Consolidated opening financial statement of the Eurosystem as at 1 January 2011 and Consolidated financial statement of the Eurosystem as at 7 January 2011
Consolidated opening financial statement of the Eurosystem as at 1 January 2011
Following the adoption of the euro by Estonia, Eesti Pank, the central bank of Estonia, joined the Eurosystem on 1 January 2011. As a consequence, the ECB is publishing a consolidated opening financial statement of the Eurosystem as at 1 January 2011, which includes the balance sheet figures of Eesti Pank. Items previously denominated in Estonian kroon have been moved from items “denominated in foreign currency” to items “denominated in euro”. Transactions and balances of accounts held with residents of Estonia have been moved from “non-euro area” balance sheet items to “euro area” items. Furthermore, the item capital and reserves (liability item 12) has increased in comparison with that in the consolidated weekly financial statement as at 31 December 2010 on account of the entry of Eesti Pank into the Eurosystem.
| Assets (EUR millions) | Balance | ||
|---|---|---|---|
| Totals/sub-totals may not add up, due to rounding | |||
| 1 | Gold and gold receivables | 367,411 | |
| 2 | Claims on non-euro area residents denominated in foreign currency | 224,128 | |
| 2.1 | Receivables from the IMF | 71,392 | |
| 2.2 | Balances with banks and security investments, external loans and other external assets | 152,735 | |
| 3 | Claims on euro area residents denominated in foreign currency | 26,947 | |
| 4 | Claims on non-euro area residents denominated in euro | 23,023 | |
| 4.1 | Balances with banks, security investments and loans | 23,023 | |
| 4.2 | Claims arising from the credit facility under ERM II | 0 | |
| 5 | Lending to euro area credit institutions related to monetary policy operations denominated in euro | 546,747 | |
| 5.1 | Main refinancing operations | 227,865 | |
| 5.2 | Longer-term refinancing operations | 298,217 | |
| 5.3 | Fine-tuning reverse operations | 20,623 | |
| 5.4 | Structural reverse operations | 0 | |
| 5.5 | Marginal lending facility | 25 | |
| 5.6 | Credits related to margin calls | 17 | |
| 6 | Other claims on euro area credit institutions denominated in euro | 45,885 | |
| 7 | Securities of euro area residents denominated in euro | 458,606 | |
| 7.1 | Securities held for monetary policy purposes | 134,829 | |
| 7.2 | Other securities | 323,778 | |
| 8 | General government debt denominated in euro | 34,954 | |
| 9 | Other assets | 278,768 | |
| Total assets | 2,006,469 | ||
| Liabilities (EUR millions) | Balance | ||
|---|---|---|---|
| Totals/sub-totals may not add up, due to rounding | |||
| 1 | Banknotes in circulation | 840,237 | |
| 2 | Liabilities to euro area credit institutions related to monetary policy operations denominated in euro | 378,918 | |
| 2.1 | Current accounts (covering the minimum reserve system) | 213,650 | |
| 2.2 | Deposit facility | 104,458 | |
| 2.3 | Fixed-term deposits | 60,784 | |
| 2.4 | Fine-tuning reverse operations | 0 | |
| 2.5 | Deposits related to margin calls | 27 | |
| 3 | Other liabilities to euro area credit institutions denominated in euro | 3,023 | |
| 4 | Debt certificates issued | 0 | |
| 5 | Liabilities to other euro area residents denominated in euro | 79,798 | |
| 5.1 | General government | 71,684 | |
| 5.2 | Other liabilities | 8,114 | |
| 6 | Liabilities to non-euro area residents denominated in euro | 47,588 | |
| 7 | Liabilities to euro area residents denominated in foreign currency | 1,995 | |
| 8 | Liabilities to non-euro area residents denominated in foreign currency | 14,346 | |
| 8.1 | Deposits, balances and other liabilities | 14,346 | |
| 8.2 | Liabilities arising from the credit facility under ERM II | 0 | |
| 9 | Counterpart of special drawing rights allocated by the IMF | 54,552 | |
| 10 | Other liabilities | 175,993 | |
| 11 | Revaluation accounts | 331,546 | |
| 12 | Capital and reserves | 78,473 | |
| Total liabilities | 2,006,469 | ||
Consolidated financial statement of the Eurosystem as at 7 January 2011 (compared with the consolidated opening financial statement of the Eurosystem as at 1 January 2011)
Items not related to monetary policy operations
In the week ending 7 January 2011 the increase of EUR 21 million in gold and gold receivables (asset item 1) mainly reflected the purchase of gold by Eesti Pank in order to cover its contribution to the foreign reserve assets of the ECB according to Article 30.1 and Article 48.1 of the Statute of the ESCB.
