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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.

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