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Consolidated financial statement of the Eurosystem as at 24 May 2013

28 May 2013

Items not related to monetary policy operations

In the week ending 24 May 2013, the decrease of EUR 1 million in gold and gold receivables (asset item 1) reflected the exchange of gold coins for gold bars by one Eurosystem central bank.

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) decreased by EUR 4.3 billion to EUR 218.9 billion on account of customer and portfolio transactions and US dollar liquidity-providing operations (see below).

US dollar liquidity operations

Value date Type of transaction Maturing amount New amount
23 May 2013 84-day US dollar liquidity-providing reverse transaction USD 6.8 billion USD 1.3 billion

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) decreased by EUR 0.5 billion to EUR 345.4 billion. Banknotes in circulation (liability item 1) fell by EUR 3.8 billion to EUR 901.3 billion. Liabilities to general government (liability item 5.1) increased by EUR 18.4 billion to EUR 99.2 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 0.8 billion to EUR 553.4 billion. On Wednesday, 22 May 2013, a main refinancing operation of EUR 103.8 billion matured and a new one of EUR 103.4 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 1.1 billion of longer-term refinancing operations was repaid before maturity.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.5 billion (compared with EUR 0.1 billion in the preceding week), while recourse to the deposit facility (liability item 2.2) was EUR 81 billion (compared with EUR 83 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) decreased by EUR 4.1 billion to EUR 259.2 billion. This decrease was due to the redemption of securities under the Securities Markets Programme. Therefore, in the week ending 24 May 2013 the value of accumulated purchases under the Securities Markets Programme amounted to EUR 196.9 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 24.9 billion to EUR 294.6 billion.

Assets (EUR millions) Balance Difference compared with last week due to transactions
Totals/sub-totals may not add up, due to rounding
1 Gold and gold receivables 435,316 −1
2 Claims on non-euro area residents denominated in foreign currency 253,969 286
2.1 Receivables from the IMF 86,440 −18
2.2 Balances with banks and security investments, external loans and other external assets 167,529 304
3 Claims on euro area residents denominated in foreign currency 28,623 −6,843
4 Claims on non-euro area residents denominated in euro 21,731 −818
4.1 Balances with banks, security investments and loans 21,731 −818
4.2 Claims arising from the credit facility under ERM II 0 0
5 Lending to euro area credit institutions related to monetary policy operations denominated in euro 835,423 −1,185
5.1 Main refinancing operations 103,399 −445
5.2 Longer-term refinancing operations 731,518 −1,124
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 506 384
5.6 Credits related to margin calls 0 0
6 Other claims on euro area credit institutions denominated in euro 95,981 −577
7 Securities of euro area residents denominated in euro 604,520 −4,591
7.1 Securities held for monetary policy purposes 259,154 −4,068
7.2 Other securities 345,367 −523
8 General government debt denominated in euro 29,012 −6
9 Other assets 255,625 −3,469
Total assets 2,560,202 −17,205
Liabilities (EUR millions) Balance Difference compared with last week due to transactions
Totals/sub-totals may not add up, due to rounding
1 Banknotes in circulation 901,350 −3,847
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 576,683 −26,867
2.1 Current accounts (covering the minimum reserve system) 294,646 −24,858
2.2 Deposit facility 81,037 −2,002
2.3 Fixed-term deposits 201,000 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 0 −7
3 Other liabilities to euro area credit institutions denominated in euro 6,075 351
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 128,093 21,537
5.1 General government 99,205 18,402
5.2 Other liabilities 28,888 3,135
6 Liabilities to non-euro area residents denominated in euro 157,347 −5,917
7 Liabilities to euro area residents denominated in foreign currency 2,793 −1,408
8 Liabilities to non-euro area residents denominated in foreign currency 5,723 −802
8.1 Deposits, balances and other liabilities 5,723 −802
8.2 Liabilities arising from the credit facility under ERM II 0 0
9 Counterpart of special drawing rights allocated by the IMF 55,145 0
10 Other liabilities 231,536 −270
11 Revaluation accounts 406,635 0
12 Capital and reserves 88,823 17
Total liabilities 2,560,202 −17,205
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