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Consolidated financial statement of the Eurosystem as at 13 March 2015

17 March 2015

Items not related to monetary policy operations

In the week ending 13 March 2015 gold and gold receivables (asset item 1) decreased by EUR 27 million owing to the sale of gold by one Eurosystem national central bank for the purpose of producing a commemorative coin.

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) increased by EUR 1.9 billion to EUR 249.5 billion, on account of customer and portfolio transactions.

During the week, the Eurosystem did not conduct any liquidity-providing transactions 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) decreased by EUR 2.1 billion to EUR 374.6 billion. Banknotes in circulation (liability item 1) increased by EUR 1.1 billion to EUR 1,010.8 billion. Liabilities to general government (liability item 5.1) decreased by EUR 0.5 billion to EUR 55.8 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 3.3 billion to EUR 420.1 billion. On Wednesday, 11 March 2015, a main refinancing operation of EUR 147.9 billion matured and a new one of EUR 141.8 billion, with a maturity of seven days, was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.5 billion (compared with virtually nil in the preceding week), while recourse to the deposit facility (liability item 2.2) was EUR 45.2 billion (compared with EUR 47.5 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 12.2 billion to EUR 249.4 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.

Monetary policy securities portfolios Reported value as at 13 March 2015 Difference compared with 6 March 2015 – purchases Difference compared with 6 March 2015 – redemptions
Covered bond purchase programme 1 EUR 26.1 billion - EUR 0.4 billion
Covered bond purchase programme 2 EUR 11.9 billion - -
Covered bond purchase programme 3 EUR 56.9 billion EUR 2.8 billion -
Asset-backed securities purchase programme EUR 3.8 billion EUR 0.1 billion -
Public sector purchase programme EUR 9.8 billion EUR 9.8 billion
Securities Markets Programme EUR 140.9 billion - -

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) increased by EUR 16.2 billion to EUR 222.7 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 343,840 −27
2 Claims on non-euro area residents denominated in foreign currency 279,822 2,472
2.1 Receivables from the IMF 80,800 1,324
2.2 Balances with banks and security investments, external loans and other external assets 199,022 1,148
3 Claims on euro area residents denominated in foreign currency 35,092 0
4 Claims on non-euro area residents denominated in euro 24,339 1,467
4.1 Balances with banks, security investments and loans 24,339 1,467
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 465,292 −5,568
5.1 Main refinancing operations 141,839 −6,014
5.2 Longer-term refinancing operations 322,959 0
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 483 441
5.6 Credits related to margin calls 11 5
6 Other claims on euro area credit institutions denominated in euro 120,618 −797
7 Securities of euro area residents denominated in euro 624,008 10,127
7.1 Securities held for monetary policy purposes 249,377 12,241
7.2 Other securities 374,631 −2,114
8 General government debt denominated in euro 26,665 0
9 Other assets 222,440 −375
Total assets 2,142,116 7,298
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 1,010,794 1,064
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 267,953 13,931
2.1 Current accounts (covering the minimum reserve system) 222,716 16,156
2.2 Deposit facility 45,237 −2,225
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 0 0
3 Other liabilities to euro area credit institutions denominated in euro 5,189 −98
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 101,487 −10
5.1 General government 55,758 −478
5.2 Other liabilities 45,729 468
6 Liabilities to non-euro area residents denominated in euro 54,923 −2,577
7 Liabilities to euro area residents denominated in foreign currency 1,820 −246
8 Liabilities to non-euro area residents denominated in foreign currency 7,201 847
8.1 Deposits, balances and other liabilities 7,201 847
8.2 Liabilities arising from the credit facility under ERM II 0 0
9 Counterpart of special drawing rights allocated by the IMF 56,374 0
10 Other liabilities 209,957 −5,660
11 Revaluation accounts 330,898 0
12 Capital and reserves 95,520 48
Total liabilities 2,142,116 7,298
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