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Consolidated financial statement of the Eurosystem as at 5 July 2013

9 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

Value date Type of transaction Maturing amount New amount
5 July 2013 8-day US dollar liquidity-providing reverse transaction USD 0.2 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) 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”.

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 319,967 0
2 Claims on non-euro area residents denominated in foreign currency 248,016 410
2.1 Receivables from the IMF 85,333 58
2.2 Balances with banks and security investments, external loans and other external assets 162,683 351
3 Claims on euro area residents denominated in foreign currency 26,422 −1,119
4 Claims on non-euro area residents denominated in euro 20,424 2,354
4.1 Balances with banks, security investments and loans 20,424 2,354
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 811,424 −11,265
5.1 Main refinancing operations 107,696 −9,614
5.2 Longer-term refinancing operations 703,290 −2,060
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 438 409
5.6 Credits related to margin calls 0 0
6 Other claims on euro area credit institutions denominated in euro 91,841 −227
7 Securities of euro area residents denominated in euro 608,407 −1,046
7.1 Securities held for monetary policy purposes 256,433 −397
7.2 Other securities 351,974 −648
8 General government debt denominated in euro 28,356 −52
9 Other assets 265,489 870
Total assets 2,420,347 −10,076
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 915,769 4,737
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 570,126 6,132
2.1 Current accounts (covering the minimum reserve system) 271,264 −5,066
2.2 Deposit facility 103,862 11,682
2.3 Fixed-term deposits 195,000 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 1 −484
3 Other liabilities to euro area credit institutions denominated in euro 6,195 −860
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 109,644 −25,690
5.1 General government 89,255 −25,161
5.2 Other liabilities 20,390 −529
6 Liabilities to non-euro area residents denominated in euro 145,033 3,423
7 Liabilities to euro area residents denominated in foreign currency 2,595 −1,391
8 Liabilities to non-euro area residents denominated in foreign currency 5,622 712
8.1 Deposits, balances and other liabilities 5,622 712
8.2 Liabilities arising from the credit facility under ERM II 0 0
9 Counterpart of special drawing rights allocated by the IMF 54,240 0
10 Other liabilities 236,048 2,859
11 Revaluation accounts 284,680 0
12 Capital and reserves 90,395 3
Total liabilities 2,420,347 −10,076
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