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Consolidated financial statement of the Eurosystem as at 21 August 2009

25 August 2009

Items not related to monetary policy operations

In the week ending 21 August 2009 the decrease of EUR 8 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) and the purchase of gold 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) decreased by EUR 4.6 billion to EUR 194.1 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
19 August 2009 7-day Swiss franc liquidity-providing EUR/CHF foreign exchange swap CHF 17.6 billion CHF 18.4 billion
20 August 2009 7-day US dollar liquidity-providing reverse transaction USD 45.2 billion USD 38.4 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 0.1 billion to EUR 304.6 billion. Banknotes in circulation (liability item 1) decreased by EUR 4.5 billion to EUR 768.3 billion. Liabilities to general government (liability item 5.1) increased by EUR 1.2 billion to EUR 114.5 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 47 billion to EUR 569.6 billion. On Wednesday, 19 August 2009, a main refinancing operation of EUR 73.6 billion matured and a new one of EUR 76.1 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.1 billion (compared with EUR 0.2 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 160.2 billion (compared with EUR 110.8 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 0.9 billion to EUR 7.9 billion in the week ending 21 August 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) decreased by EUR 43.1 billion to EUR 221.1 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 232,109 −8
2 Claims on non-euro area residents denominated in foreign currency 158,416 −13
2.1 Receivables from the IMF 17,093 0
2.2 Balances with banks and security investments, external loans and other external assets 141,322 −13
3 Claims on euro area residents denominated in foreign currency 56,935 −4,353
4 Claims on non-euro area residents denominated in euro 17,178 −747
4.1 Balances with banks, security investments and loans 17,178 −747
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 729,812 2,354
5.1 Main refinancing operations 76,056 2,460
5.2 Longer-term refinancing operations 653,645 −1
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 62 −145
5.6 Credits related to margin calls 48 40
6 Other claims on euro area credit institutions denominated in euro 22,955 349
7 Securities of euro area residents denominated in euro 312,553 1,010
7.1 Securities held for monetary policy purposes 7,926 893
7.2 Other securities 304,627 117
8 General government debt denominated in euro 36,230 0
9 Other assets 232,176 −1,986
Total assets 1,798,364 −3,393
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 768,321 −4,508
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 381,326 6,323
2.1 Current accounts (covering the minimum reserve system) 221,138 −43,051
2.2 Deposit facility 160,184 49,372
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 4 1
3 Other liabilities to euro area credit institutions denominated in euro 222 −24
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 125,173 1,799
5.1 General government 114,518 1,193
5.2 Other liabilities 10,654 607
6 Liabilities to non-euro area residents denominated in euro 91,344 −7,414
7 Liabilities to euro area residents denominated in foreign currency 2,984 −614
8 Liabilities to non-euro area residents denominated in foreign currency 12,818 800
8.1 Deposits, balances and other liabilities 12,818 800
8.2 Liabilities arising from the credit facility under ERM II 0 0
9 Counterpart of special drawing rights allocated by the IMF 5,436 0
10 Other liabilities 149,986 244
11 Revaluation accounts 187,797 0
12 Capital and reserves 72,959 0
Total liabilities 1,798,364 −3,393
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