Consolidated financial statement of the Eurosystem as at 5 July 2013

Items not related to monetary policy operations

In the week ending 5 July 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) remained unchanged at EUR 212 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 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 0.6 billion to EUR 352 billion. Banknotes in circulation (liability item 1) increased by EUR 4.7 billion to EUR 915.8 billion. Liabilities to general government (liability item 5.1) decreased by EUR 25.2 billion to EUR 89.3 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 22.5 billion to EUR 512.6 billion. On Wednesday, 3 July 2013, a main refinancing operation of EUR 117.3 billion matured and a new one of EUR 107.7 billion, with a maturity of one week, was settled. On the same day, fixed-term deposits in an amount of EUR 195 billion matured and new deposits were collected in the same amount, with a maturity of one week.

During the week, EUR 2.1 billion of longer-term refinancing operations was repaid before maturity.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.4 billion (compared with virtually nil in the preceding week), while recourse to the deposit facility (liability item 2.2) was EUR 103.9 billion (compared with EUR 92.2 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) decreased by EUR 0.4 billion to EUR 256.4 billion. This decrease was due to the redemption of securities acquired under the first and second covered bond purchase programmes, as well as to the redemption of securities acquired under the Securities Market Programme. Therefore, in the week ending 5 July 2013 the value of accumulated purchases under the Securities Markets Programme amounted to EUR 195.5 billion, while the values of the portfolios held under the first and second covered bond purchase programmes totalled EUR 45 billion and EUR 16 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 5.1 billion to EUR 271.3 billion.

Other items

The increase in capital and reserves (liability item 12) reflects the change in the ECB’s capital key as a result of the accession of Croatia on 1 July 2013. For further details, please refer to the ECB press release of 1 July 2013 – entitled “Adjustments to the ECB’s capital subscription key due to EU enlargement”.