Consolidated financial statement of the Eurosystem as at 29 September 2017

4 October 2017

Items not related to monetary policy operations

In the week ending 29 September 2017 the decrease of EUR 32 million 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) decreased by EUR 4.1 billion to EUR 255.7 billion. This change was due to the effects of the quarterly revaluation of assets and liabilities, which more than offset the increase owing to customer and portfolio transactions.

US dollar liquidity operations

Value date

Type of transaction

Maturing amount

New amount

28 September 2017

7-day US dollar liquidity-providing reverse transaction

USD 35 million

USD 3,220 million

The above 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 1.2 billion to EUR 283.1 billion. Banknotes in circulation (liability item 1) increased by EUR 3.4 billion to EUR 1,143.5 billion. Liabilities to general government (liability item 5.1) decreased by EUR 6.6 billion to EUR 229.6 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 6.5 billion to EUR 119.4 billion. On Wednesday, 27 September 2017, a main refinancing operation (asset item 5.1) of EUR 5.1 billion matured and a new one of EUR 4.2 billion, with a maturity of one week, was settled.

During the week, a longer-term refinancing operation (asset item 5.2) of EUR 2.7 billion matured and a new one of EUR 2.5 billion was settled. In addition, EUR 4.2 billion provided under the first and second series of targeted longer-term refinancing operations (TLTRO-I and II) was repaid before maturity.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.2 billion (compared with EUR 0.1 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 649 billion (compared with EUR 647.6 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 7.2 billion to EUR 2,221.3 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 29 September 2017

Weekly change – purchases

Weekly change – redemptions

Weekly change – quarter-end adjustments

Covered bond purchase programme 1

EUR 7.0 billion

-

-EUR 0.2 billion

-EUR 0.0 billion

Covered bond purchase programme 2

EUR 4.8 billion

-

-EUR 0.0 billion

+EUR 0.0 billion

Covered bond purchase programme 3

EUR 231.3 billion

+EUR 1.5 billion

-EUR 0.4 billion

-EUR 0.6 billion

Asset-backed securities purchase programme

EUR 24.1 billion

+EUR 0.2 billion

-EUR 0.3 billion

-EUR 0.0 billion

Corporate sector purchase programme

EUR 114.7 billion

+EUR 2.0 billion

-

-EUR 0.3 billion

Public sector purchase programme

EUR 1,748.1 billion

+EUR 12.4 billion

-EUR 0.5 billion

-EUR 6.8 billion

Securities Markets Programme

EUR 91.4 billion

-

-

+EUR 0.2 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 42.4 billion to EUR 1,175.2 billion.

Quarter-end revaluation of the Eurosystem’s assets and liabilities

In line with the Eurosystem’s harmonised accounting rules, gold, foreign exchange and financial instruments (including part of the securities holdings outside the asset purchase programmes) 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 September 2017 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 1,089.785 per fine oz.

USD: 1.1806 per EUR

JPY: 132.82 per EUR

CNY: 7.8534 per EUR

Special drawing rights: EUR 1.1969 per SDR

NOTE: Change in translation policy

Having analysed the limited usage of the explanatory note in languages other than English, the ECB has decided to publish this note in English only as of 10 October 2017, while the User Guide, previously only available in English, will be made available in all official EU languages. Readers can continue to send queries in connection with the weekly financial statement to info@ecb.europa.eu in any official EU language and will receive an answer in the same language.

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 379,047 0 −32
2 Claims on non-euro area residents denominated in foreign currency 296,872 2,312 −7,985
  2.1 Receivables from the IMF 73,043 −9 −1,456
  2.2 Balances with banks and security investments, external loans and other external assets 223,828 2,321 −6,528
3 Claims on euro area residents denominated in foreign currency 30,792 −1,717 −914
4 Claims on non-euro area residents denominated in euro 17,747 956 −15
  4.1 Balances with banks, security investments and loans 17,747 956 −15
  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 768,453 −5,111 0
  5.1 Main refinancing operations 4,208 −852 0
  5.2 Longer-term refinancing operations 764,076 −4,306 0
  5.3 Fine-tuning reverse operations 0 0 0
  5.4 Structural reverse operations 0 0 0
  5.5 Marginal lending facility 169 47 0
  5.6 Credits related to margin calls 0 0 0
6 Other claims on euro area credit institutions denominated in euro 53,326 −6,107 0
7 Securities of euro area residents denominated in euro 2,504,430 13,271 −7,336
  7.1 Securities held for monetary policy purposes 2,221,315 14,579 −7,412
  7.2 Other securities 283,115 −1,308 76
8 General government debt denominated in euro 25,673 0 −62
9 Other assets 242,284 −162 3,312
Total assets 4,318,624 3,444 −13,031
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 1,143,514 3,363 0
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 1,824,289 −40,955 0
  2.1 Current accounts (covering the minimum reserve system) 1,175,208 −42,380 0
  2.2 Deposit facility 648,999 1,382 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 82 43 0
3 Other liabilities to euro area credit institutions denominated in euro 9,749 −908 0
4 Debt certificates issued 0 0 0
5 Liabilities to other euro area residents denominated in euro 351,877 −10,446 0
  5.1 General government 229,591 −6,590 0
  5.2 Other liabilities 122,287 −3,856 0
6 Liabilities to non-euro area residents denominated in euro 231,097 57,530 3
7 Liabilities to euro area residents denominated in foreign currency 5,915 −2,675 −134
8 Liabilities to non-euro area residents denominated in foreign currency 10,397 −73 −288
  8.1 Deposits, balances and other liabilities 10,397 −73 −288
  8.2 Liabilities arising from the credit facility under ERM II 0 0 0
9 Counterpart of special drawing rights allocated by the IMF 55,649 0 −1,056
10 Other liabilities 218,893 −2,392 −4,590
11 Revaluation accounts 364,946 0 −6,967
12 Capital and reserves 102,297 0 0
Total liabilities 4,318,624 3,444 −13,031

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