Consolidated financial statement of the Eurosystem as at 17 September 2010

21 September 2010

Items not related to monetary policy operations

In the week ending 17 September 2010 the decrease of EUR  22 million in gold and gold receivables (asset item 1) was due to the sale of gold by one Eurosystem central bank (consistent with the Central Bank Gold Agreement) for the issuance of commemorative gold coins.

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) increased by EUR 0.5 billion to EUR 191.6 billion on account of customer and portfolio transactions and US dollar liquidity-providing transactions (see below).

Extraordinary transactions
Value date Type of transaction Maturing amount New amount
16 September 2010 7-day US dollar liquidity-providing reverse transaction USD 60 million USD 60 million

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 1.7 billion to EUR 305.7 billion. Banknotes in circulation (liability item 1) decreased by EUR 1.7 billion to EUR 814.2 billion. Liabilities to general government (liability item 5.1) fell by EUR 3.6 billion to EUR 89.4 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 15.6 billion to EUR 466.4 billion. On Wednesday, 15 September 2010, a main refinancing operation of EUR 153.7 billion matured and a new one of EUR 151.6 billion was settled. On the same day, fixed-term deposits in an amount of EUR 61 billion matured and new deposits were collected in an amount of EUR 61 billion, with a maturity of one week.

Recourse to the marginal lending facility (asset item 5.5) was virtually nil (compared with EUR 1 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 61.6 billion (compared with EUR 49.1 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 323 million to EUR 122.7 billion as a result of settled purchases under the Securities Markets Programme. Therefore, in the week ending 17 September 2010 the value of the portfolio held under the Securities Markets Programme and that of the portfolio held under the covered bond purchase programme totalled EUR 61.6 billion and EUR 61.1 billion respectively.

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 9.1 billion to EUR 252.3 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 351,948 −22
2 Claims on non-euro area residents denominated in foreign currency 236,452 −273
2.1 Receivables from the IMF 73,987 516
2.2 Balances with banks and security investments, external loans and other external assets 162,465 −790
3 Claims on euro area residents denominated in foreign currency 28,234 74
4 Claims on non-euro area residents denominated in euro 17,489 −321
4.1 Balances with banks, security investments and loans 17,489 −321
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 589,092 −3,107
5.1 Main refinancing operations 151,574 −2,080
5.2 Longer-term refinancing operations 437,465 0
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 0 −1,024
5.6 Credits related to margin calls 52 −3
6 Other claims on euro area credit institutions denominated in euro 30,016 −697
7 Securities of euro area residents denominated in euro 428,341 2,045
7.1 Securities held for monetary policy purposes 122,676 323
7.2 Other securities 305,665 1,722
8 General government debt denominated in euro 35,041 0
9 Other assets 253,868 −471
Total assets 1,970,482 −2,773
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 814,211 −1,740
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 374,964 3,428
2.1 Current accounts (covering the minimum reserve system) 252,295 −9,108
2.2 Deposit facility 61,594 12,523
2.3 Fixed-term deposits 61,000 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 75 13
3 Other liabilities to euro area credit institutions denominated in euro 1,644 −76
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 96,494 −3,267
5.1 General government 89,354 −3,572
5.2 Other liabilities 7,140 305
6 Liabilities to non-euro area residents denominated in euro 40,102 378
7 Liabilities to euro area residents denominated in foreign currency 1,000 29
8 Liabilities to non-euro area residents denominated in foreign currency 15,386 −733
8.1 Deposits, balances and other liabilities 15,386 −733
8.2 Liabilities arising from the credit facility under ERM II 0 0
9 Counterpart of special drawing rights allocated by the IMF 56,711 0
10 Other liabilities 162,961 −792
11 Revaluation accounts 328,818 0
12 Capital and reserves 78,191 0
Total liabilities 1,970,482 −2,773

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