Consolidated financial statement of the Eurosystem as at 31 October 2008

4 November 2008

Items not related to monetary policy operations

In the week ending 31 October 2008, the decrease of EUR 2 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 7.3 billion to EUR 338.2 billion on account of customer and portfolio transactions and US dollar liquidity-providing operations. On Thursday, 30 October 2008, a US dollar liquidity-providing reverse transaction of USD 68 billion matured and a new transaction of USD 92.1 billion was settled, with a maturity of seven days. On the same day, a US dollar currency swap operation of USD 3.9 billion matured and a new operation of USD 14.5 billion was settled, with a maturity of seven days. This currency swap operation had no effect on the net position of the Eurosystem in foreign currency. All US dollar-denominated transactions were conducted by the Eurosystem in connection with the temporary reciprocal currency arrangement (swap line) between the European Central Bank (ECB) and the Federal Reserve System. On Wednesday, 29 October 2008, a Swiss franc currency swap operation of CHF 22.3 billion matured and a new operation of CHF 18.8 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 Swiss National Bank and had no effect on the net position of the Eurosystem in foreign currency.

The holdings by the Eurosystem of marketable securities of euro area residents denominated in euro (asset item 7) increased by EUR 0.6 billion to EUR 116.9 billion. Banknotes in circulation (liability item 1) increased by EUR 4.6 billion to EUR 727.7 billion. Liabilities to general government (liability item 5.1) decreased by EUR 24.9 billion to EUR 95.4 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 4.5 billion to EUR 560.2 billion. On Wednesday, 29 October 2008, a main refinancing operation of EUR 305.4 billion matured and a new one of EUR 325.1 billion was settled. On Thursday, 30 October 2008, a longer-term refinancing operation of EUR 50 billion matured and a new one of EUR 103.1 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 11.2 billion (compared with EUR 14.1 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 279.4 billion (compared with EUR 202.6 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 1.7 billion to EUR 179.4 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 220,193 −2
2 Claims on non-euro area residents denominated in foreign currency 155,164 1,223
2.1 Receivables from the IMF 9,750 −71
2.2 Balances with banks and security investments, external loans and other external assets 145,414 1,294
3 Claims on euro area residents denominated in foreign currency 205,828 6,968
4 Claims on non-euro area residents denominated in euro 11,232 −1,724
4.1 Balances with banks, security investments and loans 11,232 −1,724
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 839,593 72,362
5.1 Main refinancing operations 326,565 20,614
5.2 Longer-term refinancing operations 501,789 54,602
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 11,230 −2,855
5.6 Credits related to margin calls 10 1
6 Other claims on euro area credit institutions denominated in euro 63,626 −419
7 Securities of euro area residents denominated in euro 116,915 573
8 General government debt denominated in euro 37,441 0
9 Other assets 381,454 −5,698
Total assets 2,031,447 73,284
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 727,706 4,622
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 458,872 75,085
2.1 Current accounts (covering the minimum reserve system) 179,442 −1,735
2.2 Deposit facility 279,365 76,807
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 64 13
3 Other liabilities to euro area credit institutions denominated in euro 208 −13
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 109,414 −28,308
5.1 General government 95,363 −24,895
5.2 Other liabilities 14,051 −3,413
6 Liabilities to non-euro area residents denominated in euro 303,381 19,802
7 Liabilities to euro area residents denominated in foreign currency 680 608
8 Liabilities to non-euro area residents denominated in foreign currency 16,706 278
8.1 Deposits, balances and other liabilities 16,706 278
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 168,731 1,209
11 Revaluation accounts 168,685 0
12 Capital and reserves 71,681 0
Total liabilities 2,031,447 73,284

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