Consolidated financial statement of the Eurosystem as at 4 July 2014

9 July 2014

Items not related to monetary policy operations

In the week ending 4 July 2014 the increase of EUR 8 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 3.3 billion to EUR 213 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 billion to EUR 361.7 billion. Banknotes in circulation (liability item 1) increased by EUR 5.6 billion to EUR 963.9 billion. Liabilities to general government (liability item 5.1) decreased by EUR 31.6 billion to EUR 100.3 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) decreased by EUR 24.3 billion to EUR 518.6 billion. On Wednesday, 2 July 2014, a main refinancing operation of EUR 115 billion matured and a new one of EUR 97.1 billion, with a maturity of one week, was settled.

Recourse to the marginal lending facility (asset item 5.5) was virtually nil (compared with EUR 0.1 billion in the preceding week), while recourse to the deposit facility (liability item 2.2) was EUR 27.3 billion (compared with EUR 25.4 billion in the preceding week).

During the week, EUR 4.5 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 4.7 billion to EUR 205.2 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, combined with quarter-end adjustments. Therefore, in the week ending 4 July 2014 the value of accumulated purchases under the Securities Markets Programme amounted to EUR 156.3 billion, while the values of the portfolios held under the first and second covered bond purchase programmes totalled EUR 34.8 billion and EUR 14.1 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 3.5 billion to EUR 214.2 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 30 June 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 961.3410 per fine oz.

USD: 1.3658 per EUR

JPY: 138.44 per EUR

Special drawing rights: EUR 1.1321 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 334,430 0 7,950
2 Claims on non-euro area residents denominated in foreign currency 249,595 1,981 3,198
2.1 Receivables from the IMF 81,670 241 827
2.2 Balances with banks and security investments, external loans and other external assets 167,925 1,740 2,371
3 Claims on euro area residents denominated in foreign currency 23,284 −1,396 287
4 Claims on non-euro area residents denominated in euro 18,226 −342 5
4.1 Balances with banks, security investments and loans 18,226 −342 5
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 545,900 −22,474 0
5.1 Main refinancing operations 97,103 −17,938 0
5.2 Longer-term refinancing operations 448,796 −4,480 0
5.3 Fine-tuning reverse operations 0 0 0
5.4 Structural reverse operations 0 0 0
5.5 Marginal lending facility 0 −55 0
5.6 Credits related to margin calls 0 0 0
6 Other claims on euro area credit institutions denominated in euro 61,641 −3,558 1
7 Securities of euro area residents denominated in euro 566,898 −5,952 2,276
7.1 Securities held for monetary policy purposes 205,207 −5,171 457
7.2 Other securities 361,691 −782 1,818
8 General government debt denominated in euro 26,705 −524 −38
9 Other assets 243,614 −1,496 2,276
Total assets 2,070,293 −33,761 15,955
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 963,889 5,574 0
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 241,538 −1,620 0
2.1 Current accounts (covering the minimum reserve system) 214,246 −3,481 0
2.2 Deposit facility 27,275 1,852 0
2.3 Fixed-term deposits 0 0 0
2.4 Fine-tuning reverse operations 0 0 0
2.5 Deposits related to margin calls 17 10 0
3 Other liabilities to euro area credit institutions denominated in euro 3,671 −4,889 0
4 Debt certificates issued 0 0 0
5 Liabilities to other euro area residents denominated in euro 141,117 −30,451 0
5.1 General government 100,263 −31,610 0
5.2 Other liabilities 40,854 1,159 0
6 Liabilities to non-euro area residents denominated in euro 56,942 −2,786 0
7 Liabilities to euro area residents denominated in foreign currency 1,035 223 3
8 Liabilities to non-euro area residents denominated in foreign currency 5,439 −127 89
8.1 Deposits, balances and other liabilities 5,439 −127 89
8.2 Liabilities arising from the credit facility under ERM II 0 0 0
9 Counterpart of special drawing rights allocated by the IMF 53,368 0 538
10 Other liabilities 206,568 315 2,820
11 Revaluation accounts 301,418 0 12,505
12 Capital and reserves 95,309 0 0
Total liabilities 2,070,293 −33,761 15,955

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