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Consolidated opening financial statement of the Eurosystem as at 1 January 2011 and Consolidated financial statement of the Eurosystem as at 7 January 2011

11 January 2011

Consolidated opening financial statement of the Eurosystem as at 1 January 2011

Following the adoption of the euro by Estonia, Eesti Pank, the central bank of Estonia, joined the Eurosystem on 1 January 2011. As a consequence, the ECB is publishing a consolidated opening financial statement of the Eurosystem as at 1 January 2011, which includes the balance sheet figures of Eesti Pank. Items previously denominated in Estonian kroon have been moved from items “denominated in foreign currency” to items “denominated in euro”. Transactions and balances of accounts held with residents of Estonia have been moved from “non-euro area” balance sheet items to “euro area” items. Furthermore, the item capital and reserves (liability item 12) has increased in comparison with that in the consolidated weekly financial statement as at 31 December 2010 on account of the entry of Eesti Pank into the Eurosystem.

Assets (EUR millions) Balance
Totals/sub-totals may not add up, due to rounding
1 Gold and gold receivables 367,411
2 Claims on non-euro area residents denominated in foreign currency 224,128
  2.1 Receivables from the IMF 71,392
  2.2 Balances with banks and security investments, external loans and other external assets 152,735
3 Claims on euro area residents denominated in foreign currency 26,947
4 Claims on non-euro area residents denominated in euro 23,023
  4.1 Balances with banks, security investments and loans 23,023
  4.2 Claims arising from the credit facility under ERM II 0
5 Lending to euro area credit institutions related to monetary policy operations denominated in euro 546,747
  5.1 Main refinancing operations 227,865
  5.2 Longer-term refinancing operations 298,217
  5.3 Fine-tuning reverse operations 20,623
  5.4 Structural reverse operations 0
  5.5 Marginal lending facility 25
  5.6 Credits related to margin calls 17
6 Other claims on euro area credit institutions denominated in euro 45,885
7 Securities of euro area residents denominated in euro 458,606
  7.1 Securities held for monetary policy purposes 134,829
  7.2 Other securities 323,778
8 General government debt denominated in euro 34,954
9 Other assets 278,768
Total assets 2,006,469
Liabilities (EUR millions) Balance
Totals/sub-totals may not add up, due to rounding
1 Banknotes in circulation 840,237
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 378,918
  2.1 Current accounts (covering the minimum reserve system) 213,650
  2.2 Deposit facility 104,458
  2.3 Fixed-term deposits 60,784
  2.4 Fine-tuning reverse operations 0
  2.5 Deposits related to margin calls 27
3 Other liabilities to euro area credit institutions denominated in euro 3,023
4 Debt certificates issued 0
5 Liabilities to other euro area residents denominated in euro 79,798
  5.1 General government 71,684
  5.2 Other liabilities 8,114
6 Liabilities to non-euro area residents denominated in euro 47,588
7 Liabilities to euro area residents denominated in foreign currency 1,995
8 Liabilities to non-euro area residents denominated in foreign currency 14,346
  8.1 Deposits, balances and other liabilities 14,346
  8.2 Liabilities arising from the credit facility under ERM II 0
9 Counterpart of special drawing rights allocated by the IMF 54,552
10 Other liabilities 175,993
11 Revaluation accounts 331,546
12 Capital and reserves 78,473
Total liabilities 2,006,469

Consolidated financial statement of the Eurosystem as at 7 January 2011 (compared with the consolidated opening financial statement of the Eurosystem as at 1 January 2011)

Items not related to monetary policy operations

In the week ending 7 January 2011 the increase of EUR 21 million in gold and gold receivables (asset item 1) mainly reflected the purchase of gold by Eesti Pank in order to cover its contribution to the foreign reserve assets of the ECB according to Article 30.1 and Article 48.1 of the Statute of the ESCB.

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) increased by EUR 0.2 billion to EUR 180.3 billion on account of customer and portfolio transactions and US dollar liquidity-providing operations (see below).

