Consolidated financial statement of the Eurosystem as at 2 March 2012

Items not related to monetary policy operations

In the week ending 2 March 2012 gold and gold receivables (asset item 1) remained unchanged.

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) decreased by EUR 26.2 billion to EUR 250.9 billion on account of customer and portfolio transactions and US dollar liquidity-providing operations (see below).

The liquidity-providing transactions were conducted by the Eurosystem in connection with the temporary reciprocal currency arrangement (swap line) 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 4.8 billion to EUR 347.6 billion. Banknotes in circulation (liability item 1) increased by EUR 3.2 billion to EUR 870.6 billion. Liabilities to general government (liability item 5.1) decreased by EUR 6.9 billion to EUR 135.4 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 47.1 billion to EUR 72.9 billion. On Wednesday, 29 February 2012, a main refinancing operation of EUR 166.5 billion matured and a new one of EUR 29.5 billion was settled. On the same day, fixed-term deposits in an amount of EUR 219.5 billion matured and new deposits were collected in the same amount, with a maturity of one week. On Thursday, 1 March 2012, a longer-term refinancing operation of EUR 38.6 billion matured and a new one of EUR 6.5 billion was settled, with a maturity of 91 days. On the same day, a longer-term refinancing operation of EUR 49.8 billion, with a maturity of 203 days, matured. Also on Thursday, 1 March 2012, a longer-term refinancing operation of EUR 529.5 billion was settled, with a maturity of 1,092 days.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.8 billion (compared with EUR 1.0 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 820.9 billion (compared with EUR 477.3 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 0.5 billion to EUR 284.1 billion. This increase was the result of settled purchases under the second covered bond purchase programme. Therefore, in the week ending 2 March 2012 the value of accumulated purchases under the Securities Markets Programme amounted to EUR 219.3 billion, while those of the portfolios held under the first and second covered bond purchase programmes totalled EUR 57.2 billion and EUR 7.6 billion respectively. All three portfolios are accounted for on a held-to-maturity basis.

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 2.3 billion to EUR 91.4 billion.