Consolidated financial statement of the Eurosystem as at 21 January 2011

25 January 2011

Items not related to monetary policy operations

In the week ending 21 January 2011 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) increased by EUR 1.5 billion to EUR 182.4 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
20 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 1.4 billion to EUR 325.8 billion. Banknotes in circulation (liability item 1) decreased by EUR 4.6 billion to EUR 823.1 billion. Liabilities to general government (liability item 5.1) increased by EUR 23.5 billion to EUR 103.9 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 76.7 billion to EUR 373.4 billion. On Wednesday, 19 January 2011, a main refinancing operation of EUR 180.1 billion matured and a new one of EUR 176.9 billion was settled. On the same day, fixed-term deposits in an amount of EUR 74 billion matured and new deposits were collected in an amount of EUR 76.5 billion, with a maturity of one week. Also on Wednesday, 19 January 2011, a longer-term refinancing operation of EUR 68.1 billion matured and a new one of EUR 70.4 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.1 billion (compared with virtually nil in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 27.5 billion (compared with EUR 107.2 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 0.1 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 and the Securities Markets Programme. Therefore, in the week ending 21 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 76.5 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) increased by EUR 63.3 billion to EUR 209.1 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 367,432 0
2 Claims on non-euro area residents denominated in foreign currency 228,275 1,697
2.1 Receivables from the IMF 72,888 1,494
2.2 Balances with banks and security investments, external loans and other external assets 155,387 204
3 Claims on euro area residents denominated in foreign currency 25,515 −472
4 Claims on non-euro area residents denominated in euro 19,129 −1,542
4.1 Balances with banks, security investments and loans 19,129 −1,542
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 477,514 −839
5.1 Main refinancing operations 176,904 −3,176
5.2 Longer-term refinancing operations 300,502 2,284
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 91 59
5.6 Credits related to margin calls 18 −6
6 Other claims on euro area credit institutions denominated in euro 49,303 4,261
7 Securities of euro area residents denominated in euro 462,980 1,503
7.1 Securities held for monetary policy purposes 137,223 58
7.2 Other securities 325,757 1,445
8 General government debt denominated in euro 34,954 0
9 Other assets 296,019 −633
Total assets 1,961,122 3,976
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 823,133 −4,641
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 313,272 −14,258
2.1 Current accounts (covering the minimum reserve system) 209,122 63,250
2.2 Deposit facility 27,477 −79,723
2.3 Fixed-term deposits 76,500 2,500
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 172 −286
3 Other liabilities to euro area credit institutions denominated in euro 3,007 142
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 112,127 23,917
5.1 General government 103,916 23,484
5.2 Other liabilities 8,211 433
6 Liabilities to non-euro area residents denominated in euro 46,141 −563
7 Liabilities to euro area residents denominated in foreign currency 3,104 658
8 Liabilities to non-euro area residents denominated in foreign currency 13,773 −952
8.1 Deposits, balances and other liabilities 13,773 −952
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 181,737 −586
11 Revaluation accounts 331,545 0
12 Capital and reserves 78,733 260
Total liabilities 1,961,122 3,976

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