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Consolidated financial statement of the Eurosystem as at 19 December 2014

23 December 2014

Items not related to monetary policy operations

In the week ending 19 December 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) decreased by EUR 0.6 billion to EUR 229.9 billion on account of customer and portfolio transactions.

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) increased by EUR 2.0 billion to EUR 370.4 billion. Banknotes in circulation (liability item 1) increased by EUR 11.2 billion to EUR 1,003.8 billion. Liabilities to general government (liability item 5.1) increased by EUR 15.8 billion to EUR 80.6 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 82.8 billion to EUR 540.5 billion. On Wednesday, 17 December 2014, a main refinancing operation of EUR 105.2 billion matured and a new one of EUR 99 billion, with a maturity of six days, was settled. On the same day, a targeted longer-term refinancing operation (TLTRO) of EUR 129.8 billion, with a maturity of 1,379 days, was settled.

During the week, a longer-term refinancing operation of EUR 11 billion matured and a new one of EUR 22.3 billion was settled, while EUR 39.8 billion of longer-term refinancing operations was repaid before maturity.

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 38.9 billion (compared with EUR 26.5 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 4 billion to EUR 215.5 billion. The table below provides the detailed breakdown of asset item 7.1 into the different portfolios. All portfolios are accounted for at amortised cost.

Monetary policy securities portfolios Reported value as at 19 December 2014 Difference compared with last week – purchases Difference compared with last week – redemptions
Covered bond purchase programme 1 EUR 28.8 billion - EUR 0.5 billion
Covered bond purchase programme 2 EUR 12.8 billion - -
Covered bond purchase programme 3 EUR 28.5 billion EUR 3.8 billion -
Asset-backed securities purchase programme EUR 1.5 billion EUR 0.7 billion -
Securities Markets Programme EUR 143.9 billion - -

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 56.4 billion to EUR 245.1 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 334,529 0
2 Claims on non-euro area residents denominated in foreign currency 265,942 −385
2.1 Receivables from the IMF 80,330 −875
2.2 Balances with banks and security investments, external loans and other external assets 185,612 490
3 Claims on euro area residents denominated in foreign currency 27,840 690
4 Claims on non-euro area residents denominated in euro 19,299 −136
4.1 Balances with banks, security investments and loans 19,299 −136
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 579,386 95,183
5.1 Main refinancing operations 99,027 −6,194
5.2 Longer-term refinancing operations 480,356 101,461
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 3 −84
5.6 Credits related to margin calls 0 0
6 Other claims on euro area credit institutions denominated in euro 58,040 3,475
7 Securities of euro area residents denominated in euro 585,890 5,990
7.1 Securities held for monetary policy purposes 215,514 3,977
7.2 Other securities 370,377 2,013
8 General government debt denominated in euro 26,726 −1
9 Other assets 237,151 −4,760
Total assets 2,134,802 100,056
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 1,003,788 11,167
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 284,020 68,829
2.1 Current accounts (covering the minimum reserve system) 245,095 56,411
2.2 Deposit facility 38,925 12,428
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 0 −10
3 Other liabilities to euro area credit institutions denominated in euro 4,913 104
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 106,822 14,515
5.1 General government 80,551 15,787
5.2 Other liabilities 26,271 −1,272
6 Liabilities to non-euro area residents denominated in euro 46,915 6,440
7 Liabilities to euro area residents denominated in foreign currency 1,336 209
8 Liabilities to non-euro area residents denominated in foreign currency 7,049 727
8.1 Deposits, balances and other liabilities 7,049 727
8.2 Liabilities arising from the credit facility under ERM II 0 0
9 Counterpart of special drawing rights allocated by the IMF 55,494 0
10 Other liabilities 214,914 −1,935
11 Revaluation accounts 315,537 0
12 Capital and reserves 94,013 0
Total liabilities 2,134,802 100,056

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