Consolidated financial statement of the Eurosystem as at 30 November 2012

4 December 2012

Items not related to monetary policy operations

In the week ending 30 November 2012 the increase of EUR 2 million in gold and gold receivables (asset item 1) reflected the purchase of gold by Eurosystem central banks.

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
29 November 2012 7-day US dollar liquidity-providing reverse transaction USD 3.3 billion USD 3.2 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) increased by EUR 0.1 billion to EUR 309 billion. Banknotes in circulation (liability item 1) increased by EUR 4 billion to EUR 889.7 billion. Liabilities to general government (liability item 5.1) increased by EUR 2.4 billion to EUR 133.2 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 11.7 billion to EUR 669.5 billion. On Wednesday, 28 November 2012, a main refinancing operation of EUR 75.4 billion matured and a new one of EUR 74.6 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 9.7 billion matured and a new one of EUR 7.4 billion was settled, while EUR 4.1 billion was repaid before maturity.

Recourse to the marginal lending facility (asset item 5.5) was EUR 1.9 billion (compared with EUR 2.4 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 237.8 billion (compared with EUR 233.6 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 277.1 billion. This decrease was due to the redemption of securities under the first covered bond purchase programme. Therefore, in the week ending 30 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 52.1 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) decreased by EUR 17 billion to EUR 489.9 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 479,112 2
2 Claims on non-euro area residents denominated in foreign currency 259,533 658
2.1 Receivables from the IMF 89,485 −2
2.2 Balances with banks and security investments, external loans and other external assets 170,048 660
3 Claims on euro area residents denominated in foreign currency 36,751 727
4 Claims on non-euro area residents denominated in euro 16,642 −157
4.1 Balances with banks, security investments and loans 16,642 −157
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 1,117,398 −7,814
5.1 Main refinancing operations 74,590 −837
5.2 Longer-term refinancing operations 1,040,803 −6,490
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 1,907 −526
5.6 Credits related to margin calls 97 39
6 Other claims on euro area credit institutions denominated in euro 233,676 4,226
7 Securities of euro area residents denominated in euro 586,086 −123
7.1 Securities held for monetary policy purposes 277,063 −192
7.2 Other securities 309,023 69
8 General government debt denominated in euro 30,011 0
9 Other assets 274,086 495
Total assets 3,033,294 −1,986
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 889,742 3,962
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 937,748 −13,100
2.1 Current accounts (covering the minimum reserve system) 489,894 −16,995
2.2 Deposit facility 237,813 4,255
2.3 Fixed-term deposits 208,500 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 1,541 −359
3 Other liabilities to euro area credit institutions denominated in euro 7,113 862
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 180,182 1,407
5.1 General government 133,212 2,411
5.2 Other liabilities 46,970 −1,005
6 Liabilities to non-euro area residents denominated in euro 176,816 2,468
7 Liabilities to euro area residents denominated in foreign currency 4,534 1,955
8 Liabilities to non-euro area residents denominated in foreign currency 6,525 −661
8.1 Deposits, balances and other liabilities 6,525 −661
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 236,014 1,122
11 Revaluation accounts 452,824 0
12 Capital and reserves 85,552 0
Total liabilities 3,033,294 −1,986

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