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Consolidated financial statement of the Eurosystem as at 13 May 2011

17 May 2011

Items not related to monetary policy operations

In the week ending 13 May 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 0.1 billion to EUR 175.1 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 1.3 billion to EUR 336.2 billion. Banknotes in circulation (liability item 1) decreased by EUR 1.4 billion to EUR 833.3 billion. Liabilities to general government (liability item 5.1) decreased by EUR 2.9 billion to EUR 43.2 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 22.5 billion to EUR 350 billion. On Wednesday, 11 May 2011, a main refinancing operation of EUR 127.5 billion matured and a new one of EUR 124.8 billion was settled. On the same day, a longer-term refinancing operation of EUR 83.7 billion matured and a new one of EUR 80.7 billion was settled. Also on Wednesday, 11 May 2011, fixed-term deposits in an amount of EUR 62.2 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 EUR 0.1 billion (compared with virtually nil in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 12.1 billion (compared with EUR 54.2 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) decreased by EUR 5 million, nevertheless remaining virtually unchanged at EUR 136.5 billion. This decrease was due to securities purchased under the covered bond purchase programme reaching maturity. Therefore, in the week ending 13 May 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 60.4 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) increased by EUR 28.6 billion to EUR 243.7 billion.

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