Consolidated financial statement of the Eurosystem as at 28 October 2011

Items not related to monetary policy operations

In the week ending 28 October 2011 the increase of EUR 1 million in gold and gold receivables (asset item 1) reflected the purchase of gold by one Eurosystem central bank as well as the purchase of gold coin by another Eurosystem central bank.

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) increased by EUR 0.5 billion to EUR 192.5 billion on account of customer and portfolio transactions and US dollar liquidity-providing operations (see below).

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 0.1 billion to EUR 338.6 billion. Banknotes in circulation (liability item 1) rose by EUR 4.8 billion to EUR 863.1 billion. Liabilities to general government (liability item 5.1) decreased by EUR 2.4 billion to EUR 66.8 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 39.4 billion to EUR 178.6 billion. On Wednesday, 26 October 2011, a main refinancing operation of EUR 201.2 billion matured and a new one of EUR 197.4 billion, with a maturity of six days, was settled. On the same day, fixed-term deposits in an amount of EUR 165 billion matured and new deposits were collected in an amount of EUR 169.5 billion, with a maturity of six days. On Thursday, 27 October 2011, a longer-term refinancing operation of EUR 85 billion matured and a new one of EUR 44.6 billion, with a maturity of three months, was settled. On the same day, a longer-term refinancing operation of EUR 56.9 billion, with a maturity of 371 days, was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 2.9 billion (compared with EUR 4.6 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 248.1 billion (compared with EUR 202.1 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 4 billion to EUR 232.7 billion. This increase was due to settled purchases of securities under the Securities Markets Programme. Therefore, in the week ending 28 October 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 173.5 billion and EUR 59.2 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 34.4 billion to EUR 178.7 billion.