Consolidated financial statement of the Eurosystem as at 3 February 2012

7 February 2012

Items not related to monetary policy operations

In the week ending 3 February 2012 gold and gold receivables (asset item 1) remained unchanged.

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) increased by EUR 4 billion to EUR 277.4 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
2 February 2012 7-day US dollar liquidity-providing reverse transaction USD 7.9 billion USD 3.7 billion
2 February 2012 84-day US dollar liquidity-providing reverse transaction - USD 9.4 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 1.6 billion to EUR 340.7 billion. Banknotes in circulation (liability item 1) increased by EUR 2.3 billion to EUR 871.5 billion. Liabilities to general government (liability item 5.1) fell by EUR 42.3 billion to EUR 83.6 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 36.7 billion to EUR 63.7 billion. On Wednesday, 1 February 2012, a main refinancing operation of EUR 130.3 billion matured and a new one of EUR 115.6 billion was settled. On the same day, fixed-term deposits in an amount of EUR 219 billion matured and new deposits were collected in an amount of EUR 219 billion.

Recourse to the marginal lending facility (asset item 5.5) was EUR 2.8 billion (compared with EUR 2.4 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 511.4 billion (compared with EUR 488.9 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) remained virtually unchanged at EUR 282.5 billion. This was due to the redemption of securities under the first covered bond purchase programme offsetting the settled purchases under the Securities Markets Programme and the second covered bond purchase programme. Therefore, in the week ending 3 February 2012 the value of accumulated purchases under the Securities Markets Programme amounted to EUR 219.2 billion, while those of the portfolios held under the first and second covered bond purchase programmes totalled EUR 57.8 billion and EUR 5.6 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 5 billion to EUR 83.9 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 0
2 Claims on non-euro area residents denominated in foreign currency 246,012 1,041
2.1 Receivables from the IMF 85,710 38
2.2 Balances with banks and security investments, external loans and other external assets 160,302 1,004
3 Claims on euro area residents denominated in foreign currency 100,434 3,762
4 Claims on non-euro area residents denominated in euro 24,180 −828
4.1 Balances with banks, security investments and loans 24,180 −828
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 794,978 −14,269
5.1 Main refinancing operations 115,579 −14,738
5.2 Longer-term refinancing operations 676,505 0
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 2,799 433
5.6 Credits related to margin calls 94 35
6 Other claims on euro area credit institutions denominated in euro 73,319 1,027
7 Securities of euro area residents denominated in euro 623,229 −1,620
7.1 Securities held for monetary policy purposes 282,541 −38
7.2 Other securities 340,688 −1,582
8 General government debt denominated in euro 31,176 −2,750
9 Other assets 345,352 −6,812
Total assets 2,662,126 −20,450
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 871,508 2,341
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 815,235 17,367
2.1 Current accounts (covering the minimum reserve system) 83,915 −5,024
2.2 Deposit facility 511,438 22,554
2.3 Fixed-term deposits 219,000 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 882 −163
3 Other liabilities to euro area credit institutions denominated in euro 2,017 341
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 93,804 −42,310
5.1 General government 83,605 −42,317
5.2 Other liabilities 10,200 7
6 Liabilities to non-euro area residents denominated in euro 122,474 3,918
7 Liabilities to euro area residents denominated in foreign currency 3,541 696
8 Liabilities to non-euro area residents denominated in foreign currency 9,584 61
8.1 Deposits, balances and other liabilities 9,584 61
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 212,116 −3,183
11 Revaluation accounts 394,028 0
12 Capital and reserves 81,877 318
Total liabilities 2,662,126 −20,450

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