The Central Bank balance sheet for the end of April 2011 has been released. It shows a decline of €12.6 billion in the famous “Other Assets” category which is where the Bank’s ELA operations show up. It also shows a decline of €8 billion in lending under the Eurosystem umbrella. These are large declines for a one month period and it’s not clear how they came about, i.e. whether there was a large increase in deposits at the guaranteed banks, whether any new market funding was sourced (unlikely) or whether there were significant deleveraging deals involving selling off foreign loan books and using them to pay off central banks.
As Namawinelake notes, these questions will be clarified at the end of this month when the balance sheet of the guaranteed banks for April will be released. Certainly, the decline in emergency borrowing from central banks is welcome and is a first concrete sign that the March 31st announcements have had a positive effect on the health of the banking system.
Update: Thanks to Eoin and Lorcan for coming up with the real story. NTMA have deposited €19 billion in cash resources into the banks. Reuters have a story here while Lorcan had already figured it out. NTMA apparently couldn’t be bothered putting out a press release. So all of the above out positive effects etc. is hereby withdrawn.