Consolidated financial statement of the Eurosystem as at 5 October 2012

Items not related to monetary policy operations

In the week ending 5 October 2012, gold and gold receivables (asset item 1) decreased by EUR 186 million owing to the sale of gold 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 229.4 billion on account of customer and portfolio transactions and US dollar liquidity-providing operations (see below).

US dollar liquidity operations

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 0.6 billion to EUR 316.9 billion. Banknotes in circulation (liability item 1) rose by EUR 1.9 billion to EUR 894.4 billion. Liabilities to general government (liability item 5.1) increased by EUR 6.9 billion to EUR 105.9 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 3.9 billion to EUR 655.4 billion. On Wednesday, 3 October 2012, a main refinancing operation of EUR 117.4 billion matured and a new one of EUR 102.9 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 0.7 billion (compared with EUR 2 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 296.5 billion (compared with EUR 315.8 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) decreased by EUR 0.2 billion to EUR 280 billion. This decrease was due to the redemption of securities under the first covered bond purchase programme. Therefore, in the week ending 5 October 2012, the value of accumulated purchases under the Securities Markets Programme amounted to EUR 209.5 billion, while the values of the portfolios held under the first and second covered bond purchase programmes totalled EUR 54.2 billion and EUR 16.3 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 4.5 billion to EUR 521.3 billion.