Consolidated financial statement of the Eurosystem as at 22 July 2011

Items not related to monetary policy operations

In the week ending 22 July 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) decreased by EUR 0.2 billion to EUR 178.2 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) decreased by EUR 0.6 billion to EUR 350.6 billion. Banknotes in circulation (liability item 1) decreased by EUR 0.4 billion to EUR 853.0 billion. Liabilities to general government (liability item 5.1) increased by EUR 12.4 billion to EUR 79.4 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 21.4 billion to EUR 401.3 billion. On Wednesday, 20 July 2011, a main refinancing operation of EUR 153.6 billion matured and a new one of EUR 197.0 billion was settled. On the same day, fixed-term deposits in an amount of EUR 74 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 (approximately the same as in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 32.2 billion (compared with EUR 10.3 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) decreased by EUR 0.3 billion to EUR 133.8 billion. This decrease was due to the redemption of securities purchased under the covered bond purchase programme and the Securities Markets Programme. Therefore, in the week ending 22 July 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 74.0 billion and EUR 59.9 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 8.1 billion to EUR 250.5 billion.