Consolidated financial statement of the Eurosystem as at 28 October 2011

1 November 2011

Items not related to monetary policy operations

In the week ending 28 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 purchase 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 0.5 billion to EUR 192.5 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
27 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 0.1 billion to EUR 338.6 billion. Banknotes in circulation (liability item 1) rose by EUR 4.8 billion to EUR 863.1 billion. Liabilities to general government (liability item 5.1) decreased by EUR 2.4 billion to EUR 66.8 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 39.4 billion to EUR 178.6 billion. On Wednesday, 26 October 2011, a main refinancing operation of EUR 201.2 billion matured and a new one of EUR 197.4 billion, with a maturity of six days, was settled. On the same day, fixed-term deposits in an amount of EUR 165 billion matured and new deposits were collected in an amount of EUR 169.5 billion, with a maturity of six days. On Thursday, 27 October 2011, a longer-term refinancing operation of EUR 85 billion matured and a new one of EUR 44.6 billion, with a maturity of three months, was settled. On the same day, a longer-term refinancing operation of EUR 56.9 billion, with a maturity of 371 days, was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 2.9 billion (compared with EUR 4.6 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 248.1 billion (compared with EUR 202.1 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 billion to EUR 232.7 billion. This increase was due to settled purchases of securities under the Securities Markets Programme. Therefore, in the week ending 28 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 173.5 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 34.4 billion to EUR 178.7 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 419,825 1
2 Claims on non-euro area residents denominated in foreign currency 228,491 1,614
2.1 Receivables from the IMF 80,406 4
2.2 Balances with banks and security investments, external loans and other external assets 148,085 1,610
3 Claims on euro area residents denominated in foreign currency 32,685 189
4 Claims on non-euro area residents denominated in euro 26,714 5,152
4.1 Balances with banks, security investments and loans 26,714 5,152
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 596,442 11,202
5.1 Main refinancing operations 197,438 −3,744
5.2 Longer-term refinancing operations 395,996 16,522
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 2,852 −1,710
5.6 Credits related to margin calls 156 134
6 Other claims on euro area credit institutions denominated in euro 84,998 5,251
7 Securities of euro area residents denominated in euro 571,339 4,126
7.1 Securities held for monetary policy purposes 232,706 4,014
7.2 Other securities 338,634 111
8 General government debt denominated in euro 33,966 0
9 Other assets 338,912 −7,336
Total assets 2,333,373 20,198
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 863,122 4,810
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 596,587 16,257
2.1 Current accounts (covering the minimum reserve system) 178,704 −34,371
2.2 Deposit facility 248,057 45,959
2.3 Fixed-term deposits 169,500 4,500
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 327 169
3 Other liabilities to euro area credit institutions denominated in euro 3,463 −280
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 75,072 −2,149
5.1 General government 66,785 −2,418
5.2 Other liabilities 8,287 269
6 Liabilities to non-euro area residents denominated in euro 49,561 1,319
7 Liabilities to euro area residents denominated in foreign currency 2,799 908
8 Liabilities to non-euro area residents denominated in foreign currency 11,386 346
8.1 Deposits, balances and other liabilities 11,386 346
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 212,140 −1,014
11 Revaluation accounts 383,276 0
12 Capital and reserves 81,481 0
Total liabilities 2,333,373 20,198

Media contacts