Consolidated financial statement of the Eurosystem as at 7 September 2012

11 September 2012

Items not related to monetary policy operations

In the week ending 7 September 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 2.9 billion to EUR 238.9 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
6 September 2012 7-day US dollar liquidity-providing reverse transaction USD 6.2 billion USD 2.2 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 0.5 billion to EUR 319.8 billion. Banknotes in circulation (liability item 1) rose by EUR 0.2 billion to EUR 896.6 billion. Liabilities to general government (liability item 5.1) decreased by EUR 0.9 billion to EUR 87.4 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) increased by EUR 14.3 billion to EUR 666.6 billion. On Wednesday, 5 September 2012, a main refinancing operation of EUR 131.5 billion matured and a new one of EUR 126.3 billion was settled. On the same day, fixed-term deposits in an amount of EUR 209 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 0.9 billion (compared with EUR 0.6 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 326.8 billion (compared with EUR 346 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 278.9 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 7 September 2012, the value of accumulated purchases under the Securities Markets Programme amounted to EUR 208.8 billion, while the values of the portfolios held under the first and second covered bond purchase programmes totalled EUR 54.7 billion and EUR 15.4 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 8.2 billion to EUR 549.3 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 262,895 −51
2.1 Receivables from the IMF 91,083 1
2.2 Balances with banks and security investments, external loans and other external assets 171,812 −52
3 Claims on euro area residents denominated in foreign currency 46,346 −2,701
4 Claims on non-euro area residents denominated in euro 18,654 −518
4.1 Balances with banks, security investments and loans 18,654 −518
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 1,205,288 −4,540
5.1 Main refinancing operations 126,334 −5,150
5.2 Longer-term refinancing operations 1,077,721 0
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 891 301
5.6 Credits related to margin calls 341 310
6 Other claims on euro area credit institutions denominated in euro 216,250 −2,552
7 Securities of euro area residents denominated in euro 598,717 −581
7.1 Securities held for monetary policy purposes 278,923 −115
7.2 Other securities 319,794 −466
8 General government debt denominated in euro 30,042 1
9 Other assets 261,523 −333
Total assets 3,073,494 −11,275
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 896,584 150
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 1,088,019 −10,586
2.1 Current accounts (covering the minimum reserve system) 549,287 8,241
2.2 Deposit facility 326,805 −19,152
2.3 Fixed-term deposits 209,000 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 2,927 325
3 Other liabilities to euro area credit institutions denominated in euro 4,692 143
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 113,726 3,316
5.1 General government 87,350 −936
5.2 Other liabilities 26,376 4,252
6 Liabilities to non-euro area residents denominated in euro 174,233 −3,630
7 Liabilities to euro area residents denominated in foreign currency 6,374 169
8 Liabilities to non-euro area residents denominated in foreign currency 7,038 15
8.1 Deposits, balances and other liabilities 7,038 15
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 230,352 −853
11 Revaluation accounts 409,840 1
12 Capital and reserves 85,750 0
Total liabilities 3,073,494 −11,275

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