Consolidated financial statement of the Eurosystem as at 5 December 2008


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.

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).

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.