Consolidated financial statement of the Eurosystem as at 11 February 2011

15 February 2011

Items not related to monetary policy operations

In the week ending 11 February 2011 the increase of EUR 1 million in gold and gold receivables (asset item 1) reflected the trading 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) remained virtually unchanged at EUR 182.1 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
10 February 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 0.9 billion to EUR 330.5 billion. Banknotes in circulation (liability item 1) decreased by EUR 1.3 billion to EUR 821.7 billion. Liabilities to general government (liability item 5.1) decreased by EUR 5.7 billion to EUR 82.4 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 19.1 billion to EUR 384 billion. On Wednesday, 9 February 2011, a main refinancing operation of EUR 213.7 billion matured and a new one of EUR 156.7 billion was settled. On the same day, a longer-term refinancing operation of EUR 70.4 billion matured and a new one of EUR 61.5 billion was settled. Also on Wednesday, 9 February 2011, fixed-term deposits in an amount of EUR 68.2 billion matured and new deposits were collected in an amount of EUR 76.5 billion, with a maturity of one week.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.7 billion (compared with virtually nil in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 17 billion (compared with EUR 71.4 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) remained unchanged at EUR 137.2 billion. Therefore, in the week ending 11 February 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 60.7 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 0.5 billion to EUR 238.8 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 1
2 Claims on non-euro area residents denominated in foreign currency 229,761 379
2.1 Receivables from the IMF 72,622 8
2.2 Balances with banks and security investments, external loans and other external assets 157,139 371
3 Claims on euro area residents denominated in foreign currency 26,048 −19
4 Claims on non-euro area residents denominated in euro 21,843 3,460
4.1 Balances with banks, security investments and loans 21,843 3,460
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 477,663 −65,249
5.1 Main refinancing operations 156,709 −57,015
5.2 Longer-term refinancing operations 320,291 −8,879
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 656 654
5.6 Credits related to margin calls 7 −9
6 Other claims on euro area credit institutions denominated in euro 49,294 535
7 Securities of euro area residents denominated in euro 467,716 868
7.1 Securities held for monetary policy purposes 137,167 0
7.2 Other securities 330,548 868
8 General government debt denominated in euro 34,904 0
9 Other assets 281,482 570
Total assets 1,956,143 −59,456
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 821,671 −1,324
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 332,443 −46,633
2.1 Current accounts (covering the minimum reserve system) 238,812 −492
2.2 Deposit facility 17,029 −54,418
2.3 Fixed-term deposits 76,500 8,280
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 102 −4
3 Other liabilities to euro area credit institutions denominated in euro 2,890 −6,655
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 90,178 −5,627
5.1 General government 82,380 −5,673
5.2 Other liabilities 7,798 46
6 Liabilities to non-euro area residents denominated in euro 43,487 416
7 Liabilities to euro area residents denominated in foreign currency 2,388 289
8 Liabilities to non-euro area residents denominated in foreign currency 16,730 48
8.1 Deposits, balances and other liabilities 16,730 48
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 181,028 −433
11 Revaluation accounts 331,533 0
12 Capital and reserves 79,243 462
Total liabilities 1,956,143 −59,456

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