Consolidated financial statement of the Eurosystem as at 11 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).

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.