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Consolidated financial statement of the Eurosystem as at 12 September 2014

16 September 2014

Items not related to monetary policy operations

In the week ending 12 September 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) remained virtually unchanged at EUR 213.9 billion on account of customer and portfolio transactions and US dollar liquidity-providing operations (see below).

US dollar liquidity operations

Value date Type of transaction Maturing amount New amount
11 September 2014 7-day US dollar liquidity-providing reverse transaction USD 75 million USD 75 million

The liquidity-providing transactions were conducted by the Eurosystem 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 1.2 billion to EUR 366.5 billion. Banknotes in circulation (liability item 1) decreased by EUR 0.6 billion to EUR 971.9 billion. Liabilities to general government (liability item 5.1) increased by EUR 9.4 billion to EUR 80 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 4 billion to EUR 462 billion. On Wednesday, 10 September 2014, a main refinancing operation of EUR 111.2 billion matured and a new one of EUR 110.7 billion, with a maturity of one week, was settled.

During the week, EUR 9.1 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 EUR 0.1 billion in the preceding week), while recourse to the deposit facility (liability item 2.2) was EUR 21.1 billion (compared with EUR 26.7 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) decreased by EUR 0.3 billion to EUR 195.1 billion. This decrease was due to the redemption of securities acquired under the first covered bond purchase programme. Therefore, in the week ending 12 September 2014, the value of accumulated purchases under the Securities Markets Programme amounted to EUR 148.7 billion, while the value of the portfolios held under the first and second covered bond purchase programmes totalled EUR 32.6 billion and EUR 13.8 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 14.5 billion to EUR 179.2 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 334,434 0
2 Claims on non-euro area residents denominated in foreign currency 250,065 279
2.1 Receivables from the IMF 81,359 −66
2.2 Balances with banks and security investments, external loans and other external assets 168,706 345
3 Claims on euro area residents denominated in foreign currency 25,689 304
4 Claims on non-euro area residents denominated in euro 21,139 −696
4.1 Balances with banks, security investments and loans 21,139 −696
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 483,131 −9,595
5.1 Main refinancing operations 110,702 −497
5.2 Longer-term refinancing operations 372,279 −9,111
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 150 34
5.6 Credits related to margin calls 0 −21
6 Other claims on euro area credit institutions denominated in euro 63,535 1,145
7 Securities of euro area residents denominated in euro 561,622 882
7.1 Securities held for monetary policy purposes 195,137 −308
7.2 Other securities 366,485 1,190
8 General government debt denominated in euro 26,709 0
9 Other assets 237,479 −648
Total assets 2,003,802 −8,328
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 971,924 −631
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 200,296 −20,089
2.1 Current accounts (covering the minimum reserve system) 179,185 −14,534
2.2 Deposit facility 21,089 −5,561
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 22 6
3 Other liabilities to euro area credit institutions denominated in euro 4,780 −75
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 111,439 12,963
5.1 General government 80,047 9,358
5.2 Other liabilities 31,392 3,605
6 Liabilities to non-euro area residents denominated in euro 40,621 −2,544
7 Liabilities to euro area residents denominated in foreign currency 883 −49
8 Liabilities to non-euro area residents denominated in foreign currency 7,597 584
8.1 Deposits, balances and other liabilities 7,597 584
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 216,163 1,513
11 Revaluation accounts 301,418 0
12 Capital and reserves 95,312 0
Total liabilities 2,003,802 −8,328

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