Consolidated financial statement of the Eurosystem as at 9 December 2011

13 December 2011

Items not related to monetary policy operations

In the week ending 9 December 2011 the decrease of EUR 1 million in gold and gold receivables (asset item 1) reflected the sale of gold coin 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) increased by EUR 40.3 billion to EUR 236.7 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
8 December 2011 7-day US dollar liquidity-providing reverse transaction USD 0.4 billion USD 1.6 billion
8 December 2011 84-day US dollar liquidity-providing reverse transaction - USD 50.7 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) decreased by EUR 0.1 billion to EUR 338 billion. Banknotes in circulation (liability item 1) increased by EUR 5.6 billion to EUR 879.6 billion. Liabilities to general government (liability item 5.1) rose by EUR 8 billion to EUR 61.5 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 28.4 billion to EUR 100.4 billion. On Wednesday, 7 December 2011, a main refinancing operation of EUR 265.5 billion matured and a new one of EUR 252.1 billion was settled. On the same day, fixed-term deposits in an amount of EUR 194.2 billion matured and new deposits were collected in an amount of EUR 207 billion.

Recourse to the marginal lending facility (asset item 5.5) was EUR 7.4 billion (compared with EUR 7 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 334.9 billion (compared with EUR 332.7 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 1.1 billion to EUR 268.7 billion. This increase was due to settled purchases of EUR 0.6 billion under the Securities Markets Programme and of EUR 0.4 billion under the second covered bond purchase programme. Therefore, in the week ending 9 December 2011 the value of accumulated purchases under the Securities Markets Programme amounted to EUR 207.6 billion, while that of the portfolios held under the first and second covered bond purchase programmes totalled EUR 59.1 billion and EUR 2.1 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 41.5 billion to EUR 139.2 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 −1
2 Claims on non-euro area residents denominated in foreign currency 234,044 2,136
2.1 Receivables from the IMF 81,308 928
2.2 Balances with banks and security investments, external loans and other external assets 152,736 1,208
3 Claims on euro area residents denominated in foreign currency 70,105 37,855
4 Claims on non-euro area residents denominated in euro 28,285 −56
4.1 Balances with banks, security investments and loans 28,285 −56
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 642,616 −13,410
5.1 Main refinancing operations 252,100 −13,356
5.2 Longer-term refinancing operations 383,005 −48
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 7,407 405
5.6 Credits related to margin calls 104 −412
6 Other claims on euro area credit institutions denominated in euro 89,977 −2,470
7 Securities of euro area residents denominated in euro 606,693 962
7.1 Securities held for monetary policy purposes 268,703 1,082
7.2 Other securities 337,990 −121
8 General government debt denominated in euro 33,932 0
9 Other assets 335,339 109
Total assets 2,460,813 25,125
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 879,616 5,635
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 681,483 −26,473
2.1 Current accounts (covering the minimum reserve system) 139,246 −41,457
2.2 Deposit facility 334,905 2,199
2.3 Fixed-term deposits 207,000 12,801
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 333 −16
3 Other liabilities to euro area credit institutions denominated in euro 2,677 1,077
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 70,477 7,378
5.1 General government 61,505 7,950
5.2 Other liabilities 8,972 −572
6 Liabilities to non-euro area residents denominated in euro 88,939 37,739
7 Liabilities to euro area residents denominated in foreign currency 3,971 −420
8 Liabilities to non-euro area residents denominated in foreign currency 8,987 116
8.1 Deposits, balances and other liabilities 8,987 116
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 205,419 73
11 Revaluation accounts 383,276 0
12 Capital and reserves 81,481 0
Total liabilities 2,460,813 25,125

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