Consolidated financial statement of the Eurosystem as at 26 September 2008

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.

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).

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.