Consolidated financial statement of the Eurosystem as at 2 March 2012

6 March 2012

Items not related to monetary policy operations

In the week ending 2 March 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) decreased by EUR 26.2 billion to EUR 250.9 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
1 March 2012 7-day US dollar liquidity-providing reverse transaction USD 3.6 billion USD 3.5 billion
1 March 2012 84-day US dollar liquidity-providing reverse transaction USD 50.7 billion USD 14.5 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 4.8 billion to EUR 347.6 billion. Banknotes in circulation (liability item 1) increased by EUR 3.2 billion to EUR 870.6 billion. Liabilities to general government (liability item 5.1) decreased by EUR 6.9 billion to EUR 135.4 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 47.1 billion to EUR 72.9 billion. On Wednesday, 29 February 2012, a main refinancing operation of EUR 166.5 billion matured and a new one of EUR 29.5 billion was settled. On the same day, fixed-term deposits in an amount of EUR 219.5 billion matured and new deposits were collected in the same amount, with a maturity of one week. On Thursday, 1 March 2012, a longer-term refinancing operation of EUR 38.6 billion matured and a new one of EUR 6.5 billion was settled, with a maturity of 91 days. On the same day, a longer-term refinancing operation of EUR 49.8 billion, with a maturity of 203 days, matured. Also on Thursday, 1 March 2012, a longer-term refinancing operation of EUR 529.5 billion was settled, with a maturity of 1,092 days.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.8 billion (compared with EUR 1.0 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 820.9 billion (compared with EUR 477.3 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 0.5 billion to EUR 284.1 billion. This increase was the result of settled purchases under the second covered bond purchase programme. Therefore, in the week ending 2 March 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 7.6 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 2.3 billion to EUR 91.4 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 0
2 Claims on non-euro area residents denominated in foreign currency 246,981 1,703
2.1 Receivables from the IMF 86,843 1,326
2.2 Balances with banks and security investments, external loans and other external assets 160,138 377
3 Claims on euro area residents denominated in foreign currency 72,110 −27,763
4 Claims on non-euro area residents denominated in euro 23,269 −532
4.1 Balances with banks, security investments and loans 23,269 −532
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 1,130,352 310,670
5.1 Main refinancing operations 29,469 −137,021
5.2 Longer-term refinancing operations 1,100,076 447,979
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 783 −237
5.6 Credits related to margin calls 24 −51
6 Other claims on euro area credit institutions denominated in euro 59,261 −5,402
7 Securities of euro area residents denominated in euro 631,714 5,239
7.1 Securities held for monetary policy purposes 284,080 471
7.2 Other securities 347,633 4,768
8 General government debt denominated in euro 31,176 0
9 Other assets 404,851 46,646
Total assets 3,023,159 330,561
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 870,556 3,160
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 1,148,864 355,464
2.1 Current accounts (covering the minimum reserve system) 91,402 −2,274
2.2 Deposit facility 820,819 343,494
2.3 Fixed-term deposits 219,500 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 17,143 14,244
3 Other liabilities to euro area credit institutions denominated in euro 7,368 5,039
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 147,146 −6,494
5.1 General government 135,375 −6,863
5.2 Other liabilities 11,771 369
6 Liabilities to non-euro area residents denominated in euro 90,890 −24,961
7 Liabilities to euro area residents denominated in foreign currency 4,413 −358
8 Liabilities to non-euro area residents denominated in foreign currency 7,861 524
8.1 Deposits, balances and other liabilities 7,861 524
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 213,100 −2,814
11 Revaluation accounts 394,029 0
12 Capital and reserves 82,990 1,000
Total liabilities 3,023,159 330,561

Media contacts