Consolidated financial statement of the Eurosystem as at 14 September 2012

18 September 2012

Items not related to monetary policy operations

In the week ending 14 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 4.1 billion to EUR 234.9 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
13 September 2012 7-day US dollar liquidity-providing reverse transaction USD 2.2 billion USD 3.8 billion
13 September 2012 84-day US dollar liquidity-providing reverse transaction USD 9.9 billion USD 3.7 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 319.3 billion. Banknotes in circulation (liability item 1) fell by EUR 2.1 billion to EUR 894.5 billion. Liabilities to general government (liability item 5.1) increased by EUR 13.5 billion to EUR 100.8 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 15.4 billion to EUR 651.1 billion. On Wednesday, 12 September 2012, a main refinancing operation of EUR 126.3 billion matured and a new one of EUR 130.3 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. Also on Wednesday, 12 September 2012, a longer-term refinancing operation of EUR 25.2 billion matured and a new one of EUR 13.8 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 1 billion (compared with EUR 0.9 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 335 billion (compared with EUR 326.8 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 0.2 billion to EUR 279.2 billion. This increase was due to purchases of securities under the second covered bond purchase programme. Therefore, in the week ending 14 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 15.6 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 22.9 billion to EUR 526.4 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 262,555 −340
2.1 Receivables from the IMF 90,851 −232
2.2 Balances with banks and security investments, external loans and other external assets 171,704 −108
3 Claims on euro area residents denominated in foreign currency 42,682 −3,664
4 Claims on non-euro area residents denominated in euro 19,325 671
4.1 Balances with banks, security investments and loans 19,325 671
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 1,197,841 −7,447
5.1 Main refinancing operations 130,342 4,008
5.2 Longer-term refinancing operations 1,066,386 −11,336
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 1,044 153
5.6 Credits related to margin calls 70 −272
6 Other claims on euro area credit institutions denominated in euro 214,542 −1,708
7 Securities of euro area residents denominated in euro 598,416 −301
7.1 Securities held for monetary policy purposes 279,165 242
7.2 Other securities 319,251 −543
8 General government debt denominated in euro 30,042 0
9 Other assets 261,831 307
Total assets 3,061,012 −12,481
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 894,502 −2,082
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 1,073,119 −14,900
2.1 Current accounts (covering the minimum reserve system) 526,420 −22,867
2.2 Deposit facility 335,048 8,244
2.3 Fixed-term deposits 209,000 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 2,650 −277
3 Other liabilities to euro area credit institutions denominated in euro 5,538 846
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 121,098 7,371
5.1 General government 100,820 13,470
5.2 Other liabilities 20,278 −6,099
6 Liabilities to non-euro area residents denominated in euro 170,176 −4,057
7 Liabilities to euro area residents denominated in foreign currency 5,581 −793
8 Liabilities to non-euro area residents denominated in foreign currency 7,899 861
8.1 Deposits, balances and other liabilities 7,899 861
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 230,625 272
11 Revaluation accounts 409,840 0
12 Capital and reserves 85,750 0
Total liabilities 3,061,012 −12,481

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