Consolidated opening financial statement of the Eurosystem as at 1 January 2009 and Consolidated financial statement of the Eurosystem as at 2 January 2009

7 January 2009

Consolidated opening financial statement of the Eurosystem as at 1 January 2009

As announced last week, the ECB is publishing a consolidated opening financial statement of the Eurosystem as at 1 January 2009, which includes the balance sheet figures of Národná banka Slovenska that joined the Eurosystem on that day, together with the consolidated weekly financial statement as at 2 January 2009. As a consequence of the entry of Národná banka Slovenska into the Eurosystem, items previously denominated in Slovak koruna have been moved from items “denominated in foreign currency” to items “denominated in euro”. Transactions and balances of accounts held with residents of Slovakia have been moved from “non-euro area” balance sheet items to “euro area” items. Furthermore, the item capital and reserves (liability item 12) has increased in comparison with that in the consolidated weekly financial statement as at 31 December 2008 on account of the entry of Národná banka Slovenska into the Eurosystem.

Assets (EUR millions) Balance
Totals/sub-totals may not add up, due to rounding
1 Gold and gold receivables 218,421
2 Claims on non-euro area residents denominated in foreign currency 161,454
  2.1 Receivables from the IMF 13,212
  2.2 Balances with banks and security investments, external loans and other external assets 148,242
3 Claims on euro area residents denominated in foreign currency 234,051
4 Claims on non-euro area residents denominated in euro 19,653
  4.1 Balances with banks, security investments and loans 19,653
  4.2 Claims arising from the credit facility under ERM II 0
5 Lending to euro area credit institutions related to monetary policy operations denominated in euro 860,611
  5.1 Main refinancing operations 239,565
  5.2 Longer-term refinancing operations 616,922
  5.3 Fine-tuning reverse operations 0
  5.4 Structural reverse operations 0
  5.5 Marginal lending facility 4,057
  5.6 Credits related to margin calls 66
6 Other claims on euro area credit institutions denominated in euro 58,119
7 Securities of euro area residents denominated in euro 282,196
8 General government debt denominated in euro 37,469
9 Other assets 225,865
Total assets 2,097,839
Liabilities (EUR millions) Balance
Totals/sub-totals may not add up, due to rounding
1 Banknotes in circulation 766,231
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 506,576
  2.1 Current accounts (covering the minimum reserve system) 293,622
  2.2 Deposit facility 203,601
  2.3 Fixed-term deposits 0
  2.4 Fine-tuning reverse operations 9,240
  2.5 Deposits related to margin calls 113
3 Other liabilities to euro area credit institutions denominated in euro 340
4 Debt certificates issued 1,003
5 Liabilities to other euro area residents denominated in euro 91,371
  5.1 General government 83,270
  5.2 Other liabilities 8,102
6 Liabilities to non-euro area residents denominated in euro 293,654
7 Liabilities to euro area residents denominated in foreign currency 5,800
8 Liabilities to non-euro area residents denominated in foreign currency 10,514
  8.1 Deposits, balances and other liabilities 10,514
  8.2 Liabilities arising from the credit facility under ERM II 0
9 Counterpart of special drawing rights allocated by the IMF 5,446
10 Other liabilities 168,317
11 Revaluation accounts 176,589
12 Capital and reserves 71,998
Total liabilities 2,097,839

Consolidated financial statement of the Eurosystem as at 2 January 2009 (compared with the opening financial statement of the Eurosystem as at 1 January 2009)

Items not related to monetary policy operations

On Friday, 2 January 2009, the decrease of EUR 6 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 7.1 billion to EUR 366.7 billion on account of customer and portfolio transactions as well as liquidity-providing operations. On Friday, 2 January 2009, a US dollar liquidity-providing reverse transaction of USD 20 billion matured and a new transaction of USD 10.8 billion, with a maturity of 84 days, was settled. On the same day, an EUR/USD foreign exchange swap operation of USD 0.1 billion, with a maturity of 84 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 ECB and the Federal Reserve System.

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 282.7 billion. Banknotes in circulation (liability item 1) decreased by EUR 2.5 billion to EUR 763.7 billion. Liabilities to general government (liability item 5.1) rose by EUR 2.1 billion to EUR 85.4 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) decreased by EUR 81.2 billion to EUR 565.5 billion.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.9 billion (compared with EUR 4.1 billion on 1 January), while recourse to the deposit facility (liability item 2.2) was EUR 281.7 billion (compared with EUR 203.6 billion on 1 January).

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 80.3 billion to EUR 213.3 billion.

Consolidated financial statement of the Eurosystem as at 2 January 2009 (compared with the opening financial statement of the Eurosystem as at 1 January 2009)

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 218,415 −6
2 Claims on non-euro area residents denominated in foreign currency 162,054 600
  2.1 Receivables from the IMF 13,212 0
  2.2 Balances with banks and security investments, external loans and other external assets 148,842 600
3 Claims on euro area residents denominated in foreign currency 225,808 −8,243
4 Claims on non-euro area residents denominated in euro 19,707 54
  4.1 Balances with banks, security investments and loans 19,707 54
  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 857,510 −3,100
  5.1 Main refinancing operations 239,592 27
  5.2 Longer-term refinancing operations 616,924 2
  5.3 Fine-tuning reverse operations 0 0
  5.4 Structural reverse operations 0 0
  5.5 Marginal lending facility 942 −3,114
  5.6 Credits related to margin calls 52 −14
6 Other claims on euro area credit institutions denominated in euro 58,084 −35
7 Securities of euro area residents denominated in euro 282,693 497
8 General government debt denominated in euro 37,469 0
9 Other assets 227,138 1,273
Total assets 2,088,878 −8,961
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 763,682 −2,549
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 504,306 −2,270
  2.1 Current accounts (covering the minimum reserve system) 213,283 −80,340
  2.2 Deposit facility 281,670 78,069
  2.3 Fixed-term deposits 0 0
  2.4 Fine-tuning reverse operations 9,240 0
  2.5 Deposits related to margin calls 114 1
3 Other liabilities to euro area credit institutions denominated in euro 340 0
4 Debt certificates issued 1,003 0
5 Liabilities to other euro area residents denominated in euro 93,805 2,433
  5.1 General government 85,350 2,080
  5.2 Other liabilities 8,455 353
6 Liabilities to non-euro area residents denominated in euro 286,768 −6,887
7 Liabilities to euro area residents denominated in foreign currency 4,463 −1,337
8 Liabilities to non-euro area residents denominated in foreign currency 11,283 769
  8.1 Deposits, balances and other liabilities 11,283 769
  8.2 Liabilities arising from the credit facility under ERM II 0 0
9 Counterpart of special drawing rights allocated by the IMF 5,446 0
10 Other liabilities 169,155 839
11 Revaluation accounts 176,589 0
12 Capital and reserves 72,039 40
Total liabilities 2,088,878 −8,961

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