Consolidated financial statement of the Eurosystem as at 22 November 2013

Items not related to monetary policy operations

In the week ending 22 November 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) decreased by EUR 0.1 billion to EUR 206.8 billion on account of customer and portfolio transactions. In the past week the Eurosystem has not conducted any liquidity-providing transactions 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 350.8 billion. Banknotes in circulation (liability item 1) decreased by EUR 1.6 billion to EUR 921 billion. Liabilities to general government (liability item 5.1) increased by EUR 15.3 billion to EUR 83.4 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 4.5 billion to EUR 489.5 billion. On Wednesday, 20 November 2013, a main refinancing operation of EUR 87.7 billion matured and a new one of EUR 86.9 billion, with a maturity of one week, was settled. On the same day, fixed-term deposits in an amount of EUR 184 billion matured and new deposits were collected in the same amount, with a maturity of one week.

During the week, a longer-term refinancing operation in an amount of EUR 3.6 billion was repaid before maturity.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.2 billion (compared with virtually nil in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 44 billion (compared with EUR 43.9 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) decreased by EUR 0.1 billion to EUR 241.5 billion. This decrease was due to the redemption of securities acquired under the first and second covered bond purchase programmes. Therefore, in the week ending 22 November 2013 the value of accumulated purchases under the Securities Markets Programme amounted to EUR 184.1 billion, while the values of the portfolios held under the first and second covered bond purchase programmes totalled EUR 41.9 billion and EUR 15.4 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 13.9 billion to EUR 218 billion.