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Consolidated financial statement of the Eurosystem as at 28 February 2014

4 March 2014

Items not related to monetary policy operations

In the week ending 28 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 207.5 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
27 February 2014 84-day US dollar liquidity-providing reverse transaction USD 28 million USD 126 million

The liquidity-providing transactions were conducted by the Eurosystem 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 0.6 billion to EUR 357.1 billion. Banknotes in circulation (liability item 1) increased by EUR 4.8 billion to EUR 933.8 billion. Liabilities to general government (liability item 5.1) increased by EUR 7.5 billion to EUR 99.3 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 1.7 billion to EUR 459.4 billion. On Wednesday, 26 February 2014, a main refinancing operation of EUR 92.9 billion matured and a new one of EUR 94 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, a longer-term refinancing operation of EUR 5.9 billion matured and a new one of EUR 6.3 billion was settled, while EUR 2.8 billion of longer-term refinancing operations was repaid before maturity.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.8 billion (compared with EUR 0.2 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 29.4 billion (compared with EUR 32 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) decreased by EUR 0.1 billion to EUR 229.3 billion. This decrease was due to the redemption of securities acquired under the second covered bond purchase programme. Therefore, in the week ending 28 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 14.8 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 8.9 billion to EUR 187.4 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 303,158 0
2 Claims on non-euro area residents denominated in foreign currency 243,828 −313
2.1 Receivables from the IMF 80,725 −4
2.2 Balances with banks and security investments, external loans and other external assets 163,102 −308
3 Claims on euro area residents denominated in foreign currency 24,130 1,179
4 Claims on non-euro area residents denominated in euro 19,005 216
4.1 Balances with banks, security investments and loans 19,005 216
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 664,508 −718
5.1 Main refinancing operations 94,036 1,167
5.2 Longer-term refinancing operations 569,694 −2,474
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 776 589
5.6 Credits related to margin calls 2 0
6 Other claims on euro area credit institutions denominated in euro 74,105 −2,886
7 Securities of euro area residents denominated in euro 586,379 537
7.1 Securities held for monetary policy purposes 229,302 −53
7.2 Other securities 357,077 589
8 General government debt denominated in euro 28,237 0
9 Other assets 237,729 −1,784
Total assets 2,181,079 −3,769
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 933,847 4,787
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 392,487 −11,292
2.1 Current accounts (covering the minimum reserve system) 187,393 −8,869
2.2 Deposit facility 29,371 −2,643
2.3 Fixed-term deposits 175,500 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 223 220
3 Other liabilities to euro area credit institutions denominated in euro 5,179 68
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 126,112 9,304
5.1 General government 99,258 7,529
5.2 Other liabilities 26,854 1,775
6 Liabilities to non-euro area residents denominated in euro 93,494 −527
7 Liabilities to euro area residents denominated in foreign currency 2,782 1,783
8 Liabilities to non-euro area residents denominated in foreign currency 4,939 −1,506
8.1 Deposits, balances and other liabilities 4,939 −1,506
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 214,249 −6,647
11 Revaluation accounts 262,876 0
12 Capital and reserves 92,395 261
Total liabilities 2,181,079 −3,769

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