Consolidated financial statement of the Eurosystem as at 22 April 2011

27 April 2011

Items not related to monetary policy operations

In the week ending 22 April 2011 the decrease of EUR 3 million in gold and gold receivables (asset item 1) reflected the sale of gold by one Eurosystem central bank (consistent with the Central Bank Gold Agreement that came into effect on 27 September 2009).

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) decreased by EUR 1.7 billion to EUR 175 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) increased by EUR 1.5 billion to EUR 335.3 billion. Banknotes in circulation (liability item 1) increased by EUR 6.7 billion to EUR 837.6 billion. Liabilities to general government (liability item 5.1) increased by EUR 9 billion to EUR 66.8 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) increased by EUR 1 billion to EUR 332.2 billion. On Wednesday, 20 April 2011, a main refinancing operation of EUR 94.1 billion matured and a new one of EUR 97.4 billion was settled. On the same day, fixed-term deposits in an amount of EUR 77 billion matured and new deposits were collected in an amount of EUR 76 billion, with a maturity of one week.

Recourse to the marginal lending facility (asset item 5.5) was virtually nil (compared with EUR 0.2 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 13.1 billion (compared with EUR 10 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) decreased by only EUR 3 million, therefore remaining virtually unchanged at EUR 136.6 billion. This small decrease was due to securities purchased under the covered bond purchase programme reaching maturity. Therefore, in the week ending 22 April 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 76.1 billion and EUR 60.5 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 18 billion to EUR 204.5 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 350,668 −3
2 Claims on non-euro area residents denominated in foreign currency 218,059 −1,215
2.1 Receivables from the IMF 74,237 −7
2.2 Balances with banks and security investments, external loans and other external assets 143,822 −1,208
3 Claims on euro area residents denominated in foreign currency 23,510 −93
4 Claims on non-euro area residents denominated in euro 23,157 −1,737
4.1 Balances with banks, security investments and loans 23,157 −1,737
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 421,478 3,069
5.1 Main refinancing operations 97,372 3,238
5.2 Longer-term refinancing operations 324,042 0
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 31 −170
5.6 Credits related to margin calls 33 1
6 Other claims on euro area credit institutions denominated in euro 44,871 1,413
7 Securities of euro area residents denominated in euro 471,916 1,494
7.1 Securities held for monetary policy purposes 136,595 −3
7.2 Other securities 335,321 1,497
8 General government debt denominated in euro 35,085 0
9 Other assets 299,138 −62
Total assets 1,887,882 2,865
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 837,626 6,685
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 293,715 −15,858
2.1 Current accounts (covering the minimum reserve system) 204,468 −17,959
2.2 Deposit facility 13,104 3,105
2.3 Fixed-term deposits 76,000 −1,000
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 143 −4
3 Other liabilities to euro area credit institutions denominated in euro 5,253 105
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 74,645 9,089
5.1 General government 66,787 8,988
5.2 Other liabilities 7,858 101
6 Liabilities to non-euro area residents denominated in euro 42,312 846
7 Liabilities to euro area residents denominated in foreign currency 959 10
8 Liabilities to non-euro area residents denominated in foreign currency 13,044 358
8.1 Deposits, balances and other liabilities 13,044 358
8.2 Liabilities arising from the credit facility under ERM II 0 0
9 Counterpart of special drawing rights allocated by the IMF 52,613 0
10 Other liabilities 180,444 1,630
11 Revaluation accounts 305,890 0
12 Capital and reserves 81,379 0
Total liabilities 1,887,882 2,865

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