Consolidated financial statement of the Eurosystem as at 31 March 2017

5 April 2017

Items not related to monetary policy operations

In the week ending 31 March 2017 the increase of EUR 22.1 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) increased by EUR 1.8 billion to EUR 284.7 billion. This change was due to the customer and portfolio transactions, which more than offset a decrease of EUR 1.4 billion owing to the effects of the quarterly revaluation of assets and liabilities.

US dollar liquidity operations

Value date Type of transaction Maturing amount New amount
30 March 2017 7-day US dollar liquidity-providing reverse transaction USD 1.0 billion USD 4.5 billion

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 4.1 billion to EUR 305.7 billion. Banknotes in circulation (liability item 1) increased by EUR 3.3 billion to EUR 1,114.5 billion. Liabilities to general government (liability item 5.1) decreased by EUR 42.6 billion to EUR 178.9 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 122.3 billion to EUR 200.2 billion. On Wednesday, 29 March 2017, a main refinancing operation (asset item 5.1) of EUR 32.7 billion matured and a new one of EUR 14.8 billion, with a maturity of one week, was settled.

During the week, a longer-term refinancing operation (asset item 5.2) of EUR 2.7 billion matured and a new one of EUR 1.3 billion was settled. In addition, EUR 16.7 billion provided under the first series of targeted longer-term refinancing operations (TLTRO-I) was repaid before maturity. Moreover, the fourth tender in the second series of targeted longer-term refinancing operations (TLTRO-II), amounting to EUR 233.5 billion and with a maturity of 1,456 days, was settled.

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 584 billion (compared with EUR 508.9 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 8.4 billion to EUR 1,887.1 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 31 March 2017 Weekly change – purchases Weekly change – redemptions Weekly change – quarter-end adjustments
Covered bond purchase programme 1 EUR 9.6 billion - -EUR 0.5 billion -EUR 0.0 billion
Covered bond purchase programme 2 EUR 6.1 billion - -EUR 0.2 billion +EUR 0.0 billion
Covered bond purchase programme 3 EUR 214.4 billion +EUR 0.4 billion -EUR 0.6 billion -EUR 0.6 billion
Asset-backed securities purchase programme EUR 24.2 billion +EUR 0.5 billion -EUR 0.3 billion -EUR 0.0 billion
Corporate sector purchase programme EUR 75.5 billion +EUR 1.9 billion -EUR 0.0 billion -EUR 0.2 billion
Public sector purchase programme EUR 1,457.7 billion +EUR 13.4 billion -EUR 0.3 billion -EUR 5.4 billion
Securities Markets Programme EUR 99.7 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) increased by EUR 102.3 billion to EUR 1,048.5 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 March 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 1,161.631 per fine oz.

USD: 1.0691 per EUR

JPY: 119.55 per EUR

Special drawing rights: EUR 1.27 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 404,188 0 22,127
2 Claims on non-euro area residents denominated in foreign currency 323,354 −1,616 −1,415
  2.1 Receivables from the IMF 77,550 −8 −286
  2.2 Balances with banks and security investments, external loans and other external assets 245,804 −1,608 −1,128
3 Claims on euro area residents denominated in foreign currency 33,872 1,311 −277
4 Claims on non-euro area residents denominated in euro 20,203 788 −38
  4.1 Balances with banks, security investments and loans 20,203 788 −38
  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 784,224 197,408 0
  5.1 Main refinancing operations 14,755 −17,927 0
  5.2 Longer-term refinancing operations 769,185 215,376 0
  5.3 Fine-tuning reverse operations 0 0 0
  5.4 Structural reverse operations 0 0 0
  5.5 Marginal lending facility 285 −40 0
  5.6 Credits related to margin calls 0 0 0
6 Other claims on euro area credit institutions denominated in euro 69,774 −12,724 0
7 Securities of euro area residents denominated in euro 2,192,838 13,093 −8,798
  7.1 Securities held for monetary policy purposes 1,887,124 14,336 −5,911
  7.2 Other securities 305,713 −1,243 −2,887
8 General government debt denominated in euro 26,372 −6 −32
9 Other assets 245,905 9,920 3,950
Total assets 4,100,730 208,176 15,517
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 1,114,454 3,258 0
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 1,632,524 177,396 0
  2.1 Current accounts (covering the minimum reserve system) 1,048,498 102,276 0
  2.2 Deposit facility 584,014 75,115 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 12 6 0
3 Other liabilities to euro area credit institutions denominated in euro 15,142 1,078 0
4 Debt certificates issued 0 0 0
5 Liabilities to other euro area residents denominated in euro 304,809 −36,064 0
  5.1 General government 178,894 −42,606 0
  5.2 Other liabilities 125,915 6,542 0
6 Liabilities to non-euro area residents denominated in euro 218,774 65,318 −16
7 Liabilities to euro area residents denominated in foreign currency 3,043 −1,889 −82
8 Liabilities to non-euro area residents denominated in foreign currency 10,393 −1,668 36
  8.1 Deposits, balances and other liabilities 10,393 −1,668 36
  8.2 Liabilities arising from the credit facility under ERM II 0 0 0
9 Counterpart of special drawing rights allocated by the IMF 59,048 0 −215
10 Other liabilities 229,421 258 −1,819
11 Revaluation accounts 412,030 0 17,613
12 Capital and reserves 101,091 489 0
Total liabilities 4,100,730 208,176 15,517

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