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Consolidated financial statement of the Eurosystem as at 1 October 2010

6 October 2010

Items not related to monetary policy operations

In the week ending 1 October 2010 the decrease of EUR 17.5 billion in gold and gold receivables (asset item 1) reflected quarterly revaluation adjustments.

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) decreased by EUR 14.5 billion to EUR 176.8 billion. The change was due to the effects of the quarterly revaluation adjustments of assets and liabilities, as well as to customer and portfolio transactions carried out by Eurosystem central banks and to US dollar liquidity-providing operations (see below).

Extraordinary transactions
Value date Type of transaction Maturing amount New amount
30 September 2010 7-day US dollar liquidity-providing reverse transaction USD 60 million USD 60 million

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 securities other than those held for monetary policy purposes (asset item 7.2) increased by EUR 0.5 billion to EUR 307 billion mainly on account of customer and portfolio transactions. Banknotes in circulation (liability item 1) increased by EUR 2.8 billion to EUR 814.8 billion. Liabilities to general government (liability item 5.1) decreased by EUR 6.5 billion to EUR 98.1 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) decreased by EUR 43.7 billion to EUR 403.1 billion. On Wednesday, 29 September 2010, a main refinancing operation of EUR 153.8 billion matured and a new one of EUR 166.4 billion was settled. On the same day, fixed-term deposits in an amount of EUR 61.5 billion matured and new deposits were collected in an amount of EUR 61.5 billion, with a maturity of one week. On Thursday, 30 September 2010, longer-term refinancing operations of EUR 225.1 billion, with maturities of three, six and twelve months, matured and a new one of EUR 104 billion, with a maturity of three months, was settled. On the same day, a liquidity-providing fine-tuning operation of EUR 29.4 billion, with a maturity of six days, was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 1.6 billion (compared with EUR 1.2 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 49.5 billion (compared with EUR 84.1 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 1,535 million to EUR 124.3 billion. This is due to settled purchases of EUR 1,384 million under the Securities Markets Programme and to quarter-end adjustments of EUR 151 million. Therefore, in the week ending 1 October 2010 the value of the accumulated purchases under the Securities Markets Programme and that of the portfolio held under the covered bond purchase programme totalled EUR 63.3 billion and EUR 61 billion respectively. The portfolios held under both the Securities Markets Programme and the covered bond purchase programme 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 30.8 billion to EUR 190.3 billion.

Quarter-end revaluation of the Eurosystem’s assets and liabilities

In line with the Eurosystem’s harmonised accounting rules, gold, foreign exchange, securities holdings and financial instruments of the Eurosystem are revalued at market rates and prices as at the end of each quarter. The net impact of the revaluation on each balance sheet item as at 1 October 2010 is shown in the additional column “ Difference compared with last week due to quarter-end adjustments”. The gold price and the principal exchange rates used for the revaluation of balances were as follows:

Gold: EUR  960.580 per fine oz.

USD: 1.3648 per EUR

JPY: 113.68 per EUR

Special drawing rights: EUR 1.1399 per SDR

Assets (EUR millions) Balance Difference compared with last week due to
i)transactions
ii)quarter-end adjustments
Totals/sub-totals may not add up, due to rounding
i) ii)
1 Gold and gold receivables 334,411 0 −17,538
2 Claims on non-euro area residents denominated in foreign currency 219,630 362 −16,997
2.1 Receivables from the IMF 70,084 188 −3,964
2.2 Balances with banks and security investments, external loans and other external assets 149,546 175 −13,032
3 Claims on euro area residents denominated in foreign currency 24,921 −542 −2,236
4 Claims on non-euro area residents denominated in euro 17,649 311 17
4.1 Balances with banks, security investments and loans 17,649 311 17
4.2 Claims arising from the credit facility under ERM II 0 0 0
5 Lending to euro area credit institutions related to monetary policy operations denominated in euro 514,117 −78,386 0
5.1 Main refinancing operations 166,361 12,590 0
5.2 Longer-term refinancing operations 316,744 −120,721 0
5.3 Fine-tuning reverse operations 29,443 29,443 0
5.4 Structural reverse operations 0 0 0
5.5 Marginal lending facility 1,559 359 0
5.6 Credits related to margin calls 9 −57 0
6 Other claims on euro area credit institutions denominated in euro 26,252 −1,328 0
7 Securities of euro area residents denominated in euro 431,319 1,858 177
7.1 Securities held for monetary policy purposes 124,308 1,384 151
7.2 Other securities 307,011 474 26
8 General government debt denominated in euro 34,975 0 −66
9 Other assets 262,611 8,094 802
Total assets 1,865,885 −69,630 −35,841
Liabilities (EUR millions) Balance Difference compared with last week due to
i)transactions
ii)quarter-end adjustments
Totals/sub-totals may not add up, due to rounding
i) ii)
1 Banknotes in circulation 814,844 2,827 0
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 301,299 −65,400 0
2.1 Current accounts (covering the minimum reserve system) 190,274 −30,751 0
2.2 Deposit facility 49,471 −34,648 0
2.3 Fixed-term deposits 61,500 0 0
2.4 Fine-tuning reverse operations 0 0 0
2.5 Deposits related to margin calls 54 −1 0
3 Other liabilities to euro area credit institutions denominated in euro 1,345 −116 0
4 Debt certificates issued 0 0 0
5 Liabilities to other euro area residents denominated in euro 104,923 −6,541 0
5.1 General government 98,073 −6,521 0
5.2 Other liabilities 6,849 −19 0
6 Liabilities to non-euro area residents denominated in euro 41,908 1,546 −42
7 Liabilities to euro area residents denominated in foreign currency 1,067 −969 −104
8 Liabilities to non-euro area residents denominated in foreign currency 13,065 707 −1,475
8.1 Deposits, balances and other liabilities 13,065 707 −1,475
8.2 Liabilities arising from the credit facility under ERM II 0 0 0
9 Counterpart of special drawing rights allocated by the IMF 53,665 0 −3,046
10 Other liabilities 158,838 −1,684 904
11 Revaluation accounts 296,740 0 −32,078
12 Capital and reserves 78,191 0 0
Total liabilities 1,865,885 −69,630 −35,841
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