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Consolidated financial statement of the Eurosystem as at 16 May 2014

20 May 2014

Items not related to monetary policy operations

In the week ending 16 May 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 0.4 billion to EUR 210 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 0.5 billion to EUR 364.1 billion. Banknotes in circulation (liability item 1) decreased by EUR 1.2 billion to EUR 947.7 billion. Liabilities to general government (liability item 5.1) increased by EUR 1.2 billion to EUR 102.6 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 46.9 billion to EUR 489.7 billion. On Wednesday, 14 May 2014, a main refinancing operation of EUR 129.1 billion matured and a new one of EUR 137.3 billion, with a maturity of one week, was settled. On the same day, fixed-term deposits in an amount of EUR 165.5 billion matured and new deposits were collected in an amount of EUR 144.3 billion, with a maturity of one week.

During the week, a longer-term refinancing operation of EUR 28 billion matured and a new one of EUR 32.3 billion was settled, while EUR 3.4 billion of longer-term refinancing operations was repaid before maturity.

Recourse to the marginal lending facility (asset item 5.5) remained virtually unchanged at close to zero, while recourse to the deposit facility (liability item 2.2) was EUR 17.5 billion (compared with EUR 33.8 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) remained virtually unchanged at EUR 219.6 billion. Therefore, in the week ending 16 May 2014 the value of accumulated purchases under the Securities Markets Programme amounted to EUR 167.4 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 51.4 billion to EUR 201.4 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 0
2 Claims on non-euro area residents denominated in foreign currency 244,518 −1,748
2.1 Receivables from the IMF 81,312 −281
2.2 Balances with banks and security investments, external loans and other external assets 163,206 −1,467
3 Claims on euro area residents denominated in foreign currency 24,212 1,028
4 Claims on non-euro area residents denominated in euro 19,539 942
4.1 Balances with banks, security investments and loans 19,539 942
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 651,477 9,122
5.1 Main refinancing operations 137,302 8,162
5.2 Longer-term refinancing operations 514,162 947
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 11 11
5.6 Credits related to margin calls 3 3
6 Other claims on euro area credit institutions denominated in euro 68,425 7,788
7 Securities of euro area residents denominated in euro 583,634 498
7.1 Securities held for monetary policy purposes 219,578 0
7.2 Other securities 364,056 498
8 General government debt denominated in euro 27,273 0
9 Other assets 239,388 −338
Total assets 2,185,009 17,291
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 947,718 −1,165
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 363,185 13,657
2.1 Current accounts (covering the minimum reserve system) 201,415 51,396
2.2 Deposit facility 17,482 −16,361
2.3 Fixed-term deposits 144,281 −21,252
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 7 −125
3 Other liabilities to euro area credit institutions denominated in euro 2,546 −354
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 142,444 2,865
5.1 General government 102,598 1,229
5.2 Other liabilities 39,846 1,636
6 Liabilities to non-euro area residents denominated in euro 79,714 −57
7 Liabilities to euro area residents denominated in foreign currency 1,050 −116
8 Liabilities to non-euro area residents denominated in foreign currency 4,868 −232
8.1 Deposits, balances and other liabilities 4,868 −232
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 209,125 2,873
11 Revaluation accounts 288,913 0
12 Capital and reserves 92,617 −180
Total liabilities 2,185,009 17,291

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