Consolidated financial statement of the Eurosystem as at 11 April 2014

Items not related to monetary policy operations

In the week ending 11 April 2014 gold and gold receivables (asset item 1) decreased by EUR 2 million.

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) increased by EUR 0.3 billion to EUR 209.2 billion on account of customer and portfolio transactions.

In the past week the Eurosystem has not conducted any liquidity-providing transactions 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 0.1 billion to EUR 363.4 billion. Banknotes in circulation (liability item 1) increased by EUR 1.6 billion to EUR 944.2 billion. Liabilities to general government (liability item 5.1) decreased by EUR 1.1 billion to EUR 68.9 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 16.8 billion to EUR 442.9 billion. On Wednesday, 9 April 2014, a main refinancing operation of EUR 110.6 billion matured and a new one of EUR 104.6 billion, with a maturity of one week, was settled. On the same day, fixed-term deposits in an amount of EUR 175.5 billion matured and new deposits were collected in the amount of EUR 172.5 billion, with a maturity of one week.

During the week, a longer-term refinancing operation of EUR 7.5 billion matured and a new one of EUR 28 billion was settled, while EUR 4.9 billion of longer-term refinancing operations was repaid before maturity.

Recourse to the marginal lending facility (asset item 5.5) was virtually nil (compared with EUR 0.2 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 21.2 billion (compared with EUR 25.7 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) decreased by EUR 0.2 billion to EUR 224.7 billion. This decrease was due to the redemption of securities acquired under the first and second covered bond purchase programmes. Therefore, in the week ending 11 April 2014 the value of accumulated purchases under the Securities Markets Programme amounted to EUR 172.7 billion, while the values of the portfolios held under the first and second covered bond purchase programmes totalled EUR 37.8 billion and EUR 14.4 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) increased by EUR 17.1 billion to EUR 198.2 billion.