Consolidated financial statement of the Eurosystem as at 25 April 2014

Items not related to monetary policy operations

In the week ending 25 April 2014 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 0.8 billion to EUR 210.2 billion on account of customer and portfolio transactions and US dollar liquidity-providing operations (see below).

US dollar liquidity operations

The 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 1.6 billion to EUR 362 billion. Banknotes in circulation (liability item 1) decreased by EUR 5.6 billion to EUR 946.4 billion. Liabilities to general government (liability item 5.1) increased by EUR 27.4 billion to EUR 91.1 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) fell by EUR 5.5 billion to EUR 447.4 billion. On Wednesday, 23 April 2014, a main refinancing operation of EUR 112.2 billion matured and a new one of EUR 121.8 billion, with a maturity of one week, was settled. On the same day, fixed-term deposits in an amount of EUR 153.4 billion matured and new deposits were collected in an amount of EUR 166.8 billion, with a maturity of one week.

During the week EUR 7.5 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 0.3 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 24 billion (compared with EUR 30.1 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) remained unchanged. Therefore, in the week ending 25 April 2014 the value of accumulated purchases under the Securities Markets Programme amounted to EUR 172.5 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) decreased by EUR 36.8 billion to EUR 166.1 billion.