Consolidated financial statement of the Eurosystem as at 21 February 2014

25 February 2014

Items not related to monetary policy operations

In the week ending 21 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) increased by EUR 0.6 billion to EUR 206.9 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) decreased by EUR 0.8 billion to EUR 356.5 billion. Banknotes in circulation (liability item 1) decreased by EUR 2.2 billion to EUR 929.1 billion. Liabilities to general government (liability item 5.1) increased by EUR 25.9 billion to EUR 91.7 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 3.1 billion to EUR 457.7 billion. On Wednesday, 19 February 2014, a main refinancing operation of EUR 93.3 billion matured and a new one of EUR 92.9 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 the same amount, with a maturity of one week.

During the week, EUR 1 billion of longer-term refinancing operations was repaid before maturity.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.2 billion (compared with EUR 0.1 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 32 billion (compared with EUR 29.9 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 229.4 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 21 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 38.8 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) decreased by EUR 27.5 billion to EUR 196.3 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 244,140 −327
2.1 Receivables from the IMF 80,730 240
2.2 Balances with banks and security investments, external loans and other external assets 163,410 −568
3 Claims on euro area residents denominated in foreign currency 22,952 −194
4 Claims on non-euro area residents denominated in euro 18,789 −343
4.1 Balances with banks, security investments and loans 18,789 −343
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 665,226 −1,382
5.1 Main refinancing operations 92,868 −414
5.2 Longer-term refinancing operations 572,169 −1,020
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 187 52
5.6 Credits related to margin calls 2 0
6 Other claims on euro area credit institutions denominated in euro 76,991 2,261
7 Securities of euro area residents denominated in euro 585,842 −1,357
7.1 Securities held for monetary policy purposes 229,354 −577
7.2 Other securities 356,488 −781
8 General government debt denominated in euro 28,237 0
9 Other assets 239,513 −3,909
Total assets 2,184,848 −5,251
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 929,060 −2,179
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 403,779 −25,800
2.1 Current accounts (covering the minimum reserve system) 196,262 −27,473
2.2 Deposit facility 32,014 2,123
2.3 Fixed-term deposits 175,500 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 3 −450
3 Other liabilities to euro area credit institutions denominated in euro 5,111 −132
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 116,808 30,362
5.1 General government 91,729 25,923
5.2 Other liabilities 25,079 4,439
6 Liabilities to non-euro area residents denominated in euro 94,021 −5,347
7 Liabilities to euro area residents denominated in foreign currency 1,000 −357
8 Liabilities to non-euro area residents denominated in foreign currency 6,446 −737
8.1 Deposits, balances and other liabilities 6,446 −737
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 220,896 −2,614
11 Revaluation accounts 262,876 0
12 Capital and reserves 92,134 1,554
Total liabilities 2,184,848 −5,251

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