −24,128
12 Capital and reserves 99,527 0 0
Total liabilities 3,662,901 −2,367 −20,441

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