Consolidated financial statement of the Eurosystem as at 13 January 2012

17 January 2012

Items not related to monetary policy operations

In the week ending 13 January 2012 the decrease of EUR 4 million in gold and gold receivables (asset item 1) reflected the sale of gold by one Eurosystem central bank (consistent with the Central Bank Gold Agreement that came into effect on 27 September 2009), as well as the sale 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) decreased by EUR 0.1 billion to EUR 271.6 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
12 January 2012 7-day US dollar liquidity-providing reverse transaction USD 6.2 billion USD 5.7 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 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 344.2 billion. Banknotes in circulation (liability item 1) decreased by EUR 7.2 billion to EUR 876.6 billion. Liabilities to general government (liability item 5.1) decreased by EUR 3.1 billion to EUR 76.5 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 51.1 billion to EUR 109 billion. On Wednesday, 11 January 2012, a main refinancing operation of EUR 130.6 billion matured and a new one of EUR 110.9 billion was settled. On the same day, fixed-term deposits in an amount of EUR 211.5 billion matured and new deposits were collected in an amount of EUR 213 billion.

Recourse to the marginal lending facility (asset item 5.5) was EUR 2.4 billion (compared with EUR 1.4 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 493.3 billion (compared with EUR 463.6 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 278.8 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 13 January 2012 the value of accumulated purchases under the Securities Markets Programme amounted to EUR 216.8 billion, while those of the portfolios held under the first and second covered bond purchase programmes totalled EUR 58.6 billion and EUR 3.4 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 23.9 billion to EUR 132.5 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 423,451 −4
2 Claims on non-euro area residents denominated in foreign currency 246,024 22
2.1 Receivables from the IMF 85,658 7
2.2 Balances with banks and security investments, external loans and other external assets 160,366 15
3 Claims on euro area residents denominated in foreign currency 94,543 −1,103
4 Claims on non-euro area residents denominated in euro 23,489 −1,076
4.1 Balances with banks, security investments and loans 23,489 −1,076
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 817,255 −18,723
5.1 Main refinancing operations 110,881 −19,741
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 2,386 995
5.6 Credits related to margin calls 94 23
6 Other claims on euro area credit institutions denominated in euro 69,534 2,696
7 Securities of euro area residents denominated in euro 623,042 4,073
7.1 Securities held for monetary policy purposes 278,835 4,005
7.2 Other securities 344,207 68
8 General government debt denominated in euro 33,926 0
9 Other assets 345,723 3,232
Total assets 2,676,987 −10,884
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 876,589 −7,155
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 840,822 8,445
2.1 Current accounts (covering the minimum reserve system) 132,536 −23,931
2.2 Deposit facility 493,272 29,707
2.3 Fixed-term deposits 213,000 1,500
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 2,015 1,169
3 Other liabilities to euro area credit institutions denominated in euro 1,354 287
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 87,509 −3,214
5.1 General government 76,525 −3,107
5.2 Other liabilities 10,984 −107
6 Liabilities to non-euro area residents denominated in euro 117,730 −6,625
7 Liabilities to euro area residents denominated in foreign currency 3,224 −2,424
8 Liabilities to non-euro area residents denominated in foreign currency 9,777 1,413
8.1 Deposits, balances and other liabilities 9,777 1,413
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 208,460 −1,658
11 Revaluation accounts 394,031 0
12 Capital and reserves 81,550 47
Total liabilities 2,676,987 −10,884

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