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Consolidated financial statement of the Eurosystem as at 28 March 2014

1 April 2014

Items not related to monetary policy operations

In the week ending 28 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) decreased by EUR 0.1 billion to EUR 207.8 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 March 2014 83-day US dollar liquidity-providing reverse transaction USD 100 million -
27 March 2014 84-day US dollar liquidity-providing reverse transaction - USD 50 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 2.1 billion to EUR 362 billion. Banknotes in circulation (liability item 1) increased by EUR 1.8 billion to EUR 938.7 billion. Liabilities to general government (liability item 5.1) increased by EUR 12.2 billion to EUR 89.9 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 3 billion to EUR 437 billion. On Wednesday, 26 March 2014, a main refinancing operation of EUR 96.9 billion matured and a new one of EUR 121.3 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 20.9 billion matured and a new one of EUR 11.6 billion was settled, while EUR 18.9 billion of longer-term refinancing operations was repaid before maturity.

Recourse to the marginal lending facility (asset item 5.5) was EUR 1.4 billion (compared with EUR 0.9 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 28.3 billion (compared with EUR 34.5 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) decreased by EUR 0.2 billion to EUR 228.4 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 28 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 37.9 billion and EUR 14.7 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 16 billion to EUR 179.2 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 244,548 −103
2.1 Receivables from the IMF 80,691 2
2.2 Balances with banks and security investments, external loans and other external assets 163,857 −104
3 Claims on euro area residents denominated in foreign currency 23,137 −757
4 Claims on non-euro area residents denominated in euro 17,742 −1,459
4.1 Balances with banks, security investments and loans 17,742 −1,459
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 640,766 −3,308
5.1 Main refinancing operations 121,305 24,399
5.2 Longer-term refinancing operations 518,043 −28,206
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 1,417 500
5.6 Credits related to margin calls 0 −1
6 Other claims on euro area credit institutions denominated in euro 65,988 −11,860
7 Securities of euro area residents denominated in euro 590,351 1,887
7.1 Securities held for monetary policy purposes 228,373 −211
7.2 Other securities 361,978 2,098
8 General government debt denominated in euro 28,237 0
9 Other assets 238,201 1,623
Total assets 2,152,103 −13,977
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 938,728 1,789
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 382,918 −22,322
2.1 Current accounts (covering the minimum reserve system) 179,162 −16,039
2.2 Deposit facility 28,256 −6,280
2.3 Fixed-term deposits 175,500 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 0 −4
3 Other liabilities to euro area credit institutions denominated in euro 9,499 4,404
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 117,133 13,690
5.1 General government 89,910 12,218
5.2 Other liabilities 27,223 1,472
6 Liabilities to non-euro area residents denominated in euro 81,607 −6,634
7 Liabilities to euro area residents denominated in foreign currency 1,408 431
8 Liabilities to non-euro area residents denominated in foreign currency 5,716 −1,176
8.1 Deposits, balances and other liabilities 5,716 −1,176
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 206,808 −4,398
11 Revaluation accounts 262,876 0
12 Capital and reserves 92,692 239
Total liabilities 2,152,103 −13,977

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