Consolidated financial statement of the Eurosystem as at 7 October 2011

11 October 2011

Items not related to monetary policy operations

In the week ending 7 October 2011 the decrease of EUR 181 million in gold and gold receivables (asset item 1) reflected the sale of gold commemorative coins by one 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 0.1 billion to EUR 191 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
6 October 2011 7-day US dollar liquidity-providing reverse transaction USD 0.5 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 1.8 billion to EUR 338.5 billion. Banknotes in circulation (liability item 1) increased by EUR 2.2 billion to EUR 859.6 billion. Liabilities to general government (liability item 5.1) increased by EUR 2.6 billion to EUR 54.3 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) decreased by EUR 67.3 billion to EUR 163.3 billion. On Wednesday, 5 October 2011, a main refinancing operation of EUR 208.3 billion matured and a new one of EUR 198.9 billion was settled. On the same day, fixed-term deposits in an amount of EUR 156.5 billion matured and new deposits were collected in an amount of EUR 160.5 billion, with a maturity of one week.

Recourse to the marginal lending facility (asset item 5.5) was EUR 2.8 billion (compared with EUR 1.4 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 255.6 billion (compared with EUR 199.6 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 2.3 billion to EUR 222.3 billion. This increase was due to the settled purchases of securities under the Securities Markets Programme. Therefore, in the week ending 7 October 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 163.0 billion and EUR 59.2 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 50.7 billion to EUR 154.1 billion.

Other issues

It should be noted, with respect to the consolidated weekly financial statement of the Eurosystem as at 30 September 2011, that other claims on euro area credit institutions denominated in euro (asset item 6) has decreased by EUR 0.5 billion and other assets (asset item 9) has increased by the same amount, owing to an accounting reclassification by one Eurosystem central bank.

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 419,824 −181
2 Claims on non-euro area residents denominated in foreign currency 226,804 282
2.1 Receivables from the IMF 80,401 −2
2.2 Balances with banks and security investments, external loans and other external assets 146,404 284
3 Claims on euro area residents denominated in foreign currency 34,593 −734
4 Claims on non-euro area residents denominated in euro 20,437 743
4.1 Balances with banks, security investments and loans 20,437 743
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 580,690 −8,096
5.1 Main refinancing operations 198,881 −9,468
5.2 Longer-term refinancing operations 378,935 0
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 2,837 1,423
5.6 Credits related to margin calls 38 −50
6 Other claims on euro area credit institutions denominated in euro 68,334 16,503
7 Securities of euro area residents denominated in euro 560,742 4,080
7.1 Securities held for monetary policy purposes 222,253 2,312
7.2 Other securities 338,489 1,767
8 General government debt denominated in euro 33,965 0
9 Other assets 350,340 −5,440
Total assets 2,295,727 7,156
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 859,614 2,242
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 571,514 8,499
2.1 Current accounts (covering the minimum reserve system) 154,144 −50,727
2.2 Deposit facility 255,569 55,930
2.3 Fixed-term deposits 160,500 4,000
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 1,301 −704
3 Other liabilities to euro area credit institutions denominated in euro 1,957 −1,341
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 62,406 2,666
5.1 General government 54,294 2,648
5.2 Other liabilities 8,112 17
6 Liabilities to non-euro area residents denominated in euro 48,289 −1,747
7 Liabilities to euro area residents denominated in foreign currency 3,676 1,200
8 Liabilities to non-euro area residents denominated in foreign currency 12,250 −1,552
8.1 Deposits, balances and other liabilities 12,250 −1,552
8.2 Liabilities arising from the credit facility under ERM II 0 0
9 Counterpart of special drawing rights allocated by the IMF 54,486 0
10 Other liabilities 216,779 −2,811
11 Revaluation accounts 383,276 0
12 Capital and reserves 81,481 0
Total liabilities 2,295,727 7,156

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