Consolidated financial statement of the Eurosystem as at 26 September 2014

Items not related to monetary policy operations

In the week ending 26 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) increased by EUR 0.1 billion to EUR 213.7 billion on account of customer and portfolio transactions and US dollar liquidity-providing operations (see below).

US dollar liquidity operations

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 0.5 billion to EUR 367.3 billion. Banknotes in circulation (liability item 1) decreased by EUR 0.3 billion to EUR 970 billion. Liabilities to general government (liability item 5.1) increased by EUR 1.1 billion to EUR 87.1 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 46.4 billion to EUR 495.5 billion. On Wednesday, 24 September 2014, a main refinancing operation of EUR 105.7 billion matured and a new one of EUR 90.3 billion, with a maturity of one week, was settled. On the same day, a targeted longer-term refinancing operation (TLTRO) of EUR 82.6 billion, with a maturity of 1,463 days, was settled.

During the week, a longer-term refinancing operation of EUR 10.4 billion matured and a new one of EUR 11 billion was settled, while EUR 19.9 billion of longer-term refinancing operations was repaid before maturity.

Recourse to the marginal lending facility (asset item 5.5) remained virtually unchanged at EUR 0.3 billion, while recourse to the deposit facility (liability item 2.2) was EUR 24.7 billion (compared with EUR 23.1 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) remained unchanged at EUR 194.5 billion. Therefore, in the week ending 26 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 32.2 billion and EUR 13.6 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 47 billion to EUR 209.4 billion.