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Consolidated financial statement of the Eurosystem as at 14 March 2014

18 March 2014

Items not related to monetary policy operations

In the week ending 14 March 2014 gold and gold receivables (asset item 1) decreased by EUR 24 million owing to the sale of gold by one Eurosystem central bank.

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) remained virtually unchanged at EUR 207.8 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 0.3 billion to EUR 359 billion. Banknotes in circulation (liability item 1) increased by EUR 1.1 billion to EUR 938.1 billion. Liabilities to general government (liability item 5.1) decreased by EUR 18.3 billion to EUR 56.4 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 2.3 billion to EUR 449.9 billion. On Wednesday, 12 March 2014, a main refinancing operation of EUR 87 billion matured and a new one of EUR 92.6 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 6.5 billion matured and a new one of EUR 7.5 billion was settled, while EUR 11.4 billion of longer-term refinancing operations was repaid before maturity.

Recourse to the marginal lending facility (asset item 5.5) was virtually nil (compared with EUR 0.3 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 23.5 billion (compared with EUR 30.9 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) decreased by EUR 0.5 billion to EUR 228.8 billion. This decrease was due to the redemption of securities acquired under the first covered bond purchase programme. Therefore, in the week ending 14 March 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 38.3 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) increased by EUR 39.6 billion to EUR 226.8 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 303,134 −24
2 Claims on non-euro area residents denominated in foreign currency 244,460 148
2.1 Receivables from the IMF 80,783 −10
2.2 Balances with banks and security investments, external loans and other external assets 163,677 158
3 Claims on euro area residents denominated in foreign currency 23,790 −77
4 Claims on non-euro area residents denominated in euro 18,321 −485
4.1 Balances with banks, security investments and loans 18,321 −485
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 648,892 −5,123
5.1 Main refinancing operations 92,565 5,518
5.2 Longer-term refinancing operations 556,324 −10,359
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 2 −282
5.6 Credits related to margin calls 2 0
6 Other claims on euro area credit institutions denominated in euro 76,038 3,163
7 Securities of euro area residents denominated in euro 587,877 −157
7.1 Securities held for monetary policy purposes 228,835 −467
7.2 Other securities 359,042 309
8 General government debt denominated in euro 28,237 0
9 Other assets 237,022 −1,999
Total assets 2,167,771 −4,553
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 938,126 1,123
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 425,795 32,241
2.1 Current accounts (covering the minimum reserve system) 226,755 39,642
2.2 Deposit facility 23,495 −7,444
2.3 Fixed-term deposits 175,500 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 45 42
3 Other liabilities to euro area credit institutions denominated in euro 5,014 −174
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 83,432 −30,442
5.1 General government 56,367 −18,283
5.2 Other liabilities 27,065 −12,159
6 Liabilities to non-euro area residents denominated in euro 88,133 −2,465
7 Liabilities to euro area residents denominated in foreign currency 1,209 −649
8 Liabilities to non-euro area residents denominated in foreign currency 6,487 722
8.1 Deposits, balances and other liabilities 6,487 722
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 211,527 −4,968
11 Revaluation accounts 262,876 0
12 Capital and reserves 92,453 59
Total liabilities 2,167,771 −4,553

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