Consolidated financial statement of the Eurosystem as at 18 March 2011

Items not related to monetary policy operations

In the week ending 18 March 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 2 billion to EUR 187 billion on account of customer and portfolio transactions.

The holdings by the Eurosystem of marketable securities other than those held for monetary policy purposes (asset item 7.2) decreased by EUR 1.2 billion to EUR 332.5 billion. Banknotes in circulation (liability item 1) fell by EUR 0.6 billion to EUR 823.9 billion. Liabilities to general government (liability item 5.1) decreased by EUR 6.9 billion to EUR 77.1 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 16.3 billion to EUR 344.9 billion. On Wednesday, 16 March 2011, a main refinancing operation of EUR 111.3 billion matured and a new one of EUR 100.5 billion was settled. On the same date, fixed-term deposits in an amount of EUR 77.5 billion matured and new deposits were collected in an amount of EUR 77.5 billion, with a maturity of one week.

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 20.2 billion (compared with EUR 15.3 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) decreased by EUR 0.2 billion to EUR 138 billion. This decrease was the result of maturities under the Securities Markets Programme and the covered bond purchase programme. Therefore, in the week ending 18 March 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 77.4 billion and EUR 60.6 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 11.6 billion to EUR 222.4 billion.