Consolidated financial statement of the Eurosystem as at 23 September 2011

27 September 2011

Items not related to monetary policy operations

In the week ending 23 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) decreased by EUR 0.1 billion to EUR 177.8 billion on account of customer and portfolio transactions and US dollar liquidity-providing operations (see below).

US dollar liquidity operations
Value date Type of transaction Maturing amount New amount
22 September 2011 7-day US dollar liquidity-providing reverse transaction USD 0.6 billion USD 0.5 billion

The liquidity-providing transactions were 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) increased by EUR 1.1 billion to EUR 336.2 billion. Banknotes in circulation (liability item 1) decreased by EUR 0.2 billion to EUR 852.5 billion. Liabilities to general government (liability item 5.1) increased by EUR 16.2 billion to EUR 56.4 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 5.2 billion to EUR 264.8 billion. On Wednesday, 21 September 2011, a main refinancing operation of EUR 163.8 billion matured and a new one of EUR 201.1 billion was settled. On the same day, fixed-term deposits in an amount of EUR 143 billion matured and new deposits were collected in an amount of EUR 152.5 billion, with a maturity of one week.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.5 billion (compared with EUR 1.2 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 150.7 billion (compared with EUR 111.5 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 3.9 billion to EUR 215.9 billion. This increase is due to the net result of settled purchases and the redemption of securities under the Securities Markets Programme. Therefore, in the week ending 23 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 156.5 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) decreased by EUR 18 billion to EUR 223.5 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 213,018 −889
2.1 Receivables from the IMF 77,101 −76
2.2 Balances with banks and security investments, external loans and other external assets 135,917 −812
3 Claims on euro area residents denominated in foreign currency 31,572 1,818
4 Claims on non-euro area residents denominated in euro 20,637 −209
4.1 Balances with banks, security investments and loans 20,637 −209
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 571,294 36,655
5.1 Main refinancing operations 201,149 37,381
5.2 Longer-term refinancing operations 369,636 0
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 475 −741
5.6 Credits related to margin calls 34 15
6 Other claims on euro area credit institutions denominated in euro 50,153 −2,076
7 Securities of euro area residents denominated in euro 552,123 4,995
7.1 Securities held for monetary policy purposes 215,905 3,883
7.2 Other securities 336,218 1,113
8 General government debt denominated in euro 33,949 0
9 Other assets 344,081 5,059
Total assets 2,180,075 45,354
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 852,490 −186
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 530,030 23,827
2.1 Current accounts (covering the minimum reserve system) 223,526 −18,011
2.2 Deposit facility 150,651 39,137
2.3 Fixed-term deposits 152,500 9,500
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 3,353 −6,799
3 Other liabilities to euro area credit institutions denominated in euro 4,562 842
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 64,405 15,426
5.1 General government 56,442 16,164
5.2 Other liabilities 7,963 −739
6 Liabilities to non-euro area residents denominated in euro 56,347 4,238
7 Liabilities to euro area residents denominated in foreign currency 2,330 275
8 Liabilities to non-euro area residents denominated in foreign currency 12,249 723
8.1 Deposits, balances and other liabilities 12,249 723
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 207,352 210
11 Revaluation accounts 316,657 0
12 Capital and reserves 81,481 0
Total liabilities 2,180,075 45,354

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