The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) increased by EUR 0.2 billion to EUR 180.3 billion on account of customer and portfolio transactions and US dollar liquidity-providing operations (see below).
| Value date | Type of transaction | Maturing amount | New amount |
| 6 January 2011 | 7-day US dollar liquidity-providing reverse transaction | USD 75 million | USD 70 million |
The liquidity-providing transactions were conducted by the Eurosystem in connection with the temporary reciprocal currency arrangement (swap line) 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 0.3 billion to EUR 323.5 billion. Banknotes in circulation (liability item 1) decreased by EUR 5.4 billion to EUR 834.8 billion. Liabilities to general government (liability item 5.1) increased by EUR 9.9 billion to EUR 81.6 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 43.2 billion to EUR 338.3 billion. On Wednesday, 5 January 2011, a main refinancing operation of EUR 227.9 billion matured and a new one of EUR 195.7 billion was settled. Also on Wednesday, 5 January 2011, a liquidity-providing fine-tuning operation of EUR 20.6 billion, with a maturity of 13 days, matured. On the same day, fixed-term deposits in an amount of EUR 60.8 billion matured and new deposits were collected in an amount of EUR 73.5 billion, with a maturity of one week.
Recourse to the marginal lending facility (asset item 5.5) was virtually nil (approximately the same as on 1 January 2011), while recourse to the deposit facility (liability item 2.2) was EUR 81 billion (compared with EUR 104.5 billion on 1 January 2011).
The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 0.1 billion to EUR 134.9 billion. This increase was due to the net result of settled purchases under the Securities Markets Programme and the maturity of securities under the covered bond purchase programme. Therefore, in the week ending 7 January 2011 the value of the accumulated purchases under the Securities Markets Programme and that of the portfolio held under the covered bond purchase programme totalled EUR 74.1 billion and EUR 60.8 billion respectively. Both portfolios are accounted for on a held-to-maturity basis.
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 36.8 billion to EUR 176.9 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 | 367,432 | 21 | |
| 2 | Claims on non-euro area residents denominated in foreign currency | 225,011 | 883 | |
| 2.1 | Receivables from the IMF | 71,395 | 3 | |
| 2.2 | Balances with banks and security investments, external loans and other external assets | 153,616 | 881 | |
| 3 | Claims on euro area residents denominated in foreign currency | 26,770 | −177 | |
| 4 | Claims on non-euro area residents denominated in euro | 19,343 | −3,681 | |
| 4.1 | Balances with banks, security investments and loans | 19,343 | −3,681 | |
| 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 | 493,963 | −52,785 | |
| 5.1 | Main refinancing operations | 195,691 | −32,174 | |
| 5.2 | Longer-term refinancing operations | 298,217 | 0 | |
| 5.3 | Fine-tuning reverse operations | 0 | −20,623 | |
| 5.4 | Structural reverse operations | 0 | 0 | |
| 5.5 | Marginal lending facility | 45 | 20 | |
| 5.6 | Credits related to margin calls | 9 | −8 | |
| 6 | Other claims on euro area credit institutions denominated in euro | 46,845 | 960 | |
| 7 | Securities of euro area residents denominated in euro | 458,435 | −171 | |
| 7.1 | Securities held for monetary policy purposes | 134,927 | 98 | |
| 7.2 | Other securities | 323,508 | −270 | |
| 8 | General government debt denominated in euro | 34,954 | 0 | |
| 9 | Other assets | 293,142 | 14,374 | |
| Total assets | 1,965,895 | −40,574 | ||
| 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 | 834,831 | −5,406 | |
| 2 | Liabilities to euro area credit institutions related to monetary policy operations denominated in euro | 332,504 | −46,414 | |
| 2.1 | Current accounts (covering the minimum reserve system) | 176,862 | −36,787 | |
| 2.2 | Deposit facility | 80,965 | −23,493 | |
| 2.3 | Fixed-term deposits | 73,500 | 12,717 | |
| 2.4 | Fine-tuning reverse operations | 0 | 0 | |
| 2.5 | Deposits related to margin calls | 1,176 | 1,149 | |
| 3 | Other liabilities to euro area credit institutions denominated in euro | 2,295 | −728 | |
| 4 | Debt certificates issued | 0 | 0 | |
| 5 | Liabilities to other euro area residents denominated in euro | 89,316 | 9,518 | |
| 5.1 | General government | 81,562 | 9,878 | |
| 5.2 | Other liabilities | 7,753 | −360 | |
| 6 | Liabilities to non-euro area residents denominated in euro | 43,589 | −3,999 | |
| 7 | Liabilities to euro area residents denominated in foreign currency | 2,152 | 157 | |
| 8 | Liabilities to non-euro area residents denominated in foreign currency | 14,740 | 395 | |
| 8.1 | Deposits, balances and other liabilities | 14,740 | 395 | |
| 8.2 | Liabilities arising from the credit facility under ERM II | 0 | 0 | |
| 9 | Counterpart of special drawing rights allocated by the IMF | 54,552 | 0 | |
| 10 | Other liabilities | 181,898 | 5,905 | |
| 11 | Revaluation accounts | 331,545 | 0 | |
| 12 | Capital and reserves | 78,473 | 0 | |
| Total liabilities | 1,965,895 | −40,574 | ||
European Central Bank
Directorate General Communications
- Sonnemannstrasse 20
- 60314 Frankfurt am Main, Germany
- +49 69 1344 7455
- media@ecb.europa.eu
Reproduction is permitted provided that the source is acknowledged.
Media contacts