2018年-ECB欧洲央行_Consolidated_balance_sheet_of_the_Eurosystem_as_at_31_December_2017_2页_125kb

Consolidated Balance Sheet of the Eurosystem as at 31 December 2017

Core Content

The consolidated balance sheet of the Eurosystem as of 31 December 2017 provides a detailed overview of the assets and liabilities of the Eurosystem, which includes the European Central Bank (ECB) and the national central banks (NCBs) of the euro area. The balance sheet is presented in EUR millions and reflects the financial position of the Eurosystem at the end of the year.

Total Assets

The total assets of the Eurosystem on 31 December 2017 amounted to €4,467,611 million, compared to €3,661,423 million on 31 December 2016. This represents a significant increase in the assets, indicating an expansion in the Eurosystem's balance sheet during the year.

Key Asset Categories

• Gold and gold receivables: Decreased slightly from €382,061 million in 2016 to €376,300 million in 2017.
• Claims on non-euro area residents denominated in foreign currency: Decreased from €327,859 million to €296,201 million.
• Claims on euro area residents denominated in foreign currency: Increased from €30,719 million to €38,079 million.
• Claims on non-euro area residents denominated in euro: Increased slightly from €19,082 million to €19,364 million.
• Lending to euro area credit institutions related to monetary policy operations denominated in euro: Increased significantly from €595,873 million to €764,310 million.
• Securities of euro area residents denominated in euro: Increased from €1,974,866 million to €2,660,726 million, with the majority being securities held for monetary policy purposes (€2,386,012 million in 2017 vs. €1,653,995 million in 2016).
• General government debt denominated in euro: Decreased from €26,460 million to €25,015 million.
• Other assets: Increased from €235,368 million to €250,052 million.

Total Liabilities

The total liabilities of the Eurosystem on 31 December 2017 were €4,467,611 million, matching the total assets, which is consistent with the accounting principle that assets equal liabilities plus capital and reserves.

Key Liability Categories

• Banknotes in circulation: Increased from €1,126,215 million to €1,170,716 million.
• Liabilities to euro area credit institutions related to monetary policy operations denominated in euro: Increased from €1,313,264 million to €1,881,596 million, with the largest component being current accounts (€1,185,792 million in 2017 vs. €888,988 million in 2016) and deposit facility (€695,801 million in 2017 vs. €424,208 million in 2016).
• Other liabilities to euro area credit institutions denominated in euro: Increased from €9,427 million to €20,984 million.
• Liabilities to other euro area residents denominated in euro: Increased from €220,760 million to €286,371 million.
• Liabilities to non-euro area residents denominated in euro: Increased significantly from €205,678 million to €355,900 million.
• Liabilities to euro area residents denominated in foreign currency: Increased slightly from €3,644 million to €3,831 million.
• Liabilities to non-euro area residents denominated in foreign currency: Increased from €9,301 million to €11,254 million.
• Counterpart of special drawing rights allocated by the IMF: Decreased from €59,263 million to €55,218 million.
• Other liabilities: Increased slightly from €218,927 million to €221,212 million.
• Revaluation accounts: Decreased from €394,357 million to €357,862 million.
• Capital and reserves: Increased from €100,587 million to €102,667 million.

Main Views and Key Information

• The Eurosystem's balance sheet expanded in 2017, reflecting increased monetary policy operations and asset holdings.
• The increase in lending to euro area credit institutions and securities held for monetary policy purposes indicates the Eurosystem's active role in supporting the financial system and managing liquidity.
• Banknotes in circulation increased, reflecting the continued demand for physical currency in the euro area.
• The deposit facility and current accounts were the largest components of liabilities, showing the importance of these mechanisms in maintaining liquidity in the euro area.
• The Eurosystem's capital and reserves increased slightly, suggesting a stable financial position despite the expansion of its balance sheet.
• The revaluation accounts decreased, possibly due to changes in the value of foreign currency assets and liabilities.

Overall, the Eurosystem's balance sheet on 31 December 2017 demonstrates a robust and expansive financial position, supporting its monetary policy objectives and ensuring the stability of the euro area.