Consolidated financial statement of the Eurosystem as at 26 August 2011

30 August 2011

Items not related to monetary policy operations

In the week ending 26 August 2011 the decrease of EUR 4.0 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) 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) decreased by EUR 0.8 billion to EUR 176.8 billion on account of customer and portfolio transactions and as a result of a US dollar liquidity-providing operation. On 25 August 2011 a seven-day operation of USD 0.5 billion matured. This operation was conducted by the Eurosystem in connection with the temporary reciprocal currency arrangements (swap line) that the European Central Bank 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) increased by EUR 0.3 billion to EUR 335.0 billion. Banknotes in circulation (liability item 1) decreased by EUR 4.4 billion to EUR 850.2 billion. Liabilities to general government (liability item 5.1) increased by EUR 10.9 billion to EUR 62.5 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 46.4 billion to EUR 289.9 billion. On Wednesday, 24 August 2011, a main refinancing operation of EUR 147.7 billion matured and a new one of EUR 133.7 billion was settled. On the same day, fixed-term deposits in an amount of EUR 96.0 billion matured and new deposits were collected in an amount of EUR 110.5 billion, with a maturity of one week.

Recourse to the marginal lending facility (asset item 5.5) was nil (compared with EUR 0.1 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 121.2 billion (compared with EUR 105.9 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 5.3 billion to EUR 175.3 billion. This increase was due to the net result of settled purchases under the Securities Markets Programme and the redemption of securities under the Securities Markets Programme. Therefore, in the week ending 26 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 115.6 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 47.8 billion to EUR 197.0 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 363,248 −4
2 Claims on non-euro area residents denominated in foreign currency 214,935 −941
2.1 Receivables from the IMF 75,959 1
2.2 Balances with banks and security investments, external loans and other external assets 138,975 −942
3 Claims on euro area residents denominated in foreign currency 27,901 588
4 Claims on non-euro area residents denominated in euro 18,750 −1,405
4.1 Balances with banks, security investments and loans 18,750 −1,405
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 524,581 −14,113
5.1 Main refinancing operations 133,674 −14,015
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 0 −90
5.6 Credits related to margin calls 77 −8
6 Other claims on euro area credit institutions denominated in euro 49,828 733
7 Securities of euro area residents denominated in euro 510,325 5,656
7.1 Securities held for monetary policy purposes 175,309 5,324
7.2 Other securities 335,015 332
8 General government debt denominated in euro 33,944 1
9 Other assets 328,122 4,472
Total assets 2,071,633 −5,013
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 850,189 −4,398
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 431,687 −15,590
2.1 Current accounts (covering the minimum reserve system) 196,998 −47,832
2.2 Deposit facility 121,190 15,279
2.3 Fixed-term deposits 110,500 14,500
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 2,998 2,462
3 Other liabilities to euro area credit institutions denominated in euro 4,660 2,480
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 70,910 10,581
5.1 General government 62,528 10,868
5.2 Other liabilities 8,382 −287
6 Liabilities to non-euro area residents denominated in euro 44,596 −308
7 Liabilities to euro area residents denominated in foreign currency 2,083 494
8 Liabilities to non-euro area residents denominated in foreign currency 11,773 −90
8.1 Deposits, balances and other liabilities 11,773 −90
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 205,427 1,818
11 Revaluation accounts 316,657 0
12 Capital and reserves 81,481 0
Total liabilities 2,071,633 −5,013

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