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Consolidated financial statement of the Eurosystem as at 4 April 2014

9 April 2014

Items not related to monetary policy operations

In the week ending 4 April 2014 the increase of EUR 23.4 billion in gold and gold receivables (asset item 1) reflected quarterly revaluation adjustments.

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) increased by EUR 1 billion to EUR 208.9 billion. This change was due to the effects of the quarterly revaluation of assets and liabilities as well as to the customer and portfolio transactions carried out by Eurosystem central banks during the period under review.

In the past week the Eurosystem has not conducted any liquidity-providing transactions in connection with the standing reciprocal currency arrangement (swap line) 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 1.5 billion to EUR 363.5 billion. Banknotes in circulation (liability item 1) increased by EUR 3.8 billion to EUR 942.5 billion. Liabilities to general government (liability item 5.1) decreased by EUR 20 billion to EUR 69.9 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) decreased by EUR 10.9 billion to EUR 426.1 billion. On Wednesday, 2 April 2014, a main refinancing operation of EUR 121.3 billion matured and a new one of EUR 110.6 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.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.2 billion (compared with EUR 1.4 billion in the preceding week), while recourse to the deposit facility (liability item 2.2) was EUR 25.7 billion (compared with EUR 28.3 billion in the preceding week).

During the week, EUR 1.6 billion of longer-term refinancing operations was repaid before maturity.

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) decreased by EUR 3.5 billion to EUR 224.9 billion. This decrease was due to the redemption of securities acquired under the first and second covered bond purchase programmes, as well as under the Securities Markets Programme. Therefore, in the week ending 4 April 2014 the value of accumulated purchases under the Securities Markets Programme amounted to EUR 172.5 billion, while the values of the portfolios held under the first and second covered bond purchase programmes totalled EUR 37.9 billion and EUR 14.6 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 2 billion to EUR 181.1 billion.

Quarter-end revaluation of the Eurosystem’s assets and liabilities

In line with the Eurosystem’s harmonised accounting rules, gold, foreign exchange, securities holdings and financial instruments of the Eurosystem are revalued at market rates and prices as at the end of each quarter. The net impact of the revaluation on each balance sheet item as at 31 March 2014 is shown in the additional column “ Difference compared with last week due to quarter-end adjustments”. The gold price and the principal exchange rates used for the revaluation of balances were as follows:

Gold: EUR 938.4970 per fine oz.

USD: 1.3788 per EUR

JPY: 142.42 per EUR

Special drawing rights: EUR 1.1207 per SDR

Assets (EUR millions) Balance Difference compared with last week due to
i)transactions
ii)quarter-end adjustments
Totals/sub-totals may not add up, due to rounding
i) ii)
1 Gold and gold receivables 326,548 0 23,414
2 Claims on non-euro area residents denominated in foreign currency 244,412 −1,130 994
2.1 Receivables from the IMF 80,939 72 176
2.2 Balances with banks and security investments, external loans and other external assets 163,473 −1,202 818
3 Claims on euro area residents denominated in foreign currency 23,077 −62 2
4 Claims on non-euro area residents denominated in euro 17,350 −378 −14
4.1 Balances with banks, security investments and loans 17,350 −378 −14
4.2 Claims arising from the credit facility under ERM II 0 0 0
5 Lending to euro area credit institutions related to monetary policy operations denominated in euro 627,351 −13,415 0
5.1 Main refinancing operations 110,643 −10,662 0
5.2 Longer-term refinancing operations 516,485 −1,558 0
5.3 Fine-tuning reverse operations 0 0 0
5.4 Structural reverse operations 0 0 0
5.5 Marginal lending facility 222 −1,195 0
5.6 Credits related to margin calls 0 0 0
6 Other claims on euro area credit institutions denominated in euro 66,537 549 0
7 Securities of euro area residents denominated in euro 588,373 −4,348 2,369
7.1 Securities held for monetary policy purposes 224,909 −3,947 482
7.2 Other securities 363,464 −401 1,887
8 General government debt denominated in euro 28,219 0 −18
9 Other assets 239,121 −381 1,301
Total assets 2,160,987 −19,164 28,048
Liabilities (EUR millions) Balance Difference compared with last week due to
i)transactions
ii)quarter-end adjustments
Totals/sub-totals may not add up, due to rounding
i) ii)
1 Banknotes in circulation 942,533 3,805 0
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 382,370 −548 0
2.1 Current accounts (covering the minimum reserve system) 181,145 1,983 0
2.2 Deposit facility 25,723 −2,533 0
2.3 Fixed-term deposits 175,500 0 0
2.4 Fine-tuning reverse operations 0 0 0
2.5 Deposits related to margin calls 1 1 0
3 Other liabilities to euro area credit institutions denominated in euro 10,309 810 0
4 Debt certificates issued 0 0 0
5 Liabilities to other euro area residents denominated in euro 95,093 −22,039 0
5.1 General government 69,924 −19,986 0
5.2 Other liabilities 25,170 −2,053 0
6 Liabilities to non-euro area residents denominated in euro 84,129 2,521 1
7 Liabilities to euro area residents denominated in foreign currency 1,144 −275 11
8 Liabilities to non-euro area residents denominated in foreign currency 4,635 −1,034 −47
8.1 Deposits, balances and other liabilities 4,635 −1,034 −47
8.2 Liabilities arising from the credit facility under ERM II 0 0 0
9 Counterpart of special drawing rights allocated by the IMF 52,830 0 112
10 Other liabilities 206,053 −2,451 1,696
11 Revaluation accounts 288,913 0 26,036
12 Capital and reserves 92,978 47 239
Total liabilities 2,160,987 −19,164 28,048

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