Consolidated financial statement of the Eurosystem as at 21 September 2012

25 September 2012

Items not related to monetary policy operations

In the week ending 21 September 2012, gold and gold receivables (asset item 1) increased by EUR 1 million due to purchases of gold coin by one Eurosystem central bank.

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) increased by EUR 0.2 billion to EUR 235 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
20 September 2012 7-day US dollar liquidity-providing reverse transaction USD 3.8 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 1 billion to EUR 318.3 billion. Banknotes in circulation (liability item 1) fell by EUR 2.3 billion to EUR 892.2 billion. Liabilities to general government (liability item 5.1) decreased by EUR 6.7 billion to EUR 94.1 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 18.9 billion to EUR 670 billion. On Wednesday, 19 September 2012, a main refinancing operation of EUR 130.3 billion matured and a new one of EUR 119.8 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. In the course of the week, longer-term refinancing operations amounting to EUR 0.1 billion were repaid before maturity.

Recourse to the marginal lending facility (asset item 5.5) was EUR 1 billion (compared with EUR 1 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 305.6 billion (compared with EUR 335 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 279.4 billion. This increase was due to purchases of securities under the second covered bond purchase programme. Therefore, in the week ending 21 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 15.9 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 24.1 billion to EUR 550.5 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 1
2 Claims on non-euro area residents denominated in foreign currency 261,479 −1,077
2.1 Receivables from the IMF 90,848 −3
2.2 Balances with banks and security investments, external loans and other external assets 170,630 −1,074
3 Claims on euro area residents denominated in foreign currency 42,001 −681
4 Claims on non-euro area residents denominated in euro 17,865 −1,460
4.1 Balances with banks, security investments and loans 17,865 −1,460
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 1,187,200 −10,641
5.1 Main refinancing operations 119,838 −10,504
5.2 Longer-term refinancing operations 1,066,296 −90
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 971 −73
5.6 Credits related to margin calls 96 26
6 Other claims on euro area credit institutions denominated in euro 213,426 −1,116
7 Securities of euro area residents denominated in euro 597,641 −775
7.1 Securities held for monetary policy purposes 279,383 217
7.2 Other securities 318,259 −993
8 General government debt denominated in euro 30,042 0
9 Other assets 266,107 4,276
Total assets 3,049,539 −11,473
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 892,185 −2,317
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 1,067,643 −5,475
2.1 Current accounts (covering the minimum reserve system) 550,482 24,062
2.2 Deposit facility 305,647 −29,402
2.3 Fixed-term deposits 209,000 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 2,515 −136
3 Other liabilities to euro area credit institutions denominated in euro 5,832 293
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 115,778 −5,319
5.1 General government 94,092 −6,728
5.2 Other liabilities 21,687 1,409
6 Liabilities to non-euro area residents denominated in euro 170,639 463
7 Liabilities to euro area residents denominated in foreign currency 3,560 −2,021
8 Liabilities to non-euro area residents denominated in foreign currency 8,006 107
8.1 Deposits, balances and other liabilities 8,006 107
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 233,421 2,797
11 Revaluation accounts 409,840 0
12 Capital and reserves 85,749 0
Total liabilities 3,049,539 −11,473

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