Consolidated financial statement of the Eurosystem as at 23 March 2012

27 March 2012

Items not related to monetary policy operations

In the week ending 23 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 0.2 billion to EUR 250.5 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
22 March 2012 7-day US dollar liquidity-providing reverse transaction USD 2.3 billion USD 1.8 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 0.1 billion to EUR 346.9 billion. Banknotes in circulation (liability item 1) decreased by EUR 2.0 billion to EUR 867 billion. Liabilities to general government (liability item 5.1) increased by EUR 17.6 billion to EUR 156.5 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) decreased by EUR 20.3 billion to EUR 152.3 billion. On Wednesday, 21 March 2012, a main refinancing operation of EUR 42.2 billion matured and a new one of EUR 59.5 billion was settled. On the same day, fixed-term deposits in an amount of EUR 218 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 0.8 billion (compared with EUR 11.8 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 785.4 billion (compared with EUR 758.8 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) decreased by EUR 4.1 billion to EUR 279.3 billion. This decrease was due to the redemption of securities under the Securities Markets Programme and the first covered bond purchase programme, which more than offset the purchases settled during the week under the second covered bond purchase programme. Therefore, in the week ending 23 March 2012 the value of accumulated purchases under the Securities Markets Programme amounted to EUR 213.5 billion, while those of the portfolios held under the first and second covered bond purchase programmes totalled EUR 56.9 billion and EUR 8.9 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 42.9 billion to EUR 89.3 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 423,450 0
2 Claims on non-euro area residents denominated in foreign currency 247,482 921
2.1 Receivables from the IMF 87,066 225
2.2 Balances with banks and security investments, external loans and other external assets 160,416 697
3 Claims on euro area residents denominated in foreign currency 70,758 −596
4 Claims on non-euro area residents denominated in euro 18,645 627
4.1 Balances with banks, security investments and loans 18,645 627
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 1,155,888 6,403
5.1 Main refinancing operations 59,543 17,365
5.2 Longer-term refinancing operations 1,095,505 0
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 834 −10,950
5.6 Credits related to margin calls 6 −11
6 Other claims on euro area credit institutions denominated in euro 57,708 2,438
7 Securities of euro area residents denominated in euro 626,257 −4,189
7.1 Securities held for monetary policy purposes 279,344 −4,056
7.2 Other securities 346,913 −134
8 General government debt denominated in euro 31,176 0
9 Other assets 351,486 −9,050
Total assets 2,982,849 −3,445
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 867,063 −2,043
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 1,092,866 −16,210
2.1 Current accounts (covering the minimum reserve system) 89,273 −42,900
2.2 Deposit facility 785,393 26,639
2.3 Fixed-term deposits 218,000 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 201 51
3 Other liabilities to euro area credit institutions denominated in euro 1,645 116
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 167,925 14,969
5.1 General government 156,522 17,589
5.2 Other liabilities 11,403 −2,620
6 Liabilities to non-euro area residents denominated in euro 90,704 −2,704
7 Liabilities to euro area residents denominated in foreign currency 3,099 −802
8 Liabilities to non-euro area residents denominated in foreign currency 8,696 1,320
8.1 Deposits, balances and other liabilities 8,696 1,320
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 217,875 1,904
11 Revaluation accounts 394,029 0
12 Capital and reserves 83,004 4
Total liabilities 2,982,849 −3,445

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