Consolidated financial statement of the Eurosystem as at 8 May 2009

12 May 2009

Items not related to monetary policy operations

In the week ending 8 May 2009 the decrease of EUR 12 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) decreased by EUR 1 billion to EUR 263.9 billion on account of customer and portfolio transactions and US dollar liquidity-providing transactions.

Extraordinary transactions

Value date Type of transaction Maturing amount New amount
6 May 2009 7-day Swiss franc liquidity-providing EUR/CHF foreign exchange swap CHF 35.8 billion CHF 35.9 billion
7 May 2009 7-day US dollar liquidity-providing reverse transaction USD 67.1 billion USD 65.3 billion
7 May 2009 28-day US dollar liquidity-providing reverse transaction USD 19.4 billion USD 17.9 billion

The liquidity-providing transactions were conducted by the Eurosystem in connection with the temporary reciprocal currency arrangements (swap lines) that the European Central Bank has with the Swiss National Bank and the Federal Reserve System. The EUR/CHF foreign exchange swap 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 1.7 billion to EUR 292.4 billion. Banknotes in circulation (liability item 1) increased by EUR 0.3 billion to EUR 759.5 billion. Liabilities to general government (liability item 5.1) decreased by EUR 26 billion to EUR 130.7 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 9.2 billion to EUR 578 billion. On Wednesday, 6 May 2009, a main refinancing operation of EUR 233.2 billion matured and a new one of EUR 234.2 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was virtually nil (compared with EUR 2.8 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 75.3 billion (compared with EUR 67.8 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) increased by EUR 14.8 billion to EUR 188.8 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 240,817 −12
2 Claims on non-euro area residents denominated in foreign currency 159,299 2,163
2.1 Receivables from the IMF 16,220 1,896
2.2 Balances with banks and security investments, external loans and other external assets 143,079 267
3 Claims on euro area residents denominated in foreign currency 123,101 −2,233
4 Claims on non-euro area residents denominated in euro 21,359 840
4.1 Balances with banks, security investments and loans 21,359 840
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 653,352 −1,662
5.1 Main refinancing operations 234,197 1,040
5.2 Longer-term refinancing operations 419,097 5
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 24 −2,728
5.6 Credits related to margin calls 34 22
6 Other claims on euro area credit institutions denominated in euro 26,453 −1,454
7 Securities of euro area residents denominated in euro 292,405 −1,690
8 General government debt denominated in euro 36,790 0
9 Other assets 241,523 −78
Total assets 1,795,099 −4,125
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 759,502 335
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 264,137 22,399
2.1 Current accounts (covering the minimum reserve system) 188,787 14,848
2.2 Deposit facility 75,318 7,544
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 32 7
3 Other liabilities to euro area credit institutions denominated in euro 436 4
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 139,090 −25,801
5.1 General government 130,717 −26,013
5.2 Other liabilities 8,373 211
6 Liabilities to non-euro area residents denominated in euro 177,993 −1,887
7 Liabilities to euro area residents denominated in foreign currency 1,548 −1,380
8 Liabilities to non-euro area residents denominated in foreign currency 11,407 2,356
8.1 Deposits, balances and other liabilities 11,407 2,356
8.2 Liabilities arising from the credit facility under ERM II 0 0
9 Counterpart of special drawing rights allocated by the IMF 5,551 0
10 Other liabilities 159,644 −149
11 Revaluation accounts 202,952 0
12 Capital and reserves 72,840 −3
Total liabilities 1,795,099 −4,125

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