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3 October
2012 - Consolidated financial
statement of the Eurosystem
as at 28 September 2012
Items not related to monetary policy operations
In the week ending 28 September 2012 the increase of
EUR 45.5 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) decreased by EUR 5.8 billion to EUR 229.2 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
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Value date
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Type of transaction
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Maturing amount
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New amount
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27 September
2012
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7-day US dollar liquidity-providing
reverse transaction
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USD 3.7 billion
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USD 1.6 billion
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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) decreased by EUR 0.8 billion to EUR 317.4 billion. Banknotes in circulation (liability item 1) rose by EUR 0.3 billion to EUR 892.5
billion. Liabilities to general government (liability item 5.1) increased
by EUR 4.9 billion to EUR 99 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 18.6 billion to EUR 651.5
billion. On Wednesday, 26 September
2012, a main refinancing
operation of EUR 119.8 billion matured and a new one of EUR 117.4 billion was settled. On the same day, fixed-term deposits in an amount of EUR 209 billion matured
and new deposits in the same
amount were collected. On Thursday, 27 September
2012, a longer-term refinancing
operation of EUR 26.3 billion matured and a new one of EUR 18.7 billion was settled.
Recourse to the marginal lending facility (asset item 5.5) was EUR 2 billion (compared with EUR 1 billion in the previous
week), while recourse to the deposit
facility (liability
item 2.2) was EUR 315.8 billion (compared with EUR 305.6 billion
in the preceding week).
The holdings by the
Eurosystem of securities
held for monetary policy purposes (asset item 7.1) increased by
EUR 0.8 billion to EUR 280.2 billion, owing to purchases of securities under the second covered bond purchase programme, the redemption
of securities under the
first covered bond purchase
programme and quarter-end adjustments. Therefore, in the week ending 28 September 2012 the
value of accumulated purchases
under the Securities Markets
Programme amounted to EUR 209.5 billion, while those of the portfolios held under the first and second
covered bond purchase programmes
totalled EUR 54.5 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 24.7 billion to EUR 525.8 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 28 September 2012 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 1,377.417
per fine oz.
USD: 1.2930 per EUR
JPY: 100.37 per EUR
Special drawing rights:
EUR 1.1931 per SDR
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