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Consolidated financial statement of the Eurosystem as at 28 November 2014

2 December 2014

Items not related to monetary policy operations

In the week ending 28 November 2014 gold and gold receivables (asset item 1) decreased by EUR 2 million owing to the sale of gold by two Eurosystem central banks.

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) increased by EUR 1.1 billion to EUR 230.1 billion on account of customer and portfolio transactions.

In the past week the Eurosystem has not conducted 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) increased by EUR 1.6 billion to EUR 366.1 billion. Banknotes in circulation (liability item 1) increased by EUR 5.9 billion to EUR 981 billion. Liabilities to general government (liability item 5.1) decreased by EUR 28.6 billion to EUR 56.1 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) increased by EUR 1 billion to EUR 478 billion. On Wednesday, 26 November 2014, a main refinancing operation of EUR 102.6 billion matured and a new one of EUR 114.3 billion, with a maturity of one week, was settled.

During the week, a longer-term refinancing operation of EUR 7.2 billion matured and a new one of EUR 18.3 billion was settled, while EUR 8.6 billion of longer-term refinancing operations was repaid before maturity.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.7 billion (compared with virtually nil in the preceding week), while recourse to the deposit facility (liability item 2.2) was EUR 35.8 billion (compared with EUR 22 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 5.2 billion to EUR 204.2 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 28 November 2014 Difference compared with last week - Purchases Difference compared with last week - Redemptions
Covered bond purchase programme 1 EUR 29.3 billion - -
Covered bond purchase programme 2 EUR 12.8 billion - EUR 0.2 billion
Covered bond purchase programme 3 EUR 17.8 billion EUR 5.1 billion -
Asset-Backed Securities Purchase Programme EUR 0.4 billion EUR 0.4 billion -
Securities Markets Programme EUR 143.9 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 32.7 billion to EUR 208.3 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 334,530 −2
2 Claims on non-euro area residents denominated in foreign currency 264,250 −199
2.1 Receivables from the IMF 83,603 0
2.2 Balances with banks and security investments, external loans and other external assets 180,646 −199
3 Claims on euro area residents denominated in foreign currency 28,764 700
4 Claims on non-euro area residents denominated in euro 18,668 −1,033
4.1 Balances with banks, security investments and loans 18,668 −1,033
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 513,786 14,822
5.1 Main refinancing operations 114,304 11,716
5.2 Longer-term refinancing operations 398,800 2,560
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 682 679
5.6 Credits related to margin calls 0 −133
6 Other claims on euro area credit institutions denominated in euro 58,112 −2,844
7 Securities of euro area residents denominated in euro 570,243 6,802
7.1 Securities held for monetary policy purposes 204,161 5,197
7.2 Other securities 366,082 1,605
8 General government debt denominated in euro 26,727 0
9 Other assets 238,812 2,482
Total assets 2,053,892 20,727
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 981,008 5,873
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 244,076 46,497
2.1 Current accounts (covering the minimum reserve system) 208,255 32,718
2.2 Deposit facility 35,817 13,794
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 4 −15
3 Other liabilities to euro area credit institutions denominated in euro 4,720 −31
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 92,300 −28,456
5.1 General government 56,098 −28,586
5.2 Other liabilities 36,202 130
6 Liabilities to non-euro area residents denominated in euro 39,859 −1,281
7 Liabilities to euro area residents denominated in foreign currency 1,113 −6
8 Liabilities to non-euro area residents denominated in foreign currency 6,288 −562
8.1 Deposits, balances and other liabilities 6,288 −562
8.2 Liabilities arising from the credit facility under ERM II 0 0
9 Counterpart of special drawing rights allocated by the IMF 55,494 0
10 Other liabilities 219,484 −7
11 Revaluation accounts 315,537 0
12 Capital and reserves 94,013 −1,300
Total liabilities 2,053,892 20,727
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