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Consolidated financial statement of the Eurosystem as at 21 March 2014

25 March 2014

Items not related to monetary policy operations

In the week ending 21 March 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 0.1 billion to EUR 208 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 0.8 billion to EUR 359.9 billion. Banknotes in circulation (liability item 1) decreased by EUR 1.2 billion to EUR 936.9 billion. Liabilities to general government (liability item 5.1) increased by EUR 21.3 billion to EUR 77.7 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 15.8 billion to EUR 434 billion. On Wednesday, 19 March 2014, a main refinancing operation of EUR 92.6 billion matured and a new one of EUR 96.9 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 10.1 billion of longer-term refinancing operations was repaid before maturity.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.9 billion (compared with virtually nil in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 34.5 billion (compared with EUR 23.5 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) decreased by EUR 0.3 billion to EUR 228.6 billion. This decrease was due to the redemption of securities acquired under the first covered bond purchase programme. Therefore, in the week ending 21 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 38.1 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 31.6 billion to EUR 195.2 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 0
2 Claims on non-euro area residents denominated in foreign currency 244,650 190
2.1 Receivables from the IMF 80,689 −94
2.2 Balances with banks and security investments, external loans and other external assets 163,961 285
3 Claims on euro area residents denominated in foreign currency 23,893 103
4 Claims on non-euro area residents denominated in euro 19,200 879
4.1 Balances with banks, security investments and loans 19,200 879
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 644,074 −4,818
5.1 Main refinancing operations 96,906 4,341
5.2 Longer-term refinancing operations 546,249 −10,075
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 917 915
5.6 Credits related to margin calls 2 0
6 Other claims on euro area credit institutions denominated in euro 77,848 1,810
7 Securities of euro area residents denominated in euro 588,465 587
7.1 Securities held for monetary policy purposes 228,585 −250
7.2 Other securities 359,880 838
8 General government debt denominated in euro 28,237 0
9 Other assets 236,578 −443
Total assets 2,166,080 −1,691
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 936,939 −1,187
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 405,240 −20,555
2.1 Current accounts (covering the minimum reserve system) 195,201 −31,554
2.2 Deposit facility 34,536 11,041
2.3 Fixed-term deposits 175,500 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 4 −42
3 Other liabilities to euro area credit institutions denominated in euro 5,095 81
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 103,443 20,011
5.1 General government 77,692 21,325
5.2 Other liabilities 25,751 −1,314
6 Liabilities to non-euro area residents denominated in euro 88,241 109
7 Liabilities to euro area residents denominated in foreign currency 977 −232
8 Liabilities to non-euro area residents denominated in foreign currency 6,892 405
8.1 Deposits, balances and other liabilities 6,892 405
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 211,206 −321
11 Revaluation accounts 262,876 0
12 Capital and reserves 92,454 0
Total liabilities 2,166,080 −1,691

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