Consolidated financial statement of the Eurosystem as at 29 July 2011

2 August 2011

Items not related to monetary policy operations

In the week ending 29 July 2011 the decrease of EUR 1.0 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 0.4 billion to EUR 177.8 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) remained virtually unchanged at EUR 350.6 billion. Banknotes in circulation (liability item 1) increased by EUR 2.7 billion to EUR 855.7 billion. Liabilities to general government (liability item 5.1) increased by EUR 10.0 billion to EUR 89.5 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 28.6 billion to EUR 372.7 billion. On Wednesday, 27 July 2011, a main refinancing operation of EUR 197.0 billion matured and a new one of EUR 164.2 billion was settled. On the same day, fixed-term deposits in an amount of EUR 74.0 billion matured and new deposits were collected in the same amount, with a maturity of one week. On Thursday, 28 July 2011, a longer-term refinancing operation of EUR 63.4 billion matured and a new one of EUR 85.0 billion was settled.

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 49.9 billion (compared with EUR 32.2 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) decreased by EUR 0.1 billion to EUR 133.7 billion. This decrease was due to the redemption of securities purchased under the covered bond purchase programme. Therefore, in the week ending 29 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 59.8 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 42.3 billion to EUR 208.3 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 363,250 −1
2 Claims on non-euro area residents denominated in foreign currency 217,700 −358
2.1 Receivables from the IMF 75,924 30
2.2 Balances with banks and security investments, external loans and other external assets 141,776 −388
3 Claims on euro area residents denominated in foreign currency 23,948 −694
4 Claims on non-euro area residents denominated in euro 21,849 1,576
4.1 Balances with banks, security investments and loans 21,849 1,576
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 497,371 −11,239
5.1 Main refinancing operations 164,200 −32,870
5.2 Longer-term refinancing operations 333,075 21,566
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 28 28
5.6 Credits related to margin calls 68 38
6 Other claims on euro area credit institutions denominated in euro 59,248 1,969
7 Securities of euro area residents denominated in euro 484,355 −103
7.1 Securities held for monetary policy purposes 133,739 −98
7.2 Other securities 350,616 −5
8 General government debt denominated in euro 33,944 0
9 Other assets 298,807 3,262
Total assets 2,000,471 −5,589
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 855,737 2,701
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 332,915 −24,941
2.1 Current accounts (covering the minimum reserve system) 208,285 −42,254
2.2 Deposit facility 49,867 17,700
2.3 Fixed-term deposits 74,000 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 763 −387
3 Other liabilities to euro area credit institutions denominated in euro 5,155 707
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 97,406 10,135
5.1 General government 89,455 10,026
5.2 Other liabilities 7,951 109
6 Liabilities to non-euro area residents denominated in euro 40,158 −234
7 Liabilities to euro area residents denominated in foreign currency 1,555 −1,883
8 Liabilities to non-euro area residents denominated in foreign currency 10,153 1,232
8.1 Deposits, balances and other liabilities 10,153 1,232
8.2 Liabilities arising from the credit facility under ERM II 0 0
9 Counterpart of special drawing rights allocated by the IMF 52,170 0
10 Other liabilities 207,083 6,694
11 Revaluation accounts 316,657 0
12 Capital and reserves 81,480 0
Total liabilities 2,000,471 −5,589

Media contacts