Consolidated financial statement of the Eurosystem as at 25 February 2011

1 March 2011

Items not related to monetary policy operations

In the week ending 25 February 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) decreased by EUR 0.1 billion to EUR 181.7 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
24 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 0.3 billion to EUR 331.6 billion. Banknotes in circulation (liability item 1) rose by EUR 0.2 billion to EUR 819.6 billion. Liabilities to general government (liability item 5.1) increased by EUR 14.5 billion to EUR 97.9 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) decreased by EUR 3.8 billion to EUR 356.6 billion. On Wednesday, 23 February 2011, a main refinancing operation of EUR 137 billion matured and a new one of EUR 119.5 billion was settled. On the same day, fixed-term deposits in an amount of EUR 76.5 billion matured and new deposits were collected in an amount of EUR 77 billion, with a maturity of one week. On Thursday, 24 February 2011, a longer-term refinancing operation of EUR 38.2 billion matured and a new one of EUR 39.8 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 17.1 billion (compared with EUR 14.2 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 24.7 billion (compared with EUR 34.5 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 0.4 billion to EUR 138.2 billion. This increase was 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 25 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 77.5 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 9.9 billion to EUR 212.3 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 367,433 0
2 Claims on non-euro area residents denominated in foreign currency 226,514 −939
2.1 Receivables from the IMF 72,572 −51
2.2 Balances with banks and security investments, external loans and other external assets 153,942 −888
3 Claims on euro area residents denominated in foreign currency 26,481 39
4 Claims on non-euro area residents denominated in euro 21,853 529
4.1 Balances with banks, security investments and loans 21,853 529
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 458,415 −13,067
5.1 Main refinancing operations 119,454 −17,560
5.2 Longer-term refinancing operations 321,835 1,544
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 17,115 2,942
5.6 Credits related to margin calls 11 8
6 Other claims on euro area credit institutions denominated in euro 48,499 −2,967
7 Securities of euro area residents denominated in euro 469,757 670
7.1 Securities held for monetary policy purposes 138,191 353
7.2 Other securities 331,566 317
8 General government debt denominated in euro 34,904 0
9 Other assets 298,423 9,522
Total assets 1,952,278 −6,213
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 819,649 198
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 314,122 −19,123
2.1 Current accounts (covering the minimum reserve system) 212,268 −9,877
2.2 Deposit facility 24,718 −9,764
2.3 Fixed-term deposits 77,000 500
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 136 17
3 Other liabilities to euro area credit institutions denominated in euro 2,837 −8
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 105,749 14,514
5.1 General government 97,937 14,461
5.2 Other liabilities 7,812 54
6 Liabilities to non-euro area residents denominated in euro 44,306 1,862
7 Liabilities to euro area residents denominated in foreign currency 2,302 −841
8 Liabilities to non-euro area residents denominated in foreign currency 14,441 −4
8.1 Deposits, balances and other liabilities 14,441 −4
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 183,368 −2,987
11 Revaluation accounts 331,533 0
12 Capital and reserves 79,419 175
Total liabilities 1,952,278 −6,213

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