Consolidated financial statement of the Eurosystem as at 17 October 2008

21 October 2008

Items not related to monetary policy operations

In the week ending 17 October 2008, the decrease of EUR 41 million in gold and gold receivables (asset item 1) reflected the sale of gold by one Eurosystem central bank (consistent with the Central Bank Gold Agreement that came into effect on 27 September 2004).

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) increased by EUR 64.3 billion to EUR 343.3 billion on account of customer and portfolio transactions and US dollar liquidity-providing operations. On Thursday, 16 October 2008, a US dollar liquidity-providing operation of USD 170.9 billion was settled, with a maturity of seven days. This operation was 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 1.3 billion to EUR 114.8 billion. Banknotes in circulation (liability item 1) rose by EUR 9.7 billion to EUR 721.8 billion. Liabilities to general government (liability item 5.1) increased by EUR 15.1 billion to EUR 80 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) decreased by EUR 51.2 billion to EUR 533.4 billion. On Wednesday, 15 October 2008, a main refinancing operation of EUR 250 billion matured and a new one of EUR 310.4 billion was settled. On the same day, a liquidity-providing fine-tuning operation of EUR 24.7 billion matured.

Recourse to the marginal lending facility (asset item 5.5) was EUR 14 billion (compared with EUR 16.6 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 239.6 billion (compared with EUR 154.7 billion in the preceding 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) decreased by EUR 65.3 billion to EUR 230.5 billion.

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 220,196 −41
2 Claims on non-euro area residents denominated in foreign currency 146,591 −394
2.1 Receivables from the IMF 9,822 8
2.2 Balances with banks and security investments, external loans and other external assets 136,769 −402
3 Claims on euro area residents denominated in foreign currency 223,203 58,153
4 Claims on non-euro area residents denominated in euro 13,696 −495
4.1 Balances with banks, security investments and loans 13,696 −495
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 773,191 33,803
5.1 Main refinancing operations 311,986 61,103
5.2 Longer-term refinancing operations 447,182 3
5.3 Fine-tuning reverse operations 0 −24,681
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 14,003 −2,631
5.6 Credits related to margin calls 21 9
6 Other claims on euro area credit institutions denominated in euro 61,163 −4,947
7 Securities of euro area residents denominated in euro 114,816 1,256
8 General government debt denominated in euro 37,448 0
9 Other assets 382,779 3,894
Total assets 1,973,084 91,229
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 721,833 9,714
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 470,259 19,698
2.1 Current accounts (covering the minimum reserve system) 230,516 −65,304
2.2 Deposit facility 239,575 84,920
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 168 82
3 Other liabilities to euro area credit institutions denominated in euro 125 −18
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 91,921 6,238
5.1 General government 79,985 15,084
5.2 Other liabilities 11,937 −8,847
6 Liabilities to non-euro area residents denominated in euro 255,004 59,989
7 Liabilities to euro area residents denominated in foreign currency 1,297 329
8 Liabilities to non-euro area residents denominated in foreign currency 19,775 −6,893
8.1 Deposits, balances and other liabilities 19,775 −6,893
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 167,120 2,172
11 Revaluation accounts 168,685 0
12 Capital and reserves 71,680 0
Total liabilities 1,973,084 91,229

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