Consolidated financial statement of the Eurosystem as at 3 October 2014

8 October 2014

Items not related to monetary policy operations

In the week ending 3 October 2014 the increase of EUR 0.1 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 13.5 billion to EUR 227.2 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 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) decreased by EUR 0.1 billion to EUR 367.2 billion. Banknotes in circulation (liability item 1) increased by EUR 5.1 billion to EUR 975.1 billion. Liabilities to general government (liability item 5.1) decreased by EUR 17.6 billion to EUR 69.5 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 12 billion to EUR 483.6 billion. On Wednesday, 1 October 2014, a main refinancing operation of EUR 90.3 billion matured and a new one of EUR 89.1 billion, with a maturity of one week, was settled.

During the week, EUR 4.9 billion of longer-term refinancing operations was repaid before maturity.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.1 billion (compared with EUR 0.3 billion in the preceding week), while recourse to the deposit facility (liability item 2.2) was EUR 30.4 billion (compared with EUR 24.7 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 0.1 billion to EUR 194.6 billion. This increase was due to quarter-end adjustments, combined with the redemption of securities acquired under the first and second covered bond purchase programmes. Therefore, in the week ending 3 October 2014, the value of accumulated purchases under the Securities Markets Programme amounted to EUR 149.1 billion, while the value of the portfolios held under the first and second covered bond purchase programmes totalled EUR 31.9 billion and EUR 13.5 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 2.6 billion to EUR 206.8 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 September 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 961.615 per fine oz.

USD: 1.2583 per EUR

JPY: 138.11 per EUR

Special drawing rights: EUR 1.1779 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 334,530 0 96
2 Claims on non-euro area residents denominated in foreign currency 263,051 769 13,839
2.1 Receivables from the IMF 84,491 62 3,224
2.2 Balances with banks and security investments, external loans and other external assets 178,560 706 10,615
3 Claims on euro area residents denominated in foreign currency 27,848 −393 1,790
4 Claims on non-euro area residents denominated in euro 20,642 160 −3
4.1 Balances with banks, security investments and loans 20,642 160 −3
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 513,916 −6,311 0
5.1 Main refinancing operations 89,075 −1,232 0
5.2 Longer-term refinancing operations 424,724 −4,869 0
5.3 Fine-tuning reverse operations 0 0 0
5.4 Structural reverse operations 0 0 0
5.5 Marginal lending facility 117 −209 0
5.6 Credits related to margin calls 0 −1 0
6 Other claims on euro area credit institutions denominated in euro 66,973 676 0
7 Securities of euro area residents denominated in euro 561,851 −2,372 2,375
7.1 Securities held for monetary policy purposes 194,627 −293 407
7.2 Other securities 367,224 −2,079 1,968
8 General government debt denominated in euro 26,727 0 18
9 Other assets 238,131 −2,740 7,530
Total assets 2,053,668 −10,212 25,645
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 975,140 5,095 0
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 237,131 3,014 0
2.1 Current accounts (covering the minimum reserve system) 206,777 −2,634 0
2.2 Deposit facility 30,353 5,648 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 1 0 0
3 Other liabilities to euro area credit institutions denominated in euro 4,773 −52 0
4 Debt certificates issued 0 0 0
5 Liabilities to other euro area residents denominated in euro 100,000 −16,597 0
5.1 General government 69,494 −17,648 0
5.2 Other liabilities 30,506 1,051 0
6 Liabilities to non-euro area residents denominated in euro 41,006 724 23
7 Liabilities to euro area residents denominated in foreign currency 913 43 59
8 Liabilities to non-euro area residents denominated in foreign currency 7,262 −208 480
8.1 Deposits, balances and other liabilities 7,262 −208 480
8.2 Liabilities arising from the credit facility under ERM II 0 0 0
9 Counterpart of special drawing rights allocated by the IMF 55,494 0 2,126
10 Other liabilities 221,101 −2,231 8,837
11 Revaluation accounts 315,537 0 14,119
12 Capital and reserves 95,312 0 0
Total liabilities 2,053,668 −10,212 25,645

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