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Consolidated financial statement of the Eurosystem as at 17 January 2014

21 January 2014

Items not related to monetary policy operations

In the week ending 17 January 2014 gold and gold receivables (asset item 1) increased by EUR 1 million owing to a purchase of gold coin.

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) increased by EUR 1.9 billion to EUR 207 billion on account of customer and portfolio transactions.

In the past week the Eurosystem has not conducted any liquidity-providing transactions 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 0.2 billion to EUR 354.7 billion. Banknotes in circulation (liability item 1) fell by EUR 6.8 billion to EUR 934.9 billion. Liabilities to general government (liability item 5.1) increased by EUR 14.6 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) increased by EUR 0.1 billion to EUR 457 billion. On Wednesday, 15 January 2014, a main refinancing operation of EUR 112.5 billion matured and a new one of EUR 94.7 billion, with a maturity of one week, was settled. On the same day, fixed-term deposits in an amount of EUR 179 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 10.1 billion matured and a new one of EUR 7.1 billion was settled, while EUR 2.6 billion of longer-term refinancing operations was repaid before maturity.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.1 billion (compared with virtually nil in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 36.5 billion (compared with EUR 59.8 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) decreased by EUR 1.9 billion to EUR 234 billion. This decrease was due to the redemption of securities acquired under the first and second covered bond purchase programmes, as well as under the Securities Markets Programme. Therefore, in the week ending 17 January 2014 the value of accumulated purchases under the Securities Markets Programme amounted to EUR 177.4 billion, while the values of the portfolios held under the first and second covered bond purchase programmes totalled EUR 41.4 billion and EUR 15.2 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 0.1 billion to EUR 202.4 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 303,157 1
2 Claims on non-euro area residents denominated in foreign currency 245,759 1,411
2.1 Receivables from the IMF 81,588 −59
2.2 Balances with banks and security investments, external loans and other external assets 164,171 1,470
3 Claims on euro area residents denominated in foreign currency 22,625 125
4 Claims on non-euro area residents denominated in euro 20,986 −849
4.1 Balances with banks, security investments and loans 20,986 −849
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 672,560 −23,324
5.1 Main refinancing operations 94,737 −17,721
5.2 Longer-term refinancing operations 577,707 −5,618
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 114 83
5.6 Credits related to margin calls 1 −69
6 Other claims on euro area credit institutions denominated in euro 73,130 1,018
7 Securities of euro area residents denominated in euro 588,743 −2,080
7.1 Securities held for monetary policy purposes 234,035 −1,895
7.2 Other securities 354,708 −185
8 General government debt denominated in euro 28,287 0
9 Other assets 242,613 1,049
Total assets 2,197,860 −22,649
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 934,942 −6,789
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 417,998 −23,261
2.1 Current accounts (covering the minimum reserve system) 202,449 122
2.2 Deposit facility 36,489 −23,264
2.3 Fixed-term deposits 179,000 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 60 −119
3 Other liabilities to euro area credit institutions denominated in euro 3,999 −4,716
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 98,323 16,547
5.1 General government 72,505 14,596
5.2 Other liabilities 25,818 1,951
6 Liabilities to non-euro area residents denominated in euro 106,134 −4,351
7 Liabilities to euro area residents denominated in foreign currency 2,700 −750
8 Liabilities to non-euro area residents denominated in foreign currency 5,926 413
8.1 Deposits, balances and other liabilities 5,926 413
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 221,647 363
11 Revaluation accounts 262,876 0
12 Capital and reserves 90,598 −105
Total liabilities 2,197,860 −22,649

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