Consolidated financial statement of the Eurosystem as at 16 September 2011

20 September 2011

Items not related to monetary policy operations

In the week ending 16 September 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) increased by EUR 1 billion to EUR 177.9 billion on account of customer and portfolio transactions and a US dollar liquidity-providing operation (see below).

US dollar liquidity operations
Start date Type of transaction New amount
15 September 2011 7-day US dollar liquidity-providing reverse transaction USD 0.6 billion

The liquidity-providing transaction was conducted by the Eurosystem in connection with the temporary reciprocal currency arrangement (swap line) that the European Central Bank has 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 1.7 billion to EUR 335.1 billion. Banknotes in circulation (liability item 1) decreased by EUR 0.6 billion to EUR 852.7 billion. Liabilities to general government (liability item 5.1) decreased by EUR 5.4 billion to EUR 40.3 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) increased by EUR 78.5 billion to EUR 270 billion. On Wednesday, 14 September 2011, a main refinancing operation of EUR 115.4 billion matured and a new one of EUR 163.8 billion was settled. On the same day, a longer-term refinancing operation of EUR 75.8 billion matured and a new one of EUR 54.2 billion was settled. Also on Wednesday, fixed-term deposits in an amount of EUR 129 billion matured and new deposits were collected in an amount of EUR 143 billion, with a maturity of one week.

Recourse to the marginal lending facility (asset item 5.5) was EUR 1.2 billion (compared with virtually nil in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 111.5 billion (compared with EUR 181.8 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 9.6 billion to EUR 212 billion. This increase was due to the net result of settled purchases under the Securities Markets Programme and the redemption of securities under the covered bond purchase programme. Therefore, in the week ending 16 September 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 152.7 billion and EUR 59.4 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) increased by EUR 102.3 billion to EUR 241.5 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 363,249 0
2 Claims on non-euro area residents denominated in foreign currency 213,907 −428
2.1 Receivables from the IMF 77,177 537
2.2 Balances with banks and security investments, external loans and other external assets 136,730 −965
3 Claims on euro area residents denominated in foreign currency 29,754 670
4 Claims on non-euro area residents denominated in euro 20,846 1,068
4.1 Balances with banks, security investments and loans 20,846 1,068
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 534,638 27,119
5.1 Main refinancing operations 163,768 48,359
5.2 Longer-term refinancing operations 369,636 −22,419
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 1,215 1,196
5.6 Credits related to margin calls 19 −17
6 Other claims on euro area credit institutions denominated in euro 52,229 4,205
7 Securities of euro area residents denominated in euro 547,128 7,910
7.1 Securities held for monetary policy purposes 212,022 9,598
7.2 Other securities 335,106 −1,688
8 General government debt denominated in euro 33,949 4
9 Other assets 339,021 7,809
Total assets 2,134,721 48,356
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 852,676 −550
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 506,203 50,923
2.1 Current accounts (covering the minimum reserve system) 241,536 102,275
2.2 Deposit facility 111,514 −70,273
2.3 Fixed-term deposits 143,000 14,000
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 10,153 4,921
3 Other liabilities to euro area credit institutions denominated in euro 3,721 165
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 48,979 −5,336
5.1 General government 40,277 −5,365
5.2 Other liabilities 8,702 30
6 Liabilities to non-euro area residents denominated in euro 52,109 5,116
7 Liabilities to euro area residents denominated in foreign currency 2,056 −390
8 Liabilities to non-euro area residents denominated in foreign currency 11,526 −415
8.1 Deposits, balances and other liabilities 11,526 −415
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 207,142 −1,156
11 Revaluation accounts 316,657 0
12 Capital and reserves 81,481 0
Total liabilities 2,134,721 48,356

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