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Consolidated financial statement of the Eurosystem as at 8 February 2013

12 February 2013

Items not related to monetary policy operations

In the week ending 8 February 2013 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) decreased by EUR 0.2 billion to EUR 216.6 billion on account of customer and portfolio transactions and US dollar liquidity-providing operations (see below).

US dollar liquidity operations

Value date Type of transaction Maturing amount New amount
7 February 2013 7-day US dollar liquidity-providing reverse transaction USD 1 billion USD 1 billion

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) increased by EUR 1.1 billion to EUR 306.2 billion. Banknotes in circulation (liability item 1) fell by EUR 0.5 billion to EUR 883.4 billion. Liabilities to general government (liability item 5.1) decreased by EUR 5.9 billion to EUR 66.6 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) increased by EUR 28.3 billion to EUR 654 billion. On Wednesday, 6 February 2013, a main refinancing operation of EUR 124.1 billion matured and a new one of EUR 129.3 billion was settled. On the same day, fixed-term deposits in an amount of EUR 208.5 billion matured and new deposits were collected in the amount of EUR 205.5 billion, with a maturity of one week. During the week, longer-term refinancing operations amounting to EUR 3.5 billion were repaid before maturity.

Recourse to the marginal lending facility (asset item 5.5) was zero (compared with EUR 7 million in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 157.2 billion (compared with EUR 181 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) decreased by EUR 0.3 billion to EUR 270.6 billion. This decrease was due to the redemption of securities under the first covered bond purchase programme. Therefore, in the week ending 8 February 2013, the value of accumulated purchases under the Securities Markets Programme amounted to EUR 205.4 billion, while the value of the portfolios held under the first and second covered bond purchase programmes totalled EUR 48.9 billion and EUR 16.3 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 35 billion to EUR 443.1 billion.

Other issues

In the week ending 8 February 2013 the decrease in other claims on euro area credit institutions denominated in euro (asset item 6) was mainly due to a reduction in recourse to emergency liquidity assistance, as a result of the liquidation of a counterparty. The simultaneous increase in other assets (asset item 9) is mainly the result of the appropriation of the related collateral by one national central bank.

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 438,688 0
2 Claims on non-euro area residents denominated in foreign currency 253,271 −1,779
2.1 Receivables from the IMF 87,016 −330
2.2 Balances with banks and security investments, external loans and other external assets 166,255 −1,449
3 Claims on euro area residents denominated in foreign currency 28,191 −512
4 Claims on non-euro area residents denominated in euro 21,299 −747
4.1 Balances with banks, security investments and loans 21,299 −747
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 1,017,150 1,668
5.1 Main refinancing operations 129,308 5,159
5.2 Longer-term refinancing operations 887,843 −3,484
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 0 −7
5.6 Credits related to margin calls 0 0
6 Other claims on euro area credit institutions denominated in euro 87,170 −40,117
7 Securities of euro area residents denominated in euro 576,795 827
7.1 Securities held for monetary policy purposes 270,617 −252
7.2 Other securities 306,178 1,079
8 General government debt denominated in euro 29,912 0
9 Other assets 315,095 38,534
Total assets 2,767,571 −2,124
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 883,401 −453
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 806,283 8,345
2.1 Current accounts (covering the minimum reserve system) 443,102 34,952
2.2 Deposit facility 157,198 −23,759
2.3 Fixed-term deposits 205,500 −3,000
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 483 152
3 Other liabilities to euro area credit institutions denominated in euro 6,668 −124
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 104,011 −3,569
5.1 General government 66,603 −5,943
5.2 Other liabilities 37,409 2,374
6 Liabilities to non-euro area residents denominated in euro 174,285 −4,841
7 Liabilities to euro area residents denominated in foreign currency 3,384 −1,126
8 Liabilities to non-euro area residents denominated in foreign currency 6,567 −982
8.1 Deposits, balances and other liabilities 6,567 −982
8.2 Liabilities arising from the credit facility under ERM II 0 0
9 Counterpart of special drawing rights allocated by the IMF 54,952 0
10 Other liabilities 235,085 650
11 Revaluation accounts 407,378 0
12 Capital and reserves 85,557 −24
Total liabilities 2,767,571 −2,124
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