Consolidated financial statement of the Eurosystem as at 2 October 2009

7 October 2009

Items not related to monetary policy operations

In the week ending 2 October 2009, the increase of EUR 6,256.3 million in gold and gold receivables (asset item 1) reflected quarterly revaluation adjustments, as well as the sale of gold by one Eurosystem central bank (consistent with the Central Bank Gold Agreement that came into effect on 27 September 2009).

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) decreased by EUR 6.1 billion to EUR 183.1 billion. This change was due to the effect of quarterly revaluation adjustments, customer and portfolio transactions and US dollar liquidity-providing transactions.

Extraordinary transactions

Value date Type of transaction Maturing amount New amount
30 September 2009 7-day Swiss franc liquidity-providing EUR/CHF foreign exchange swap CHF 12 billion CHF 9.9 billion
1 October 2009 7-day US dollar liquidity-providing reverse transaction USD 40 billion USD 34.1 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 securities other than those held for monetary policy purposes (asset item 7.2) increased by EUR 0.4 billion to EUR 305.2 billion, mainly on account of quarter-end adjustments. Banknotes in circulation (liability item 1) increased by EUR 4.8 billion to EUR 770.9 billion. Liabilities to general government (liability item 5.1) decreased by EUR 4.2 billion to EUR 140.8 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 19.4 billion to EUR 583.7 billion. On Wednesday, 30 September 2009, a main refinancing operation of EUR 85 billion matured and a new one of EUR 66.8 billion was settled. On Thursday, 1 October 2009, a longer-term refinancing operation of EUR 6.4 billion, with a maturity of three months, matured and a new one of EUR 2.8 billion was settled. On the same day, a longer-term refinancing operation of EUR 75.2 billion, with a maturity of one year, was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.1 billion (approximately the same as in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 150.6 billion (compared with EUR 116.8 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 1.3 billion to EUR 15.6 billion in the week ending 2 October 2009.

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 28.5 billion to EUR 218.3 billion.

Quarter-end revaluation of the Eurosystem’s assets and liabilities

In line with the Eurosystem’s harmonised accounting rules, gold, foreign exchange, securities holdings and financial instruments of the Eurosystem are revalued at market rates and prices as at the end of each quarter. The net impact of the revaluation on each balance sheet item as at 2 October 2009 is shown in the additional column “ Difference compared with last week due to quarter-end adjustments”. The gold price and the principal exchange rates used for the revaluation of balances were as follows:

Gold: EUR 683.774 per fine oz.

USD: 1.4643 per EUR

JPY: 131.07 per EUR

Special drawing rights: EUR 1.0813 per SDR

Assets (EUR millions) Balance Difference compared with last week due to
i)transactions
ii)quarter-end adjustments
Totals/sub-totals may not add up, due to rounding
i) ii)
1 Gold and gold receivables 238,169 −15 6,271
2 Claims on non-euro area residents denominated in foreign currency 194,400 282 −2,191
2.1 Receivables from the IMF 62,858 52 −780
2.2 Balances with banks and security investments, external loans and other external assets 131,542 230 −1,411
3 Claims on euro area residents denominated in foreign currency 52,323 −4,130 −1,642
4 Claims on non-euro area residents denominated in euro 15,141 21 112
4.1 Balances with banks, security investments and loans 15,141 21 112
4.2 Claims arising from the credit facility under ERM II 0 0 0
5 Lending to euro area credit institutions related to monetary policy operations denominated in euro 734,324 53,276 0
5.1 Main refinancing operations 66,767 −18,237 0
5.2 Longer-term refinancing operations 667,440 71,577 0
5.3 Fine-tuning reverse operations 0 0 0
5.4 Structural reverse operations 0 0 0
5.5 Marginal lending facility 91 −50 0
5.6 Credits related to margin calls 26 −15 0
6 Other claims on euro area credit institutions denominated in euro 24,675 −1,680 0
7 Securities of euro area residents denominated in euro 320,756 1,135 556
7.1 Securities held for monetary policy purposes 15,579 1,348 −8
7.2 Other securities 305,177 −213 564
8 General government debt denominated in euro 36,204 0 −26
9 Other assets 228,574 −640 2,995
Total assets 1,844,567 48,249 6,075
Liabilities (EUR millions) Balance Difference compared with last week due to
i)transactions
ii)quarter-end adjustments
Totals/sub-totals may not add up, due to rounding
i) ii)
1 Banknotes in circulation 770,946 4,807 0
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 368,906 62,375 0
2.1 Current accounts (covering the minimum reserve system) 218,307 28,529 0
2.2 Deposit facility 150,597 33,845 0
2.3 Fixed-term deposits 0 0 0
2.4 Fine-tuning reverse operations 0 0 0
2.5 Deposits related to margin calls 2 0 0
3 Other liabilities to euro area credit institutions denominated in euro 158 4 0
4 Debt certificates issued 0 0 0
5 Liabilities to other euro area residents denominated in euro 151,750 −8,994 0
5.1 General government 140,836 −4,198 0
5.2 Other liabilities 10,913 −4,796 0
6 Liabilities to non-euro area residents denominated in euro 76,339 −9,376 0
7 Liabilities to euro area residents denominated in foreign currency 3,865 1,015 −180
8 Liabilities to non-euro area residents denominated in foreign currency 8,841 −1,531 −340
8.1 Deposits, balances and other liabilities 8,841 −1,531 −340
8.2 Liabilities arising from the credit facility under ERM II 0 0 0
9 Counterpart of special drawing rights allocated by the IMF 50,906 0 −575
10 Other liabilities 147,644 −50 2,715
11 Revaluation accounts 192,254 0 4,457
12 Capital and reserves 72,958 0 −1
Total liabilities 1,844,567 48,249 6,075

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