Consolidated financial statement of the Eurosystem as at 16 January 2009

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.

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).

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.