Consolidated financial statement of the Eurosystem as at 30 June 2017

Items not related to monetary policy operations

In the week ending 30 June 2017 the decrease of EUR 25 billion in gold and gold receivables (asset item 1) reflected quarterly revaluation adjustments.

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) decreased by EUR 13.4 billion to EUR 264.4 billion. This change was due to the effects of the quarterly revaluation of assets and liabilities, which more than offset the increase owing to customer and portfolio transactions.

US dollar liquidity operations

The above 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) increased by EUR 0.5 billion to EUR 294.2 billion. Banknotes in circulation (liability item 1) rose by EUR 5.6 billion to EUR 1,136.9 billion. Liabilities to general government (liability item 5.1) decreased by EUR 48.9 billion to EUR 210.1 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 40.1 billion to EUR 162.2 billion. On Wednesday, 28 June 2017, a main refinancing operation (asset item 5.1) of EUR 11.5 billion matured and a new one of EUR 11.6 billion, with a maturity of one week, was settled.

During the week, a longer-term refinancing operation (asset item 5.2) of EUR 1.3 billion matured and a new one of EUR 2.7 billion was settled. In addition, EUR 1.8 billion provided under the first series of targeted longer-term refinancing operations (TLTRO-I) was repaid before maturity.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.3 billion (approximately the same as in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 617 billion (compared with EUR 577.2 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 6 billion to EUR 2,064.4 billion. The table below provides the detailed breakdown of asset item 7.1 into the different portfolios. All portfolios are accounted for at amortised cost.

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 52 billion to EUR 1,106 billion.

Quarter-end revaluation of the Eurosystem’s assets and liabilities

In line with the Eurosystem’s harmonised accounting rules, gold, foreign exchange, securities holdings and financial instruments of the Eurosystem are revalued at market rates and prices as at the end of each quarter. The net impact of the revaluation on each balance sheet item as at 30 June 2017 is shown in the additional column “Difference compared with last week due to quarter-end adjustments”. The gold price and the principal exchange rates used for the revaluation of balances were as follows:

Gold: EUR 1,089.905 per fine oz.

USD: 1.1412 per EUR

JPY: 127.75 per EUR

CNY: 7.7385 per EUR

Special drawing rights: EUR 1.2196 per SDR