Consolidated financial statement of the Eurosystem as at 10 October 2008

14 October 2008

Items not related to monetary policy operations

In the week ending 10 October 2008, the decrease of EUR 153 million in gold and gold receivables (asset item 1) corresponded, first, to the sale of gold by one Eurosystem central bank (consistent with the Central Bank Gold Agreement that came into effect on 27 September 2004) and, second, to the net sale of gold coin by another Eurosystem central bank.

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) increased by EUR 29.8 billion to EUR 279 billion on account of customer and portfolio transactions and US dollar liquidity-providing operations. On Thursday, 9 October 2008, a US dollar liquidity-providing operation of USD 10 billion matured and a new operation of USD 20 billion was settled, with a maturity of 84 days. On Friday, 10 October 2008, a US dollar overnight liquidity-providing operation of USD 93.9 billion was settled. These operations were conducted by the Eurosystem in connection with the temporary reciprocal currency arrangement (swap line) between the ECB and the Federal Reserve System.

The holdings by the Eurosystem of marketable securities of euro area residents denominated in euro (asset item 7) increased by EUR 0.4 billion to EUR 113.6 billion. Banknotes in circulation (liability item 1) rose by EUR 18.9 billion to EUR 712.1 billion. Liabilities to general government (liability item 5.1) fell by EUR 6.5 billion to EUR 64.9 billion.

Items related to monetary policy operations

The Eurosystem’s net lending to credit institutions (asset item 5 minus liability items 2.2, 2.3, 2.4, 2.5 and 4) increased by EUR 182.3 billion to EUR 584.6 billion. On Monday, 6 October 2008, a liquidity-absorbing fine-tuning operation of EUR 193.8 billion matured. On Wednesday, 8 October 2008, a main refinancing operation of EUR 190 billion matured and a new one of EUR 250 billion was settled. On Thursday, 9 October 2008, a supplementary longer-term refinancing operation of EUR 25 billion matured and a new one of EUR 50 billion was settled. On the same day, a liquidity-providing fine-tuning operation of EUR 24.7 billion, with a six-day maturity, was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 16.6 billion (compared with EUR 24.6 billion in the preceding week), while recourse to the deposit facility (liability item 2.2) was EUR 154.7 billion (compared with EUR 38.9 billion in the previous week).

Current accounts of euro area credit institutions

As a result of all transactions, the current account position of credit institutions with the Eurosystem (liability item 2.1) increased by EUR 142.5 billion to EUR 295.8 billion.

Other issues

It should be noted that the figures in the consolidated weekly financial statement of the Eurosystem as at 3 October 2008 (published on 8 October 2008) have changed due to technical adjustments in one Eurosystem central bank. These changes are, however, deemed to be immaterial and, consequently, a republication of the consolidated weekly financial statement of the Eurosystem as at 3 October 2008 is not necessary. The actual week-on-week changes shown in this week’s financial statement already include the aforementioned changes.

Assets (EUR millions) Balance Difference compared with last week due to transactions
Totals/sub-totals may not add up, due to rounding
1 Gold and gold receivables 220,237 −153
2 Claims on non-euro area residents denominated in foreign currency 146,985 −1,661
2.1 Receivables from the IMF 9,814 0
2.2 Balances with banks and security investments, external loans and other external assets 137,171 −1,661
3 Claims on euro area residents denominated in foreign currency 165,050 32,840
4 Claims on non-euro area residents denominated in euro 14,191 395
4.1 Balances with banks, security investments and loans 14,191 395
4.2 Claims arising from the credit facility under ERM II 0 0
5 Lending to euro area credit institutions related to monetary policy operations denominated in euro 739,388 104,271
5.1 Main refinancing operations 250,882 60,882
5.2 Longer-term refinancing operations 447,179 26,660
5.3 Fine-tuning reverse operations 24,681 24,681
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 16,634 −7,957
5.6 Credits related to margin calls 12 4
6 Other claims on euro area credit institutions denominated in euro 66,110 −9,537
7 Securities of euro area residents denominated in euro 113,560 443
8 General government debt denominated in euro 37,448 0
9 Other assets 378,886 −3,458
Total assets 1,881,854 123,139
Liabilities (EUR millions) Balance Difference compared with last week due to transactions
Totals/sub-totals may not add up, due to rounding
1 Banknotes in circulation 712,119 18,914
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 450,561 64,429
2.1 Current accounts (covering the minimum reserve system) 295,820 142,453
2.2 Deposit facility 154,655 115,801
2.3 Fixed-term deposits 0 −193,844
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 86 20
3 Other liabilities to euro area credit institutions denominated in euro 143 −56
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 85,684 6,666
5.1 General government 64,900 −6,491
5.2 Other liabilities 20,783 13,158
6 Liabilities to non-euro area residents denominated in euro 195,015 33,420
7 Liabilities to euro area residents denominated in foreign currency 968 −366
8 Liabilities to non-euro area residents denominated in foreign currency 26,668 1,699
8.1 Deposits, balances and other liabilities 26,668 1,699
8.2 Liabilities arising from the credit facility under ERM II 0 0
9 Counterpart of special drawing rights allocated by the IMF 5,384 0
10 Other liabilities 164,948 −1,568
11 Revaluation accounts 168,685 0
12 Capital and reserves 71,680 1
Total liabilities 1,881,854 123,139

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