Consolidated financial statement of the Eurosystem as at 6 January 2012

10 January 2012

Items not related to monetary policy operations

In the week ending 6 January 2012 the decrease of EUR 2 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) decreased by EUR 1.6 billion to EUR 271.7 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
5 January 2012 7-day US dollar liquidity-providing reverse transaction - USD 6.2 billion
5 January 2012 14-day US dollar liquidity-providing reverse transaction USD 33 billion -
5 January 2012 84-day US dollar liquidity-providing reverse transaction USD 1.4 billion USD 25.5 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) decreased by EUR 0.6 billion to EUR 344.1 billion. Banknotes in circulation (liability item 1) decreased by EUR 4.9 billion to EUR 883.7 billion. Liabilities to general government (liability item 5.1) increased by EUR 14 billion to EUR 79.6 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 77.6 billion to EUR 160.1 billion. On Wednesday, 4 January 2012, a main refinancing operation of EUR 144.8 billion matured and a new one of EUR 130.6 billion was settled. On the same day, fixed-term deposits in an amount of EUR 211 billion matured and new deposits were collected in an amount of EUR 211.5 billion.

Recourse to the marginal lending facility (asset item 5.5) was EUR 1.4 billion (compared with EUR 14.8 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 463.6 billion (compared with EUR 413.9 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 billion to EUR 274.8 billion. This increase was due to settled purchases under the Securities Markets Programme and 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 6 January 2012 the value of accumulated purchases under the Securities Markets Programme amounted to EUR 213.1 billion, while those of the portfolios held under the first and second covered bond purchase programmes totalled EUR 58.7 billion and EUR 3.1 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 67.1 billion to EUR 156.5 billion.

Other issues

With respect to the consolidated weekly financial statement of the Eurosystem as at 30 December 2011, it should be noted that other liabilities (liability item 10) have decreased by EUR 0.1 billion and liabilities to general government (liability item 5.1) have increased by the same amount, owing to the transfer of an outstanding amount to the relevant counterparty by one Eurosystem central bank.

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 423,455 −2
2 Claims on non-euro area residents denominated in foreign currency 246,002 1,381
2.1 Receivables from the IMF 85,651 −4
2.2 Balances with banks and security investments, external loans and other external assets 160,351 1,385
3 Claims on euro area residents denominated in foreign currency 95,647 −2,580
4 Claims on non-euro area residents denominated in euro 24,565 −789
4.1 Balances with banks, security investments and loans 24,565 −789
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 835,978 −27,590
5.1 Main refinancing operations 130,622 −14,133
5.2 Longer-term refinancing operations 703,894 0
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 1,391 −13,432
5.6 Credits related to margin calls 71 −26
6 Other claims on euro area credit institutions denominated in euro 66,838 −11,814
7 Securities of euro area residents denominated in euro 618,969 331
7.1 Securities held for monetary policy purposes 274,829 975
7.2 Other securities 344,140 −644
8 General government debt denominated in euro 33,926 0
9 Other assets 342,491 −6,694
Total assets 2,687,871 −47,757
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 883,745 −4,931
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 832,377 −17,101
2.1 Current accounts (covering the minimum reserve system) 156,466 −67,072
2.2 Deposit facility 463,565 49,683
2.3 Fixed-term deposits 211,500 500
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 845 −211
3 Other liabilities to euro area credit institutions denominated in euro 1,066 −1,356
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 90,723 10,997
5.1 General government 79,632 14,043
5.2 Other liabilities 11,091 −3,046
6 Liabilities to non-euro area residents denominated in euro 124,355 −32,518
7 Liabilities to euro area residents denominated in foreign currency 5,648 1,082
8 Liabilities to non-euro area residents denominated in foreign currency 8,364 −663
8.1 Deposits, balances and other liabilities 8,364 −663
8.2 Liabilities arising from the credit facility under ERM II 0 0
9 Counterpart of special drawing rights allocated by the IMF 55,942 0
10 Other liabilities 210,118 −3,280
11 Revaluation accounts 394,031 0
12 Capital and reserves 81,503 14
Total liabilities 2,687,871 −47,757

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