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4 July 2012 - Consolidated
financial statement of
the Eurosystem as at 29 June 2012
Items not related to monetary policy operations
In the week ending 29 June 2012 the increase of EUR
1.1 billion in gold and gold receivables (asset item 1) reflected quarterly revaluation adjustments, as well as the
sale of gold by one Eurosystem central bank and the sale 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 13.5 billion to EUR 243 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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28 June
2012
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7-day US dollar liquidity-providing
reverse transaction
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USD 1.6 billion
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USD 2.6 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 321.3 billion. Banknotes in circulation (liability item 1) rose by EUR 3.4 billion to EUR 893.7
billion. Liabilities to general government (liability item 5.1) decreased
by EUR 4.3 billion to EUR 146.3 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) increased by EUR 18.5 billion to EUR 272
billion. On Wednesday, 27 June
2012, a main refinancing
operation of EUR 167.3 billion matured and a new one of EUR 180.4 billion was settled. On the same day, fixed-term
deposits in an amount
of EUR 211 billion matured and new deposits in the same amount were collected.
During the week a longer-term refinancing operation of
EUR 25.1 billion matured and a new one of EUR 26.3
billion was settled, while EUR 7 billion was repaid before maturity.
Recourse to the marginal lending facility (asset item 5.5) was EUR 0.7 billion (compared with EUR 1.5 billion in the previous
week), while recourse to the deposit
facility (liability
item 2.2) was EUR 772.9 billion (compared with EUR 775.3 billion
in the preceding week).
The holdings by the
Eurosystem of securities
held for monetary policy purposes (asset item 7.1) increased by
EUR 0.7 billion to EUR 281 billion, owing mainly to quarter-end adjustments
as well as settled purchases under the second covered bond purchase
programme. Therefore, in the week
ending 29 June 2012 the
value of accumulated purchases
under the Securities Markets
Programme amounted to EUR 211.3 billion, while those of the portfolios held under the first and second
covered bond purchase
programmes totalled EUR 56.1 billion and EUR 13.8
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) increased
by EUR 19.6 billion to EUR 116.7 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 June 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 1,246.624
per fine oz.
USD: 1.2590 per EUR
JPY: 100.13 per EUR
Special drawing rights:
EUR 1.2056 per SDR
Full press release here
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