Consolidated financial statement of the Eurosystem as at 28 November 2008
Items not related to monetary policy operations
In the week ending 28 November 2008 the decrease of EUR 115 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 8.6 billion to EUR 349.5 billion on account of customer and portfolio transactions and US dollar liquidity-providing operations. On Friday, 28 November 2008, a US dollar liquidity-providing reverse transaction of USD 72.5 billion matured, and a new transaction of USD 84.6 billion, with a maturity of seven days, was settled. On the same day, a EUR/USD foreign exchange swap operation of USD 0.9 billion matured and a new operation of USD 0.8 billion, also 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, 26 November 2008, a EUR/CHF foreign exchange swap operation of CHF 17.9 billion matured and a new operation of CHF 20 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.
The holdings by the Eurosystem of marketable securities of euro area residents denominated in euro (asset item 7) increased by EUR 1.2 billion to EUR 120.5 billion. Banknotes in circulation (liability item 1) increased by EUR 4.8 billion to EUR 731.5 billion. Liabilities to general government (liability item 5.1) increased by EUR 25.7 billion to EUR 132.4 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) increased by EUR 11.7 billion to EUR 591 billion. On Wednesday, 26 November 2008, a main refinancing operation of EUR 338 billion matured and a new one of EUR 334.5 billion was settled. On Thursday, 27 November 2008, a longer-term refinancing operation of EUR 50 billion matured and a new one of EUR 42.2 billion was settled.
Recourse to the marginal lending facility (asset item 5.5) was EUR 4.4 billion (compared with EUR 1.9 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 203.9 billion (compared with EUR 224.2 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 7.7 billion to EUR 197.2 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||220,011||−115|
|2||Claims on non-euro area residents denominated in foreign currency||159,670||−3,367|
|2.1||Receivables from the IMF||12,566||845|
|2.2||Balances with banks and security investments, external loans and other external assets||147,104||−4,212|
|3||Claims on euro area residents denominated in foreign currency||208,202||9,756|
|4||Claims on non-euro area residents denominated in euro||10,277||−430|
|4.1||Balances with banks, security investments and loans||10,277||−430|
|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||794,921||−8,566|
|5.1||Main refinancing operations||335,166||−3,554|
|5.2||Longer-term refinancing operations||455,319||−7,517|
|5.3||Fine-tuning reverse operations||0||0|
|5.4||Structural reverse operations||0||0|
|5.5||Marginal lending facility||4,375||2,483|
|5.6||Credits related to margin calls||60||22|
|6||Other claims on euro area credit institutions denominated in euro||49,487||5,338|
|7||Securities of euro area residents denominated in euro||120,502||1,153|
|8||General government debt denominated in euro||37,491||0|
|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||731,454||4,771|
|2||Liabilities to euro area credit institutions related to monetary policy operations denominated in euro||401,159||−27,947|
|2.1||Current accounts (covering the minimum reserve system)||197,203||−7,702|
|2.4||Fine-tuning reverse operations||0||0|
|2.5||Deposits related to margin calls||69||60|
|3||Other liabilities to euro area credit institutions denominated in euro||177||35|
|4||Debt certificates issued||0||0|
|5||Liabilities to other euro area residents denominated in euro||142,095||22,041|
|6||Liabilities to non-euro area residents denominated in euro||278,357||9,507|
|7||Liabilities to euro area residents denominated in foreign currency||−1,546||30|
|8||Liabilities to non-euro area residents denominated in foreign currency||14,517||−2,282|
|8.1||Deposits, balances and other liabilities||14,517||−2,282|
|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|
|12||Capital and reserves||71,687||2|