Consolidated financial statement of the Eurosystem as at 2 May 2014

6 May 2014

Items not related to monetary policy operations

In the week ending 2 May 2014 the decrease of EUR 3 million in gold and gold receivables (asset item 1) reflected 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) increased by EUR 0.1 billion to EUR 210.3 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) remained virtually unchanged at EUR 362 billion. Banknotes in circulation (liability item 1) increased by EUR 3.9 billion to EUR 950.3 billion. Liabilities to general government (liability item 5.1) increased by EUR 14.2 billion to EUR 105.3 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 97.9 billion to EUR 545.3 billion. On Wednesday, 30 April 2014, a main refinancing operation of EUR 121.8 billion matured and a new one of EUR 172.6 billion, with a maturity of one week, was settled. On the same day, fixed-term deposits in an amount of EUR 166.8 billion matured and new deposits were collected in an amount of EUR 103.9 billion, with a maturity of one week.

During the week a longer-term refinancing operation of EUR 5.0 billion matured and a new one of EUR 13.2 billion was settled, while EUR 9.6 billion of longer-term refinancing operations was repaid before maturity.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.8 billion (compared with virtually nil in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 39.1 billion (compared with EUR 24.0 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) decreased by EUR 5.0 billion to EUR 219.6 billion. This decrease was due to the redemption of securities acquired under the Securities Markets Programme and the second covered bond purchase programme. Therefore, in the week ending 2 May 2014 the value of accumulated purchases under the Securities Markets Programme amounted to EUR 167.5 billion, while the values of the portfolios held under the first and second covered bond purchase programmes totalled EUR 37.8 billion and EUR 14.4 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 74.0 billion to EUR 240.2 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 326,544 −3
2 Claims on non-euro area residents denominated in foreign currency 245,601 402
2.1 Receivables from the IMF 81,793 42
2.2 Balances with banks and security investments, external loans and other external assets 163,808 360
3 Claims on euro area residents denominated in foreign currency 23,485 −317
4 Claims on non-euro area residents denominated in euro 18,744 328
4.1 Balances with banks, security investments and loans 18,744 328
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 688,342 50,201
5.1 Main refinancing operations 172,621 50,805
5.2 Longer-term refinancing operations 514,965 −1,341
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 751 733
5.6 Credits related to margin calls 4 4
6 Other claims on euro area credit institutions denominated in euro 61,263 1,212
7 Securities of euro area residents denominated in euro 581,631 −5,056
7.1 Securities held for monetary policy purposes 219,621 −5,047
7.2 Other securities 362,010 −9
8 General government debt denominated in euro 27,273 −946
9 Other assets 244,246 2,244
Total assets 2,217,128 48,066
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 950,285 3,932
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 383,269 26,370
2.1 Current accounts (covering the minimum reserve system) 240,192 74,047
2.2 Deposit facility 39,078 15,104
2.3 Fixed-term deposits 103,946 −62,834
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 53 53
3 Other liabilities to euro area credit institutions denominated in euro 2,757 −1,255
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 147,698 18,510
5.1 General government 105,331 14,194
5.2 Other liabilities 42,368 4,315
6 Liabilities to non-euro area residents denominated in euro 78,380 −2,111
7 Liabilities to euro area residents denominated in foreign currency 1,470 38
8 Liabilities to non-euro area residents denominated in foreign currency 4,486 −47
8.1 Deposits, balances and other liabilities 4,486 −47
8.2 Liabilities arising from the credit facility under ERM II 0 0
9 Counterpart of special drawing rights allocated by the IMF 52,830 0
10 Other liabilities 214,041 2,609
11 Revaluation accounts 288,913 0
12 Capital and reserves 92,999 21
Total liabilities 2,217,128 48,066

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