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Consolidated financial statement of the Eurosystem as at 22 February 2013

26 February 2013

Items not related to monetary policy operations

In the week ending 22 February 2013 the increase of EUR 1 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 1 billion to EUR 215.3 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
21 February 2013 7-day US dollar liquidity-providing reverse transaction USD 1 billion No allotment

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 1.1 billion to EUR 337.6 billion. Banknotes in circulation (liability item 1) fell by EUR 2.8 billion to EUR 878.3 billion. Liabilities to general government (liability item 5.1) increased by EUR 14.6 billion to EUR 82.5 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 36.7 billion to EUR 636.5 billion. On Wednesday, 20 February 2013, a main refinancing operation of EUR 128.7 billion matured and a new one of EUR 132.2 billion was settled. On the same day, fixed-term deposits in an amount of EUR 205.5 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 3.8 billion was repaid before maturity.

Recourse to the marginal lending facility (asset item 5.5) was virtually nil (compared with EUR 1.8 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 166.4 billion (compared with EUR 131.9 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) decreased by EUR 0.6 billion to EUR 269.9 billion. This decrease was due to the redemption of securities acquired under the first covered bond purchase programme and the Securities Markets Programme. Therefore, in the week ending 22 February 2013, the value of accumulated purchases under the Securities Markets Programme amounted to EUR 205.3 billion, while the value of the portfolios held under the first and second covered bond purchase programmes totalled EUR 48.4 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 50.5 billion to EUR 416 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 438,690 1
2 Claims on non-euro area residents denominated in foreign currency 253,120 −919
2.1 Receivables from the IMF 86,677 0
2.2 Balances with banks and security investments, external loans and other external assets 166,443 −919
3 Claims on euro area residents denominated in foreign currency 28,071 −466
4 Claims on non-euro area residents denominated in euro 20,507 604
4.1 Balances with banks, security investments and loans 20,507 604
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 1,008,537 −2,077
5.1 Main refinancing operations 132,172 3,493
5.2 Longer-term refinancing operations 876,363 −3,790
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 1 −1,780
5.6 Credits related to margin calls 0 0
6 Other claims on euro area credit institutions denominated in euro 80,121 −3,548
7 Securities of euro area residents denominated in euro 607,492 435
7.1 Securities held for monetary policy purposes 269,878 −633
7.2 Other securities 337,614 1,068
8 General government debt denominated in euro 29,912 0
9 Other assets 282,375 −932
Total assets 2,748,823 −6,902
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 878,294 −2,763
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 788,007 −15,858
2.1 Current accounts (covering the minimum reserve system) 415,950 −50,518
2.2 Deposit facility 166,437 34,552
2.3 Fixed-term deposits 205,500 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 119 107
3 Other liabilities to euro area credit institutions denominated in euro 6,374 −426
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 118,875 15,859
5.1 General government 82,471 14,567
5.2 Other liabilities 36,403 1,292
6 Liabilities to non-euro area residents denominated in euro 166,003 −4,769
7 Liabilities to euro area residents denominated in foreign currency 3,236 −301
8 Liabilities to non-euro area residents denominated in foreign currency 7,682 −39
8.1 Deposits, balances and other liabilities 7,682 −39
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 231,988 1,396
11 Revaluation accounts 407,378 0
12 Capital and reserves 86,035 0
Total liabilities 2,748,823 −6,902
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