Consolidated financial statement of the Eurosystem as at 17 May 2013

Items not related to monetary policy operations

In the week ending 17 May 2013 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) increased by EUR 0.4 billion to EUR 223.3 billion on account of customer and portfolio transactions.

No liquidity-providing transactions were conducted in the week ending 17 May 2013 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 0.4 billion to EUR 345.9 billion. Banknotes in circulation (liability item 1) rose by EUR 0.2 billion to EUR 905.2 billion. Liabilities to general government (liability item 5.1) increased by EUR 15.2 billion to EUR 80.8 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 1.6 billion to EUR 552.6 billion. On Wednesday, 15 May 2013, a main refinancing operation of EUR 110.3 billion matured and a new one of EUR 103.8 billion, with a maturity of seven days, was settled. On the same day, fixed-term deposits in an amount of EUR 201 billion matured and new deposits were collected in the same amount, with a maturity of seven days.

During the week, EUR 6.4 billion of longer-term refinancing operations was repaid before maturity.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.1 billion (compared with EUR 1.2 billion in the preceding week), while recourse to the deposit facility (liability item 2.2) was EUR 83 billion (compared with EUR 95.3 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) remained unchanged at EUR 263.2 billion. Therefore, in the week ending 17 May 2013 the value of accumulated purchases under the Securities Markets Programme amounted to EUR 201 billion, while the values of the portfolios held under the first and second covered bond purchase programmes totalled EUR 46.1 billion and EUR 16.1 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 14.2 billion to EUR 319.5 billion.