Consolidated financial statement of the Eurosystem as at 12 September 2008

16 September 2008

Items not related to monetary policy operations

In the week ending 12 September 2008, the decrease of EUR 41 million in gold and gold receivables (asset item 1) reflected the sale of gold by two Eurosystem central banks (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 0.1 billion to EUR 166.9 billion on account of customer and portfolio transactions and US dollar liquidity-providing operations. On Thursday, 11 September 2008, a US dollar liquidity-providing operation of USD 20 billion matured and a new operation of USD 10 billion was settled, with a maturity of 28 days. On the same day, a further US dollar liquidity-providing operation of USD 10 billion was settled, with a maturity of 84 days. These operations were conducted by the Eurosystem in connection with the temporary reciprocal currency arrangement (swap line) between the ECB and the Federal Reserve System.

The holdings by the Eurosystem of marketable securities of euro area residents denominated in euro (asset item 7) rose by EUR 0.3 billion to EUR 110 billion. Banknotes in circulation (liability item 1) decreased by EUR 2 billion to EUR 682.7 billion. Liabilities to general government (liability item 5.1) decreased by EUR 1 billion to EUR 60.5 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) increased by EUR 16.5 billion to EUR 476.4 billion. On Wednesday, 10 September 2008, a main refinancing operation of EUR 160 billion matured and a new one of EUR 176.5 billion was settled. On Thursday, 11 September 2008, a supplementary longer-term refinancing operation of EUR 50 billion matured and a new one of EUR 50 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was virtually nil (approximately the same as in the previous week), and recourse to the deposit facility (liability item 2.2) was EUR 0.1 billion (also approximately the same as in the previous 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 19 billion to EUR 229.7 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 208,180 −41
2 Claims on non-euro area residents denominated in foreign currency 134,731 −489
2.1 Receivables from the IMF 9,162 −129
2.2 Balances with banks and security investments, external loans and other external assets 125,569 −360
3 Claims on euro area residents denominated in foreign currency 55,552 7
4 Claims on non-euro area residents denominated in euro 15,500 457
4.1 Balances with banks, security investments and loans 15,500 457
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 476,501 16,499
5.1 Main refinancing operations 176,501 16,501
5.2 Longer-term refinancing operations 299,998 −2
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 0 −1
5.6 Credits related to margin calls 2 1
6 Other claims on euro area credit institutions denominated in euro 40,638 3,056
7 Securities of euro area residents denominated in euro 110,010 282
8 General government debt denominated in euro 37,457 0
9 Other assets 379,157 −3,064
Total assets 1,457,726 16,707
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 682,677 −1,960
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 229,770 18,948
2.1 Current accounts (covering the minimum reserve system) 229,709 18,971
2.2 Deposit facility 55 −26
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 6 3
3 Other liabilities to euro area credit institutions denominated in euro 141 1
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 67,450 −1,008
5.1 General government 60,469 −1,025
5.2 Other liabilities 6,981 17
6 Liabilities to non-euro area residents denominated in euro 78,334 −646
7 Liabilities to euro area residents denominated in foreign currency 1,037 −298
8 Liabilities to non-euro area residents denominated in foreign currency 17,237 −92
8.1 Deposits, balances and other liabilities 17,237 −92
8.2 Liabilities arising from the credit facility under ERM II 0 0
9 Counterpart of special drawing rights allocated by the IMF 5,120 0
10 Other liabilities 151,918 1,760
11 Revaluation accounts 152,364 0
12 Capital and reserves 71,678 2
Total liabilities 1,457,726 16,707

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