Consolidated financial statement of the Eurosystem as at 21 December 2012

27 December 2012

Items not related to monetary policy operations

In the week ending 21 December 2012 the increase of EUR 2 million in gold and gold receivables (asset item 1) reflected the purchase of gold by one Eurosystem central bank and the purchase of gold coin by another Eurosystem central bank.

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) decreased by EUR 2.5 billion to EUR 226.1 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
20 December 2012 7-day US dollar liquidity-providing reverse transaction USD 3.3 billion -
20 December 2012 14-day US dollar liquidity-providing reverse transaction - USD 0.6 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 308.4 billion. Banknotes in circulation (liability item 1) increased by EUR 11.9 billion to EUR 910.8 billion. Liabilities to general government (liability item 5.1) decreased by EUR 9.7 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 5 billion to EUR 684 billion. On Wednesday, 19 December 2012, a main refinancing operation of EUR 73.2 billion matured and a new one of EUR 72.7 billion, with a maturity of nine days, 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 nine days. On Thursday, 20 December 2012, a longer-term refinancing operation of EUR 18.7 billion matured and a new one of EUR 15.0 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 13.9 billion (compared with EUR 0.3 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 229.4 billion (compared with EUR 225.1 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 276.8 billion. This decrease was due to the redemption of securities under the Securities Markets Programme. Therefore, in the week ending 21 December 2012, the value of accumulated purchases under the Securities Markets Programme amounted to EUR 208.3 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 15.3 billion to EUR 489.7 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 479,115 2
2 Claims on non-euro area residents denominated in foreign currency 258,034 −1,508
2.1 Receivables from the IMF 89,006 −481
2.2 Balances with banks and security investments, external loans and other external assets 169,028 −1,027
3 Claims on euro area residents denominated in foreign currency 33,690 −1,395
4 Claims on non-euro area residents denominated in euro 19,088 1,685
4.1 Balances with banks, security investments and loans 19,088 1,685
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 1,122,338 8,639
5.1 Main refinancing operations 72,682 −534
5.2 Longer-term refinancing operations 1,035,771 −4,402
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 13,871 13,610
5.6 Credits related to margin calls 14 −34
6 Other claims on euro area credit institutions denominated in euro 208,292 −20,695
7 Securities of euro area residents denominated in euro 585,216 −353
7.1 Securities held for monetary policy purposes 276,807 −205
7.2 Other securities 308,408 −148
8 General government debt denominated in euro 30,008 0
9 Other assets 275,419 14
Total assets 3,011,200 −13,612
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 910,762 11,914
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 928,014 −11,616
2.1 Current accounts (covering the minimum reserve system) 489,680 −15,268
2.2 Deposit facility 229,384 4,322
2.3 Fixed-term deposits 208,500 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 450 −669
3 Other liabilities to euro area credit institutions denominated in euro 7,187 533
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 145,654 −18,270
5.1 General government 105,929 −9,657
5.2 Other liabilities 39,725 −8,613
6 Liabilities to non-euro area residents denominated in euro 178,472 3,571
7 Liabilities to euro area residents denominated in foreign currency 2,513 −1,531
8 Liabilities to non-euro area residents denominated in foreign currency 6,887 1,117
8.1 Deposits, balances and other liabilities 6,887 1,117
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 237,091 670
11 Revaluation accounts 452,824 0
12 Capital and reserves 85,552 0
Total liabilities 3,011,200 −13,612

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