Consolidated financial statement of the Eurosystem as at 20 July 2012

24 July 2012

Items not related to monetary policy operations

In the week ending 20 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) decreased by EUR 2.2 billion to EUR 242.9 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
19 July 2012 7-day US dollar liquidity-providing reverse transaction USD 5.1 billion USD 4.2 billion
19 July 2012 84-day US dollar liquidity-providing reverse transaction USD 5.2 billion USD 2.8 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 0.2 billion to EUR 321.2 billion. Banknotes in circulation (liability item 1) decreased by EUR 1.3 billion to EUR 896.4 billion. Liabilities to general government (liability item 5.1) rose by EUR 5.3 billion to EUR 137.3 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 31.3 billion to EUR 677.5 billion. On Wednesday, 18 July 2012, a main refinancing operation of EUR 163.7 billion matured and a new one of EUR 156.8 billion was settled. On the same day, fixed-term deposits in an amount of EUR 211.5 billion matured and new deposits were collected in the same amount, with a maturity of one week.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.7 billion (approximately the same as in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 349.4 billion (compared with EUR 386.8 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) decreased by EUR 0.6 billion to EUR 280.9 billion. This decrease was due to the redemption of securities under the first covered bond purchase programme, which more than offset the purchases settled under the second covered bond purchase programme during the week. Therefore, in the week ending 20 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 55.2 billion and EUR 14.4 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 13.3 billion to EUR 493 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 261,449 94
2.1 Receivables from the IMF 90,140 49
2.2 Balances with banks and security investments, external loans and other external assets 171,309 45
3 Claims on euro area residents denominated in foreign currency 52,707 −2,793
4 Claims on non-euro area residents denominated in euro 15,694 −1,517
4.1 Balances with banks, security investments and loans 15,694 −1,517
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 1,241,265 −7,252
5.1 Main refinancing operations 156,752 −6,955
5.2 Longer-term refinancing operations 1,083,736 0
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 740 44
5.6 Credits related to margin calls 37 −341
6 Other claims on euro area credit institutions denominated in euro 179,215 −7,759
7 Securities of euro area residents denominated in euro 602,133 −361
7.1 Securities held for monetary policy purposes 280,928 −584
7.2 Other securities 321,205 223
8 General government debt denominated in euro 30,041 0
9 Other assets 263,466 −309
Total assets 3,079,749 −19,897
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 896,376 −1,295
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 1,056,719 −25,277
2.1 Current accounts (covering the minimum reserve system) 493,000 13,252
2.2 Deposit facility 349,434 −37,392
2.3 Fixed-term deposits 211,500 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 2,784 −1,137
3 Other liabilities to euro area credit institutions denominated in euro 3,682 −2,890
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 158,044 12,265
5.1 General government 137,275 5,349
5.2 Other liabilities 20,768 6,916
6 Liabilities to non-euro area residents denominated in euro 173,154 919
7 Liabilities to euro area residents denominated in foreign currency 5,905 1,036
8 Liabilities to non-euro area residents denominated in foreign currency 8,438 −1,584
8.1 Deposits, balances and other liabilities 8,438 −1,584
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 224,957 −3,071
11 Revaluation accounts 409,840 0
12 Capital and reserves 85,749 0
Total liabilities 3,079,749 −19,897

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