Consolidated financial statement of the Eurosystem as at 21 May 2010

25 May 2010

Items not related to monetary policy operations

In the week ending 21 May 2010 the net decrease of EUR 2 million in gold and gold receivables (asset item 1) reflected the trading of gold coin 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) decreased by EUR 6.8 billion to EUR 173.5 billion on account of customer and portfolio transactions and US dollar liquidity-providing operations (see below).

US dollar liquidity-providing transactions

On 20 May 2010, an eight-day operation of USD 9.2 billion matured. On the same date, an 84-day operation of USD 1 billion was settled. 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.

Value date Type of transaction Maturing amount New amount
20 May 2010 8-day US dollar liquidity-providing reverse transaction USD  9.2 billion
84-day US dollar liquidity-providing reverse transaction USD  1 billion

The holdings by the Eurosystem of securities other than those held for monetary policy purposes (asset item 7.2) decreased by EUR 1.3 billion to EUR 307.3 billion. Banknotes in circulation (liability item 1) decreased by EUR 0.5 billion to EUR 804.6 billion. Liabilities to general government (liability item 5.1) increased by EUR 9.1 billion to EUR 118.3 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 39.3 billion to EUR 541.7 billion. On Wednesday, 19 May 2010, a main refinancing operation of EUR 99.6 billion matured and a new one of EUR 104.8 billion was settled. On the same date, deposits with a maturity of one week were collected in an amount of EUR 16.5 billion.

Recourse to the marginal lending facility (asset item 5.5) was virtually nil (compared with EUR 0.2 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 253.5 billion (compared with EUR 225.6 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 11.1 billion to EUR 79.8 billion as a result of settled purchases of EUR 10.4 billion under the Securities Markets Programme and of EUR 0.7 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) decreased by EUR 55.6 billion to EUR 246.2 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 286,696 −2
2 Claims on non-euro area residents denominated in foreign currency 211,749 −3,212
2.1 Receivables from the IMF 69,602 −58
2.2 Balances with banks and security investments, external loans and other external assets 142,147 −3,154
3 Claims on euro area residents denominated in foreign currency 29,798 −5,376
4 Claims on non-euro area residents denominated in euro 19,267 2,821
4.1 Balances with banks, security investments and loans 19,267 2,821
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 811,688 5,026
5.1 Main refinancing operations 104,752 5,182
5.2 Longer-term refinancing operations 706,881 1
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 13 −154
5.6 Credits related to margin calls 42 −3
6 Other claims on euro area credit institutions denominated in euro 39,861 3,173
7 Securities of euro area residents denominated in euro 387,114 9,803
7.1 Securities held for monetary policy purposes 79,797 11,105
7.2 Other securities 307,317 −1,302
8 General government debt denominated in euro 35,582 5
9 Other assets 248,214 −5,213
Total assets 2,069,968 7,025
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 804,587 −453
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 516,213 −11,199
2.1 Current accounts (covering the minimum reserve system) 246,239 −55,562
2.2 Deposit facility 253,469 27,863
2.3 Fixed-term deposits 16,500 16,500
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 5 0
3 Other liabilities to euro area credit institutions denominated in euro 390 −182
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 126,471 9,233
5.1 General government 118,268 9,104
5.2 Other liabilities 8,202 129
6 Liabilities to non-euro area residents denominated in euro 59,248 13,685
7 Liabilities to euro area residents denominated in foreign currency 2,383 −1,063
8 Liabilities to non-euro area residents denominated in foreign currency 12,619 −765
8.1 Deposits, balances and other liabilities 12,619 −765
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 169,162 −2,230
11 Revaluation accounts 249,205 0
12 Capital and reserves 76,657 0
Total liabilities 2,069,968 7,025

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