Consolidated financial statement of the Eurosystem as at 12 October 2012

16 October 2012

Items not related to monetary policy operations

In the week ending 12 October 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) remained unchanged at EUR 229.4 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
11 October 2012 7-day US dollar liquidity-providing reverse transaction USD 2 billion USD 3.6 billion
11 October 2012 84-day US dollar liquidity-providing reverse transaction USD 2.8 billion USD 1.1 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 316.7 billion. Banknotes in circulation (liability item 1) decreased by EUR 2.2 billion to EUR 892.2 billion. Liabilities to general government (liability item 5.1) decreased by EUR 5.2 billion to EUR 100.7 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 21.8 billion to EUR 677.2 billion. On Wednesday, 10 October 2012, a main refinancing operation of EUR 102.9 billion matured and a new one of EUR 89.8 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 amount of EUR 209.5 billion, with a maturity of one week. Also on Wednesday, 10 October 2012, a longer-term refinancing operation of EUR 13.8 billion matured and a new one of EUR 12.6 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 1.3 billion (compared with EUR 0.7 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 260.5 billion (compared with EUR 296.5 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) decreased by EUR 0.3 billion to EUR 279.7 billion. This decrease was due to the redemption of securities under the first covered bond purchase programme. Therefore, in the week ending 12 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 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) increased by EUR 6.2 billion to EUR 527.5 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 479,106 0
2 Claims on non-euro area residents denominated in foreign currency 258,416 591
2.1 Receivables from the IMF 90,060 −30
2.2 Balances with banks and security investments, external loans and other external assets 168,356 622
3 Claims on euro area residents denominated in foreign currency 39,135 −578
4 Claims on non-euro area residents denominated in euro 16,912 −289
4.1 Balances with banks, security investments and loans 16,912 −289
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 1,148,612 −13,700
5.1 Main refinancing operations 89,783 −13,104
5.2 Longer-term refinancing operations 1,057,534 −1,216
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 1,291 622
5.6 Credits related to margin calls 4 −2
6 Other claims on euro area credit institutions denominated in euro 220,585 9,417
7 Securities of euro area residents denominated in euro 596,465 −405
7.1 Securities held for monetary policy purposes 279,748 −260
7.2 Other securities 316,716 −145
8 General government debt denominated in euro 30,010 0
9 Other assets 264,401 −3,983
Total assets 3,053,641 −8,948
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 892,205 −2,155
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 998,909 −29,335
2.1 Current accounts (covering the minimum reserve system) 527,512 6,176
2.2 Deposit facility 260,477 −35,987
2.3 Fixed-term deposits 209,500 500
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 1,419 −24
3 Other liabilities to euro area credit institutions denominated in euro 6,145 23
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 154,735 26,085
5.1 General government 100,692 −5,198
5.2 Other liabilities 54,043 31,283
6 Liabilities to non-euro area residents denominated in euro 164,539 −33
7 Liabilities to euro area residents denominated in foreign currency 4,738 −23
8 Liabilities to non-euro area residents denominated in foreign currency 7,126 11
8.1 Deposits, balances and other liabilities 7,126 11
8.2 Liabilities arising from the credit facility under ERM II 0 0
9 Counterpart of special drawing rights allocated by the IMF 56,243 0
10 Other liabilities 230,626 −3,522
11 Revaluation accounts 452,824 0
12 Capital and reserves 85,551 0
Total liabilities 3,053,641 −8,948

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