Consolidated financial statement of the Eurosystem as at 3 October 2008
Items not related to monetary policy operations
In the week ending 3 October 2008, the net increase of EUR 12.3 billion in gold and gold receivables (asset item 1) mainly reflected quarterly revaluation adjustments. Transactions during the week resulted in a net decrease of EUR 157 million. This reflected, first, 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, second, the refining by a Eurosystem central bank of gold coin and bars into fine gold bullion.
The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) rose by EUR 34.9 billion to EUR 249.2 billion. The change was due to customer and portfolio transactions, US dollar liquidity-providing operations and the effect of the quarterly revaluation of assets and liabilities. On Friday, 3 October 2008, a US dollar overnight liquidity-providing operation amounting to USD 50 billion was settled. On the same day, a further US dollar liquidity-providing operation of USD 35 billion, with a maturity of seven days, matured. 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) increased by EUR 1.8 billion to EUR 113.1 billion. EUR 1.4 billion of this increase was caused by revaluations. Banknotes in circulation (liability item 1) increased by EUR 11.5 billion to EUR 693.2 billion. Liabilities to general government (liability item 5.1) rose by EUR 16 billion to EUR 71.4 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 56.9 billion to EUR 402.4 billion. On Tuesday, 30 September 2008, a special term refinancing operation of EUR 120 billion was settled. On Wednesday, 1 October 2008, a main refinancing operation of EUR 180 billion matured and a new one of EUR 190 billion was settled. On Friday, 3 October 2008, a liquidity-absorbing fine-tuning operation of EUR 193.8 billion, with an overnight maturity, was settled.
Recourse to the marginal lending facility (asset item 5.5) was EUR 24.6 billion (compared with EUR 6.8 billion in the preceding week), while recourse to the deposit facility (liability item 2.2) was EUR 38.9 billion (compared with EUR 28.1 billion 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) decreased by EUR 62 billion to EUR 153.4 billion.
Quarter-end revaluation of the Eurosystem’s assets and liabilities
In line with the Eurosystem’s harmonised accounting rules, gold, foreign exchange, securities holdings and financial instruments of the Eurosystem are revalued at market rates and prices as at the end of each quarter. The net impact of the revaluation on each balance sheet item as at 30 September 2008 is shown in the additional column “ Difference compared with last week due to quarter-end adjustments”. The gold price and the principal exchange rates used for the revaluation of balances were as follows:
Gold: EUR 627.141 per fine oz.
USD: 1.4303 per EUR
JPY: 150.47 per EUR
Special drawing rights: EUR 1.0884 per SDR
|Assets (EUR millions)||Balance||Difference compared with last week due to
|Totals/sub-totals may not add up, due to rounding|
|1||Gold and gold receivables||220,392||−157||12,438|
|2||Claims on non-euro area residents denominated in foreign currency||148,623||3,852||10,363|
|2.1||Receivables from the IMF||9,792||79||526|
|2.2||Balances with banks and security investments, external loans and other external assets||138,831||3,773||9,837|
|3||Claims on euro area residents denominated in foreign currency||132,210||23,943||5,114|
|4||Claims on non-euro area residents denominated in euro||13,939||−938||−165|
|4.1||Balances with banks, security investments and loans||13,939||−938||−165|
|4.2||Claims arising from the credit facility under ERM II||0||0||0|
|5||Lending to euro area credit institutions related to monetary policy operations denominated in euro||635,117||147,806||0|
|5.1||Main refinancing operations||189,999||9,998||0|
|5.2||Longer-term refinancing operations||420,519||120,003||0|
|5.3||Fine-tuning reverse operations||0||0||0|
|5.4||Structural reverse operations||0||0||0|
|5.5||Marginal lending facility||24,592||17,804||0|
|5.6||Credits related to margin calls||7||1||0|
|6||Other claims on euro area credit institutions denominated in euro||75,502||29,094||0|
|7||Securities of euro area residents denominated in euro||113,120||404||1,432|
|8||General government debt denominated in euro||37,448||0||−26|
|Liabilities (EUR millions)||Balance||Difference compared with last week due to
|Totals/sub-totals may not add up, due to rounding|
|1||Banknotes in circulation||693,205||11,546||0|
|2||Liabilities to euro area credit institutions related to monetary policy operations denominated in euro||386,132||142,671||0|
|2.1||Current accounts (covering the minimum reserve system)||153,367||−62,026||0|
|2.4||Fine-tuning reverse operations||0||0||0|
|2.5||Deposits related to margin calls||67||58||0|
|3||Other liabilities to euro area credit institutions denominated in euro||199||−119||0|
|4||Debt certificates issued||0||0||0|
|5||Liabilities to other euro area residents denominated in euro||79,018||16,692||0|
|6||Liabilities to non-euro area residents denominated in euro||161,598||34,134||0|
|7||Liabilities to euro area residents denominated in foreign currency||1,334||−960||158|
|8||Liabilities to non-euro area residents denominated in foreign currency||24,970||7,613||1,289|
|8.1||Deposits, balances and other liabilities||24,970||7,613||1,289|
|8.2||Liabilities arising from the credit facility under ERM II||0||0||0|
|9||Counterpart of special drawing rights allocated by the IMF||5,367||0||247|
|12||Capital and reserves||71,680||0||0|