Consolidated financial statement of the Eurosystem as at 27 April 2012

2 May 2012

Items not related to monetary policy operations

In the week ending 27 April 2012 the decrease of EUR 1 million in gold and gold receivables (asset item 1) mainly 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 2.7 billion to EUR 225.1 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
26 April 2012 7-day US dollar liquidity-providing reverse transaction USD 0.9 billion USD 1.1 billion
26 April 2012 84-day US dollar liquidity-providing reverse transaction USD 9.4 billion USD 5.2 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 1.9 billion to EUR 326.7 billion. Banknotes in circulation (liability item 1) increased by EUR 3 billion to EUR 872.7 billion. Liabilities to general government (liability item 5.1) fell by EUR 25.4 billion to EUR 129.9 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 20.9 billion to EUR 131.2 billion. On Wednesday, 25 April 2012, a main refinancing operation of EUR 51.8 billion matured and a new one of EUR 46.4 billion was settled. On the same day, fixed-term deposits in an amount of EUR 214 billion matured and new deposits in the same amount were collected. During the week a longer-term refinancing operation of EUR 19.6 billion matured and a new one of EUR 21.3 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.6 billion (compared with EUR 0.3 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 794 billion (compared with EUR 775.6 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 281.6 billion. This increase was due to the purchases under the second covered bond purchase programme that were settled during the week. Therefore, in the week ending 27 April 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 10.6 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 2.2 billion to EUR 91.3 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 432,705 −1
2 Claims on non-euro area residents denominated in foreign currency 241,240 859
2.1 Receivables from the IMF 86,186 63
2.2 Balances with banks and security investments, external loans and other external assets 155,054 796
3 Claims on euro area residents denominated in foreign currency 52,449 −2,168
4 Claims on non-euro area residents denominated in euro 20,271 1,000
4.1 Balances with banks, security investments and loans 20,271 1,000
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 1,139,372 −3,342
5.1 Main refinancing operations 46,369 −5,406
5.2 Longer-term refinancing operations 1,092,384 1,758
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 619 307
5.6 Credits related to margin calls 1 −1
6 Other claims on euro area credit institutions denominated in euro 184,738 1,047
7 Securities of euro area residents denominated in euro 608,287 −1,387
7.1 Securities held for monetary policy purposes 281,629 481
7.2 Other securities 326,658 −1,868
8 General government debt denominated in euro 31,131 0
9 Other assets 251,910 −1,014
Total assets 2,962,103 −5,006
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 872,690 3,036
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 1,099,466 15,280
2.1 Current accounts (covering the minimum reserve system) 91,254 −2,244
2.2 Deposit facility 793,958 18,308
2.3 Fixed-term deposits 214,000 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 253 −784
3 Other liabilities to euro area credit institutions denominated in euro 2,402 14
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 140,609 −25,943
5.1 General government 129,871 −25,395
5.2 Other liabilities 10,739 −548
6 Liabilities to non-euro area residents denominated in euro 76,400 −122
7 Liabilities to euro area residents denominated in foreign currency 5,159 1,340
8 Liabilities to non-euro area residents denominated in foreign currency 8,685 98
8.1 Deposits, balances and other liabilities 8,685 98
8.2 Liabilities arising from the credit facility under ERM II 0 0
9 Counterpart of special drawing rights allocated by the IMF 54,716 0
10 Other liabilities 217,000 1,291
11 Revaluation accounts 399,445 0
12 Capital and reserves 85,532 0
Total liabilities 2,962,103 −5,006

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