Consolidated financial statement of the Eurosystem as at 30 December 2016
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
|Totals/sub-totals may not add up, due to rounding|
|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|
|8||General government debt denominated in euro||26,460||−2||25|
|Liabilities (EUR millions)||Balance||Difference compared with last week due to
|Totals/sub-totals may not add up, due to rounding|
|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|
|2.4||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|
|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|
|12||Capital and reserves||99,527||0||0|