Consolidated financial statement of the Eurosystem as at 13 July 2012

17 July 2012

Items not related to monetary policy operations

In the week ending 13 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 0.4 billion to EUR 245.1 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
12 July 2012 7-day US dollar liquidity-providing reverse transaction USD 4.3 billion USD 5.1 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) increased by EUR 0.5 billion to EUR 321 billion. Banknotes in circulation (liability item 1) increased by EUR 0.2 billion to EUR 897.7 billion. Liabilities to general government (liability item 5.1) fell by EUR 3 billion to EUR 131.9 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) increased by EUR 411.5 billion to EUR 646.3 billion. On Wednesday, 11 July 2012, a main refinancing operation of EUR 163.6 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 in an amount of EUR 211.5 billion, with a maturity of one week, were collected. Also on Wednesday, 11 July 2012, a longer-term refinancing operation of EUR 18.9 billion matured and a new one of EUR 24.4 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.7 billion (compared with EUR 1.3 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 386.8 billion (compared with EUR 795.2 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 0.2 billion to EUR 281.5 billion. This increase was due to the purchases settled under the second covered bond purchase programme. Therefore, in the week ending 13 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 55.8 billion and EUR 14.3 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 388 billion to EUR 479.7 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 433,780 0
2 Claims on non-euro area residents denominated in foreign currency 261,355 306
2.1 Receivables from the IMF 90,091 67
2.2 Balances with banks and security investments, external loans and other external assets 171,264 239
3 Claims on euro area residents denominated in foreign currency 55,500 1,287
4 Claims on non-euro area residents denominated in euro 17,210 337
4.1 Balances with banks, security investments and loans 17,210 337
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 1,248,517 4,968
5.1 Main refinancing operations 163,707 78
5.2 Longer-term refinancing operations 1,083,736 5,463
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 696 −651
5.6 Credits related to margin calls 378 78
6 Other claims on euro area credit institutions denominated in euro 186,975 2,778
7 Securities of euro area residents denominated in euro 602,493 712
7.1 Securities held for monetary policy purposes 281,511 250
7.2 Other securities 320,982 462
8 General government debt denominated in euro 30,041 0
9 Other assets 263,775 4,252
Total assets 3,099,646 14,640
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 897,671 163
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 1,081,996 −18,611
2.1 Current accounts (covering the minimum reserve system) 479,749 387,960
2.2 Deposit facility 386,826 −408,377
2.3 Fixed-term deposits 211,500 1,000
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 3,922 806
3 Other liabilities to euro area credit institutions denominated in euro 6,572 −21
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 145,779 −1,564
5.1 General government 131,927 −2,987
5.2 Other liabilities 13,852 1,423
6 Liabilities to non-euro area residents denominated in euro 172,236 32,528
7 Liabilities to euro area residents denominated in foreign currency 4,869 875
8 Liabilities to non-euro area residents denominated in foreign currency 10,022 315
8.1 Deposits, balances and other liabilities 10,022 315
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 228,028 953
11 Revaluation accounts 409,840 0
12 Capital and reserves 85,749 0
Total liabilities 3,099,646 14,640

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