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Consolidated financial statement of the Eurosystem as at 18 February 2011

22 February 2011

Items not related to monetary policy operations

In the week ending 18 February 2011 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) decreased by EUR 0.4 billion to EUR 181.8 billion on account of customer and portfolio transactions and US dollar liquidity-providing operations (see below).

Extraordinary operations
Value date Type of transaction Maturing amount New amount
17 February 2011 7-day US dollar liquidity-providing reverse transaction USD 70 million USD 70 million

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) increased by EUR 0.7 billion to EUR 331.2 billion. Banknotes in circulation (liability item 1) decreased by EUR 2.2 billion to EUR 819.5 billion. Liabilities to general government (liability item 5.1) fell by EUR 1.1 billion to EUR 83.5 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 23.7 billion to EUR 360.4 billion. On Wednesday, 16 February 2011, a main refinancing operation of EUR 156.7 billion matured and a new one of EUR 137 billion was settled. On the same day, fixed-term deposits in an amount of EUR 76.5 billion matured and new deposits were collected in an amount of EUR 76.5 billion, with a maturity of one week.

Recourse to the marginal lending facility (asset item 5.5) was EUR 14.2 billion (compared with EUR 0.7 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 34.5 billion (compared with EUR 17 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 0.7 billion to EUR 137.8 billion. This increase was the net result of settled purchases and maturities under the Securities Markets Programme. Therefore, in the week ending 18 February 2011 the value of accumulated purchases under the Securities Markets Programme and that of the portfolio held under the covered bond purchase programme totalled EUR 77.1 billion and EUR 60.7 billion respectively. Both 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 16.7 billion to EUR 222.1 billion.

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 367,432 0
2 Claims on non-euro area residents denominated in foreign currency 227,453 −2,309
2.1 Receivables from the IMF 72,623 1
2.2 Balances with banks and security investments, external loans and other external assets 154,830 −2,309
3 Claims on euro area residents denominated in foreign currency 26,443 395
4 Claims on non-euro area residents denominated in euro 21,324 −519
4.1 Balances with banks, security investments and loans 21,324 −519
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 471,482 −6,181
5.1 Main refinancing operations 137,015 −19,695
5.2 Longer-term refinancing operations 320,291 0
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 14,173 13,518
5.6 Credits related to margin calls 3 −4
6 Other claims on euro area credit institutions denominated in euro 51,466 2,172
7 Securities of euro area residents denominated in euro 469,087 1,371
7.1 Securities held for monetary policy purposes 137,838 671
7.2 Other securities 331,249 700
8 General government debt denominated in euro 34,904 0
9 Other assets 288,901 7,419
Total assets 1,958,491 2,349
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 819,451 −2,220
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 333,245 802
2.1 Current accounts (covering the minimum reserve system) 222,145 −16,668
2.2 Deposit facility 34,482 17,453
2.3 Fixed-term deposits 76,500 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 118 17
3 Other liabilities to euro area credit institutions denominated in euro 2,846 −45
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 91,235 1,057
5.1 General government 83,476 1,096
5.2 Other liabilities 7,759 −39
6 Liabilities to non-euro area residents denominated in euro 42,444 −1,044
7 Liabilities to euro area residents denominated in foreign currency 3,144 756
8 Liabilities to non-euro area residents denominated in foreign currency 14,445 −2,285
8.1 Deposits, balances and other liabilities 14,445 −2,285
8.2 Liabilities arising from the credit facility under ERM II 0 0
9 Counterpart of special drawing rights allocated by the IMF 54,552 0
10 Other liabilities 186,355 5,327
11 Revaluation accounts 331,533 0
12 Capital and reserves 79,243 0
Total liabilities 1,958,491 2,349
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