Consolidated financial statement of the Eurosystem as at 20 May 2011

24 May 2011

Items not related to monetary policy operations

In the week ending 20 May 2011 the increase of EUR 1 million in gold and gold receivables (asset item 1) reflected a net purchase of gold coin by one 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 1 billion to EUR 176.1 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) decreased by EUR 28 million, remaining, however, virtually unchanged at EUR 336.2 billion. Banknotes in circulation (liability item 1) decreased by EUR 1.4 billion to EUR 832 billion. Liabilities to general government (liability item 5.1) increased by EUR 14.5 billion to EUR 57.8 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) decreased by EUR 11.1 billion to EUR 338.9 billion. On Wednesday, 18 May 2011, a main refinancing operation of EUR 124.8 billion matured and a new one of EUR 119.4 billion was settled. On the same day, fixed-term deposits in an amount of EUR 76 billion matured and new deposits were collected in the same amount, with a maturity of one week.

Recourse to the marginal lending facility (asset item 5.5) was virtually nil (compared with EUR 0.1 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 17.8 billion (compared with EUR 12.1 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) decreased by EUR 1.2 billion to EUR 135.3 billion. This decrease was due to securities purchased under the Securities Markets Programme reaching maturity. Therefore, in the week ending 20 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 74.9 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) decreased by EUR 26.5 billion to EUR 217.2 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 350,669 1
2 Claims on non-euro area residents denominated in foreign currency 218,667 1,213
2.1 Receivables from the IMF 74,812 696
2.2 Balances with banks and security investments, external loans and other external assets 143,854 517
3 Claims on euro area residents denominated in foreign currency 23,766 168
4 Claims on non-euro area residents denominated in euro 18,771 −1,057
4.1 Balances with banks, security investments and loans 18,771 −1,057
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 432,747 −5,436
5.1 Main refinancing operations 119,398 −5,356
5.2 Longer-term refinancing operations 313,276 0
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 35 −70
5.6 Credits related to margin calls 39 −11
6 Other claims on euro area credit institutions denominated in euro 50,522 122
7 Securities of euro area residents denominated in euro 471,458 −1,255
7.1 Securities held for monetary policy purposes 135,280 −1,228
7.2 Other securities 336,178 −28
8 General government debt denominated in euro 34,527 −21
9 Other assets 294,744 3,470
Total assets 1,895,870 −2,796
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 832,008 −1,338
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 311,020 −20,812
2.1 Current accounts (covering the minimum reserve system) 217,153 −26,497
2.2 Deposit facility 17,801 5,695
2.3 Fixed-term deposits 76,000 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 66 −11
3 Other liabilities to euro area credit institutions denominated in euro 5,762 1,253
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 65,420 14,600
5.1 General government 57,774 14,549
5.2 Other liabilities 7,646 51
6 Liabilities to non-euro area residents denominated in euro 40,426 −255
7 Liabilities to euro area residents denominated in foreign currency 2,401 −3
8 Liabilities to non-euro area residents denominated in foreign currency 11,273 378
8.1 Deposits, balances and other liabilities 11,273 378
8.2 Liabilities arising from the credit facility under ERM II 0 0
9 Counterpart of special drawing rights allocated by the IMF 52,612 0
10 Other liabilities 187,871 3,382
11 Revaluation accounts 305,890 0
12 Capital and reserves 81,187 0
Total liabilities 1,895,870 −2,796

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