Consolidated financial statement of the Eurosystem as at 21 October 2011

25 October 2011

Items not related to monetary policy operations

In the week ending 21 October 2011 the increase of EUR 1 million in gold and gold receivables (asset item 1) reflected the purchase of gold by one Eurosystem central bank as well as the sale of gold coin 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 192 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
20 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 0.6 billion to EUR 338.5 billion. Banknotes in circulation (liability item 1) decreased by EUR 1.2 billion to EUR 858.3 billion. Liabilities to general government (liability item 5.1) rose by EUR 24 billion to EUR 69.2 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 69.2 billion to EUR 218 billion. On Wednesday, 19 October 2011, a main refinancing operation of EUR 204.9 billion matured and a new one of EUR 201.2 billion was settled. On the same day, fixed-term deposits in an amount of EUR 163 billion matured and new deposits were collected in an amount of EUR 165 billion, with a maturity of one week.

Recourse to the marginal lending facility (asset item 5.5) was EUR 4.6 billion (compared with EUR 2.2 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 202.1 billion (compared with EUR 136.2 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 4.2 billion to EUR 228.7 billion. This increase was due to the net result of settled purchases of securities under the Securities Markets Programme and the redemption of securities under both the Securities Markets Programme and the covered bond purchase programme. Therefore, in the week ending 21 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 169.5 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 85.5 billion to EUR 213.1 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 419,824 1
2 Claims on non-euro area residents denominated in foreign currency 226,877 −226
2.1 Receivables from the IMF 80,402 2
2.2 Balances with banks and security investments, external loans and other external assets 146,475 −228
3 Claims on euro area residents denominated in foreign currency 32,496 264
4 Claims on non-euro area residents denominated in euro 21,563 1,760
4.1 Balances with banks, security investments and loans 21,563 1,760
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 585,241 −1,379
5.1 Main refinancing operations 201,182 −3,757
5.2 Longer-term refinancing operations 379,474 0
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 4,562 2,396
5.6 Credits related to margin calls 22 −17
6 Other claims on euro area credit institutions denominated in euro 79,747 1,567
7 Securities of euro area residents denominated in euro 567,214 4,771
7.1 Securities held for monetary policy purposes 228,691 4,195
7.2 Other securities 338,523 576
8 General government debt denominated in euro 33,966 0
9 Other assets 346,248 −4,441
Total assets 2,313,175 2,318
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 858,311 −1,206
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 580,330 −17,661
2.1 Current accounts (covering the minimum reserve system) 213,075 −85,498
2.2 Deposit facility 202,098 65,903
2.3 Fixed-term deposits 165,000 2,000
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 157 −66
3 Other liabilities to euro area credit institutions denominated in euro 3,743 248
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 77,221 23,940
5.1 General government 69,203 23,998
5.2 Other liabilities 8,018 −58
6 Liabilities to non-euro area residents denominated in euro 48,241 −78
7 Liabilities to euro area residents denominated in foreign currency 1,891 −654
8 Liabilities to non-euro area residents denominated in foreign currency 11,040 591
8.1 Deposits, balances and other liabilities 11,040 591
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 213,154 −2,863
11 Revaluation accounts 383,276 0
12 Capital and reserves 81,481 0
Total liabilities 2,313,175 2,318

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