Consolidated financial statement of the Eurosystem as at 28 November 2008


2 December 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
9 Other assets 378,490 1,300
Total assets 1,979,051 5,070
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
2.2 Deposit facility 203,888 −20,305
2.3 Fixed-term deposits 0 0
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
5.1 General government 132,376 25,744
5.2 Other liabilities 9,719 −3,703
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
10 Other liabilities 167,081 −1,087
11 Revaluation accounts 168,685 0
12 Capital and reserves 71,687 2
Total liabilities 1,979,051 5,070

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