Consolidated financial statement of the Eurosystem as at 3 April 2015

9 April 2015

Items not related to monetary policy operations

In the week ending 3 April 2015 the increase of EUR 40.1 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 26.4 billion to EUR 273.6 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.

During the week, 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 3 billion to EUR 378.6 billion. Banknotes in circulation (liability item 1) increased by EUR 11.8 billion to EUR 1,024.8 billion. Liabilities to general government (liability item 5.1) decreased by EUR 12.9 billion to EUR 68.4 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 39.3 billion to EUR 435.4 billion. On Wednesday, 1 April 2015, a main refinancing operation of EUR 120.5 billion matured and a new one of EUR 103.6 billion, with a maturity of seven days, was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.1 billion (compared with EUR 0.2 billion in the preceding week), while recourse to the deposit facility (liability item 2.2) was EUR 85.9 billion (compared with EUR 63.6 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 13.7 billion to EUR 300.7 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 3 April 2015 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 25.9 billion - EUR 0.1 billion -
Covered bond purchase programme 2 EUR 11.4 billion - EUR 0.1 billion -
Covered bond purchase programme 3 EUR 64.7 billion EUR 2.0 billion - - EUR 0.2 billion
Asset-backed securities purchase programme EUR 4.9 billion EUR 0.2 billion - -
Public sector purchase programme EUR 52.5 billion EUR 11.5 billion - -
Securities Markets Programme EUR 141.3 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) decreased by EUR 29.7 billion to EUR 263.3 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 March 2015 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 1,103.030 per fine oz.

USD: 1.0759 per EUR

JPY: 128.95 per EUR

Special drawing rights: EUR 1.2830 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 383,965 0 40,126
2 Claims on non-euro area residents denominated in foreign currency 306,243 −3,156 27,968
2.1 Receivables from the IMF 83,532 17 6,139
2.2 Balances with banks and security investments, external loans and other external assets 222,711 −3,173 21,830
3 Claims on euro area residents denominated in foreign currency 37,374 2,561 3,655
4 Claims on non-euro area residents denominated in euro 22,335 −2,430 −18
4.1 Balances with banks, security investments and loans 22,335 −2,430 −18
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 521,246 −17,054 0
5.1 Main refinancing operations 103,587 −16,920 0
5.2 Longer-term refinancing operations 417,558 0 0
5.3 Fine-tuning reverse operations 0 0 0
5.4 Structural reverse operations 0 0 0
5.5 Marginal lending facility 101 −133 0
5.6 Credits related to margin calls 0 −1 0
6 Other claims on euro area credit institutions denominated in euro 124,128 2,862 1
7 Securities of euro area residents denominated in euro 679,338 11,932 4,783
7.1 Securities held for monetary policy purposes 300,731 13,561 156
7.2 Other securities 378,607 −1,628 4,627
8 General government debt denominated in euro 26,718 0 53
9 Other assets 232,777 −1,227 13,267
Total assets 2,334,126 −6,510 89,835
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 1,024,754 11,817 0
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 349,224 −7,402 0
2.1 Current accounts (covering the minimum reserve system) 263,335 −29,669 0
2.2 Deposit facility 85,863 22,240 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 27 27 0
3 Other liabilities to euro area credit institutions denominated in euro 5,591 212 0
4 Debt certificates issued 0 0 0
5 Liabilities to other euro area residents denominated in euro 126,602 −3,357 0
5.1 General government 68,429 −12,906 0
5.2 Other liabilities 58,173 9,549 0
6 Liabilities to non-euro area residents denominated in euro 38,775 −6,220 26
7 Liabilities to euro area residents denominated in foreign currency 1,780 −337 204
8 Liabilities to non-euro area residents denominated in foreign currency 7,596 −211 665
8.1 Deposits, balances and other liabilities 7,596 −211 665
8.2 Liabilities arising from the credit facility under ERM II 0 0 0
9 Counterpart of special drawing rights allocated by the IMF 60,656 0 4,282
10 Other liabilities 219,839 −1,013 12,109
11 Revaluation accounts 403,298 0 72,400
12 Capital and reserves 96,011 0 150
Total liabilities 2,334,126 −6,510 89,835

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