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Consolidated financial statement of the Eurosystem as at 31 December 2014

7 January 2015

Items not related to monetary policy operations

The increase of EUR 9.1 billion in gold and gold receivables (asset item 1) in the period from 26 to 31 December 2014 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 4.7 billion, to EUR 235.9 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.

On the days in question, 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 1.7 billion to EUR 372.3 billion. Banknotes in circulation (liability item 1) decreased by EUR 0.6 billion to EUR 1,016.6 billion. Liabilities to general government (liability item 5.1) decreased by EUR 29.7 billion to EUR 36.8 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 33.1 billion, to EUR 582.1 billion. On Tuesday, 30 December 2014, a main refinancing operation of EUR 119.2 billion matured and a new one of EUR 156.1 billion, with a maturity of one week, was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.9 billion (compared with virtually nil in the preceding week), while recourse to the deposit facility (liability item 2.2) was EUR 48.3 billion (compared with EUR 43.5 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 0.3 billion, to EUR 217.2 billion, on account of the amortisation of premia/discounts as part of end-of-quarter processes. The table below provides a 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 31 December 2014 Difference compared with last week - purchases Difference compared with last week - redemptions Difference compared with last week - quarter-end adjustments
Covered bond purchase programme 1 EUR 28.8 billion - - -
Covered bond purchase programme 2 EUR 12.8 billion - - -
Covered bond purchase programme 3 EUR 29.6 billion - - - EUR 0.1 billion
Asset-backed securities purchase programme EUR 1.7 billion - - -
Securities Markets Programme EUR 144.3 billion - - + EUR 0.4 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 61.8 billion, to EUR 318.2 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 31 December 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 987.769 per fine oz.

USD: 1.2141 per EUR

JPY: 145.23 per EUR

Special drawing rights: EUR 1.1924 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 343,630 0 9,101
2 Claims on non-euro area residents denominated in foreign currency 270,231 −440 4,587
2.1 Receivables from the IMF 81,298 −38 1,025
2.2 Balances with banks and security investments, external loans and other external assets 188,932 −402 3,562
3 Claims on euro area residents denominated in foreign currency 27,940 −1,301 588
4 Claims on non-euro area residents denominated in euro 18,905 −476 −52
4.1 Balances with banks, security investments and loans 18,905 −476 −52
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 630,341 37,855 0
5.1 Main refinancing operations 156,129 36,967 0
5.2 Longer-term refinancing operations 473,285 0 0
5.3 Fine-tuning reverse operations 0 0 0
5.4 Structural reverse operations 0 0 0
5.5 Marginal lending facility 924 885 0
5.6 Credits related to margin calls 2 2 0
6 Other claims on euro area credit institutions denominated in euro 59,939 1,225 26
7 Securities of euro area residents denominated in euro 589,511 −650 2,642
7.1 Securities held for monetary policy purposes 217,242 23 318
7.2 Other securities 372,269 −674 2,324
8 General government debt denominated in euro 26,715 −2 −9
9 Other assets 241,042 1,852 3,061
Total assets 2,208,253 38,062 19,944
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 1,016,616 −587 0
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 366,511 66,546 0
2.1 Current accounts (covering the minimum reserve system) 318,245 61,806 0
2.2 Deposit facility 48,266 4,740 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 0 0 0
3 Other liabilities to euro area credit institutions denominated in euro 4,635 −245 0
4 Debt certificates issued 0 0 0
5 Liabilities to other euro area residents denominated in euro 64,523 −28,521 0
5.1 General government 36,770 −29,663 0
5.2 Other liabilities 27,753 1,142 0
6 Liabilities to non-euro area residents denominated in euro 47,927 671 17
7 Liabilities to euro area residents denominated in foreign currency 1,271 −39 42
8 Liabilities to non-euro area residents denominated in foreign currency 4,753 −2,227 193
8.1 Deposits, balances and other liabilities 4,753 −2,227 193
8.2 Liabilities arising from the credit facility under ERM II 0 0 0
9 Counterpart of special drawing rights allocated by the IMF 56,211 0 717
10 Other liabilities 221,055 2,464 3,774
11 Revaluation accounts 330,733 0 15,197
12 Capital and reserves 94,020 0 4
Total liabilities 2,208,253 38,062 19,944

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