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Consolidated financial statement of the Eurosystem as at 3 July 2015

8 July 2015

Items not related to monetary policy operations

In the week ending 3 July 2015 gold and gold receivables (asset item 1) decreased by EUR 19.4 billion owing to quarterly revaluation adjustments and by EUR 81 million owing to the sale of gold by one Eurosystem national central bank for the purpose of producing a commemorative coin.

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) decreased by EUR 12 billion to EUR 264 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 and US dollar liquidity-providing operations carried out by Eurosystem central banks during the period under review (see below).

US dollar liquidity operations

Value date Type of transaction Maturing amount New amount
2 July 2015  7-day US dollar liquidity-providing reverse transaction USD 115 million USD 155 million

The liquidity-providing transactions were conducted by the Eurosystem 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 6.6 billion to EUR 367.5 billion. Banknotes in circulation (liability item 1) increased by EUR 8.4 billion to EUR 1,047.4 billion. Liabilities to general government (liability item 5.1) decreased by EUR 39.2 billion to EUR 98.4 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 37.7 billion to EUR 431.5 billion. On Wednesday, 1 July 2015, a main refinancing operation (asset item 5.1) of EUR 88.2 billion matured and a new one of EUR 76.4 billion, with a maturity of seven days, was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.6 billion (compared with EUR 0.3 billion in the preceding week), while recourse to the deposit facility (liability item 2.2) was EUR 112.5 billion (compared with EUR 86.3 billion in the previous week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 12.5 billion to EUR 477.6 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 July 2015 Difference compared with 26 June 2015 – purchases Difference compared with 26 June 2015 – redemptions Difference compared with 26 June 2015 – quarter-end adjustments
Covered bond purchase programme 1 EUR 22.8 billion - -EUR 0.4 billion -
Covered bond purchase programme 2 EUR 10.8 billion - - -
Covered bond purchase programme 3 EUR 96.1 billion +EUR 1.8 billion - -EUR 0.3 billion
Asset-backed securities purchase programme EUR 8.9 billion +EUR 0.3 billion - -
Public sector purchase programme EUR 204.7 billion +EUR 10.2 billion
+EUR 11.4 billion
- -EUR 0.6 billion
Securities Markets Programme EUR 134.4 billion - - + EUR 0.4 billion

This table was updated on 25 January 2018 to correct a typographical error.

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 2.9 billion to EUR 392.2 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 30 June 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 1,047.234 per fine oz.

USD: 1.1189 per EUR

JPY: 137.01 per EUR

Special drawing rights: EUR 1.2573 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 364,459 −81 −19,426
2 Claims on non-euro area residents denominated in foreign currency 292,767 −2,970 −10,919
  2.1 Receivables from the IMF 80,499 3 −1,675
  2.2 Balances with banks and security investments, external loans and other external assets 212,268 −2,973 −9,244
3 Claims on euro area residents denominated in foreign currency 38,395 1,201 −1,483
4 Claims on non-euro area residents denominated in euro 20,106 −1,589 −117
  4.1 Balances with banks, security investments and loans 20,106 −1,589 −117
  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 544,104 −11,492 0
  5.1 Main refinancing operations 76,412 −11,822 0
  5.2 Longer-term refinancing operations 467,096 0 0
  5.3 Fine-tuning reverse operations 0 0 0
  5.4 Structural reverse operations 0 0 0
  5.5 Marginal lending facility 597 330 0
  5.6 Credits related to margin calls 0 0 0
6 Other claims on euro area credit institutions denominated in euro 134,891 181 12
7 Securities of euro area residents denominated in euro 845,104 12,533 −6,665
  7.1 Securities held for monetary policy purposes 477,615 13,020 −547
  7.2 Other securities 367,489 −487 −6,118
8 General government debt denominated in euro 25,699 0 −44
9 Other assets 231,479 106 −1,789
Total assets 2,497,003 −2,111 −40,430
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 1,047,403 8,434 0
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 504,823 29,084 0
  2.1 Current accounts (covering the minimum reserve system) 392,189 2,867 0
  2.2 Deposit facility 112,492 26,199 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 142 17 0
3 Other liabilities to euro area credit institutions denominated in euro 5,014 −150 0
4 Debt certificates issued 0 0 0
5 Liabilities to other euro area residents denominated in euro 164,148 −39,861 0
  5.1 General government 98,386 −39,209 0
  5.2 Other liabilities 65,763 −652 0
6 Liabilities to non-euro area residents denominated in euro 31,997 2,358 −9
7 Liabilities to euro area residents denominated in foreign currency 2,018 −210 −57
8 Liabilities to non-euro area residents denominated in foreign currency 5,676 −457 −259
  8.1 Deposits, balances and other liabilities 5,676 −457 −259
  8.2 Liabilities arising from the credit facility under ERM II 0 0 0
9 Counterpart of special drawing rights allocated by the IMF 59,456 0 −1,200
10 Other liabilities 210,652 −1,309 −3,031
11 Revaluation accounts 367,423 0 −35,875
12 Capital and reserves 98,392 0 0
Total liabilities 2,497,003 −2,111 −40,430

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