Consolidated financial statement of the Eurosystem as at 25 November 2011

29 November 2011

Items not related to monetary policy operations

In the week ending 25 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 0.8 billion to EUR 195.6 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
25 November 2011 6-day US dollar liquidity-providing reverse transaction USD 0.6 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 1.4 billion to EUR 337.6 billion. Banknotes in circulation (liability item 1) decreased by EUR 0.1 billion to EUR 865.1 billion. Liabilities to general government (liability item 5.1) rose by EUR 31.6 billion to EUR 88.9 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 10.4 billion to EUR 189.7 billion. On Wednesday, 23 November 2011, a main refinancing operation of EUR 230.3 billion matured and a new one of EUR 247.2 billion was settled. On the same day, fixed-term deposits in an amount of EUR 187.0 billion matured and new deposits were collected in an amount of EUR 194.5 billion.

Recourse to the marginal lending facility (asset item 5.5) was EUR 1.7 billion (compared with EUR 2.7 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 256.3 billion (compared with EUR 236.8 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 9.0 billion to EUR 263.3 billion. This increase was due to the net result of the settled purchases of EUR 8.6 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 first covered bond purchase programme. Therefore, in the week ending 25 November 2011 the value of accumulated purchases under the Securities Markets Programme amounted to EUR 203.3 billion, while that of the portfolios held under the first and second covered bond purchase programmes totalled EUR 59.1 billion and EUR 0.9 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 24.6 billion to EUR 211.9 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 419,822 0
2 Claims on non-euro area residents denominated in foreign currency 229,889 486
2.1 Receivables from the IMF 80,382 0
2.2 Balances with banks and security investments, external loans and other external assets 149,507 486
3 Claims on euro area residents denominated in foreign currency 33,837 712
4 Claims on non-euro area residents denominated in euro 29,042 280
4.1 Balances with banks, security investments and loans 29,042 280
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 641,425 15,936
5.1 Main refinancing operations 247,175 16,911
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 1,702 −973
5.6 Credits related to margin calls 67 −2
6 Other claims on euro area credit institutions denominated in euro 93,197 2,541
7 Securities of euro area residents denominated in euro 600,927 10,352
7.1 Securities held for monetary policy purposes 263,337 8,971
7.2 Other securities 337,590 1,381
8 General government debt denominated in euro 33,966 0
9 Other assets 337,442 −4,108
Total assets 2,419,548 26,198
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 865,069 −70
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 663,647 1,733
2.1 Current accounts (covering the minimum reserve system) 211,905 −24,602
2.2 Deposit facility 256,259 19,477
2.3 Fixed-term deposits 194,500 7,500
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 983 −642
3 Other liabilities to euro area credit institutions denominated in euro 1,859 −5,292
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 97,009 31,707
5.1 General government 88,940 31,558
5.2 Other liabilities 8,069 149
6 Liabilities to non-euro area residents denominated in euro 51,426 −99
7 Liabilities to euro area residents denominated in foreign currency 1,840 −1,812
8 Liabilities to non-euro area residents denominated in foreign currency 11,788 2,224
8.1 Deposits, balances and other liabilities 11,788 2,224
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 207,668 −2,193
11 Revaluation accounts 383,276 0
12 Capital and reserves 81,481 0
Total liabilities 2,419,548 26,198

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