Consolidated financial statement of the Eurosystem as at 20 August 2010

Items not related to monetary policy operations

In the week ending 20 August 2010 gold and gold receivables (asset item 1) remained unchanged.

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) decreased by EUR 0.1 billion to EUR 191.2 billion on account of customer and portfolio transactions and US dollar liquidity-providing transactions (see below).

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 securities other than those held for monetary policy purposes (asset item 7.2) increased by EUR 0.2 billion to EUR 298.5 billion. Banknotes in circulation (liability item 1) decreased by EUR 4.2 billion to EUR 815.7 billion. Liabilities to general government (liability item 5.1) increased by EUR 5.8 billion to EUR 79 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 17.1 billion to EUR 452.6 billion. On Wednesday, 18 August 2010, a main refinancing operation of EUR 153.7 billion matured and a new one of EUR 155.2 billion was settled. On the same date, fixed-term deposits in an amount of EUR 60.5 billion matured and new deposits were collected in an amount of EUR 60.5 billion, with a maturity of one week.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.3 billion (approximately the same as in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 74.2 billion (compared with EUR 55.6 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 327 million to EUR 121.8 billion. This is due to settled purchases of nearly EUR 338 million under the Securities Markets Programme which more than offset maturing bonds of EUR 10 million that were acquired 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 17.9 billion to EUR 237.6 billion.