Consolidated financial statement of the Eurosystem as at 23 May 2014

Items not related to monetary policy operations

In the week ending 23 May 2014 gold and gold receivables (asset item 1) increased by EUR 1 million owing to a purchase of gold coin.

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) decreased by EUR 0.1 billion to EUR 209.9 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 standing swap arrangement 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 4.1 billion to EUR 360 billion. Banknotes in circulation (liability item 1) decreased by EUR 0.6 billion to EUR 947.2 billion. Liabilities to general government (liability item 5.1) increased by EUR 18.6 billion to EUR 121.1 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 10.9 billion to EUR 478.8 billion. On Wednesday, 21 May 2014, a main refinancing operation of EUR 137.3 billion matured and a new one of EUR 132 billion, with a maturity of one week, was settled. On the same day, fixed-term deposits in an amount of EUR 144.3 billion matured and new deposits were collected in an amount of EUR 137.5 billion, with a maturity of one week.

During the week EUR 6.2 billion of longer-term refinancing operations was repaid before maturity.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.1 billion (compared with virtually zero in the preceding week), while recourse to the deposit facility (liability item 2.2) was EUR 23.8 billion (compared with EUR 17.5 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) decreased by EUR 2.9 billion to EUR 216.7 billion. This decrease was due to the redemption of securities acquired under the Securities Markets Programme. Therefore, in the week ending 23 May 2014 the value of accumulated purchases under the Securities Markets Programme amounted to EUR 164.5 billion, while the values of the portfolios held under the first and second covered bond purchase programmes totalled EUR 37.8 billion and EUR 14.4 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 32.9 billion to EUR 168.5 billion.