Consolidated financial statement of the Eurosystem as at 30 March 2012

4 April 2012

Items not related to monetary policy operations

In the week ending 30 March 2012 the increase of EUR 9.3 billion in gold and gold receivables (asset item 1) reflected quarterly revaluation adjustments.

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) decreased by EUR 22.4 billion to EUR 228.1 billion. This change was due to the effects of the quarterly revaluation of assets and liabilities, the customer and portfolio transactions carried out by Eurosystem central banks during the period under review and US dollar liquidity-providing operations (see below).

US dollar liquidity operations
Value date Type of transaction Maturing amount New amount
29 March 2012 7-day US dollar liquidity-providing reverse transaction USD 1.8 billion USD 2.9 billion
29 March 2012 84-day US dollar liquidity-providing reverse transaction USD 25.5 billion USD 6.3 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 0.4 billion to EUR 347.3 billion. Banknotes in circulation (liability item 1) rose by EUR 2.9 billion to EUR 869.9 billion. Liabilities to general government (liability item 5.1) decreased by EUR 19 billion to EUR 137.5 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 8.8 billion to EUR 161.1 billion. On Wednesday, 28 March 2012, a main refinancing operation of EUR 59.5 billion matured and a new one of EUR 61.1 billion was settled. On the same day, fixed-term deposits in an amount of EUR 218 billion matured and new deposits were collected in an amount of EUR 213.5 billion, with a maturity of one week. On Thursday, 29 March 2012, a longer-term refinancing operation of EUR 29.7 billion matured and a new one of EUR 25.1 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 1.6 billion (compared with EUR 0.8 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 778.7 billion (compared with EUR 785.4 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 0.8 billion to EUR 280.2 billion, owing to settled purchases under the second covered bond purchase programme and quarter-end adjustments. Therefore, in the week ending 30 March 2012 the value of accumulated purchases under the Securities Markets Programme amounted to EUR 214.2 billion, while those of the portfolios held under the first and second covered bond purchase programmes totalled EUR 56.8 billion and EUR 9.2 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 19.4 billion to EUR 108.7 billion.

Quarter-end revaluation of the Eurosystem’s assets and liabilities

In line with the Eurosystem’s harmonised accounting rules, gold, foreign exchange, securities holdings and financial instruments of the Eurosystem are revalued at market rates and prices as at the end of each quarter. The net impact of the revaluation on each balance sheet item as at 31 March 2012 is shown in the additional column “ Difference compared with last week due to quarter-end adjustments”. The gold price and the principal exchange rates used for the revaluation of balances were as follows:

Gold: EUR 1,243.449 per fine oz.

USD: 1.3356 per EUR

JPY: 109.56 per EUR

Special drawing rights: EUR 1.1607 per SDR

Assets (EUR millions) Balance Difference compared with last week due to
i)transactions
ii)quarter-end adjustments
Totals/sub-totals may not add up, due to rounding
i) ii)
1 Gold and gold receivables 432,705 0 9,256
2 Claims on non-euro area residents denominated in foreign currency 238,468 −789 −8,225
2.1 Receivables from the IMF 85,195 −17 −1,854
2.2 Balances with banks and security investments, external loans and other external assets 153,273 −771 −6,371
3 Claims on euro area residents denominated in foreign currency 55,160 −13,647 −1,951
4 Claims on non-euro area residents denominated in euro 18,366 −336 57
4.1 Balances with banks, security investments and loans 18,366 −336 57
4.2 Claims arising from the credit facility under ERM II 0 0 0
5 Lending to euro area credit institutions related to monetary policy operations denominated in euro 1,153,584 −2,304 0
5.1 Main refinancing operations 61,078 1,535 0
5.2 Longer-term refinancing operations 1,090,891 −4,614 0
5.3 Fine-tuning reverse operations 0 0 0
5.4 Structural reverse operations 0 0 0
5.5 Marginal lending facility 1,615 781 0
5.6 Credits related to margin calls 0 −6 0
6 Other claims on euro area credit institutions denominated in euro 59,575 1,867 0
7 Securities of euro area residents denominated in euro 627,480 −1,174 2,398
7.1 Securities held for monetary policy purposes 280,180 255 581
7.2 Other securities 347,301 −1,429 1,817
8 General government debt denominated in euro 31,131 0 −45
9 Other assets 347,957 −4,427 898
Total assets 2,964,427 −20,809 2,388
Liabilities (EUR millions) Balance Difference compared with last week due to
i)transactions
ii)quarter-end adjustments
Totals/sub-totals may not add up, due to rounding
i) ii)
1 Banknotes in circulation 869,948 2,885 0
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 1,101,178 8,312 0
2.1 Current accounts (covering the minimum reserve system) 108,653 19,380 0
2.2 Deposit facility 778,702 −6,691 0
2.3 Fixed-term deposits 213,500 −4,500 0
2.4 Fine-tuning reverse operations 0 0 0
2.5 Deposits related to margin calls 324 123 0
3 Other liabilities to euro area credit institutions denominated in euro 2,146 500 0
4 Debt certificates issued 0 0 0
5 Liabilities to other euro area residents denominated in euro 149,635 −18,290 0
5.1 General government 137,522 −19,000 0
5.2 Other liabilities 12,113 710 0
6 Liabilities to non-euro area residents denominated in euro 79,805 −10,900 2
7 Liabilities to euro area residents denominated in foreign currency 3,025 35 −109
8 Liabilities to non-euro area residents denominated in foreign currency 7,822 −632 −242
8.1 Deposits, balances and other liabilities 7,822 −632 −242
8.2 Liabilities arising from the credit facility under ERM II 0 0 0
9 Counterpart of special drawing rights allocated by the IMF 54,716 0 −1,226
10 Other liabilities 212,821 −3,347 −1,707
11 Revaluation accounts 399,445 0 5,416
12 Capital and reserves 83,887 628 254
Total liabilities 2,964,427 −20,809 2,388

Media contacts