Consolidated financial statement of the Eurosystem as at 5 December 2008


9 December 2008

Items not related to monetary policy operations

In the week ending 5 December 2008 the decrease of EUR 42 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 39.8 billion to EUR 389.3 billion on account of customer and portfolio transactions and US dollar liquidity-providing operations. On Thursday, 4 December 2008, a US dollar liquidity-providing reverse transaction of USD 10 billion matured, and a new transaction of USD 67.5 billion, with a maturity of 84 days, was settled. On the same day, a further US dollar liquidity-providing reverse transaction of USD 84.6 billion matured, and a new transaction of USD 75.1 billion, with a maturity of seven days, was settled. Also on Thursday, 4 December 2008, a EUR/USD foreign exchange swap operation of USD 0.8 billion matured and a new operation of USD 0.8 billion, with a maturity of seven days, was settled. In addition, on the same day a further EUR/USD foreign exchange swap operation of USD 1.5 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, 3 December 2008, a EUR/CHF foreign exchange swap operation of CHF 20 billion matured and a new operation of CHF 20.3 billion, with a maturity of seven days, was settled. On Friday, 5 December 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 0.5 billion to EUR 121 billion. Banknotes in circulation (liability item 1) rose by EUR 9 billion to EUR 740.5 billion. Liabilities to general government (liability item 5.1) decreased by EUR 16.1 billion to EUR 116.3 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 44.1 billion to EUR 546.9 billion. On Wednesday, 3 December 2008, a main refinancing operation of EUR 334.5 billion matured and a new one of EUR 339.5 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 2 billion (compared with EUR 4.4 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 250.5 billion (compared with EUR 203.9 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 20.5 billion to EUR 176.7 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 219,969 −42
2 Claims on non-euro area residents denominated in foreign currency 162,155 2,485
2.1 Receivables from the IMF 12,542 −24
2.2 Balances with banks and security investments, external loans and other external assets 149,614 2,510
3 Claims on euro area residents denominated in foreign currency 248,854 40,652
4 Claims on non-euro area residents denominated in euro 10,058 −219
4.1 Balances with banks, security investments and loans 10,058 −219
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 797,581 2,660
5.1 Main refinancing operations 340,227 5,061
5.2 Longer-term refinancing operations 455,321 2
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 1,955 −2,420
5.6 Credits related to margin calls 79 18
6 Other claims on euro area credit institutions denominated in euro 58,013 8,526
7 Securities of euro area residents denominated in euro 120,960 458
8 General government debt denominated in euro 37,491 0
9 Other assets 381,441 2,952
Total assets 2,036,524 57,472
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 740,508 9,054
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 427,322 26,163
2.1 Current accounts (covering the minimum reserve system) 176,655 −20,547
2.2 Deposit facility 250,497 46,610
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 169 100
3 Other liabilities to euro area credit institutions denominated in euro 172 −5
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 125,845 −16,250
5.1 General government 116,275 −16,101
5.2 Other liabilities 9,570 −149
6 Liabilities to non-euro area residents denominated in euro 315,096 36,739
7 Liabilities to euro area residents denominated in foreign currency 494 2,039
8 Liabilities to non-euro area residents denominated in foreign currency 15,789 1,271
8.1 Deposits, balances and other liabilities 15,789 1,271
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 165,540 −1,541
11 Revaluation accounts 168,685 0
12 Capital and reserves 71,689 2
Total liabilities 2,036,524 57,472

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