Consolidated financial statement of the Eurosystem as at 9 January 2015

13 January 2015

Items not related to monetary policy operations

In the week ending 9 January 2015 the increase of EUR 52 million in gold and gold receivables (asset item 1) mainly reflected the purchase of gold by Lietuvos bankas in order to cover its contribution to the foreign reserve assets of the ECB in accordance with Article 30.1 and Article 48.1 of the Protocol on the Statute of the European System of Central Banks and of the European Central Bank.

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) increased by EUR 2.3 billion to EUR 241.4 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) decreased by EUR 0.9 billion to EUR 374.3 billion. Banknotes in circulation (liability item 1) decreased by EUR 10.2 billion to EUR 1,006.9 billion. Liabilities to general government (liability item 5.1) increased by EUR 13 billion to EUR 56.9 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 56.2 billion to EUR 511.9 billion. On Tuesday, 6 January 2015, a main refinancing operation of EUR 156.1 billion matured and a new one of EUR 112.3 billion, with a maturity of eight days, was settled.

Recourse to the marginal lending facility (asset item 5.5) was virtually nil (compared with EUR 0.3 billion in the preceding week), while recourse to the deposit facility (liability item 2.2) was EUR 73.7 billion (compared with EUR 61.7 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 1.7 billion to EUR 218.9 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 9 January 2015 Difference compared with 2 January 2015 – purchases Difference compared with 2 January 2015 – redemptions
Covered bond purchase programme 1 EUR 28.8 billion - -
Covered bond purchase programme 2 EUR 12.8 billion - -
Covered bond purchase programme 3 EUR 31.3 billion EUR 1.7 billion -
Asset-backed securities purchase programme EUR 1.8 billion - -
Securities Markets Programme EUR 144.3 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) decreased by EUR 60.5 billion, to EUR 242.4 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 343,866 52
2 Claims on non-euro area residents denominated in foreign currency 272,618 −880
2.1 Receivables from the IMF 81,463 1
2.2 Balances with banks and security investments, external loans and other external assets 191,154 −881
3 Claims on euro area residents denominated in foreign currency 32,597 3,886
4 Claims on non-euro area residents denominated in euro 20,377 720
4.1 Balances with banks, security investments and loans 20,377 720
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 585,645 −44,096
5.1 Main refinancing operations 112,335 −43,794
5.2 Longer-term refinancing operations 473,285 0
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 2 −323
5.6 Credits related to margin calls 24 21
6 Other claims on euro area credit institutions denominated in euro 58,370 −2,030
7 Securities of euro area residents denominated in euro 593,205 791
7.1 Securities held for monetary policy purposes 218,949 1,706
7.2 Other securities 374,257 −915
8 General government debt denominated in euro 26,715 0
9 Other assets 235,428 −5,616
Total assets 2,168,821 −47,173
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 1,006,862 −10,212
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 316,096 −48,398
2.1 Current accounts (covering the minimum reserve system) 242,351 −60,462
2.2 Deposit facility 73,702 12,022
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 44 43
3 Other liabilities to euro area credit institutions denominated in euro 6,269 19
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 84,915 13,025
5.1 General government 56,941 13,049
5.2 Other liabilities 27,974 −24
6 Liabilities to non-euro area residents denominated in euro 50,793 3,855
7 Liabilities to euro area residents denominated in foreign currency 2,432 1,166
8 Liabilities to non-euro area residents denominated in foreign currency 5,032 −445
8.1 Deposits, balances and other liabilities 5,032 −445
8.2 Liabilities arising from the credit facility under ERM II 0 0
9 Counterpart of special drawing rights allocated by the IMF 56,374 0
10 Other liabilities 214,495 −6,414
11 Revaluation accounts 330,898 0
12 Capital and reserves 94,655 230
Total liabilities 2,168,821 −47,173

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