Consolidated financial statement of the Eurosystem as at 6 February 2009

10 February 2009

Items not related to monetary policy operations

In the week ending 6 February 2009, the decrease of EUR 6 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) remained virtually unchanged at EUR 315 billion on account of customer and portfolio transactions and US dollar liquidity-providing operations. On Thursday, 5 February 2009, a US dollar liquidity-providing reverse transaction of USD 61.5 billion matured and a new transaction of USD 59.1 billion, with a maturity of seven days, was settled. On the same day, an EUR/USD foreign exchange swap operation of USD 0.6 billion, with a maturity of seven days, matured. This foreign exchange 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, 4 February 2009, an EUR/CHF foreign exchange swap operation of CHF 28.5 billion matured and a new operation of CHF 35.3 billion, with a maturity of seven days, was settled. These operations were 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) decreased by EUR 1.6 billion to EUR 281.4 billion. Banknotes in circulation (liability item 1) increased by EUR 1.7 billion to EUR 741.9 billion. Liabilities to general government (liability item 5.1) decreased by EUR 39.2 billion to EUR 80.9 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) decreased by EUR 27.3 billion to EUR 555.9 billion. On Wednesday, 4 February 2009, a main refinancing operation of EUR 214.2 billion matured and a new one of EUR 207.1 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.8 billion (compared with EUR 4.8 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 180.7 billion (compared with EUR 164.9 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 5.5 billion to EUR 195 billion.

Other issues

It should be noted with respect to the consolidated weekly financial statement of the Eurosystem as at 30 January 2009 (published on 3 February 2009) that other assets (asset item 9) should have shown a balance of EUR 233,270 million, instead of EUR 233,480 million, and that liabilities to general government denominated in euro (liability item 5.1) should have read EUR 120,119 million, instead of EUR 120,329 million.

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 218,314 −6
2 Claims on non-euro area residents denominated in foreign currency 159,697 517
2.1 Receivables from the IMF 13,171 −1
2.2 Balances with banks and security investments, external loans and other external assets 146,525 518
3 Claims on euro area residents denominated in foreign currency 170,913 −301
4 Claims on non-euro area residents denominated in euro 22,308 −224
4.1 Balances with banks, security investments and loans 22,308 −224
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 737,215 −11,109
5.1 Main refinancing operations 207,752 −7,108
5.2 Longer-term refinancing operations 528,622 5
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 795 −4,041
5.6 Credits related to margin calls 46 35
6 Other claims on euro area credit institutions denominated in euro 30,209 −3,300
7 Securities of euro area residents denominated in euro 281,385 −1,597
8 General government debt denominated in euro 37,389 −50
9 Other assets 236,367 3,097
Total assets 1,893,796 −12,973
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 741,932 1,669
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 376,271 10,664
2.1 Current accounts (covering the minimum reserve system) 195,000 −5,534
2.2 Deposit facility 180,691 15,756
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 579 441
3 Other liabilities to euro area credit institutions denominated in euro 603 194
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 89,175 −38,385
5.1 General government 80,924 −39,195
5.2 Other liabilities 8,251 810
6 Liabilities to non-euro area residents denominated in euro 244,507 12,304
7 Liabilities to euro area residents denominated in foreign currency 826 −1,001
8 Liabilities to non-euro area residents denominated in foreign currency 9,376 1,253
8.1 Deposits, balances and other liabilities 9,376 1,253
8.2 Liabilities arising from the credit facility under ERM II 0 0
9 Counterpart of special drawing rights allocated by the IMF 5,446 0
10 Other liabilities 177,928 335
11 Revaluation accounts 176,589 0
12 Capital and reserves 71,144 −5
Total liabilities 1,893,796 −12,973

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