Consolidated financial statement of the Eurosystem as at 11 July 2014

15 July 2014

Items not related to monetary policy operations

In the week ending 11 July 2014 the increase of EUR 1 million in gold and gold receivables (asset item 1) reflected the purchase of gold coin 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) decreased by EUR 0.1 billion to EUR 212.9 billion on account of customer and portfolio transactions.

During the week, the Eurosystem did not conduct 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 2.3 billion to EUR 364 billion. Banknotes in circulation (liability item 1) increased by EUR 1.3 billion to EUR 965.2 billion. Liabilities to general government (liability item 5.1) increased by EUR 7 billion to EUR 107.2 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 9.6 billion to EUR 509 billion. On Wednesday, 9 July 2014, a main refinancing operation of EUR 97.1 billion matured and a new one of EUR 94.2 billion, with a maturity of one week, was settled.

During the week, a longer-term refinancing operation of EUR 10 billion matured, without a new operation being settled. In addition, EUR 4 billion of longer-term refinancing operations was repaid before maturity.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.2 billion (compared with virtually nil in the preceding week), while recourse to the deposit facility (liability item 2.2) was EUR 20.2 billion (compared with EUR 27.3 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) decreased by EUR 0.4 billion to EUR 204.8 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 11 July 2014, the value of accumulated purchases under the Securities Markets Programme amounted to EUR 156.3 billion, while the value of the portfolios held under the first and second covered bond purchase programmes totalled EUR 34.4 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 8.1 billion to EUR 206.2 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 334,430 1
2 Claims on non-euro area residents denominated in foreign currency 249,206 −389
2.1 Receivables from the IMF 81,641 −28
2.2 Balances with banks and security investments, external loans and other external assets 167,564 −361
3 Claims on euro area residents denominated in foreign currency 22,943 −342
4 Claims on non-euro area residents denominated in euro 18,506 280
4.1 Balances with banks, security investments and loans 18,506 280
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 529,162 −16,738
5.1 Main refinancing operations 94,150 −2,953
5.2 Longer-term refinancing operations 434,811 −13,985
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 200 200
5.6 Credits related to margin calls 0 0
6 Other claims on euro area credit institutions denominated in euro 60,885 −757
7 Securities of euro area residents denominated in euro 568,776 1,879
7.1 Securities held for monetary policy purposes 204,766 −441
7.2 Other securities 364,011 2,320
8 General government debt denominated in euro 26,705 0
9 Other assets 246,470 2,856
Total assets 2,057,083 −13,211
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 965,189 1,300
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 226,345 −15,193
2.1 Current accounts (covering the minimum reserve system) 206,155 −8,091
2.2 Deposit facility 20,184 −7,091
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 6 −11
3 Other liabilities to euro area credit institutions denominated in euro 4,213 541
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 144,079 2,962
5.1 General government 107,231 6,968
5.2 Other liabilities 36,848 −4,006
6 Liabilities to non-euro area residents denominated in euro 53,199 −3,743
7 Liabilities to euro area residents denominated in foreign currency 1,064 29
8 Liabilities to non-euro area residents denominated in foreign currency 4,797 −642
8.1 Deposits, balances and other liabilities 4,797 −642
8.2 Liabilities arising from the credit facility under ERM II 0 0
9 Counterpart of special drawing rights allocated by the IMF 53,368 0
10 Other liabilities 208,102 1,534
11 Revaluation accounts 301,418 0
12 Capital and reserves 95,309 0
Total liabilities 2,057,083 −13,211

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