Consolidated financial statement of the Eurosystem as at 3 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.

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