Consolidated financial statement of the Eurosystem as at 16 January 2009

20 January 2009

Items not related to monetary policy operations

In the week ending 16 January 2009 the decrease of EUR 26 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 10.7 billion to EUR 348.1 billion on account of customer and portfolio transactions and liquidity-providing operations. On Thursday, 15 January 2009, a US dollar liquidity-providing reverse transaction of USD 47.6 billion matured and a new transaction of USD 21.3 billion, with a maturity of 28 days, was settled. On the same day, a further US dollar liquidity-providing reverse transaction of USD 41.1 billion matured and a new transaction of USD 58 billion, with a maturity of seven days, was settled. Also on Thursday, 15 January 2009, an EUR/USD foreign exchange swap operation of USD 0.1 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 3.3 billion matured and a new operation of USD 0.8 billion, with a maturity of seven days, was settled. These foreign exchange swap operations had no effect on the net position of the Eurosystem in foreign currency. All of the 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, 14 January 2009, an EUR/CHF foreign exchange swap operation of CHF 25.2 billion matured and a new operation of CHF 28.5 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.

The holdings by the Eurosystem of marketable securities of euro area residents denominated in euro (asset item 7) decreased by EUR 0.4 billion to EUR 279.8 billion. Banknotes in circulation (liability item 1) decreased by EUR 7.9 billion to EUR 743.3 billion. Liabilities to general government (liability item 5.1) increased by EUR 7.1 billion to EUR 97.9 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 29.6 billion to EUR 539.4 billion. It should be noted that the decrease of EUR 2.3 billion in fine-tuning reverse operations (liability item 2.4) refers to monetary policy operations conducted by Národná banka Slovenska prior to its entry into the Eurosystem.

On Wednesday, 14 January 2009, a main refinancing operation of EUR 216.1 billion matured and a new one of EUR 203.8 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 7.1 billion (compared with EUR 1.5 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 281.4 billion (compared with EUR 315.3 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 11.7 billion to EUR 169.2 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 218,366 −26
2 Claims on non-euro area residents denominated in foreign currency 159,123 −380
2.1 Receivables from the IMF 13,218 4
2.2 Balances with banks and security investments, external loans and other external assets 145,905 −384
3 Claims on euro area residents denominated in foreign currency 204,802 −13,237
4 Claims on non-euro area residents denominated in euro 21,481 964
4.1 Balances with banks, security investments and loans 21,481 964
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 821,887 −6,647
5.1 Main refinancing operations 204,501 −12,330
5.2 Longer-term refinancing operations 610,188 27
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 7,107 5,649
5.6 Credits related to margin calls 91 7
6 Other claims on euro area credit institutions denominated in euro 37,260 −19,601
7 Securities of euro area residents denominated in euro 279,790 −429
8 General government debt denominated in euro 37,438 0
9 Other assets 230,508 4,444
Total assets 2,010,655 −34,911
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 743,269 −7,863
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 450,764 −24,513
2.1 Current accounts (covering the minimum reserve system) 169,237 11,701
2.2 Deposit facility 281,393 −33,861
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 −2,305
2.5 Deposits related to margin calls 134 −48
3 Other liabilities to euro area credit institutions denominated in euro 271 −54
4 Debt certificates issued 1,003 0
5 Liabilities to other euro area residents denominated in euro 106,609 7,957
5.1 General government 97,917 7,147
5.2 Other liabilities 8,692 810
6 Liabilities to non-euro area residents denominated in euro 270,975 −11,144
7 Liabilities to euro area residents denominated in foreign currency 2,427 634
8 Liabilities to non-euro area residents denominated in foreign currency 7,932 −3,585
8.1 Deposits, balances and other liabilities 7,932 −3,585
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 174,232 3,660
11 Revaluation accounts 176,589 0
12 Capital and reserves 71,138 −2
Total liabilities 2,010,655 −34,911

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