Extraordinary operations
Value date Type of transaction Maturing amount New amount
6 January 2011 7-day US dollar liquidity-providing reverse transaction USD 75 million USD 70 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 marketable securities other than those held for monetary policy purposes (asset item 7.2) decreased by EUR 0.3 billion to EUR 323.5 billion. Banknotes in circulation (liability item 1) decreased by EUR 5.4 billion to EUR 834.8 billion. Liabilities to general government (liability item 5.1) increased by EUR 9.9 billion to EUR 81.6 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 43.2 billion to EUR 338.3 billion. On Wednesday, 5 January 2011, a main refinancing operation of EUR 227.9 billion matured and a new one of EUR 195.7 billion was settled. Also on Wednesday, 5 January 2011, a liquidity-providing fine-tuning operation of EUR 20.6 billion, with a maturity of 13 days, matured. On the same day, fixed-term deposits in an amount of EUR 60.8 billion matured and new deposits were collected in an amount of EUR 73.5 billion, with a maturity of one week.

Recourse to the marginal lending facility (asset item 5.5) was virtually nil (approximately the same as on 1 January 2011), while recourse to the deposit facility (liability item 2.2) was EUR 81 billion (compared with EUR 104.5 billion on 1 January 2011).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 0.1 billion to EUR 134.9 billion. This increase was due to the net result of settled purchases under the Securities Markets Programme and the maturity of securities under the covered bond purchase programme. Therefore, in the week ending 7 January 2011 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 74.1 billion and EUR 60.8 billion respectively. Both 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 176.9 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 367,432 21
2 Claims on non-euro area residents denominated in foreign currency 225,011 883
  2.1 Receivables from the IMF 71,395 3
  2.2 Balances with banks and security investments, external loans and other external assets 153,616 881
3 Claims on euro area residents denominated in foreign currency 26,770 −177
4 Claims on non-euro area residents denominated in euro 19,343 −3,681
  4.1 Balances with banks, security investments and loans 19,343 −3,681
  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 493,963 −52,785
  5.1 Main refinancing operations 195,691 −32,174
  5.2 Longer-term refinancing operations 298,217 0
  5.3 Fine-tuning reverse operations 0 −20,623
  5.4 Structural reverse operations 0 0
  5.5 Marginal lending facility 45 20
  5.6 Credits related to margin calls 9 −8
6 Other claims on euro area credit institutions denominated in euro 46,845 960
7 Securities of euro area residents denominated in euro 458,435 −171
  7.1 Securities held for monetary policy purposes 134,927 98
  7.2 Other securities 323,508 −270
8 General government debt denominated in euro 34,954 0
9 Other assets 293,142 14,374
Total assets 1,965,895 −40,574
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 834,831 −5,406
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 332,504 −46,414
  2.1 Current accounts (covering the minimum reserve system) 176,862 −36,787
  2.2 Deposit facility 80,965 −23,493
  2.3 Fixed-term deposits 73,500 12,717
  2.4 Fine-tuning reverse operations 0 0
  2.5 Deposits related to margin calls 1,176 1,149
3 Other liabilities to euro area credit institutions denominated in euro 2,295 −728
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 89,316 9,518
  5.1 General government 81,562 9,878
  5.2 Other liabilities 7,753 −360
6 Liabilities to non-euro area residents denominated in euro 43,589 −3,999
7 Liabilities to euro area residents denominated in foreign currency 2,152 157
8 Liabilities to non-euro area residents denominated in foreign currency 14,740 395
  8.1 Deposits, balances and other liabilities 14,740 395
  8.2 Liabilities arising from the credit facility under ERM II 0 0
9 Counterpart of special drawing rights allocated by the IMF 54,552 0
10 Other liabilities 181,898 5,905
11 Revaluation accounts 331,545 0
12 Capital and reserves 78,473 0
Total liabilities 1,965,895 −40,574
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