Consolidated opening financial statement of the Eurosystem as at 1 January 2014 and Consolidated financial statement of the Eurosystem as at 3 January 2014

8 January 2014

Consolidated opening financial statement of the Eurosystem as at 1 January 2014

Following the adoption of the euro by Latvia, Latvijas Banka joined the Eurosystem on 1 January 2014. The ECB is therefore publishing a consolidated opening financial statement of the Eurosystem as at 1 January 2014, which includes the balance sheet figures of Latvijas Banka. Items previously denominated in Latvian lats have been moved from items “denominated in foreign currency” to items “denominated in euro”. Transactions and balances of accounts held with residents of Latvia have been moved from “non-euro area” balance sheet items to “euro area” items. Furthermore, the item capital and reserves (liability item 12) has increased in comparison with that in the consolidated financial statement as at 31 December 2013 on account of the entry of Latvijas Banka into the Eurosystem.

Assets (EUR millions) Balance
Totals/sub-totals may not add up, due to rounding
1 Gold and gold receivables 303,156
2 Claims on non-euro area residents denominated in foreign currency 241,640
2.1 Receivables from the IMF 81,672
2.2 Balances with banks and security investments, external loans and other external assets 159,968
3 Claims on euro area residents denominated in foreign currency 22,945
4 Claims on non-euro area residents denominated in euro 20,519
4.1 Balances with banks, security investments and loans 20,519
4.2 Claims arising from the credit facility under ERM II 0
5 Lending to euro area credit institutions related to monetary policy operations denominated in euro 752,288
5.1 Main refinancing operations 168,662
5.2 Longer-term refinancing operations 583,325
5.3 Fine-tuning reverse operations 0
5.4 Structural reverse operations 0
5.5 Marginal lending facility 301
5.6 Credits related to margin calls 0
6 Other claims on euro area credit institutions denominated in euro 75,145
7 Securities of euro area residents denominated in euro 590,901
7.1 Securities held for monetary policy purposes 235,929
7.2 Other securities 354,972
8 General government debt denominated in euro 28,287
9 Other assets 245,160
Total assets 2,280,042
Liabilities (EUR millions) Balance
Totals/sub-totals may not add up, due to rounding
1 Banknotes in circulation 957,218
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 477,170
2.1 Current accounts (covering the minimum reserve system) 286,593
2.2 Deposit facility 85,658
2.3 Fixed-term deposits 104,842
2.4 Fine-tuning reverse operations 0
2.5 Deposits related to margin calls 77
3 Other liabilities to euro area credit institutions denominated in euro 3,128
4 Debt certificates issued 0
5 Liabilities to other euro area residents denominated in euro 91,335
5.1 General government 66,074
5.2 Other liabilities 25,261
6 Liabilities to non-euro area residents denominated in euro 114,238
7 Liabilities to euro area residents denominated in foreign currency 4,740
8 Liabilities to non-euro area residents denominated in foreign currency 2,998
8.1 Deposits, balances and other liabilities 2,998
8.2 Liabilities arising from the credit facility under ERM II 0
9 Counterpart of special drawing rights allocated by the IMF 52,717
10 Other liabilities 222,924
11 Revaluation accounts 262,876
12 Capital and reserves 90,699
Total liabilities 2,280,042
 

Consolidated financial statement of the Eurosystem as at 3 January 2014 (compared with the consolidated opening financial statement of the Eurosystem as at 1 January 2014)

Items not related to monetary policy operations

In the period from 1 January to 3 January 2014 gold and gold receivables (asset item 1) remained unchanged.

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) remained virtually unchanged at EUR 204.1 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
3 January 2014 85-day US dollar liquidity-providing reverse transaction USD 113 million -
3 January 2014 83-day US dollar liquidity-providing reverse transaction - USD 100 million

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 0.3 billion to EUR 355.3 billion. Banknotes in circulation (liability item 1) decreased by EUR 4.3 billion to EUR 952.9 billion. Liabilities to general government (liability item 5.1) decreased by EUR 10.6 billion to EUR 55.5 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 2.5 billion to EUR 559.2 billion.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.3 billion (compared with EUR 0.3 billion on 1 January 2014), while recourse to the deposit facility (liability item 2.2) was EUR 88.2 billion (compared with EUR 85.7 billion on 1 January 2014).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) remained virtually unchanged at EUR 235.9 billion. Therefore, in the week ending 3 January 2014 the value of accumulated purchases under the Securities Markets Programme amounted to EUR 178.8 billion, while the values of the portfolios held under the first and second covered bond purchase programmes totalled EUR 41.6 billion and EUR 15.4 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) increased by EUR 12.4 billion to EUR 298.9 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 303,156 0
2 Claims on non-euro area residents denominated in foreign currency 241,563 −77
2.1 Receivables from the IMF 81,672 0
2.2 Balances with banks and security investments, external loans and other external assets 159,891 −77
3 Claims on euro area residents denominated in foreign currency 23,237 292
4 Claims on non-euro area residents denominated in euro 20,194 −325
4.1 Balances with banks, security investments and loans 20,194 −325
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 752,259 -29
5.1 Main refinancing operations 168,662 0
5.2 Longer-term refinancing operations 583,325 0
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 270 −31
5.6 Credits related to margin calls 2 2
6 Other claims on euro area credit institutions denominated in euro 73,545 −1,600
7 Securities of euro area residents denominated in euro 591,184 283
7.1 Securities held for monetary policy purposes 235,929 0
7.2 Other securities 355,255 283
8 General government debt denominated in euro 28,287 0
9 Other assets 245,133 −27
Total assets 2,278,560 −1,482
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 952,900 −4,318
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 492,037 14,868
2.1 Current accounts (covering the minimum reserve system) 298,943 12,351
2.2 Deposit facility 88,213 2,554
2.3 Fixed-term deposits 104,842 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 39 −37
3 Other liabilities to euro area credit institutions denominated in euro 3,239 111
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 81,007 −10,328
5.1 General government 55,494 −10,580
5.2 Other liabilities 25,513 252
6 Liabilities to non-euro area residents denominated in euro 114,211 −27
7 Liabilities to euro area residents denominated in foreign currency 4,791 51
8 Liabilities to non-euro area residents denominated in foreign currency 3,170 172
8.1 Deposits, balances and other liabilities 3,170 172
8.2 Liabilities arising from the credit facility under ERM II 0 0
9 Counterpart of special drawing rights allocated by the IMF 52,717 0
10 Other liabilities 220,911 −2,013
11 Revaluation accounts 262,876 0
12 Capital and reserves 90,701 3
Total liabilities 2,278,560 −1,482

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