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Consolidated financial statement of the Eurosystem as at 1 February 2013

5 February 2013

Items not related to monetary policy operations

In the week ending 1 February 2013 the increase of EUR 1 million in gold and gold receivables (asset item 1) reflected the purchase of gold coin 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) decreased by EUR 2 billion to EUR 216.7 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
31 January 2013 7-day US dollar liquidity-providing reverse transaction USD 20 million USD 1 billion
31 January 2013 84-day US dollar liquidity-providing reverse transaction USD 4.1 billion USD 0.3 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 2.4 billion to EUR 305.1 billion. Banknotes in circulation (liability item 1) increased by EUR 1.9 billion to EUR 883.9 billion. Liabilities to general government (liability item 5.1) decreased by EUR 53.6 billion to EUR 72.5 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 114.5 billion to EUR 625.7 billion. On Wednesday, 30 January 2013, a main refinancing operation of EUR 125.3 billion matured and a new one of EUR 124.1 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 6.2 billion matured and a new one of EUR 3.7 billion was settled, while EUR 137.2 billion was repaid before maturity.

Recourse to the marginal lending facility (asset item 5.5) remained virtually unchanged at close to zero, while recourse to the deposit facility (liability item 2.2) was EUR 181 billion (compared with EUR 207.2 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) decreased by EUR 4.4 billion to EUR 270.9 billion. This decrease was due to the redemption of securities purchased under the Securities Markets Programme and the first covered bond purchase programme. Therefore, in the week ending 1 February 2013, the value of accumulated purchases under the Securities Markets Programme amounted to EUR 205.4 billion, while the value of the portfolios held under the first and second covered bond purchase programmes totalled EUR 49.1 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) decreased by EUR 71.4 billion to EUR 408.2 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 438,687 1
2 Claims on non-euro area residents denominated in foreign currency 255,050 1,142
2.1 Receivables from the IMF 87,346 −55
2.2 Balances with banks and security investments, external loans and other external assets 167,704 1,197
3 Claims on euro area residents denominated in foreign currency 28,703 −2,507
4 Claims on non-euro area residents denominated in euro 22,045 49
4.1 Balances with banks, security investments and loans 22,045 49
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 1,015,482 −140,751
5.1 Main refinancing operations 124,149 −1,153
5.2 Longer-term refinancing operations 891,327 −139,602
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 7 5
5.6 Credits related to margin calls 0 0
6 Other claims on euro area credit institutions denominated in euro 127,288 −4,032
7 Securities of euro area residents denominated in euro 575,967 −6,807
7.1 Securities held for monetary policy purposes 270,869 −4,367
7.2 Other securities 305,099 −2,440
8 General government debt denominated in euro 29,912 −50
9 Other assets 276,561 −6,130
Total assets 2,769,695 −159,085
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 883,854 1,928
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 797,938 −97,635
2.1 Current accounts (covering the minimum reserve system) 408,150 −71,350
2.2 Deposit facility 180,957 −26,241
2.3 Fixed-term deposits 208,500 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 331 −45
3 Other liabilities to euro area credit institutions denominated in euro 6,792 217
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 107,581 −54,946
5.1 General government 72,546 −53,568
5.2 Other liabilities 35,035 −1,378
6 Liabilities to non-euro area residents denominated in euro 179,126 −5,935
7 Liabilities to euro area residents denominated in foreign currency 4,509 −380
8 Liabilities to non-euro area residents denominated in foreign currency 7,549 1,010
8.1 Deposits, balances and other liabilities 7,549 1,010
8.2 Liabilities arising from the credit facility under ERM II 0 0
9 Counterpart of special drawing rights allocated by the IMF 54,952 0
10 Other liabilities 234,435 −3,316
11 Revaluation accounts 407,378 0
12 Capital and reserves 85,581 −28
Total liabilities 2,769,695 −159,085
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