Consolidated financial statement of the Eurosystem as at 14 January 2011

18 January 2011

Items not related to monetary policy operations

In the week ending 14 January 2011 the decrease of EUR 1 million in gold and gold receivables (asset item 1) reflected the net result of trades in gold coin by two Eurosystem central banks.

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 180.8 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
13 January 2011 7-day US dollar liquidity-providing reverse transaction USD 70 million USD 70 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 0.8 billion to EUR 324.3 billion. Banknotes in circulation (liability item 1) decreased by EUR 7.1 billion to EUR 827.8 billion. Liabilities to general government (liability item 5.1) fell by EUR 1.1 billion to EUR 80.4 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 41.6 billion to EUR 296.7 billion. On Wednesday, 12 January 2011, a main refinancing operation of EUR 195.7 billion matured and a new one of EUR 180.1 billion was settled. On the same day, fixed-term deposits in an amount of EUR 73.5 billion matured and new deposits were collected in an amount of EUR 74 billion, with a maturity of one week.

Recourse to the marginal lending facility (asset item 5.5) was virtually nil (approximately the same as in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 107.2 billion (compared with EUR  81 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 2.2 billion to EUR 137.2 billion. This increase was due to the net result of settled purchases under the Securities Markets Programme and the maturity of securities under the covered bond purchase programme. Therefore, in the week ending 14 January 2011 the value of accumulated purchases under the Securities Markets Programme and that of the portfolio held under the covered bond purchase programme totalled EUR 76.4 billion and EUR 60.8 billion respectively. Both portfolios are accounted for on a held-to-maturity basis.

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 31 billion to EUR 145.9 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 367,431 −1
2 Claims on non-euro area residents denominated in foreign currency 226,578 1,567
2.1 Receivables from the IMF 71,395 0
2.2 Balances with banks and security investments, external loans and other external assets 155,183 1,567
3 Claims on euro area residents denominated in foreign currency 25,987 −783
4 Claims on non-euro area residents denominated in euro 20,672 1,329
4.1 Balances with banks, security investments and loans 20,672 1,329
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 478,354 −15,609
5.1 Main refinancing operations 180,081 −15,611
5.2 Longer-term refinancing operations 298,217 0
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 32 −13
5.6 Credits related to margin calls 24 15
6 Other claims on euro area credit institutions denominated in euro 45,042 −1,803
7 Securities of euro area residents denominated in euro 461,477 3,042
7.1 Securities held for monetary policy purposes 137,165 2,238
7.2 Other securities 324,312 804
8 General government debt denominated in euro 34,954 0
9 Other assets 296,652 3,510
Total assets 1,957,146 −8,748
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 827,774 −7,056
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 327,530 −4,974
2.1 Current accounts (covering the minimum reserve system) 145,872 −30,990
2.2 Deposit facility 107,200 26,234
2.3 Fixed-term deposits 74,000 500
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 458 −718
3 Other liabilities to euro area credit institutions denominated in euro 2,864 570
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 88,211 −1,105
5.1 General government 80,432 −1,130
5.2 Other liabilities 7,778 25
6 Liabilities to non-euro area residents denominated in euro 46,704 3,115
7 Liabilities to euro area residents denominated in foreign currency 2,446 293
8 Liabilities to non-euro area residents denominated in foreign currency 14,725 −16
8.1 Deposits, balances and other liabilities 14,725 −16
8.2 Liabilities arising from the credit facility under ERM II 0 0
9 Counterpart of special drawing rights allocated by the IMF 54,552 0
10 Other liabilities 182,323 425
11 Revaluation accounts 331,545 −1
12 Capital and reserves 78,472 0
Total liabilities 1,957,146 −8,748

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