Consolidated financial statement of the Eurosystem as at 19 September 2008

23 September 2008

Items not related to monetary policy operations

In the week ending 19 September 2008, the decrease of EUR 55 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) increased by EUR 27.9 billion to EUR 194.7 billion on account of customer and portfolio transactions and US dollar liquidity-providing operations. On Friday, 19 September 2008, a US dollar overnight liquidity-providing operation of USD 40 billion was settled. This operation was 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 110.3 billion. Banknotes in circulation (liability item 1) decreased by EUR 1.4 billion to EUR 681.3 billion. Liabilities to general government (liability item 5.1) decreased by EUR 14 billion to EUR 46.4 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 28 billion to EUR 448.5 billion. On Wednesday, 17 September 2008, a main refinancing operation of EUR 176.5 billion matured and a new one of EUR 150 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 1.3 billion (compared with virtually nil in the preceding week), and recourse to the deposit facility (liability item 2.2) was EUR 1.8 billion (compared with EUR 0.1 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 16.4 billion to EUR 213.3 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 208,125 −55
2 Claims on non-euro area residents denominated in foreign currency 131,150 −3,581
2.1 Receivables from the IMF 9,163 1
2.2 Balances with banks and security investments, external loans and other external assets 121,987 −3,582
3 Claims on euro area residents denominated in foreign currency 85,500 29,948
4 Claims on non-euro area residents denominated in euro 16,078 578
4.1 Balances with banks, security investments and loans 16,078 578
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 450,269 −26,232
5.1 Main refinancing operations 150,001 −26,500
5.2 Longer-term refinancing operations 299,005 −993
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 1,260 1,260
5.6 Credits related to margin calls 3 1
6 Other claims on euro area credit institutions denominated in euro 43,475 2,837
7 Securities of euro area residents denominated in euro 110,310 300
8 General government debt denominated in euro 37,474 17
9 Other assets 378,204 −953
Total assets 1,460,585 2,859
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 681,310 −1,367
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 215,097 −14,673
2.1 Current accounts (covering the minimum reserve system) 213,293 −16,416
2.2 Deposit facility 1,801 1,746
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 3 −3
3 Other liabilities to euro area credit institutions denominated in euro 142 1
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 54,424 −13,026
5.1 General government 46,433 −14,036
5.2 Other liabilities 7,991 1,010
6 Liabilities to non-euro area residents denominated in euro 108,386 30,052
7 Liabilities to euro area residents denominated in foreign currency 1,528 491
8 Liabilities to non-euro area residents denominated in foreign currency 15,261 −1,976
8.1 Deposits, balances and other liabilities 15,261 −1,976
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 155,271 3,353
11 Revaluation accounts 152,364 0
12 Capital and reserves 71,682 4
Total liabilities 1,460,585 2,859

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