Consolidated financial statement of the Eurosystem as at 1 June 2012

5 June 2012

Items not related to monetary policy operations

In the week ending 1 June 2012 the decrease of EUR 1 million in gold and gold receivables (asset item 1) mainly reflected the sale of gold coin by three Eurosystem central banks.

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) increased by EUR 0.7 billion to EUR 223.2 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
31 May 2012 7-day US dollar liquidity-providing reverse transaction USD 0.3 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 0.3 billion to EUR 324.3 billion. Banknotes in circulation (liability item 1) increased by EUR 5.1 billion to EUR 884.9 billion. Liabilities to general government (liability item 5.1) fell by EUR 24.9 billion to EUR 118.1 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 11.2 billion to EUR 117.8 billion. On Wednesday, 30 May 2012, a main refinancing operation of EUR 37.9 billion matured and a new one of EUR 51.2 billion was settled. On the same day, fixed-term deposits in an amount of EUR 212 billion matured and new deposits in the same amount were collected. During the week a longer-term refinancing operation of EUR 6.5 billion matured and a new one of EUR 8.3 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.7 billion (compared with EUR 2.1 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 785 billion (compared with EUR 760.1 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 0.3 billion to EUR 280.8 billion. This increase was due to purchases under the second covered bond purchase programme, which more than offset the redemption of securities purchased under the first covered bond purchase programme. Therefore, in the week ending 1 June 2012 the value of accumulated purchases under the Securities Markets Programme amounted to EUR 212.1 billion, while the values of the portfolios held under the first and second covered bond purchase programmes totalled EUR 56.4 billion and EUR 12.4 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 4 billion to EUR 94 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 432,703 −1
2 Claims on non-euro area residents denominated in foreign currency 243,598 747
2.1 Receivables from the IMF 86,082 40
2.2 Balances with banks and security investments, external loans and other external assets 157,516 707
3 Claims on euro area residents denominated in foreign currency 49,077 836
4 Claims on non-euro area residents denominated in euro 17,590 105
4.1 Balances with banks, security investments and loans 17,590 105
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 1,115,517 13,780
5.1 Main refinancing operations 51,176 13,324
5.2 Longer-term refinancing operations 1,063,629 1,812
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 710 −1,356
5.6 Credits related to margin calls 1 1
6 Other claims on euro area credit institutions denominated in euro 250,592 4,011
7 Securities of euro area residents denominated in euro 605,113 10
7.1 Securities held for monetary policy purposes 280,823 268
7.2 Other securities 324,290 −258
8 General government debt denominated in euro 30,583 0
9 Other assets 257,820 2,794
Total assets 3,002,593 22,283
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 884,875 5,129
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 1,091,700 28,927
2.1 Current accounts (covering the minimum reserve system) 94,017 3,982
2.2 Deposit facility 784,973 24,871
2.3 Fixed-term deposits 212,000 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 710 74
3 Other liabilities to euro area credit institutions denominated in euro 3,399 125
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 129,026 −24,919
5.1 General government 118,092 −24,863
5.2 Other liabilities 10,934 −56
6 Liabilities to non-euro area residents denominated in euro 116,419 9,218
7 Liabilities to euro area residents denominated in foreign currency 5,491 −1,208
8 Liabilities to non-euro area residents denominated in foreign currency 9,279 2,130
8.1 Deposits, balances and other liabilities 9,279 2,130
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 222,881 3,065
11 Revaluation accounts 399,445 0
12 Capital and reserves 85,363 −185
Total liabilities 3,002,593 22,283

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