Consolidated financial statement of the Eurosystem as at 14 November 2008

18 November 2008

Items not related to monetary policy operations

In the week ending 14 November 2008, the decrease of EUR 10 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) and a purchase of gold coin by another 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 5.7 billion to EUR 366.7 billion on account of customer and portfolio transactions and liquidity-providing operations. On Thursday, 13 November 2008, a US dollar liquidity-providing reverse transaction of USD 58.6 billion matured and a new transaction of USD 60.6 billion, with a maturity of seven days, was settled. On the same day, a EUR/USD foreign exchange swap operation of USD 1 billion matured and a new operation of USD 1 billion, with a maturity of seven days, was settled. This foreign exchange swap operation 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, 12 November 2008, a EUR/CHF foreign exchange swap operation of CHF 21.2 billion matured and a new operation of CHF 15.2 billion, with a maturity of seven days, was settled. This operation was 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. On Wednesday, 12 November 2008, a EUR/DKK foreign exchange swap operation of DKK 27.5 billion, with a maturity of one month, was settled. This operation was conducted by the Eurosystem in connection with the temporary reciprocal currency arrangement (swap line) between the ECB and Danmarks Nationalbank.

The holdings by the Eurosystem of marketable securities of euro area residents denominated in euro (asset item 7) increased by EUR 0.1 billion to EUR 118.8 billion. Banknotes in circulation (liability item 1) decreased by EUR 0.7 billion to EUR 728.6 billion. Liabilities to general government (liability item 5.1) increased by EUR 2 billion to EUR 77.7 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 139 billion to EUR 636.8 billion. On Wednesday, 12 November 2008, a main refinancing operation of EUR 312 billion matured and a new one of EUR 334.4 billion was settled. On Thursday, 13 November 2008, a supplementary longer-term refinancing operation of EUR 50 billion matured and a new one of EUR 66.8 billion, with a maturity of three months, was settled. On the same day, another supplementary longer-term refinancing operation of EUR 41.6 billion, with a maturity of six months, was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 2.7 billion (compared with EUR 8.4 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 163.8 billion (compared with EUR 225.5 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 127.8 billion to EUR 280.2 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 220,183 −10
2 Claims on non-euro area residents denominated in foreign currency 160,230 4,447
2.1 Receivables from the IMF 11,750 1,699
2.2 Balances with banks and security investments, external loans and other external assets 148,480 2,748
3 Claims on euro area residents denominated in foreign currency 227,511 986
4 Claims on non-euro area residents denominated in euro 11,557 131
4.1 Balances with banks, security investments and loans 11,557 131
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 800,711 77,301
5.1 Main refinancing operations 335,184 22,395
5.2 Longer-term refinancing operations 462,835 60,667
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 2,654 −5,787
5.6 Credits related to margin calls 37 26
6 Other claims on euro area credit institutions denominated in euro 43,587 −23,769
7 Securities of euro area residents denominated in euro 118,795 134
8 General government debt denominated in euro 37,442 0
9 Other assets 378,704 −866
Total assets 1,998,720 58,353
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 728,554 −740
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 444,043 66,156
2.1 Current accounts (covering the minimum reserve system) 280,171 127,821
2.2 Deposit facility 163,842 −61,658
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 30 −7
3 Other liabilities to euro area credit institutions denominated in euro 247 −27
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 89,376 2,503
5.1 General government 77,697 1,969
5.2 Other liabilities 11,679 534
6 Liabilities to non-euro area residents denominated in euro 306,175 −9,688
7 Liabilities to euro area residents denominated in foreign currency −1,391 −511
8 Liabilities to non-euro area residents denominated in foreign currency 17,000 254
8.1 Deposits, balances and other liabilities 17,000 254
8.2 Liabilities arising from the credit facility under ERM II 0 0
9 Counterpart of special drawing rights allocated by the IMF 5,384 0
10 Other liabilities 168,963 405
11 Revaluation accounts 168,685 0
12 Capital and reserves 71,684 0
Total liabilities 1,998,720 58,353

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