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Consolidated financial statement of the Eurosystem as at 14 February 2014

18 February 2014

Items not related to monetary policy operations

In the week ending 14 February 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) decreased by EUR 0.5 billion to EUR 206.4 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 standing swap arrangement 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 1.6 billion to EUR 357.3 billion. Banknotes in circulation (liability item 1) decreased by EUR 1.4 billion to EUR 931.2 billion. Liabilities to general government (liability item 5.1) decreased by EUR 8.7 billion to EUR 65.8 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) rose by EUR 12.2 billion to EUR 460.8 billion. On Wednesday, 12 February 2014, a main refinancing operation of EUR 95.1 billion matured and a new one of EUR 93.3 billion, with a maturity of one week, was settled. On the same day, fixed-term deposits in an amount of EUR 175.5 billion matured and new deposits were collected in an amount of EUR 175.5 billion, with a maturity of one week.

During the week, a longer-term refinancing operation of EUR 7.1 billion matured and a new one of EUR 6.5 billion was settled, while EUR 1.8 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 EUR 0.5 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 29.9 billion (compared with EUR 47.2 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) decreased by EUR 0.7 billion to EUR 229.9 billion. This decrease was due to the redemption of securities acquired under the first and second covered bond purchase programmes. Therefore, in the week ending 14 February 2014 the value of accumulated purchases under the Securities Markets Programme amounted to EUR 175.7 billion, while the values of the portfolios held under the first and second covered bond purchase programmes totalled EUR 39.3 billion and EUR 14.9 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 23.3 billion to EUR 223.7 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 303,158 0
2 Claims on non-euro area residents denominated in foreign currency 244,467 271
2.1 Receivables from the IMF 80,490 −538
2.2 Balances with banks and security investments, external loans and other external assets 163,978 808
3 Claims on euro area residents denominated in foreign currency 23,146 343
4 Claims on non-euro area residents denominated in euro 19,132 −28
4.1 Balances with banks, security investments and loans 19,132 −28
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 666,608 −4,664
5.1 Main refinancing operations 93,282 −1,864
5.2 Longer-term refinancing operations 573,189 −2,387
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 135 −413
5.6 Credits related to margin calls 2 1
6 Other claims on euro area credit institutions denominated in euro 74,729 4,257
7 Securities of euro area residents denominated in euro 587,199 955
7.1 Securities held for monetary policy purposes 229,931 −673
7.2 Other securities 357,269 1,627
8 General government debt denominated in euro 28,237 0
9 Other assets 243,423 −1,372
Total assets 2,190,099 −238
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 931,240 −1,404
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 429,579 6,411
2.1 Current accounts (covering the minimum reserve system) 223,735 23,291
2.2 Deposit facility 29,891 −17,331
2.3 Fixed-term deposits 175,500 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 453 450
3 Other liabilities to euro area credit institutions denominated in euro 5,243 1,137
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 86,446 −7,664
5.1 General government 65,806 −8,738
5.2 Other liabilities 20,640 1,074
6 Liabilities to non-euro area residents denominated in euro 99,368 −2,506
7 Liabilities to euro area residents denominated in foreign currency 1,357 367
8 Liabilities to non-euro area residents denominated in foreign currency 7,183 778
8.1 Deposits, balances and other liabilities 7,183 778
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 223,510 2,655
11 Revaluation accounts 262,876 0
12 Capital and reserves 90,580 −12
Total liabilities 2,190,099 −238

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