Consolidated financial statement of the Eurosystem as at 4 May 2012

8 May 2012

Items not related to monetary policy operations

In the week ending 4 May 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 0.6 billion to EUR 224.6 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
3 May 2012 7-day US dollar liquidity-providing reverse transaction USD 1.1 billion USD 0.5 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) decreased by EUR 1.2 billion to EUR 325.5 billion. Banknotes in circulation (liability item 1) increased by EUR 3.5 billion to EUR 876.1 billion. Liabilities to general government (liability item 5.1) fell by EUR 21.4 billion to EUR 108.5 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 30 billion to EUR 101.1 billion. On Wednesday, 2 May 2012, a main refinancing operation of EUR 46.4 billion matured and a new one of EUR 34.4 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, longer-term refinancing operations amounting to EUR 10.8 billion were repaid before maturity.

Recourse to the marginal lending facility (asset item 5.5) was EUR 1.1 billion (compared with EUR 0.6 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 801.5 billion (compared with EUR 794 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 0.1 billion to EUR 281.7 billion. This increase was due to the purchases settled under the second covered bond purchase programme, which more than offset the redemption of securities acquired under the first covered bond purchase programme. Therefore, in the week ending 4 May 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 56.6 billion and EUR 11 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 5.6 billion to EUR 96.9 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 432,705 0
2 Claims on non-euro area residents denominated in foreign currency 241,977 738
2.1 Receivables from the IMF 85,968 −218
2.2 Balances with banks and security investments, external loans and other external assets 156,010 956
3 Claims on euro area residents denominated in foreign currency 51,965 −485
4 Claims on non-euro area residents denominated in euro 20,108 −163
4.1 Balances with banks, security investments and loans 20,108 −163
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 1,117,090 −22,282
5.1 Main refinancing operations 34,420 −11,949
5.2 Longer-term refinancing operations 1,081,584 −10,800
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 1,086 468
5.6 Credits related to margin calls 0 0
6 Other claims on euro area credit institutions denominated in euro 204,691 19,952
7 Securities of euro area residents denominated in euro 607,223 −1,065
7.1 Securities held for monetary policy purposes 281,749 120
7.2 Other securities 325,473 −1,184
8 General government debt denominated in euro 30,589 −542
9 Other assets 253,970 2,060
Total assets 2,960,317 −1,786
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 876,143 3,454
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 1,112,812 13,347
2.1 Current accounts (covering the minimum reserve system) 96,860 5,606
2.2 Deposit facility 801,489 7,530
2.3 Fixed-term deposits 214,000 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 463 210
3 Other liabilities to euro area credit institutions denominated in euro 2,322 −80
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 119,887 −20,722
5.1 General government 108,464 −21,407
5.2 Other liabilities 11,423 684
6 Liabilities to non-euro area residents denominated in euro 77,540 1,140
7 Liabilities to euro area residents denominated in foreign currency 4,638 −521
8 Liabilities to non-euro area residents denominated in foreign currency 10,032 1,346
8.1 Deposits, balances and other liabilities 10,032 1,346
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 217,237 238
11 Revaluation accounts 399,445 0
12 Capital and reserves 85,545 13
Total liabilities 2,960,317 −1,786

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