Consolidated financial statement of the Eurosystem as at 25 March 2011

29 March 2011

Items not related to monetary policy operations

In the week ending 25 March 2011 the increase of EUR 4 million in gold and gold receivables (asset item 1) reflected the purchase of gold by one Eurosystem central bank (consistent with the Central Bank Gold Agreement that came into effect on 27 September 2009) and the trading of gold coin by another Eurosystem central bank.

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) increased by EUR 0.3 billion to EUR 187.2 billion, reflecting the intervention carried out on 18 March 2011, a swap transaction with the Bank of Japan, and customer and portfolio transactions.

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 333.3 billion. Banknotes in circulation (liability item 1) decreased by EUR 1.7 billion to EUR 822.2 billion. Liabilities to general government (liability item 5.1) increased by EUR 5.9 billion to EUR 83 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 6.2 billion to EUR 338.7 billion. On Wednesday, 23 March 2011, a main refinancing operation of EUR 100.5 billion matured and a new one of EUR 89.4 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 3.4 billion (compared with EUR 0.1 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 19.4 billion (compared with EUR 20.2 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) decreased by EUR 0.6 billion to EUR 137.3 billion. This decrease was the net result of settled purchases and maturities of securities under the Securities Markets Programme. Therefore, in the week ending 25 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 76.7 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 16.1 billion to EUR 206.3 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 367,436 4
2 Claims on non-euro area residents denominated in foreign currency 232,914 −874
2.1 Receivables from the IMF 76,529 −404
2.2 Balances with banks and security investments, external loans and other external assets 156,385 −470
3 Claims on euro area residents denominated in foreign currency 25,588 −20
4 Claims on non-euro area residents denominated in euro 20,424 −121
4.1 Balances with banks, security investments and loans 20,424 −121
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 435,692 −7,791
5.1 Main refinancing operations 89,417 −11,126
5.2 Longer-term refinancing operations 342,863 0
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 3,390 3,339
5.6 Credits related to margin calls 22 −4
6 Other claims on euro area credit institutions denominated in euro 45,523 −3,205
7 Securities of euro area residents denominated in euro 470,684 247
7.1 Securities held for monetary policy purposes 137,336 −622
7.2 Other securities 333,349 869
8 General government debt denominated in euro 34,904 0
9 Other assets 294,889 −561
Total assets 1,928,055 −12,323
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 822,173 −1,688
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 303,329 −17,710
2.1 Current accounts (covering the minimum reserve system) 206,292 −16,143
2.2 Deposit facility 19,400 −750
2.3 Fixed-term deposits 77,500 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 138 −817
3 Other liabilities to euro area credit institutions denominated in euro 4,227 350
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 90,919 5,940
5.1 General government 83,021 5,907
5.2 Other liabilities 7,897 33
6 Liabilities to non-euro area residents denominated in euro 43,273 1,483
7 Liabilities to euro area residents denominated in foreign currency 1,591 −438
8 Liabilities to non-euro area residents denominated in foreign currency 15,122 −709
8.1 Deposits, balances and other liabilities 15,122 −709
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 181,243 241
11 Revaluation accounts 331,533 0
12 Capital and reserves 80,094 208
Total liabilities 1,928,055 −12,323

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