Commentary: ECB 19 November

ECB

In the week ending 14 November 2025 the net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) increased by EUR 1.0 billion to EUR 327.3 billion.

The net balance of open market operations and standing facilities (asset item 5 minus liability items 2.2, 2.3, 2.4, 2.5 and 4) decreased by EUR 7.3 billion to ‑EUR 2,489.8 billion. This was primarily due to the change in the level of the deposit facility (liability item 2.2).

Base money (liability items 1, 2.1 and 2.2) fell by EUR 3.2 billion to EUR 4,269.4 billion.

The table below provides the detailed breakdown of securities held for monetary policy purposes (asset item 7.1) into the different portfolios. All debt securities held in these portfolios are accounted for at amortised cost.

Table 1

Monetary policy securities portfolios

Reported value as at 14 November 2025

Weekly change - purchases [1]

Weekly change - redemptions

Securities Markets Programme

EUR 0.7 billion

-

-

Covered bond purchase programme 3

EUR 213.7 billion

-

-EUR 0.7 billion

Asset-backed securities purchase programme

EUR 3.7 billion

-

- EUR 0.0 billion

Public sector purchase programme

EUR 1,887.7 billion

-

-EUR 0.2 billion

Corporate sector purchase programme

EUR 253.0 billion

-

-EUR 0.4 billion

Pandemic emergency purchase programme

EUR 1,441.6 billion

-

-EUR 0.2 billion

[1] With the discontinuation of the reinvestments under the asset purchase programme, this column may sometimes show negative amounts. These are expected to be infrequent and would result from sales of securities conducted, for instance, for risk management purposes.

Revisions to some items in the statement published on 11 November 2025

On account of revisions to some items, it has been necessary to update the consolidated weekly financial statement of the Eurosystem as at 7 November 2025 (published on 11 November 2025). The following table provides an overview of the main items affected.

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