Consolidated financial statement of the Eurosystem as at 31 December 2013

8 January 2014

Items not related to monetary policy operations

In the period from 27 December to 31 December 2013 the decrease of EUR 41 billion in gold and gold receivables (asset item 1) reflected quarterly revaluation adjustments.

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) decreased by EUR 6 billion to EUR 201.4 billion. This change was due to the effects of the quarterly revaluation of assets and liabilities as well as to the customer and portfolio transactions carried out by Eurosystem central banks during the period under review.

The holdings by the Eurosystem of marketable securities other than those held for monetary policy purposes (asset item 7.2) increased by EUR 3.2 billion to EUR 353.9 billion. Banknotes in circulation (liability item 1) decreased by EUR 2.1 billion to EUR 956.2 billion. Liabilities to general government (liability item 5.1) increased by EUR 9.1 billion to EUR 65.9 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 44.2 billion to EUR 561.7 billion. On Monday, 30 December 2013, a main refinancing operation of EUR 133.6 billion matured and a new one of EUR 168.7 billion, with a maturity of nine days, was settled. On the same day, fixed-term deposits in an amount of EUR 139.9 billion matured and new deposits were collected in an amount of EUR 104.8 billion, with a maturity of nine days.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.3 billion (compared with EUR 0.2 billion in the preceding week), while recourse to the deposit facility (liability item 2.2) was EUR 85.7 billion (compared with EUR 59.6 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased marginally by EUR 0.5 billion to EUR 235.9 billion due to quarter-end adjustments. Therefore, in the period from 27 December to 31 December 2013 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 38.5 billion to EUR 282.6 billion.

Quarter-end revaluation of the Eurosystem’s assets and liabilities

In line with the Eurosystem’s harmonised accounting rules, gold, foreign exchange, securities holdings and financial instruments of the Eurosystem are revalued at market rates and prices as at the end of each quarter. The net impact of the revaluation on each balance sheet item as at 31 December 2013 is shown in the additional column “ Difference compared with last week due to quarter-end adjustments”. The gold price and the principal exchange rates used for the revaluation of balances were as follows:

Gold: EUR 871.22 per fine oz.

USD: 1.3791 per EUR

JPY: 144.72 per EUR

Special drawing rights: EUR 1.1183 per SDR

Assets (EUR millions) Balance Difference compared with last week due to
i)transactions
ii)quarter-end adjustments
Totals/sub-totals may not add up, due to rounding
i) ii)
1 Gold and gold receivables 302,940 0 −40,980
2 Claims on non-euro area residents denominated in foreign currency 239,289 141 −6,505
2.1 Receivables from the IMF 81,536 0 −1,316
2.2 Balances with banks and security investments, external loans and other external assets 157,753 141 −5,189
3 Claims on euro area residents denominated in foreign currency 22,472 72 −564
4 Claims on non-euro area residents denominated in euro 20,077 608 −48
4.1 Balances with banks, security investments and loans 20,077 608 −48
4.2 Claims arising from the credit facility under ERM II 0 0 0
5 Lending to euro area credit institutions related to monetary policy operations denominated in euro 752,288 35,146 0
5.1 Main refinancing operations 168,662 35,077 0
5.2 Longer-term refinancing operations 583,325 0 0
5.3 Fine-tuning reverse operations 0 0 0
5.4 Structural reverse operations 0 0 0
5.5 Marginal lending facility 301 69 0
5.6 Credits related to margin calls 0 0 0
6 Other claims on euro area credit institutions denominated in euro 74,847 −138 0
7 Securities of euro area residents denominated in euro 589,806 305 3,451
7.1 Securities held for monetary policy purposes 235,929 0 517
7.2 Other securities 353,877 305 2,934
8 General government debt denominated in euro 28,287 −2 −37
9 Other assets 245,046 −1,368 −428
Total assets 2,275,053 34,765 −45,112
Liabilities (EUR millions) Balance Difference compared with last week due to
i)transactions
ii)quarter-end adjustments
Totals/sub-totals may not add up, due to rounding
i) ii)
1 Banknotes in circulation 956,185 −2,080 0
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 473,155 29,423 0
2.1 Current accounts (covering the minimum reserve system) 282,578 38,496 0
2.2 Deposit facility 85,658 26,030 0
2.3 Fixed-term deposits 104,842 −35,078 0
2.4 Fine-tuning reverse operations 0 0 0
2.5 Deposits related to margin calls 77 −25 0
3 Other liabilities to euro area credit institutions denominated in euro 3,014 −1,190 0
4 Debt certificates issued 0 0 0
5 Liabilities to other euro area residents denominated in euro 91,109 8,767 0
5.1 General government 65,872 9,112 0
5.2 Other liabilities 25,237 −345 0
6 Liabilities to non-euro area residents denominated in euro 115,392 193 −10
7 Liabilities to euro area residents denominated in foreign currency 4,602 229 −61
8 Liabilities to non-euro area residents denominated in foreign currency 2,998 −81 −114
8.1 Deposits, balances and other liabilities 2,998 −81 −114
8.2 Liabilities arising from the credit facility under ERM II 0 0 0
9 Counterpart of special drawing rights allocated by the IMF 52,717 0 −848
10 Other liabilities 222,714 −497 −2,289
11 Revaluation accounts 262,745 0 −41,789
12 Capital and reserves 90,420 0 0
Total liabilities 2,275,053 34,765 −45,112

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