Consolidated financial statement of the Eurosystem as at 24 December 2010

28 December 2010

Items not related to monetary policy operations

In the week ending 24 December 2010 the increase of EUR 1 million in gold and gold receivables (asset item 1) reflected the net purchase of gold coin by one 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 0.5 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
23 December 2010 14-day US dollar liquidity-providing reverse transaction USD 75 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 2.1 billion to EUR 325.1 billion. Banknotes in circulation (liability item 1) increased by EUR 8.5 billion to EUR 842.3 billion. Liabilities to general government (liability item 5.1) increased by EUR 9.3 billion to EUR 79.7 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 41.8 billion to EUR 384.6 billion. On Wednesday, 22 December 2010, a main refinancing operation of EUR 187.8 billion matured and a new one of EUR 193.5 billion was settled. On the same day, fixed-term deposits in an amount of EUR 72 billion matured and new deposits were collected in an amount of EUR 72.5 billion, with a maturity of one week. On Thursday, 23 December 2010, longer-term refinancing operations of EUR 200.9 billion, with maturities of three and twelve months, matured and a new one of EUR 149.5 billion, with a maturity of three months, was settled. On the same day, a liquidity-providing fine-tuning operation of EUR 20.6 billion, with a maturity of 13 days, was settled.

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 1.1 billion to EUR 134.5 billion as a result of settled purchases under the Securities Markets Programme. Therefore, in the week ending 24 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 73.5 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 0.8 billion (compared with EUR 1.3 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 55.4 billion (compared with EUR 40.3 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 60.6 billion to EUR 206.1 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 334,384 1
2 Claims on non-euro area residents denominated in foreign currency 220,176 573
2.1 Receivables from the IMF 70,236 887
2.2 Balances with banks and security investments, external loans and other external assets 149,940 −314
3 Claims on euro area residents denominated in foreign currency 25,955 660
4 Claims on non-euro area residents denominated in euro 19,084 −546
4.1 Balances with banks, security investments and loans 19,084 −546
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 513,127 −25,703
5.1 Main refinancing operations 193,470 5,656
5.2 Longer-term refinancing operations 298,217 −51,457
5.3 Fine-tuning reverse operations 20,623 20,623
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 804 −536
5.6 Credits related to margin calls 14 12
6 Other claims on euro area credit institutions denominated in euro 42,049 4,595
7 Securities of euro area residents denominated in euro 459,550 3,199
7.1 Securities held for monetary policy purposes 134,484 1,128
7.2 Other securities 325,065 2,071
8 General government debt denominated in euro 34,969 0
9 Other assets 276,859 −1,857
Total assets 1,926,154 −19,078
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 842,295 8,466
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 334,700 −44,517
2.1 Current accounts (covering the minimum reserve system) 206,123 −60,581
2.2 Deposit facility 55,371 15,050
2.3 Fixed-term deposits 72,500 500
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 706 514
3 Other liabilities to euro area credit institutions denominated in euro 2,528 415
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 87,656 9,409
5.1 General government 79,747 9,344
5.2 Other liabilities 7,909 65
6 Liabilities to non-euro area residents denominated in euro 44,692 1,471
7 Liabilities to euro area residents denominated in foreign currency 1,651 322
8 Liabilities to non-euro area residents denominated in foreign currency 14,381 394
8.1 Deposits, balances and other liabilities 14,381 394
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 169,657 4,961
11 Revaluation accounts 296,740 0
12 Capital and reserves 78,188 0
Total liabilities 1,926,154 −19,078

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