Consolidated financial statement of the Eurosystem as at 20 January 2012

24 January 2012

Items not related to monetary policy operations

In the week ending 20 January 2012 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 0.3 billion to EUR 271.9 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
19 January 2012 7-day US dollar liquidity-providing reverse transaction USD 5.7 billion USD 5.9 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 2.5 billion to EUR 341.8 billion. Banknotes in circulation (liability item 1) decreased by EUR 4.7 billion to EUR 871.8 billion. Liabilities to general government (liability item 5.1) increased by EUR 22.3 billion to EUR 98.8 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) increased by EUR 12.2 billion to EUR 121.2 billion. On Wednesday, 18 January 2012, a main refinancing operation of EUR 110.9 billion matured and a new one of EUR 126.9 billion was settled. On the same day, fixed-term deposits in an amount of EUR 213 billion matured and new deposits were collected in an amount of EUR 217 billion. Also on Wednesday, 18 January 2012, a longer-term refinancing operation of EUR 41.2 billion matured and a new one of EUR 38.7 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 3.3 billion (compared with EUR 2.4 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 491.8 billion (compared with EUR 493.3 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 3.4 billion to EUR 282.2 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 Securities Markets Programme and the first covered bond purchase programme. Therefore, in the week ending 20 January 2012 the value of accumulated purchases under the Securities Markets Programme amounted to EUR 219 billion, while those of the portfolios held under the first and second covered bond purchase programmes totalled EUR 58 billion and EUR 5.1 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) increased by EUR 2.2 billion to EUR 134.7 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 423,450 −1
2 Claims on non-euro area residents denominated in foreign currency 245,306 −719
2.1 Receivables from the IMF 85,657 −1
2.2 Balances with banks and security investments, external loans and other external assets 159,648 −718
3 Claims on euro area residents denominated in foreign currency 94,514 −29
4 Claims on non-euro area residents denominated in euro 25,732 2,243
4.1 Balances with banks, security investments and loans 25,732 2,243
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 831,730 14,475
5.1 Main refinancing operations 126,877 15,997
5.2 Longer-term refinancing operations 701,478 −2,416
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 3,323 936
5.6 Credits related to margin calls 53 −41
6 Other claims on euro area credit institutions denominated in euro 75,550 6,016
7 Securities of euro area residents denominated in euro 623,968 926
7.1 Securities held for monetary policy purposes 282,215 3,380
7.2 Other securities 341,753 −2,454
8 General government debt denominated in euro 33,926 0
9 Other assets 352,020 6,297
Total assets 2,706,197 29,209
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 871,841 −4,748
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 845,255 4,432
2.1 Current accounts (covering the minimum reserve system) 134,722 2,187
2.2 Deposit facility 491,780 −1,492
2.3 Fixed-term deposits 217,000 4,000
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 1,752 −263
3 Other liabilities to euro area credit institutions denominated in euro 1,480 126
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 108,874 21,365
5.1 General government 98,807 22,282
5.2 Other liabilities 10,067 −917
6 Liabilities to non-euro area residents denominated in euro 118,930 1,200
7 Liabilities to euro area residents denominated in foreign currency 1,969 −1,255
8 Liabilities to non-euro area residents denominated in foreign currency 9,965 188
8.1 Deposits, balances and other liabilities 9,965 188
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 216,363 7,900
11 Revaluation accounts 394,028 0
12 Capital and reserves 81,550 0
Total liabilities 2,706,197 29,209

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