Consolidated financial statement of the Eurosystem as at 14 May 2010

18 May 2010

Items not related to monetary policy operations

In the week ending 14 May 2010 the decrease of EUR 1 million in gold and gold receivables (asset item 1) reflected the sale of gold coin by one Eurosystem 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 10.4 billion to EUR 180.3 billion on account of customer and portfolio transactions and a US dollar liquidity-providing operation (see below). In addition, the net position of the Eurosystem was affected by the application of the IMF’s Financial Transactions Plan (FTP), which distributes the financing of IMF arrangements among the IMF members included in the FTP. The FTP was applied to finance a stand-by arrangement decided upon by the IMF for the benefit of one European Union Member State on 9 May 2010. While IMF member countries are included in the FTP, their central banks act as their fiscal agents.

US dollar liquidity-providing transactions

Following the ECB’s announcement of the reactivation of its US dollar liquidity-providing operations in a press release of 10 May 2010, an eight-day operation of USD 9.2 billion was settled on 12 May 2010. This operation was conducted by the Eurosystem in connection with the temporary reciprocal currency arrangements (swap line) that the European Central Bank (ECB) has established with the Federal Reserve System.

The holdings by the Eurosystem of securities other than those held for monetary policy purposes (asset item 7.2) increased by EUR 0.1 billion to EUR 308.6 billion. Banknotes in circulation (liability item 1) increased by EUR 2.5 billion to EUR 805 billion. Liabilities to general government (liability item 5.1) increased by EUR 10.6 billion to EUR 109.2 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 103.1 billion to EUR 581.1 billion. On Wednesday, 12 May 2010, a main refinancing operation of EUR 90.3 billion matured and a new one of EUR 99.6 billion was settled. On the same date, a longer-term refinancing operation of EUR 15.7 billion matured and a new one of EUR 20.5 billion was settled. On Thursday, 13 May 2010, a longer-term refinancing operation of EUR 0.8 billion matured and a new one of EUR 35.7 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.2 billion (compared with EUR 2.4 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 225.6 billion (compared with EUR 282 billion in the preceding week).

As also announced on 10 May 2010, the Governing Council of the ECB has decided to conduct interventions in the euro area public and private debt securities markets (by way of its Securities Markets Programme) to ensure depth and liquidity in those market segments that are dysfunctional. Those purchases are recorded under asset item 7.1, s ecurities held for monetary policy purposes. The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 17 billion to EUR 68.7 billion due to settled purchases of EUR 16.3 billion under the Securities Markets Programme and of EUR 0.8 billion under the euro-denominated covered bond purchase programme.

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 129.6 billion to EUR 301.8 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 286,697 −1
2 Claims on non-euro area residents denominated in foreign currency 214,961 5,357
2.1 Receivables from the IMF 69,660 3,175
2.2 Balances with banks and security investments, external loans and other external assets 145,301 2,181
3 Claims on euro area residents denominated in foreign currency 35,173 6,413
4 Claims on non-euro area residents denominated in euro 16,446 −380
4.1 Balances with banks, security investments and loans 16,446 −380
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 806,663 46,686
5.1 Main refinancing operations 99,570 9,253
5.2 Longer-term refinancing operations 706,880 39,636
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 167 −2,215
5.6 Credits related to margin calls 45 12
6 Other claims on euro area credit institutions denominated in euro 36,688 2,741
7 Securities of euro area residents denominated in euro 377,311 17,127
7.1 Securities held for monetary policy purposes 68,692 17,044
7.2 Other securities 308,619 83
8 General government debt denominated in euro 35,576 0
9 Other assets 253,427 1,758
Total assets 2,062,943 79,701
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 805,040 2,455
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 527,411 73,235
2.1 Current accounts (covering the minimum reserve system) 301,800 129,638
2.2 Deposit facility 225,606 −56,407
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 5 3
3 Other liabilities to euro area credit institutions denominated in euro 572 −53
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 117,238 9,381
5.1 General government 109,164 10,580
5.2 Other liabilities 8,074 −1,199
6 Liabilities to non-euro area residents denominated in euro 45,563 −11,096
7 Liabilities to euro area residents denominated in foreign currency 3,447 661
8 Liabilities to non-euro area residents denominated in foreign currency 13,384 722
8.1 Deposits, balances and other liabilities 13,384 722
8.2 Liabilities arising from the credit facility under ERM II 0 0
9 Counterpart of special drawing rights allocated by the IMF 53,033 0
10 Other liabilities 171,392 4,395
11 Revaluation accounts 249,205 0
12 Capital and reserves 76,657 0
Total liabilities 2,062,943 79,701

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