Consolidated financial statement of the Eurosystem as at 21 November 2008

25 November 2008

Items not related to monetary policy operations

In the week ending 21 November 2008, the decrease of EUR 57 million in gold and gold receivables (asset item 1) reflected 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 the net sale 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) decreased by EUR 25.9 billion to EUR 340.9 billion on account of customer and portfolio transactions and US dollar liquidity-providing operations. On Thursday, 20 November 2008, a US dollar liquidity-providing reverse transaction of USD 101.9 billion matured, and a new transaction of USD 52.3 billion, with a maturity of 28 days, was settled. On the same day, a further US dollar liquidity-providing reverse transaction of USD 60.6 billion matured, and a new transaction of USD 72.5 billion, with a maturity of seven days, was settled. Also on Thursday, 20 November 2008, a EUR/USD foreign exchange swap operation of USD 22.6 billion matured and a new operation of USD 4.8 billion, with a maturity of 28 days, was settled, and a further EUR/USD foreign exchange swap operation of USD 1 billion matured and a new operation of USD 0.9 billion, with a maturity of seven 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, 19 November 2008, a EUR/CHF foreign exchange swap operation of CHF 15.2 billion matured and a new operation of CHF 17.9 billion, with a maturity of seven days, was settled. On Friday, 21 November 2008, a EUR/CHF foreign exchange swap operation of CHF 0.7 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) increased by EUR 0.6 billion to EUR 119.3 billion. Banknotes in circulation (liability item 1) decreased by EUR 1.9 billion to EUR 726.7 billion. Liabilities to general government (liability item 5.1) increased by EUR 28.9 billion to EUR 106.6 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 57.6 billion to EUR 579.3 billion. On Wednesday, 19 November 2008, a main refinancing operation of EUR 334.4 billion matured and a new one of EUR 338 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 1.9 billion (compared with EUR 2.7 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 224.2 billion (compared with EUR 163.8 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) decreased by EUR 75.3 billion to EUR 204.9 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 220,126 −57
2 Claims on non-euro area residents denominated in foreign currency 163,037 2,807
2.1 Receivables from the IMF 11,721 −29
2.2 Balances with banks and security investments, external loans and other external assets 151,316 2,836
3 Claims on euro area residents denominated in foreign currency 198,446 −29,066
4 Claims on non-euro area residents denominated in euro 10,707 −849
4.1 Balances with banks, security investments and loans 10,707 −849
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 803,487 2,776
5.1 Main refinancing operations 338,720 3,536
5.2 Longer-term refinancing operations 462,836 1
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 1,892 −762
5.6 Credits related to margin calls 38 1
6 Other claims on euro area credit institutions denominated in euro 44,149 561
7 Securities of euro area residents denominated in euro 119,349 554
8 General government debt denominated in euro 37,491 49
9 Other assets 377,190 −1,514
Total assets 1,973,981 −24,738
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 726,683 −1,871
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 429,106 −14,937
2.1 Current accounts (covering the minimum reserve system) 204,905 −75,267
2.2 Deposit facility 224,193 60,351
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 8 −21
3 Other liabilities to euro area credit institutions denominated in euro 142 −104
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 120,054 30,678
5.1 General government 106,632 28,935
5.2 Other liabilities 13,422 1,743
6 Liabilities to non-euro area residents denominated in euro 268,851 −37,325
7 Liabilities to euro area residents denominated in foreign currency −1,575 −184
8 Liabilities to non-euro area residents denominated in foreign currency 16,799 −201
8.1 Deposits, balances and other liabilities 16,799 −201
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 168,168 −795
11 Revaluation accounts 168,685 0
12 Capital and reserves 71,686 2
Total liabilities 1,973,981 −24,738

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