Consolidated financial statement of the Eurosystem as at 6 July 2012

10 July 2012

Items not related to monetary policy operations

In the week ending 6 July 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) increased by EUR 1.7 billion to EUR 244.7 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
5 July 2012 7-day US dollar liquidity-providing reverse transaction USD 2.6 billion USD 4.3 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 320.5 billion. Banknotes in circulation (liability item 1) increased by EUR 3.8 billion to EUR 897.5 billion. Liabilities to general government (liability item 5.1) fell by EUR 11.4 billion to EUR 134.9 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 37.2 billion to EUR 234.7 billion. On Wednesday, 4 July 2012, a main refinancing operation of EUR 180.4 billion matured and a new one of EUR 163.7 billion was settled. On the same day, fixed-term deposits in an amount of EUR 210.5 billion matured and new deposits were collected in the same amount, with a maturity of one week.

During the week longer-term refinancing operations amounting to EUR 1.5 billion were repaid before maturity.

Recourse to the marginal lending facility (asset item 5.5) was EUR 1.3 billion (compared with EUR 0.7 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 795.2 billion (compared with EUR 772.9 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 0.2 billion to EUR 281.3 billion. This increase was due to the purchases settled under the second covered bond purchase programme. Therefore, in the week ending 6 July 2012 the value of accumulated purchases under the Securities Markets Programme amounted to EUR 211.3 billion, while the values of the portfolios held under the first and second covered bond purchase programmes totalled EUR 55.9 billion and EUR 14 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 24.9 billion to EUR 91.8 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 433,779 0
2 Claims on non-euro area residents denominated in foreign currency 261,048 182
2.1 Receivables from the IMF 90,024 218
2.2 Balances with banks and security investments, external loans and other external assets 171,025 −37
3 Claims on euro area residents denominated in foreign currency 54,213 2,357
4 Claims on non-euro area residents denominated in euro 16,874 −582
4.1 Balances with banks, security investments and loans 16,874 −582
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 1,243,549 −17,308
5.1 Main refinancing operations 163,629 −16,749
5.2 Longer-term refinancing operations 1,078,273 −1,452
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 1,347 641
5.6 Credits related to margin calls 299 251
6 Other claims on euro area credit institutions denominated in euro 184,197 −2,166
7 Securities of euro area residents denominated in euro 601,781 −540
7.1 Securities held for monetary policy purposes 281,261 216
7.2 Other securities 320,520 −756
8 General government debt denominated in euro 30,041 −51
9 Other assets 259,523 887
Total assets 3,085,006 −17,221
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 897,508 3,768
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 1,100,607 −4,924
2.1 Current accounts (covering the minimum reserve system) 91,789 −24,865
2.2 Deposit facility 795,203 22,348
2.3 Fixed-term deposits 210,500 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 3,116 −2,406
3 Other liabilities to euro area credit institutions denominated in euro 6,592 2,878
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 147,342 −11,131
5.1 General government 134,914 −11,416
5.2 Other liabilities 12,429 285
6 Liabilities to non-euro area residents denominated in euro 139,707 −10,200
7 Liabilities to euro area residents denominated in foreign currency 3,994 702
8 Liabilities to non-euro area residents denominated in foreign currency 9,707 155
8.1 Deposits, balances and other liabilities 9,707 155
8.2 Liabilities arising from the credit facility under ERM II 0 0
9 Counterpart of special drawing rights allocated by the IMF 56,886 0
10 Other liabilities 227,074 1,531
11 Revaluation accounts 409,840 0
12 Capital and reserves 85,748 0
Total liabilities 3,085,006 −17,221

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