Consolidated financial statement of the Eurosystem as at 9 March 2012

13 March 2012

Items not related to monetary policy operations

In the week ending 9 March 2012 the increase of EUR 4 million in gold and gold receivables (asset item 1) reflected the purchase of gold 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 1.2 billion to EUR 249.7 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
8 March 2012 7-day US dollar liquidity-providing reverse transaction USD 3.5 billion USD 1.6 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 348.1 billion. Banknotes in circulation (liability item 1) remained virtually unchanged at EUR 870.6 billion. Liabilities to general government (liability item 5.1) decreased by EUR 1.1 billion to EUR 134.3 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 10.6 billion to EUR 83.5 billion. On Tuesday, 6 March 2012, a main refinancing operation of EUR 29.5 billion matured and a new one of EUR 17.5 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.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.6 billion (compared with EUR 0.8 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 798 billion (compared with EUR 820.8 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) decreased by EUR 1.1 billion to EUR 283 billion. This decrease was due to the redemption of securities under the Securities Markets Programme, which more than offset the purchases settled during the week under both the Securities Markets Programme and the second covered bond purchase programme. Therefore, in the week ending 9 March 2012 the value of accumulated purchases under the Securities Markets Programme amounted to EUR 217.8 billion, while those of the portfolios held under the first and second covered bond purchase programmes totalled EUR 57.2 billion and EUR 8 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 6.5 billion to EUR 97.9 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 423,449 4
2 Claims on non-euro area residents denominated in foreign currency 246,978 −3
2.1 Receivables from the IMF 86,862 19
2.2 Balances with banks and security investments, external loans and other external assets 160,117 −22
3 Claims on euro area residents denominated in foreign currency 70,367 −1,744
4 Claims on non-euro area residents denominated in euro 20,363 −2,906
4.1 Balances with banks, security investments and loans 20,363 −2,906
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 1,118,273 −12,079
5.1 Main refinancing operations 17,541 −11,928
5.2 Longer-term refinancing operations 1,100,076 0
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 632 −151
5.6 Credits related to margin calls 23 −1
6 Other claims on euro area credit institutions denominated in euro 57,880 −1,381
7 Securities of euro area residents denominated in euro 631,122 −591
7.1 Securities held for monetary policy purposes 283,011 −1,070
7.2 Other securities 348,112 479
8 General government debt denominated in euro 31,176 0
9 Other assets 406,174 1,324
Total assets 3,005,782 −17,377
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 870,605 49
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 1,132,702 −16,162
2.1 Current accounts (covering the minimum reserve system) 97,943 6,541
2.2 Deposit facility 797,953 −22,866
2.3 Fixed-term deposits 219,500 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 17,305 163
3 Other liabilities to euro area credit institutions denominated in euro 7,355 −13
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 145,954 −1,192
5.1 General government 134,300 −1,074
5.2 Other liabilities 11,654 −118
6 Liabilities to non-euro area residents denominated in euro 92,293 1,403
7 Liabilities to euro area residents denominated in foreign currency 3,910 −502
8 Liabilities to non-euro area residents denominated in foreign currency 7,800 −61
8.1 Deposits, balances and other liabilities 7,800 −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 212,191 −909
11 Revaluation accounts 394,029 0
12 Capital and reserves 83,000 10
Total liabilities 3,005,782 −17,377

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