Consolidated financial statement of the Eurosystem as at 17 December 2010

21 December 2010

Items not related to monetary policy operations

In the week ending 17 December 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 0.5 billion to EUR 176 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
16 December 2010 7-day US dollar liquidity-providing reverse transaction USD 60 million USD 75 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 1.6 billion to EUR 323 billion. Banknotes in circulation (liability item 1) increased by EUR 5.4 billion to EUR 833.8 billion. Liabilities to general government (liability item 5.1) decreased by EUR 26.2 billion to EUR 70.4 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 27.9 billion to EUR 426.3 billion. On Wednesday, 15 December 2010, a main refinancing operation of EUR 197.3 billion matured and a new one of EUR 187.8 billion was settled. Also on Wednesday, 15 December 2010, fixed-term deposits in an amount of EUR 69 billion matured and new deposits were collected in an amount of EUR 72 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 0.6 billion to EUR 133.4 billion as a result of settled purchases under the Securities Markets Programme. Therefore, in the week ending 17 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 72.4 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 1.3 billion (compared with EUR 0.6 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 40.3 billion (compared with EUR 24.1 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) decreased by EUR 1.4 billion to EUR 266.7 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 334,382 0
2 Claims on non-euro area residents denominated in foreign currency 219,603 −489
2.1 Receivables from the IMF 69,349 −206
2.2 Balances with banks and security investments, external loans and other external assets 150,254 −283
3 Claims on euro area residents denominated in foreign currency 25,295 492
4 Claims on non-euro area residents denominated in euro 19,631 −629
4.1 Balances with banks, security investments and loans 19,631 −629
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 538,830 −8,730
5.1 Main refinancing operations 187,814 −9,469
5.2 Longer-term refinancing operations 349,674 0
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 1,340 743
5.6 Credits related to margin calls 2 −3
6 Other claims on euro area credit institutions denominated in euro 37,454 3,514
7 Securities of euro area residents denominated in euro 456,351 2,171
7.1 Securities held for monetary policy purposes 133,356 603
7.2 Other securities 322,995 1,568
8 General government debt denominated in euro 34,969 −8
9 Other assets 278,716 −2,750
Total assets 1,945,232 −6,429
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 833,830 5,357
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 379,217 17,779
2.1 Current accounts (covering the minimum reserve system) 266,704 −1,392
2.2 Deposit facility 40,321 16,221
2.3 Fixed-term deposits 72,000 3,000
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 192 −50
3 Other liabilities to euro area credit institutions denominated in euro 2,113 −1,560
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 78,247 −26,235
5.1 General government 70,403 −26,199
5.2 Other liabilities 7,844 −36
6 Liabilities to non-euro area residents denominated in euro 43,222 −379
7 Liabilities to euro area residents denominated in foreign currency 1,328 225
8 Liabilities to non-euro area residents denominated in foreign currency 13,987 271
8.1 Deposits, balances and other liabilities 13,987 271
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 164,696 −1,886
11 Revaluation accounts 296,740 0
12 Capital and reserves 78,187 −2
Total liabilities 1,945,232 −6,429

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