Consolidated financial statement of the Eurosystem as at 10 December 2010

14 December 2010

Items not related to monetary policy operations

In the week ending 10 December 2010 the decrease of EUR 29 million in gold and gold receivables (asset item 1) reflected the sale of gold by one Eurosystem central bank (consistent with the Central Bank Gold Agreement that came into effect on 27 September 2009).

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) decreased by EUR 0.4 billion to EUR 176.4 billion on account of customer and portfolio transactions and US dollar liquidity-providing operations (see below).

Extraordinary operations
Value date Type of transaction Maturing amount New amount
9 December 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 marketable securities other than those held for monetary policy purposes (asset item 7.2) increased by EUR 0.9 billion to EUR 321.4 billion. Banknotes in circulation (liability item 1) increased by EUR 4 billion to EUR 828.5 billion. Liabilities to general government (liability item 5.1) increased by EUR 4.8 billion to EUR 96.6 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 80.5 billion to EUR 454.2 billion. On Wednesday, 8 December 2010, a main refinancing operation of EUR 179.7 billion matured and a new one of EUR 197.3 billion was settled. On the same day, a longer-term refinancing operation of EUR 63.6 billion matured and a new one of EUR 68.1 billion was settled. Also on Wednesday, 8 December 2010, fixed-term deposits in an amount of EUR 67 billion matured and new deposits were collected in an amount of EUR 69 billion, with a maturity of one week.

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 2.7 billion to EUR 132.8 billion as a result of settled purchases under the Securities Markets Programme. Therefore, in the week ending 10 December 2010 the value of the accumulated purchases under the Securities Markets Programme and that of the portfolio held under the covered bond purchase programme totalled EUR 71.8 billion and EUR 60.9 billion respectively. Both portfolios are accounted for on a held-to-maturity basis.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.6 billion (compared with EUR 0.9 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 24.1 billion (compared with EUR 84.8 billion in the preceding week).

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 82.2 billion to EUR 268.1 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 334,383 −29
2 Claims on non-euro area residents denominated in foreign currency 220,092 824
2.1 Receivables from the IMF 69,555 −72
2.2 Balances with banks and security investments, external loans and other external assets 150,537 896
3 Claims on euro area residents denominated in foreign currency 24,803 152
4 Claims on non-euro area residents denominated in euro 20,260 678
4.1 Balances with banks, security investments and loans 20,260 678
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 547,560 21,768
5.1 Main refinancing operations 197,283 17,589
5.2 Longer-term refinancing operations 349,674 4,449
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 597 −268
5.6 Credits related to margin calls 5 −2
6 Other claims on euro area credit institutions denominated in euro 33,941 961
7 Securities of euro area residents denominated in euro 454,180 3,531
7.1 Securities held for monetary policy purposes 132,753 2,667
7.2 Other securities 321,427 864
8 General government debt denominated in euro 34,977 0
9 Other assets 281,466 −354
Total assets 1,951,661 27,531
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 828,472 3,950
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 361,438 23,518
2.1 Current accounts (covering the minimum reserve system) 268,096 82,249
2.2 Deposit facility 24,100 −60,750
2.3 Fixed-term deposits 69,000 2,000
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 242 19
3 Other liabilities to euro area credit institutions denominated in euro 3,673 −6,449
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 104,482 5,000
5.1 General government 96,602 4,817
5.2 Other liabilities 7,880 182
6 Liabilities to non-euro area residents denominated in euro 43,601 −227
7 Liabilities to euro area residents denominated in foreign currency 1,103 −690
8 Liabilities to non-euro area residents denominated in foreign currency 13,716 2,088
8.1 Deposits, balances and other liabilities 13,716 2,088
8.2 Liabilities arising from the credit facility under ERM II 0 0
9 Counterpart of special drawing rights allocated by the IMF 53,665 0
10 Other liabilities 166,582 340
11 Revaluation accounts 296,740 0
12 Capital and reserves 78,189 2
Total liabilities 1,951,661 27,531

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