Consolidated financial statement of the Eurosystem as at 17 February 2012

21 February 2012

Items not related to monetary policy operations

In the week ending 17 February 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) decreased by EUR 0.1 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
16 February 2012 7-day US dollar liquidity-providing reverse transaction USD 4.1 billion USD 3.7 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) remained virtually unchanged at EUR 341.6 billion. Banknotes in circulation (liability item 1) decreased by EUR 0.6 billion to EUR 869.4 billion. Liabilities to general government (liability item 5.1) increased by EUR 16.3 billion to EUR 100.5 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) increased by EUR 63.2 billion to EUR 121.6 billion. On Wednesday, 15 February 2012, a main refinancing operation of EUR 109.5 billion matured and a new one of EUR 142.8 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 219.5 billion, with a maturity of one week. Also on Wednesday, 15 February 2012, a longer-term refinancing operation of EUR 38.7 billion matured and a new one of EUR 14.3 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 1.4 billion (compared with EUR 1.2 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 454.4 billion (compared with EUR 507.9 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 0.3 billion to EUR 283 billion. This increase was the net result of settled purchases under the second covered bond purchase programme and the redemption of securities under the first covered bond purchase programme. Therefore, in the week ending 17 February 2012 the value of accumulated purchases under the Securities Markets Programme amounted to EUR 219.3 billion, while those of the portfolios held under the first and second covered bond purchase programmes totalled EUR 57.2 billion and EUR 6.5 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) increased by EUR 49.3 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 423,445 −1
2 Claims on non-euro area residents denominated in foreign currency 245,805 696
2.1 Receivables from the IMF 85,517 −4
2.2 Balances with banks and security investments, external loans and other external assets 160,288 701
3 Claims on euro area residents denominated in foreign currency 99,629 −1,000
4 Claims on non-euro area residents denominated in euro 23,512 −424
4.1 Balances with banks, security investments and loans 23,512 −424
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 796,332 9,077
5.1 Main refinancing operations 142,751 33,289
5.2 Longer-term refinancing operations 652,097 −24,409
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 1,436 222
5.6 Credits related to margin calls 48 −26
6 Other claims on euro area credit institutions denominated in euro 69,197 −1,141
7 Securities of euro area residents denominated in euro 624,679 379
7.1 Securities held for monetary policy purposes 283,029 343
7.2 Other securities 341,649 36
8 General government debt denominated in euro 31,176 0
9 Other assets 349,488 −110
Total assets 2,663,261 7,476
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 869,355 −619
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 807,200 −4,862
2.1 Current accounts (covering the minimum reserve system) 132,473 49,264
2.2 Deposit facility 454,356 −53,520
2.3 Fixed-term deposits 219,500 500
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 871 −1,106
3 Other liabilities to euro area credit institutions denominated in euro 1,931 −284
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 110,572 16,317
5.1 General government 100,466 16,345
5.2 Other liabilities 10,106 −28
6 Liabilities to non-euro area residents denominated in euro 118,157 −624
7 Liabilities to euro area residents denominated in foreign currency 4,701 −313
8 Liabilities to non-euro area residents denominated in foreign currency 7,401 82
8.1 Deposits, balances and other liabilities 7,401 82
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 212,316 −2,002
11 Revaluation accounts 394,029 0
12 Capital and reserves 81,657 −220
Total liabilities 2,663,261 7,476

Media contacts