Consolidated financial statement of the Eurosystem as at 28 May 2010

1 June 2010

Items not related to monetary policy operations

In the week ending 28 May 2010 the decrease of EUR 3 million in gold and gold receivables (asset item 1) corresponded, first, to the sale of gold by one Eurosystem central bank (consistent with the Central Bank Gold Agreement that came in to effect on 27 September 2009) and, second, to the net sale of gold coin by another 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 4.3 billion to EUR 177.8 billion on account of customer and portfolio transactions and US dollar liquidity-providing operations (see below).

US dollar liquidity-providing transactions

On 27 May 2010, a seven-day operation of USD 5.4 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
27 May 2010 7-day US dollar liquidity-providing reverse transaction - USD 5.4 billion

The holdings by the Eurosystem of securities other than those held for monetary policy purposes (asset item 7.2) increased by EUR 0.9 billion to EUR 308.2 billion. Banknotes in circulation (liability item 1) increased by EUR 0.1 billion to EUR 804.7 billion. Liabilities to general government (liability item 5.1) increased by EUR 19.4 billion to EUR 137.7 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 69.2 billion to EUR 472.5 billion. On Wednesday, 26 May 2010, a main refinancing operation of EUR 104.8 billion matured and a new one of EUR 106 billion was settled. On the same date, deposits in an amount of EUR 16.5 billion matured and new deposits with a maturity of one week were collected in an amount of EUR 26.5 billion. On Thursday, 27 May 2010, a longer-term refinancing operation of EUR 10.2 billion matured and a new one of EUR 12.2 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.3 billion (compared with virtually nil in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 316.2 billion (compared with EUR 253.5 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 10.2 billion to EUR 90.0 billion as a result of settled purchases of EUR 8.8 billion under the Securities Markets Programme and of EUR 1.4 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 62.6 billion to EUR 183.7 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 286,692 −3
2 Claims on non-euro area residents denominated in foreign currency 212,274 525
2.1 Receivables from the IMF 69,524 −78
2.2 Balances with banks and security investments, external loans and other external assets 142,750 602
3 Claims on euro area residents denominated in foreign currency 33,743 3,945
4 Claims on non-euro area residents denominated in euro 18,061 −1,206
4.1 Balances with banks, security investments and loans 18,061 −1,206
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 815,138 3,449
5.1 Main refinancing operations 106,014 1,262
5.2 Longer-term refinancing operations 708,837 1,956
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 250 237
5.6 Credits related to margin calls 36 −6
6 Other claims on euro area credit institutions denominated in euro 40,414 553
7 Securities of euro area residents denominated in euro 398,211 11,096
7.1 Securities held for monetary policy purposes 90,010 10,213
7.2 Other securities 308,200 883
8 General government debt denominated in euro 35,576 −6
9 Other assets 248,343 129
Total assets 2,088,450 18,482
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 804,705 118
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 526,345 10,132
2.1 Current accounts (covering the minimum reserve system) 183,676 −62,563
2.2 Deposit facility 316,163 62,694
2.3 Fixed-term deposits 26,500 10,000
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 6 1
3 Other liabilities to euro area credit institutions denominated in euro 507 117
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 145,729 19,258
5.1 General government 137,714 19,446
5.2 Other liabilities 8,015 −188
6 Liabilities to non-euro area residents denominated in euro 48,506 −10,742
7 Liabilities to euro area residents denominated in foreign currency 2,051 −332
8 Liabilities to non-euro area residents denominated in foreign currency 13,142 523
8.1 Deposits, balances and other liabilities 13,142 523
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 167,914 −1,248
11 Revaluation accounts 249,205 0
12 Capital and reserves 77,313 656
Total liabilities 2,088,450 18,482

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