Consolidated financial statement of the Eurosystem as at 19 December 2008

23 December 2008

Items not related to monetary policy operations

In the week ending 19 December 2008, the decrease of EUR 125 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 21.2 billion to EUR 353 billion on account of both customer and portfolio transactions and liquidity-providing operations. On Thursday, 18 December 2008, a US dollar liquidity-providing reverse transaction of USD 52.3 billion matured and a new transaction of USD 47.6 billion, with a maturity of 28 days, was settled. On the same day, a further US dollar liquidity-providing reverse transaction of USD 57.4 billion, with a maturity of seven days matured, and a new transaction of USD 41.6 billion, with a maturity of five days, was settled. Also on Thursday, 18 December 2008, a EUR/USD foreign exchange swap operation of USD 4.8 billion matured and a new operation of USD 0.1 billion, with a maturity of 28 days, was settled, and a further EUR/USD foreign exchange swap operation of USD 0.8 billion, with a maturity of seven days matured, and a new operation of USD 5.1 billion, with a maturity of five days, was settled. These 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, 17 December 2008, a EUR/CHF foreign exchange swap operation of CHF 18.9 billion with a maturity of seven days matured, and a new operation of CHF 14.6 billion with a maturity of six days, was settled. On Friday, 19 December 2008, a EUR/CHF foreign exchange swap operation of CHF 0.9 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) decreased by EUR 0.6 billion to EUR 120.8 billion. Banknotes in circulation (liability item 1) increased by EUR 9.8 billion to EUR 753.3 billion. Liabilities to general government (liability item 5.1) increased by EUR 6.6 billion to EUR 119.5 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 79.3 billion to EUR 598.9 billion. On Wednesday, 17 December 2008, a main refinancing operation of EUR 217.9 billion matured and a new one of EUR 209.7 billion was settled. On Thursday, 18 December 2008, a longer-term refinancing operation of EUR 50 billion matured and a new one of EUR 50.8 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 2.2 billion (compared with EUR 2.7 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 230.7 billion (compared with EUR 159.2 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 92.9 billion to EUR 205.7 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 219,824 −125
2 Claims on non-euro area residents denominated in foreign currency 152,779 −3,765
2.1 Receivables from the IMF 12,536 −5
2.2 Balances with banks and security investments, external loans and other external assets 140,243 −3,760
3 Claims on euro area residents denominated in foreign currency 221,411 −16,981
4 Claims on non-euro area residents denominated in euro 8,938 −537
4.1 Balances with banks, security investments and loans 8,938 −537
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 829,584 −7,822
5.1 Main refinancing operations 210,427 −8,134
5.2 Longer-term refinancing operations 616,899 768
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 2,190 −480
5.6 Credits related to margin calls 69 23
6 Other claims on euro area credit institutions denominated in euro 54,755 −2,316
7 Securities of euro area residents denominated in euro 120,835 −608
8 General government debt denominated in euro 37,496 5
9 Other assets 375,861 −204
Total assets 2,021,484 −32,353
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 753,279 9,772
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 436,414 −21,365
2.1 Current accounts (covering the minimum reserve system) 205,686 −92,858
2.2 Deposit facility 230,667 71,506
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 61 −13
3 Other liabilities to euro area credit institutions denominated in euro 215 −4,986
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 129,675 5,909
5.1 General government 119,494 6,633
5.2 Other liabilities 10,181 −724
6 Liabilities to non-euro area residents denominated in euro 279,046 −21,762
7 Liabilities to euro area residents denominated in foreign currency 2,775 499
8 Liabilities to non-euro area residents denominated in foreign currency 13,080 −57
8.1 Deposits, balances and other liabilities 13,080 −57
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 161,237 −364
11 Revaluation accounts 168,685 0
12 Capital and reserves 71,694 2
Total liabilities 2,021,484 −32,353

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