Consolidated financial statement of the Eurosystem as at 18 November 2011

22 November 2011

Items not related to monetary policy operations

In the week ending 18 November 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 1.5 billion to EUR 194.8 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
17 November 2011 8-day US dollar liquidity-providing reverse transaction USD 0.5 billion USD 0.6 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 (ECB) 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 billion to EUR 336.2 billion. Banknotes in circulation (liability item 1) decreased by EUR 1.3 billion to EUR 865.1 billion. Liabilities to general government (liability item 5.1) rose by EUR 7.6 billion to EUR 57.4 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 60.9 billion to EUR 200.1 billion. On Wednesday, 16 November 2011, a main refinancing operation of EUR 194.8 billion matured and a new one of EUR 230.3 billion was settled. On the same day, fixed-term deposits in an amount of EUR 183 billion matured and new deposits were collected in an amount of EUR 187 billion.

Recourse to the marginal lending facility (asset item 5.5) was EUR 2.7 billion (compared with EUR 2 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 236.8 billion (compared with EUR 144.7 billion in the preceding week).

As announced on 6 October 2011, the Governing Council of the ECB decided to launch a second covered bond purchase programme, to be implemented between November 2011 and the end of October 2012. Purchases under this programme are recorded under securities held for monetary policy purposes (asset item 7.1).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 8.3 billion to EUR 254.4 billion. This increase was due to the net result of the settled purchases of EUR 8 billion under the Securities Markets Programme and of EUR 0.5 billion under the second covered bond purchase programme, as well as the redemption of securities under the Securities Markets Programme. Therefore, in the week ending 18 November 2011 the value of accumulated purchases under the Securities Markets Programme amounted to EUR 194.7 billion, while that of the portfolios held under the first and second covered bond purchase programmes totalled EUR 59.2 billion and EUR 0.5 billion respectively. All three 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 58.4 billion to EUR 236.5 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 419,823 0
2 Claims on non-euro area residents denominated in foreign currency 229,403 194
2.1 Receivables from the IMF 80,382 143
2.2 Balances with banks and security investments, external loans and other external assets 149,022 50
3 Claims on euro area residents denominated in foreign currency 33,126 587
4 Claims on non-euro area residents denominated in euro 28,762 474
4.1 Balances with banks, security investments and loans 28,762 474
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 625,489 36,247
5.1 Main refinancing operations 230,264 35,499
5.2 Longer-term refinancing operations 392,481 0
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 2,675 695
5.6 Credits related to margin calls 68 52
6 Other claims on euro area credit institutions denominated in euro 90,656 1,569
7 Securities of euro area residents denominated in euro 590,575 9,337
7.1 Securities held for monetary policy purposes 254,365 8,300
7.2 Other securities 336,210 1,037
8 General government debt denominated in euro 33,966 0
9 Other assets 341,551 1,396
Total assets 2,393,350 49,803
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 865,139 −1,313
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 661,914 38,709
2.1 Current accounts (covering the minimum reserve system) 236,508 −58,420
2.2 Deposit facility 236,781 92,080
2.3 Fixed-term deposits 187,000 4,000
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 1,625 1,050
3 Other liabilities to euro area credit institutions denominated in euro 7,150 4,577
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 65,302 7,357
5.1 General government 57,381 7,550
5.2 Other liabilities 7,920 −193
6 Liabilities to non-euro area residents denominated in euro 51,524 −359
7 Liabilities to euro area residents denominated in foreign currency 3,652 −330
8 Liabilities to non-euro area residents denominated in foreign currency 9,564 −341
8.1 Deposits, balances and other liabilities 9,564 −341
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 209,861 1,501
11 Revaluation accounts 383,276 0
12 Capital and reserves 81,481 0
Total liabilities 2,393,350 49,803

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