Consolidated financial statement of the Eurosystem as at 26 September 2008

30 September 2008

Items not related to monetary policy operations

In the week ending 26 September 2008, the decrease of EUR 14 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 19.5 billion to EUR 214.2 billion on account of customer and portfolio transactions and US dollar liquidity-providing operations. On Thursday, 25 September 2008, a US dollar liquidity-providing operation of USD 20 billion matured and a new operation of USD 25 billion was settled, with a maturity of 28 days. On Friday, 26 September 2008, a US dollar overnight liquidity-providing operation of USD 30 billion was settled. On the same day, a further US dollar liquidity-providing operation of USD 35 billion was settled, with a maturity of seven 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 1 billion to EUR 111.3 billion. Banknotes in circulation (liability item 1) increased by EUR 0.3 billion to EUR 681.7 billion. Liabilities to general government (liability item 5.1) increased by EUR 9 billion to EUR 55.4 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) increased by EUR 10.8 billion to EUR 459.2 billion. On Wednesday, 24 September 2008, a main refinancing operation of EUR 150 billion matured and a new one of EUR 180 billion was settled. On Thursday, 25 September 2008, a 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 EUR 6.8 billion (compared with EUR 1.3 billion in the preceding week), and recourse to the deposit facility (liability item 2.2) was EUR 28.1 billion (compared with EUR 1.8 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) increased by EUR 2.1 billion to EUR 215.4 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 208,111 −14
2 Claims on non-euro area residents denominated in foreign currency 134,408 3,258
2.1 Receivables from the IMF 9,187 24
2.2 Balances with banks and security investments, external loans and other external assets 125,221 3,234
3 Claims on euro area residents denominated in foreign currency 103,153 17,653
4 Claims on non-euro area residents denominated in euro 15,042 −1,036
4.1 Balances with banks, security investments and loans 15,042 −1,036
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 487,311 37,042
5.1 Main refinancing operations 180,001 30,000
5.2 Longer-term refinancing operations 300,516 1,511
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 6,788 5,528
5.6 Credits related to margin calls 6 3
6 Other claims on euro area credit institutions denominated in euro 46,408 2,933
7 Securities of euro area residents denominated in euro 111,284 974
8 General government debt denominated in euro 37,474 0
9 Other assets 375,357 −2,847
Total assets 1,518,548 57,963
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 681,659 349
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 243,461 28,364
2.1 Current accounts (covering the minimum reserve system) 215,393 2,100
2.2 Deposit facility 28,059 26,258
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 9 6
3 Other liabilities to euro area credit institutions denominated in euro 318 176
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 62,326 7,902
5.1 General government 55,430 8,997
5.2 Other liabilities 6,896 −1,095
6 Liabilities to non-euro area residents denominated in euro 127,464 19,078
7 Liabilities to euro area residents denominated in foreign currency 2,136 608
8 Liabilities to non-euro area residents denominated in foreign currency 16,068 807
8.1 Deposits, balances and other liabilities 16,068 807
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 155,952 681
11 Revaluation accounts 152,364 0
12 Capital and reserves 71,680 −2
Total liabilities 1,518,548 57,963

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