Consolidated financial statement of the Eurosystem as at 15 June 2012

19 June 2012

Items not related to monetary policy operations

In the week ending 15 June 2012 the decrease of EUR 1 million in gold and gold receivables (asset item 1) 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) increased by EUR 2 billion to EUR 226.9 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
14 June 2012 7-day US dollar liquidity-providing reverse transaction USD 1.5 billion USD 2.4 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 1.3 billion to EUR 323.1 billion. Banknotes in circulation (liability item 1) increased by EUR 2.9 billion to EUR 891.5 billion. Liabilities to general government (liability item 5.1) fell by EUR 6.1 billion to EUR 107.7 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 68.1 billion to EUR 251.9 billion. On Wednesday, 13 June 2012, a main refinancing operation of EUR 119.4 billion matured and a new one of EUR 131.7 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. Also on Wednesday, 13 June 2012, a longer-term refinancing operation of EUR 11 billion matured and a new one of EUR 18.9 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 3 billion (compared with EUR 1.9 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 741.2 billion (compared with EUR 788.2 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) decreased by EUR 1 billion to EUR 280.2 billion. This decrease was due to the redemption of securities purchased under the Securities Markets Programme, which more than offset the purchases settled under the second covered bond purchase programme during the week. Therefore, in the week ending 15 June 2012 the value of accumulated purchases under the Securities Markets Programme amounted to EUR 210.7 billion, while the values of the portfolios held under the first and second covered bond purchase programmes totalled EUR 56.3 billion and EUR 13.2 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 63.8 billion to EUR 150.9 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 432,701 −1
2 Claims on non-euro area residents denominated in foreign currency 246,521 1,994
2.1 Receivables from the IMF 86,582 496
2.2 Balances with banks and security investments, external loans and other external assets 159,939 1,498
3 Claims on euro area residents denominated in foreign currency 48,160 −909
4 Claims on non-euro area residents denominated in euro 17,612 996
4.1 Balances with banks, security investments and loans 17,612 996
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 1,206,289 21,229
5.1 Main refinancing operations 131,747 12,378
5.2 Longer-term refinancing operations 1,071,547 7,917
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 2,979 1,030
5.6 Credits related to margin calls 17 −95
6 Other claims on euro area credit institutions denominated in euro 191,721 2,174
7 Securities of euro area residents denominated in euro 603,316 −2,349
7.1 Securities held for monetary policy purposes 280,219 −1,023
7.2 Other securities 323,097 −1,326
8 General government debt denominated in euro 30,587 4
9 Other assets 250,398 −5,516
Total assets 3,027,305 17,621
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 891,508 2,895
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 1,105,241 16,914
2.1 Current accounts (covering the minimum reserve system) 150,901 63,831
2.2 Deposit facility 741,191 −47,027
2.3 Fixed-term deposits 212,000 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 1,149 110
3 Other liabilities to euro area credit institutions denominated in euro 3,947 34
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 119,105 −5,615
5.1 General government 107,684 −6,092
5.2 Other liabilities 11,421 477
6 Liabilities to non-euro area residents denominated in euro 138,772 9,172
7 Liabilities to euro area residents denominated in foreign currency 2,872 −1,134
8 Liabilities to non-euro area residents denominated in foreign currency 10,149 258
8.1 Deposits, balances and other liabilities 10,149 258
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 215,805 −4,903
11 Revaluation accounts 399,445 0
12 Capital and reserves 85,748 0
Total liabilities 3,027,305 17,621

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