Consolidated financial statement of the Eurosystem as at 29 June 2012

4 July 2012

Items not related to monetary policy operations

In the week ending 29 June 2012 the increase of EUR 1.1 billion in gold and gold receivables (asset item 1) reflected quarterly revaluation adjustments, as well as the sale of gold by one Eurosystem central bank and the sale of gold coin by another 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 13.5 billion to EUR 243 billion. This change was due to the effects of the quarterly revaluation of assets and liabilities, the customer and portfolio transactions carried out by Eurosystem central banks during the period under review and US dollar liquidity-providing operations (see below).

US dollar liquidity operations

Value date Type of transaction Maturing amount New amount
28 June 2012 7-day US dollar liquidity-providing reverse transaction USD 1.6 billion USD 2.6 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 0.8 billion to EUR 321.3 billion. Banknotes in circulation (liability item 1) rose by EUR 3.4 billion to EUR 893.7 billion. Liabilities to general government (liability item 5.1) decreased by EUR 4.3 billion to EUR 146.3 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 18.5 billion to EUR 272 billion. On Wednesday, 27 June 2012, a main refinancing operation of EUR 167.3 billion matured and a new one of EUR 180.4 billion was settled. On the same day, fixed-term deposits in an amount of EUR 211 billion matured and new deposits in the same amount were collected. During the week a longer-term refinancing operation of EUR 25.1 billion matured and a new one of EUR 26.3 billion was settled, while EUR 7 billion was repaid before maturity.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.7 billion (compared with EUR 1.5 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 772.9 billion (compared with EUR 775.3 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 0.7 billion to EUR 281 billion, owing mainly to quarter-end adjustments as well as settled purchases under the second covered bond purchase programme. Therefore, in the week ending 29 June 2012 the value of accumulated purchases under the Securities Markets Programme amounted to EUR 211.3 billion, while those of the portfolios held under the first and second covered bond purchase programmes totalled EUR 56.1 billion and EUR 13.8 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 19.6 billion to EUR 116.7 billion.

Quarter-end revaluation of the Eurosystem’s assets and liabilities

In line with the Eurosystem’s harmonised accounting rules, gold, foreign exchange, securities holdings and financial instruments of the Eurosystem are revalued at market rates and prices as at the end of each quarter. The net impact of the revaluation on each balance sheet item as at 29 June 2012 is shown in the additional column “ Difference compared with last week due to quarter-end adjustments”. The gold price and the principal exchange rates used for the revaluation of balances were as follows:

Gold: EUR 1,246.624 per fine oz.

USD: 1.2590 per EUR

JPY: 100.13 per EUR

Special drawing rights: EUR 1.2056 per SDR

Assets (EUR millions) Balance Difference compared with last week due to
i)transactions
ii)quarter-end adjustments
Totals/sub-totals may not add up, due to rounding
i) ii)
1 Gold and gold receivables 433,779 −30 1,109
2 Claims on non-euro area residents denominated in foreign currency 260,867 1,454 12,429
2.1 Receivables from the IMF 89,805 −41 3,354
2.2 Balances with banks and security investments, external loans and other external assets 171,061 1,495 9,075
3 Claims on euro area residents denominated in foreign currency 51,856 444 2,479
4 Claims on non-euro area residents denominated in euro 17,455 −849 10
4.1 Balances with banks, security investments and loans 17,455 −849 10
4.2 Claims arising from the credit facility under ERM II 0 0 0
5 Lending to euro area credit institutions related to monetary policy operations denominated in euro 1,260,858 20,332 0
5.1 Main refinancing operations 180,378 13,125 0
5.2 Longer-term refinancing operations 1,079,725 8,178 0
5.3 Fine-tuning reverse operations 0 0 0
5.4 Structural reverse operations 0 0 0
5.5 Marginal lending facility 706 −764 0
5.6 Credits related to margin calls 48 −207 0
6 Other claims on euro area credit institutions denominated in euro 186,363 −36 −33
7 Securities of euro area residents denominated in euro 602,322 1,090 −1,210
7.1 Securities held for monetary policy purposes 281,046 149 557
7.2 Other securities 321,276 941 −1,767
8 General government debt denominated in euro 30,092 −470 −25
9 Other assets 258,637 −2,422 10,065
Total assets 3,102,227 19,512 24,822
Liabilities (EUR millions) Balance Difference compared with last week due to
i)transactions
ii)quarter-end adjustments
Totals/sub-totals may not add up, due to rounding
i) ii)
1 Banknotes in circulation 893,740 3,413 0
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 1,105,531 21,475 0
2.1 Current accounts (covering the minimum reserve system) 116,654 19,632 0
2.2 Deposit facility 772,855 −2,408 0
2.3 Fixed-term deposits 210,500 0 0
2.4 Fine-tuning reverse operations 0 0 0
2.5 Deposits related to margin calls 5,522 4,250 0
3 Other liabilities to euro area credit institutions denominated in euro 3,714 −129 0
4 Debt certificates issued 0 0 0
5 Liabilities to other euro area residents denominated in euro 158,474 −2,881 0
5.1 General government 146,330 −4,275 0
5.2 Other liabilities 12,144 1,394 0
6 Liabilities to non-euro area residents denominated in euro 149,908 198 −9
7 Liabilities to euro area residents denominated in foreign currency 3,291 129 218
8 Liabilities to non-euro area residents denominated in foreign currency 9,552 303 463
8.1 Deposits, balances and other liabilities 9,552 303 463
8.2 Liabilities arising from the credit facility under ERM II 0 0 0
9 Counterpart of special drawing rights allocated by the IMF 56,886 0 2,170
10 Other liabilities 225,543 −2,996 11,584
11 Revaluation accounts 409,840 0 10,395
12 Capital and reserves 85,748 0 0
Total liabilities 3,102,227 19,512 24,822

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