Consolidated financial statement of the Eurosystem as at 16 November 2012

20 November 2012

Items not related to monetary policy operations

In the week ending 16 November 2012 the increase of EUR 1 million in gold and gold receivables (asset item 1) reflected the purchase 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 0.1 billion to EUR 229 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
15 November 2012 8-day US dollar liquidity-providing reverse transaction USD 3.2 billion USD 3.3 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 2.1 billion to EUR 309.2 billion. Banknotes in circulation (liability item 1) decreased by EUR 2 billion to EUR 888.3 billion. Liabilities to general government (liability item 5.1) increased by EUR 10.8 billion to EUR 97.6 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 30.3 billion to EUR 698.2 billion. On Wednesday, 14 November 2012, a main refinancing operation of EUR 79.5 billion matured and a new one of EUR 75.2 billion was settled. On the same day, fixed-term deposits in an amount of EUR 208.5 billion matured and new deposits were collected in the same amount, with a maturity of one week. During the week, a longer-term refinancing operation of EUR 12.6 billion matured and a new one of EUR 15.9 billion was settled, while EUR 3.5 billion was repaid before maturity.

Recourse to the marginal lending facility (asset item 5.5) was EUR 1.8 billion (compared with EUR 0.9 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 215.9 billion (compared with EUR 248.5 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) decreased by EUR 0.2 billion to EUR 278 billion. This decrease was due to the redemption of securities under the first covered bond purchase programme. Therefore, in the week ending 16 November 2012, the value of accumulated purchases under the Securities Markets Programme amounted to EUR 208.5 billion, while the value of the portfolios held under the first and second covered bond purchase programmes totalled EUR 53 billion and EUR 16.4 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 24.5 billion to EUR 558.5 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 479,109 1
2 Claims on non-euro area residents denominated in foreign currency 258,970 2,094
2.1 Receivables from the IMF 89,571 −276
2.2 Balances with banks and security investments, external loans and other external assets 169,400 2,370
3 Claims on euro area residents denominated in foreign currency 37,191 −133
4 Claims on non-euro area residents denominated in euro 15,801 503
4.1 Balances with banks, security investments and loans 15,801 503
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 1,124,344 −3,510
5.1 Main refinancing operations 75,214 −4,259
5.2 Longer-term refinancing operations 1,047,294 −203
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 1,822 940
5.6 Credits related to margin calls 14 12
6 Other claims on euro area credit institutions denominated in euro 235,483 2,186
7 Securities of euro area residents denominated in euro 587,118 −2,298
7.1 Securities held for monetary policy purposes 277,960 −205
7.2 Other securities 309,158 −2,093
8 General government debt denominated in euro 30,011 0
9 Other assets 273,278 3,591
Total assets 3,041,305 2,434
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 888,282 −2,028
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 984,633 −9,339
2.1 Current accounts (covering the minimum reserve system) 558,511 24,513
2.2 Deposit facility 215,900 −32,610
2.3 Fixed-term deposits 208,500 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 1,722 −1,243
3 Other liabilities to euro area credit institutions denominated in euro 6,793 −40
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 148,236 8,677
5.1 General government 97,587 10,786
5.2 Other liabilities 50,649 −2,109
6 Liabilities to non-euro area residents denominated in euro 172,713 2,530
7 Liabilities to euro area residents denominated in foreign currency 5,167 3,043
8 Liabilities to non-euro area residents denominated in foreign currency 5,785 −1,132
8.1 Deposits, balances and other liabilities 5,785 −1,132
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 235,078 722
11 Revaluation accounts 452,824 0
12 Capital and reserves 85,552 0
Total liabilities 3,041,305 2,434

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