Consolidated financial statement of the Eurosystem as at 1 August 2014

Items not related to monetary policy operations

In the week ending 1 August 2014 gold and gold receivables (asset item 1) increased by EUR 1 million owing to the 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) increased by EUR 0.1 billion to EUR 213.3 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 5 billion to EUR 357.8 billion. Banknotes in circulation (liability item 1) increased by EUR 6 billion to EUR 971.4 billion. Liabilities to general government (liability item 5.1) decreased by EUR 36.3 billion to EUR 70.9 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 2.9 billion to EUR 489.4 billion. On Wednesday, 30 July 2014, a main refinancing operation of EUR 97.9 billion matured and a new one of EUR 133.3 billion, with a maturity of one week, was settled.

During the week a longer-term refinancing operation of EUR 13.2 billion matured and a new one of EUR 6.8 billion was settled, while EUR 3 billion of longer-term refinancing operations was repaid before maturity.

Recourse to the marginal lending facility (asset item 5.5) was virtually nil (compared with EUR 0.4 billion in the preceding week), while recourse to the deposit facility (liability item 2.2) was EUR 44.1 billion (compared with EUR 21.3 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) decreased by EUR 4.5 billion to EUR 199 billion. This decrease was due to the redemption of securities acquired under the Securities Markets Programme and under the first and second covered bond purchase programmes. Therefore, in the week ending 1 August 2014, the value of accumulated purchases under the Securities Markets Programme amounted to EUR 152.3 billion, while the value of the portfolios held under the first and second covered bond purchase programmes totalled EUR 32.9 billion and EUR 13.8 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 23.3 billion to EUR 219.7 billion.