Consolidated financial statement of the Eurosystem as at 22 June 2012

26 June 2012

Items not related to monetary policy operations

In the week ending 22 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 2.5 billion to EUR 229.5 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
21 June 2012 7-day US dollar liquidity-providing reverse transaction USD 2.4 billion USD 1.6 billion
21 June 2012 84-day US dollar liquidity-providing reverse transaction USD 6.3 billion USD 9.9 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 billion to EUR 322.1 billion. Banknotes in circulation (liability item 1) decreased by EUR 1.2 billion to EUR 890.3 billion. Liabilities to general government (liability item 5.1) rose by EUR 42.9 billion to EUR 150.6 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 1.5 billion to EUR 253.5 billion. On Wednesday, 20 June 2012, a main refinancing operation of EUR 131.7 billion matured and a new one of EUR 167.3 billion was settled. On the same day, fixed-term deposits in an amount of EUR 212 billion matured and new deposits were collected in the amount of EUR 210.5 billion, with a maturity of one week.

Recourse to the marginal lending facility (asset item 5.5) was EUR 1.5 billion (compared with EUR 3 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 775.3 billion (compared with EUR 741.2 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 280.3 billion. This increase was due to the purchases settled under the second covered bond purchase programme, which more than offset the redemption of securities under the first covered bond purchase programme during the week. Therefore, in the week ending 22 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 56.1 billion and EUR 13.5 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 53.9 billion to EUR 97 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 246,984 463
2.1 Receivables from the IMF 86,492 −89
2.2 Balances with banks and security investments, external loans and other external assets 160,492 552
3 Claims on euro area residents denominated in foreign currency 48,933 773
4 Claims on non-euro area residents denominated in euro 18,295 683
4.1 Balances with banks, security investments and loans 18,295 683
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 1,240,525 34,236
5.1 Main refinancing operations 167,253 35,506
5.2 Longer-term refinancing operations 1,071,547 0
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 1,470 −1,508
5.6 Credits related to margin calls 255 238
6 Other claims on euro area credit institutions denominated in euro 186,432 −5,289
7 Securities of euro area residents denominated in euro 602,442 −874
7.1 Securities held for monetary policy purposes 280,340 121
7.2 Other securities 322,102 −995
8 General government debt denominated in euro 30,587 0
9 Other assets 250,994 596
Total assets 3,057,892 30,586
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 890,327 −1,181
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 1,084,056 −21,184
2.1 Current accounts (covering the minimum reserve system) 97,022 −53,879
2.2 Deposit facility 775,263 34,072
2.3 Fixed-term deposits 210,500 −1,500
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 1,271 123
3 Other liabilities to euro area credit institutions denominated in euro 3,843 −103
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 161,354 42,249
5.1 General government 150,604 42,920
5.2 Other liabilities 10,750 −671
6 Liabilities to non-euro area residents denominated in euro 149,718 10,946
7 Liabilities to euro area residents denominated in foreign currency 2,944 72
8 Liabilities to non-euro area residents denominated in foreign currency 8,786 −1,363
8.1 Deposits, balances and other liabilities 8,786 −1,363
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 216,955 1,151
11 Revaluation accounts 399,445 0
12 Capital and reserves 85,748 0
Total liabilities 3,057,892 30,586

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