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Consolidated financial statement of the Eurosystem as at 5 August 2011

9 August 2011

Items not related to monetary policy operations

In the week ending 5 August 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 177.8 billion on account of customer and portfolio transactions.

Securities of euro area residents denominated in euro/other securities (asset item 7.2) decreased by EUR 14.5 billion, while other assets (asset item 9) increased by EUR 17.3 billion, due mainly to an accounting reclassification by one Eurosystem central bank. Banknotes in circulation (liability item 1) increased by EUR 1.8 billion to EUR 857.6 billion. Liabilities to general government (liability item 5.1) decreased by EUR 35.4 billion to EUR 54.0 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 77.6 billion to EUR 295.1 billion. On Wednesday, 3 August 2011, a main refinancing operation of EUR 164.2 billion matured and a new one of EUR 172.0 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.

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 134.8 billion (compared with EUR 49.9 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 5 August 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 59.7 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 48.5 billion to EUR 159.8 billion.

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