Consolidated financial statement of the Eurosystem as at 24 June 2011

Items not related to monetary policy operations

In the week ending 24 June 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) remained virtually unchanged at EUR 177.2 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 2.3 billion to EUR 344.7 billion. Banknotes in circulation (liability item 1) increased by EUR 0.8 billion to EUR 843.4 billion. Liabilities to general government (liability item 5.1) increased by EUR 34.2 billion to EUR 93.7 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 44.8 billion to EUR 410.3 billion. On Wednesday, 22 June 2011, a main refinancing operation of EUR 135.6 billion matured and a new one of EUR 186.9 billion was settled. On the same day, fixed-term deposits in an amount of EUR 75 billion matured and new deposits were collected in an amount of EUR 74 billion, with a maturity of one week.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.2 billion (compared with virtually nil in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 13.2 billion (compared with EUR 5.4 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) decreased by EUR 0.1 billion to EUR 134.1 billion. This decrease was due to the redemption of securities purchased under the covered bond purchase programme. Therefore, in the week ending 24 June 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 73.9 billion and EUR 60.2 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 15.3 billion to EUR 253.4 billion.