Consolidated financial statement of the Eurosystem as at 7 November 2008
Items not related to monetary policy operations
In the week ending 7 November 2008, the increase of EUR 1 million in gold and gold receivables (asset item 1) reflected mainly the net purchase of gold coin by one 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 22.8 billion to EUR 361.1 billion on account of customer and portfolio transactions and US dollar liquidity-providing operations. On Thursday, 6 November 2008, a US dollar liquidity-providing reverse transaction of USD 10 billion matured, and a new transaction of USD 70.8 billion, with a maturity of 84 days, was settled. On the same day, a further US dollar liquidity-providing reverse transaction of USD 92.1 billion matured, and a new transaction of USD 58.6 billion, with a maturity of seven days, was settled. Also on Thursday, 6 November 2008, a EUR/USD foreign exchange swap operation of USD 14.5 billion matured and a new operation of USD 1 billion, with a maturity of seven days, was settled and, on the same day, a further EUR/USD foreign exchange swap operation of USD 0.7 billion, with a maturity of 84 days, was settled. These two foreign exchange swap operations 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, 5 November 2008, a EUR/CHF foreign exchange swap operation of CHF 18.8 billion matured and a new operation of CHF 21.2 billion, with a maturity of seven days, was settled. On Friday, 7 November 2008, a EUR/CHF foreign exchange swap operation of CHF 1.1 billion, with a maturity of 84 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) rose by EUR 1.7 billion to EUR 118.7 billion. Banknotes in circulation (liability item 1) increased by EUR 1.6 billion to EUR 729.3 billion. Liabilities to general government (liability item 5.1) decreased by EUR 19.6 billion to EUR 75.7 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 62.2 billion to EUR 497.9 billion. On Wednesday, 5 November 2008, a main refinancing operation of EUR 325.1 billion matured and a new one of EUR 312 billion was settled. On Friday, 7 November 2008, a special term refinancing operation of EUR 120 billion matured and a new one of EUR 20.4 billion was settled.
Recourse to the marginal lending facility (asset item 5.5) was EUR 8.4 billion (compared with EUR 11.2 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 225.5 billion (compared with EUR 279.4 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 27.1 billion to EUR 152.4 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 | 1 | |
2 | Claims on non-euro area residents denominated in foreign currency | 155,783 | 619 | |
2.1 | Receivables from the IMF | 10,051 | 301 | |
2.2 | Balances with banks and security investments, external loans and other external assets | 145,732 | 318 | |
3 | Claims on euro area residents denominated in foreign currency | 226,525 | 20,697 | |
4 | Claims on non-euro area residents denominated in euro | 11,426 | 194 | |
4.1 | Balances with banks, security investments and loans | 11,426 | 194 | |
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 | 723,410 | −116,183 | |
5.1 | Main refinancing operations | 312,790 | −13,775 | |
5.2 | Longer-term refinancing operations | 402,168 | −99,622 | |
5.3 | Fine-tuning reverse operations | 0 | 0 | |
5.4 | Structural reverse operations | 0 | 0 | |
5.5 | Marginal lending facility | 8,441 | −2,788 | |
5.6 | Credits related to margin calls | 12 | 2 | |
6 | Other claims on euro area credit institutions denominated in euro | 67,356 | 3,730 | |
7 | Securities of euro area residents denominated in euro | 118,661 | 1,746 | |
8 | General government debt denominated in euro | 37,442 | 1 | |
9 | Other assets | 379,570 | −1,885 | |
Total assets | 1,940,367 | −91,081 |
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 | 729,294 | 1,588 | |
2 | Liabilities to euro area credit institutions related to monetary policy operations denominated in euro | 377,887 | −81,032 | |
2.1 | Current accounts (covering the minimum reserve system) | 152,351 | −27,092 | |
2.2 | Deposit facility | 225,500 | −53,912 | |
2.3 | Fixed-term deposits | 0 | 0 | |
2.4 | Fine-tuning reverse operations | 0 | 0 | |
2.5 | Deposits related to margin calls | 36 | −28 | |
3 | Other liabilities to euro area credit institutions denominated in euro | 273 | 65 | |
4 | Debt certificates issued | 0 | 0 | |
5 | Liabilities to other euro area residents denominated in euro | 86,873 | −22,494 | |
5.1 | General government | 75,728 | −19,634 | |
5.2 | Other liabilities | 11,145 | −2,860 | |
6 | Liabilities to non-euro area residents denominated in euro | 315,863 | 12,482 | |
7 | Liabilities to euro area residents denominated in foreign currency | −880 | −1,560 | |
8 | Liabilities to non-euro area residents denominated in foreign currency | 16,746 | 40 | |
8.1 | Deposits, balances and other liabilities | 16,746 | 40 | |
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 | 168,559 | −173 | |
11 | Revaluation accounts | 168,685 | 0 | |
12 | Capital and reserves | 71,683 | 3 | |
Total liabilities | 1,940,367 | −91,081 |
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