Consolidated financial statement of the Eurosystem as at 7 November 2008

In the week ending 7 November 2008, the increase of EUR 1 million in gold and gold receivables (asset item 1) reflected mainly the net purchase of gold coin by one Eurosystem central bank.

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) increased by EUR 22.8 billion to EUR 361.1 billion on account of customer and portfolio transactions and US dollar liquidity-providing operations. On Thursday, 6 November 2008, a US dollar liquidity-providing reverse transaction of USD 10 billion matured, and a new transaction of USD 70.8 billion, with a maturity of 84 days, was settled. On the same day, a further US dollar liquidity-providing reverse transaction of USD 92.1 billion matured, and a new transaction of USD 58.6 billion, with a maturity of seven days, was settled. Also on Thursday, 6 November 2008, a EUR/USD foreign exchange swap operation of USD 14.5 billion matured and a new operation of USD 1 billion, with a maturity of seven days, was settled and, on the same day, a further EUR/USD foreign exchange swap operation of USD 0.7 billion, with a maturity of 84 days, was settled. These two foreign exchange swap operations had no effect on the net position of the Eurosystem in foreign currency. All US dollar-denominated transactions were conducted by the Eurosystem in connection with the temporary reciprocal currency arrangement (swap line) between the European Central Bank (ECB) and the Federal Reserve System. On Wednesday, 5 November 2008, a EUR/CHF foreign exchange swap operation of CHF 18.8 billion matured and a new operation of CHF 21.2 billion, with a maturity of seven days, was settled. On Friday, 7 November 2008, a EUR/CHF foreign exchange swap operation of CHF 1.1 billion, with a maturity of 84 days, was settled. These operations were conducted by the Eurosystem in connection with the temporary reciprocal currency arrangement (swap line) between the ECB and the Swiss National Bank and had no effect on the net position of the Eurosystem in foreign currency.

The holdings by the Eurosystem of marketable securities of euro area residents denominated in euro (asset item 7) rose by EUR 1.7 billion to EUR 118.7 billion. Banknotes in circulation (liability item 1) increased by EUR 1.6 billion to EUR 729.3 billion. Liabilities to general government (liability item 5.1) decreased by EUR 19.6 billion to EUR 75.7 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) decreased by EUR 62.2 billion to EUR 497.9 billion. On Wednesday, 5 November 2008, a main refinancing operation of EUR 325.1 billion matured and a new one of EUR 312 billion was settled. On Friday, 7 November 2008, a special term refinancing operation of EUR 120 billion matured and a new one of EUR 20.4 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 8.4 billion (compared with EUR 11.2 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 225.5 billion (compared with EUR 279.4 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) decreased by EUR 27.1 billion to EUR 152.4 billion.