Consolidated financial statement of the Eurosystem as at 17 August 2012

21 August 2012

Items not related to monetary policy operations

In the week ending 17 August 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 1.9 billion to EUR 243.6 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
16 August 2012 7-day US dollar liquidity-providing reverse transaction USD 7.0 billion USD 9.3 billion
16 August 2012 84-day US dollar liquidity-providing reverse transaction USD 10.3 billion USD 4.5 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 0.1 billion to EUR 321.6 billion. Banknotes in circulation (liability item 1) decreased by EUR 0.4 billion to EUR 900.9 billion. Liabilities to general government (liability item 5.1) fell by EUR 11.3 billion to EUR 108.4 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 18.5 billion to EUR 667.7 billion. On Wednesday, 15 August 2012, a main refinancing operation of EUR 133.4 billion matured and a new one of EUR 130.6 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) remained virtually unchanged at EUR 0.9 billion, while recourse to the deposit facility (liability item 2.2) was EUR 326.9 billion (compared with EUR 310.8 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 0.1 billion to EUR 281.2 billion. This increase was due to the purchases of securities under the second covered bond purchase programme. Therefore, in the week ending 17 August 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 billion and EUR 14.8 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) decreased by EUR 9.7 billion to EUR 542.1 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 433,778 0
2 Claims on non-euro area residents denominated in foreign currency 261,438 1,054
2.1 Receivables from the IMF 90,163 0
2.2 Balances with banks and security investments, external loans and other external assets 171,275 1,053
3 Claims on euro area residents denominated in foreign currency 51,131 −4,418
4 Claims on non-euro area residents denominated in euro 16,456 −315
4.1 Balances with banks, security investments and loans 16,456 −315
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 1,208,269 −2,466
5.1 Main refinancing operations 130,578 −2,849
5.2 Longer-term refinancing operations 1,076,281 0
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 949 39
5.6 Credits related to margin calls 461 345
6 Other claims on euro area credit institutions denominated in euro 218,214 4,162
7 Securities of euro area residents denominated in euro 602,777 49
7.1 Securities held for monetary policy purposes 281,168 137
7.2 Other securities 321,609 −88
8 General government debt denominated in euro 30,041 0
9 Other assets 263,740 958
Total assets 3,085,845 −976
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 900,874 −406
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 1,082,749 6,356
2.1 Current accounts (covering the minimum reserve system) 542,145 −9,691
2.2 Deposit facility 326,920 16,097
2.3 Fixed-term deposits 211,500 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 2,184 −50
3 Other liabilities to euro area credit institutions denominated in euro 4,578 319
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 131,583 −11,324
5.1 General government 108,444 −11,315
5.2 Other liabilities 23,139 −9
6 Liabilities to non-euro area residents denominated in euro 171,961 1,674
7 Liabilities to euro area residents denominated in foreign currency 3,634 −2,329
8 Liabilities to non-euro area residents denominated in foreign currency 8,415 877
8.1 Deposits, balances and other liabilities 8,415 877
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 229,577 3,857
11 Revaluation accounts 409,840 0
12 Capital and reserves 85,749 0
Total liabilities 3,085,845 −976

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