Consolidated financial statement of the Eurosystem as at 14 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).

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.