Consolidated financial statement of the Eurosystem as at 7 December 2012

11 December 2012

Items not related to monetary policy operations

In the week ending 7 December 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) remained unchanged at 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
6 December 2012 7-day US dollar liquidity-providing reverse transaction USD 3.2 billion USD 4.1 billion
6 December 2012 84-day US dollar liquidity-providing reverse transaction USD 4.1 billion USD 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 0.2 billion to EUR 308.9 billion. Banknotes in circulation (liability item 1) increased by EUR 6.1 billion to EUR 895.8 billion. Liabilities to general government (liability item 5.1) decreased by EUR 10.5 billion to EUR 122.7 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) decreased by EUR 2.7 billion to EUR 666.9 billion. On Wednesday, 5 December 2012, a main refinancing operation of EUR 74.6 billion matured and a new one of EUR 70.8 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.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.6 billion (compared with EUR 1.9 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 235.3 billion (compared with EUR 237.8 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) remained unchanged at EUR 277.1 billion. Therefore, in the week ending 7 December 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 3 billion to EUR 486.9 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 479,113 2
2 Claims on non-euro area residents denominated in foreign currency 259,571 38
2.1 Receivables from the IMF 89,486 1
2.2 Balances with banks and security investments, external loans and other external assets 170,084 37
3 Claims on euro area residents denominated in foreign currency 36,875 124
4 Claims on non-euro area residents denominated in euro 17,660 1,018
4.1 Balances with banks, security investments and loans 17,660 1,018
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 1,112,129 −5,269
5.1 Main refinancing operations 70,764 −3,826
5.2 Longer-term refinancing operations 1,040,803 0
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 562 −1,346
5.6 Credits related to margin calls 0 −97
6 Other claims on euro area credit institutions denominated in euro 229,504 −4,172
7 Securities of euro area residents denominated in euro 585,919 −167
7.1 Securities held for monetary policy purposes 277,063 0
7.2 Other securities 308,856 −167
8 General government debt denominated in euro 30,011 0
9 Other assets 279,641 5,555
Total assets 3,030,422 −2,871
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 895,834 6,092
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 932,182 −5,566
2.1 Current accounts (covering the minimum reserve system) 486,908 −2,986
2.2 Deposit facility 235,296 −2,517
2.3 Fixed-term deposits 208,500 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 1,478 −64
3 Other liabilities to euro area credit institutions denominated in euro 7,449 336
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 173,136 −7,046
5.1 General government 122,706 −10,506
5.2 Other liabilities 50,430 3,460
6 Liabilities to non-euro area residents denominated in euro 176,637 −179
7 Liabilities to euro area residents denominated in foreign currency 4,761 226
8 Liabilities to non-euro area residents denominated in foreign currency 6,442 −83
8.1 Deposits, balances and other liabilities 6,442 −83
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 239,363 3,349
11 Revaluation accounts 452,824 0
12 Capital and reserves 85,552 0
Total liabilities 3,030,422 −2,871

Media contacts