Consolidated financial statement of the Eurosystem as at 8 July 2011

Items not related to monetary policy operations

In the week ending 8 July 2011 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 177.4 billion on account of customer and portfolio transactions.

The holdings by the Eurosystem of marketable securities other than those held for monetary policy purposes (asset item 7.2) increased by EUR 1.2 billion to EUR 351.9 billion. Banknotes in circulation (liability item 1) increased by EUR 2.6 billion to EUR 851.8 billion. Liabilities to general government (liability item 5.1) decreased by EUR 7.0 billion to EUR 64.8 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 61.0 billion to EUR 293.4 billion. On Wednesday, 6 July 2011, a main refinancing operation of EUR 141.5 billion matured and a new one of EUR 120.0 billion was settled. On the same day, fixed-term deposits in an amount of EUR 74 billion matured and new deposits were collected in the same amount, with a maturity of one week.

Recourse to the marginal lending facility (asset item 5.5) was virtually nil (compared with EUR 0.5 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 65.7 billion (compared with EUR 24.9 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 8 July 2011 the value of accumulated purchases under the Securities Markets Programme and that of the portfolio held under the covered bond purchase programme totalled EUR 74.2 billion and EUR 60.1 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 58.7 billion to EUR 157.6 billion.