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Consolidated financial statement of the Eurosystem as at 29 March 2013

4 April 2013

Items not related to monetary policy operations

In the week ending 29 March 2013 the decrease of EUR 3.4 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) increased by EUR 3.8 billion to EUR 221.4 billion. This change was due to the effects of the quarterly revaluation of assets and liabilities, the customer and portfolio transactions carried out by Eurosystem central banks during the period under review and US dollar liquidity-providing operations (see below).

US dollar liquidity operations

Value date Type of transaction Maturing amount New amount
28 March 2013 7-day US dollar liquidity-providing reverse transaction USD 0.3 billion USD 0.5 billion
28 March 2013 84-day US dollar liquidity-providing reverse transactions USD 0.9 billion USD 0.5 billion

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 11.5 billion to EUR 348.7 billion, mainly as a result of the acquisition of securities in exchange for the collateral appropriated previously by one national central bank (see also the press release accompanying the Consolidated financial statement of the Eurosystem as at 8 February 2013). The realisation of the collateral resulted in a simultaneous decrease in other assets (asset item 9).

Banknotes in circulation (liability item 1) increased by EUR 11.8 billion to EUR 896.4 billion. Liabilities to general government (liability item 5.1) increased by EUR 4.4 billion to EUR 96.3 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 20.1 billion to EUR 553 billion. On Wednesday, 27 March 2013, a main refinancing operation of EUR 119.4 billion matured and a new one of EUR 123.2 billion was settled. On the same day, fixed-term deposits in an amount of EUR 205.5 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 of EUR 15 billion matured and a new one of EUR 9.1 billion was settled, while EUR 1.9 billion of longer-term refinancing operations was repaid before maturity.

Recourse to the marginal lending facility (asset item 5.5) was EUR 1.5 billion (compared with EUR 0.2 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 144.6 billion (compared with EUR 126.8 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased marginally by EUR 0.2 billion to EUR 269.3 billion due to quarter-end adjustments. Therefore, in the week ending 29 March 2013 the value of accumulated purchases under the Securities Markets Programme amounted to EUR 205.9 billion, while those of the portfolios held under the first and second covered bond purchase programmes totalled EUR 47.3 billion and EUR 16.2 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 32.4 billion to EUR 319.3 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 29 March 2013 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 1,251.464 per fine oz.

USD: 1.2805 per EUR

JPY: 120.87 per EUR

Special drawing rights: EUR 1.1698 per SDR

Assets (EUR millions) Balance Difference compared with last week due to
i)transactions
ii)quarter-end adjustments
Totals/sub-totals may not add up, due to rounding
i) ii)
1 Gold and gold receivables 435,316 0 −3,376
2 Claims on non-euro area residents denominated in foreign currency 254,369 −590 3,374
2.1 Receivables from the IMF 87,121 374 283
2.2 Balances with banks and security investments, external loans and other external assets 167,248 −964 3,092
3 Claims on euro area residents denominated in foreign currency 31,563 910 647
4 Claims on non-euro area residents denominated in euro 22,101 −848 −50
4.1 Balances with banks, security investments and loans 22,101 −848 −50
4.2 Claims arising from the credit facility under ERM II 0 0 0
5 Lending to euro area credit institutions related to monetary policy operations denominated in euro 903,619 −2,625 0
5.1 Main refinancing operations 123,239 3,865 0
5.2 Longer-term refinancing operations 778,872 −7,785 0
5.3 Fine-tuning reverse operations 0 0 0
5.4 Structural reverse operations 0 0 0
5.5 Marginal lending facility 1,507 1,295 0
5.6 Credits related to margin calls 0 0 0
6 Other claims on euro area credit institutions denominated in euro 88,538 8,509 1
7 Securities of euro area residents denominated in euro 618,064 10,971 729
7.1 Securities held for monetary policy purposes 269,340 −318 567
7.2 Other securities 348,724 11,290 163
8 General government debt denominated in euro 29,894 0 −17
9 Other assets 264,663 −18,435 6,225
Total assets 2,648,126 −2,107 7,533
Liabilities (EUR millions) Balance Difference compared with last week due to
i)transactions
ii)quarter-end adjustments
Totals/sub-totals may not add up, due to rounding
i) ii)
1 Banknotes in circulation 896,357 11,822 0
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 669,859 −14,969 0
2.1 Current accounts (covering the minimum reserve system) 319,275 −32,398 0
2.2 Deposit facility 144,648 17,893 0
2.3 Fixed-term deposits 205,500 0 0
2.4 Fine-tuning reverse operations 0 0 0
2.5 Deposits related to margin calls 437 −463 0
3 Other liabilities to euro area credit institutions denominated in euro 6,532 626 0
4 Debt certificates issued 0 0 0
5 Liabilities to other euro area residents denominated in euro 120,596 6,421 0
5.1 General government 96,251 4,385 0
5.2 Other liabilities 24,346 2,037 0
6 Liabilities to non-euro area residents denominated in euro 157,652 −4,364 15
7 Liabilities to euro area residents denominated in foreign currency 4,082 1,213 95
8 Liabilities to non-euro area residents denominated in foreign currency 5,270 −1,062 153
8.1 Deposits, balances and other liabilities 5,270 −1,062 153
8.2 Liabilities arising from the credit facility under ERM II 0 0 0
9 Counterpart of special drawing rights allocated by the IMF 55,145 0 193
10 Other liabilities 237,078 −2,147 7,480
11 Revaluation accounts 406,639 0 −740
12 Capital and reserves 88,917 352 337
Total liabilities 2,648,126 −2,107 7,533
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