Consolidated financial statement of the Eurosystem as at 19 August 2011

23 August 2011

Items not related to monetary policy operations

In the week ending 19 August 2011 the increase of EUR 2.0 million in gold and gold receivables (asset item 1) reflected the purchase of gold by one Eurosystem central bank and gold coin trading by another 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 0.1 billion to EUR 177.6 billion on account of customer and portfolio transactions and as a result of a US dollar liquidity-providing operation. Following the ECB’s announcement of the prolongation of US dollar liquidity-providing operations in a press release on 29 June 2011, a seven-day operation of USD 0.5 billion was settled on 18 August 2011. This operation was conducted by the Eurosystem in connection with the temporary reciprocal currency arrangements (swap line) that the European Central Bank (ECB) has established with the Federal Reserve System.

The holdings by the Eurosystem of marketable securities other than those held for monetary policy purposes (asset item 7.2) decreased by EUR 1.6 billion to EUR 334.7 billion. Banknotes in circulation (liability item 1) decreased by EUR 3.6 billion to EUR 854.6 billion. Liabilities to general government (liability item 5.1) decreased by EUR 1.8 billion to EUR 51.7 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) decreased by EUR 57.1 billion to EUR 336.2 billion. On Wednesday, 17 August 2011, a main refinancing operation of EUR 157.1 billion matured and a new one of EUR 147.7 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 an amount of EUR 96.0 billion, with a maturity of one week.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.1 billion (compared with virtually nil in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 105.9 billion (compared with EUR 80.2 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 14.3 billion to EUR 170.0 billion. This increase was due to settled purchases under the Securities Markets Programme. Therefore, in the week ending 19 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 110.3 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 42.0 billion to EUR 244.8 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 363,252 2
2 Claims on non-euro area residents denominated in foreign currency 215,876 −70
2.1 Receivables from the IMF 75,959 49
2.2 Balances with banks and security investments, external loans and other external assets 139,917 −120
3 Claims on euro area residents denominated in foreign currency 27,313 540
4 Claims on non-euro area residents denominated in euro 20,156 −369
4.1 Balances with banks, security investments and loans 20,156 −369
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 538,694 −9,357
5.1 Main refinancing operations 147,689 −9,384
5.2 Longer-term refinancing operations 390,830 0
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 90 84
5.6 Credits related to margin calls 85 −58
6 Other claims on euro area credit institutions denominated in euro 49,095 −3,434
7 Securities of euro area residents denominated in euro 504,668 12,738
7.1 Securities held for monetary policy purposes 169,985 14,291
7.2 Other securities 334,683 −1,553
8 General government debt denominated in euro 33,944 0
9 Other assets 323,649 3,570
Total assets 2,076,647 3,621
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 854,587 −3,589
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 447,277 5,788
2.1 Current accounts (covering the minimum reserve system) 244,830 −41,953
2.2 Deposit facility 105,911 25,697
2.3 Fixed-term deposits 96,000 22,000
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 536 44
3 Other liabilities to euro area credit institutions denominated in euro 2,180 −1,706
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 60,329 −1,716
5.1 General government 51,659 −1,822
5.2 Other liabilities 8,669 106
6 Liabilities to non-euro area residents denominated in euro 44,905 4,904
7 Liabilities to euro area residents denominated in foreign currency 1,589 1
8 Liabilities to non-euro area residents denominated in foreign currency 11,863 409
8.1 Deposits, balances and other liabilities 11,863 409
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 203,609 −470
11 Revaluation accounts 316,657 0
12 Capital and reserves 81,481 0
Total liabilities 2,076,647 3,621

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