Consolidated financial statement of the Eurosystem as at 31 March 2017

Items not related to monetary policy operations

In the week ending 31 March 2017 the increase of EUR 22.1 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 1.8 billion to EUR 284.7 billion. This change was due to the customer and portfolio transactions, which more than offset a decrease of EUR 1.4 billion owing to the effects of the quarterly revaluation of assets and liabilities.

US dollar liquidity operations

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 4.1 billion to EUR 305.7 billion. Banknotes in circulation (liability item 1) increased by EUR 3.3 billion to EUR 1,114.5 billion. Liabilities to general government (liability item 5.1) decreased by EUR 42.6 billion to EUR 178.9 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) increased by EUR 122.3 billion to EUR 200.2 billion. On Wednesday, 29 March 2017, a main refinancing operation (asset item 5.1) of EUR 32.7 billion matured and a new one of EUR 14.8 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 1.3 billion was settled. In addition, EUR 16.7 billion provided under the first series of targeted longer-term refinancing operations (TLTRO-I) was repaid before maturity. Moreover, the fourth tender in the second series of targeted longer-term refinancing operations (TLTRO-II), amounting to EUR 233.5 billion and with a maturity of 1,456 days, was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.3 billion (approximately the same as in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 584 billion (compared with EUR 508.9 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 8.4 billion to EUR 1,887.1 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) increased by EUR 102.3 billion to EUR 1,048.5 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 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 1,161.631 per fine oz.

USD: 1.0691 per EUR

JPY: 119.55 per EUR

Special drawing rights: EUR 1.27 per SDR