October 2011

Change in indicator 8.1 relating to the Eurosystem balance sheet (8.1.a) and to the Banco de España balance sheet (8.1.b)

The indicator has been changed in columns 12 and 27, which comprise, among other stocks, the operations relating to the Eurosystem Securities Markets Programme, so as to include, additionally, the liquidity absorbing operations which neutralise the effect on liquidity of the purchases made under this programme. These liquidity absorbing operations were previously included, along with other fine-tuning reverse operations, in columns 4 and 17, under the heading “Fine-tuning reverse operations (net)”, from which they are now excluded. This also entails changes in the related time series of totals (columns 1, 8, 14 and 23).

With these changes the simplified balance sheets of the Eurosystem and of the Banco de España presented in this indicator reflect in a single item the overall effect of the purchases under the Eurosystem Securities Markets Programme and the resulting weekly liquidity absorbing operations carried out to sterilise the effect of the programme on liquidity.