Consolidated financial statement of the Eurosystem as at 12 December 2008

16 December 2008

Items not related to monetary policy operations

In the week ending 12 December 2008, the decrease of EUR 21 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).

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) decreased by EUR 15.2 billion to EUR 374.1 billion on account of both customer and portfolio transactions and liquidity-providing operations. On Thursday, 11 December 2008, a US dollar liquidity-providing reverse transaction of USD 75.1 billion matured and a new transaction of USD 57.4 billion, with a maturity of seven days, was settled. On the same day, 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. 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, 10 December 2008, a EUR/CHF foreign exchange swap operation of CHF 20.3 billion matured and a new operation of CHF 18.9 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. On Friday, 12 December 2008, a EUR/DKK foreign exchange swap operation of DKK 27.5 billion, with a maturity of one month, matured and a new operation of DKK 17.6 billion, with a maturity of three months, was settled. This operation was conducted by the Eurosystem in connection with the temporary reciprocal currency arrangement (swap line) between the ECB and Danmarks Nationalbank.

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 121.4 billion. Banknotes in circulation (liability item 1) increased by EUR 3 billion to EUR 743.5 billion. Liabilities to general government (liability item 5.1) decreased by EUR 3.4 billion to EUR 112.9 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 131.3 billion to EUR 678.2 billion. On Wednesday, 10 December 2008, a main refinancing operation of EUR 339.5 billion matured and a new one of EUR 217.9 billion was settled. On the same day, a special-term refinancing operation of EUR 20.4 billion matured and a new one of EUR 134.9 billion was settled. On Thursday, 11 December 2008, a supplementary longer-term refinancing operation of EUR 50 billion, with a maturity of three months, matured and a new one of EUR 55.9 billion, with the same maturity, was settled. On the same day, another supplementary longer-term refinancing operation of EUR 38.1 billion, with a maturity of six months, was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 2.7 billion (compared with EUR 2 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 159.2 billion (compared with EUR 250.5 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) increased by EUR 121.9 billion to EUR 298.5 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 219,949 −21
2 Claims on non-euro area residents denominated in foreign currency 156,544 −5,611
2.1 Receivables from the IMF 12,541 −1
2.2 Balances with banks and security investments, external loans and other external assets 144,003 −5,611
3 Claims on euro area residents denominated in foreign currency 238,392 −10,462
4 Claims on non-euro area residents denominated in euro 9,476 −582
4.1 Balances with banks, security investments and loans 9,476 −582
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 837,406 39,825
5.1 Main refinancing operations 218,560 −121,666
5.2 Longer-term refinancing operations 616,131 160,810
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 2,669 714
5.6 Credits related to margin calls 45 −33
6 Other claims on euro area credit institutions denominated in euro 57,071 −942
7 Securities of euro area residents denominated in euro 121,443 483
8 General government debt denominated in euro 37,491 0
9 Other assets 376,066 −5,376
Total assets 2,053,837 17,314
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 743,506 2,999
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 457,779 30,457
2.1 Current accounts (covering the minimum reserve system) 298,543 121,888
2.2 Deposit facility 159,161 −91,337
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 75 −94
3 Other liabilities to euro area credit institutions denominated in euro 5,202 5,029
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 123,766 −2,079
5.1 General government 112,860 −3,415
5.2 Other liabilities 10,906 1,336
6 Liabilities to non-euro area residents denominated in euro 300,808 −14,288
7 Liabilities to euro area residents denominated in foreign currency 2,276 1,783
8 Liabilities to non-euro area residents denominated in foreign currency 13,138 −2,651
8.1 Deposits, balances and other liabilities 13,138 −2,651
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 161,602 −3,938
11 Revaluation accounts 168,685 0
12 Capital and reserves 71,692 3
Total liabilities 2,053,837 17,314

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