Consolidated financial statement of the Eurosystem as at 27 January 2012

31 January 2012

Items not related to monetary policy operations

In the week ending 27 January 2012 the decrease of EUR 4 million in gold and gold receivables (asset item 1) mainly 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 1.4 billion to EUR 273.3 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
26 January 2012 7-day US dollar liquidity-providing reverse transaction USD 5.9 billion USD 7.9 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) increased by EUR 0.5 billion to EUR 342.3 billion. Banknotes in circulation (liability item 1) decreased by EUR 2.7 billion to EUR 869.2 billion. Liabilities to general government (liability item 5.1) increased by EUR 27.1 billion to EUR 125.9 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 20.9 billion to EUR 100.3 billion. On Wednesday, 25 January 2012, a main refinancing operation of EUR 126.9 billion matured and a new one of EUR 130.3 billion was settled. On the same day, fixed-term deposits in an amount of EUR 217 billion matured and new deposits were collected in an amount of EUR 219 billion. On Thursday, 26 January 2012, a longer-term refinancing operation of EUR 44.6 billion matured and a new one of EUR 19.6 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 2.4 billion (compared with EUR 3.3 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 488.9 billion (compared with EUR 491.8 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 0.4 billion to EUR 282.6 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 27 January 2012 the value of accumulated purchases under the Securities Markets Programme amounted to EUR 219.1 billion, while those of the portfolios held under the first and second covered bond purchase programmes totalled EUR 58 billion and EUR 5.5 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 45.8 billion to EUR 88.9 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 423,446 −4
2 Claims on non-euro area residents denominated in foreign currency 244,971 −335
2.1 Receivables from the IMF 85,672 15
2.2 Balances with banks and security investments, external loans and other external assets 159,298 −350
3 Claims on euro area residents denominated in foreign currency 96,673 2,158
4 Claims on non-euro area residents denominated in euro 25,009 −724
4.1 Balances with banks, security investments and loans 25,009 −724
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 809,248 −22,482
5.1 Main refinancing operations 130,317 3,439
5.2 Longer-term refinancing operations 676,505 −24,972
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 2,366 −956
5.6 Credits related to margin calls 59 6
6 Other claims on euro area credit institutions denominated in euro 72,292 −3,258
7 Securities of euro area residents denominated in euro 624,849 881
7.1 Securities held for monetary policy purposes 282,579 364
7.2 Other securities 342,270 517
8 General government debt denominated in euro 33,926 0
9 Other assets 352,164 144
Total assets 2,682,576 −23,621
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 869,167 −2,674
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 797,868 −47,387
2.1 Current accounts (covering the minimum reserve system) 88,939 −45,783
2.2 Deposit facility 488,884 −2,896
2.3 Fixed-term deposits 219,000 2,000
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 1,045 −707
3 Other liabilities to euro area credit institutions denominated in euro 1,676 196
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 136,115 27,241
5.1 General government 125,922 27,115
5.2 Other liabilities 10,193 126
6 Liabilities to non-euro area residents denominated in euro 118,556 −374
7 Liabilities to euro area residents denominated in foreign currency 2,845 876
8 Liabilities to non-euro area residents denominated in foreign currency 9,523 −442
8.1 Deposits, balances and other liabilities 9,523 −442
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 215,299 −1,064
11 Revaluation accounts 394,028 0
12 Capital and reserves 81,558 8
Total liabilities 2,682,576 −23,621

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