Consolidated financial statement of the Eurosystem as at 19 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.