May 2016

Chapter 8. Modification of indicator 8.1 on the consolidated balance sheet of the Eurosystem (8.1.a) and on the balance sheet of the Banco de España (8.1.b)

The structure of this indicator has been modified to give more precise information on asset purchase programmes. These monetary policy operations are proving to be one of the main liquidity providing mechanisms.

The opportunity has also been taken to introduce two further changes. First, the structure of the indicator has been modified, to show more clearly the headings representing assets (columns 1 to 5 and 12 to 16) and liabilities (columns 7 to 11 and 18 to 24). Second, the banknotes item (column 21) now shows the amount corresponding to the percentage allocated to the Banco de España of the total banknotes put into circulation by the Eurosystem as a whole, a percentage that is established according to the Banco de España’s key in the capital of the European Central Bank (previously it showed the banknotes put into circulation by the Banco de España).