Consolidated financial statement of the Eurosystem as at 27 July 2012

31 July 2012

Items not related to monetary policy operations

In the week ending 27 July 2012, the decrease of EUR 2 million in gold and gold receivables (asset item 1) reflected the sale of gold coin by two 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 3.7 billion to EUR 246.7 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
26 July 2012 7-day US dollar liquidity-providing reverse transaction USD 4.2 billion USD 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) decreased by EUR 0.2 billion to EUR 321 billion. Banknotes in circulation (liability item 1) increased by EUR 1 billion to EUR 897.3 billion. Liabilities to general government (liability item 5.1) fell by EUR 7 billion to EUR 130.3 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) decreased by EUR 21.1 billion to EUR 656.4 billion. On Wednesday, 25 July 2012, a main refinancing operation of EUR 156.8 billion matured and a new one of EUR 130.7 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. On Thursday, 26 July 2012, a longer-term refinancing operation of EUR 16.7 billion matured and a new one of EUR 8.5 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 1.2 billion (compared with EUR 0.7 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 337 billion (compared with EUR 349.4 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) decreased by EUR 0.1 billion to EUR 280.8 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 27 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 55.1 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 22.7 billion to EUR 515.7 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 433,777 −2
2 Claims on non-euro area residents denominated in foreign currency 260,373 −1,076
2.1 Receivables from the IMF 90,199 59
2.2 Balances with banks and security investments, external loans and other external assets 170,175 −1,135
3 Claims on euro area residents denominated in foreign currency 57,547 4,840
4 Claims on non-euro area residents denominated in euro 15,923 229
4.1 Balances with banks, security investments and loans 15,923 229
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 1,207,579 −33,686
5.1 Main refinancing operations 130,669 −26,083
5.2 Longer-term refinancing operations 1,075,498 −8,238
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 1,184 444
5.6 Credits related to margin calls 227 190
6 Other claims on euro area credit institutions denominated in euro 225,939 46,724
7 Securities of euro area residents denominated in euro 601,840 −293
7.1 Securities held for monetary policy purposes 280,840 −87
7.2 Other securities 321,000 −205
8 General government debt denominated in euro 30,041 0
9 Other assets 261,124 −2,342
Total assets 3,094,144 14,395
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 897,332 956
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 1,066,884 10,165
2.1 Current accounts (covering the minimum reserve system) 515,712 22,712
2.2 Deposit facility 337,025 −12,409
2.3 Fixed-term deposits 211,500 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 2,647 −138
3 Other liabilities to euro area credit institutions denominated in euro 3,827 145
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 152,124 −5,919
5.1 General government 130,262 −7,013
5.2 Other liabilities 21,862 1,094
6 Liabilities to non-euro area residents denominated in euro 184,990 11,835
7 Liabilities to euro area residents denominated in foreign currency 5,426 −479
8 Liabilities to non-euro area residents denominated in foreign currency 8,954 516
8.1 Deposits, balances and other liabilities 8,954 516
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 222,132 −2,825
11 Revaluation accounts 409,840 0
12 Capital and reserves 85,749 0
Total liabilities 3,094,144 14,395

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