Consolidated financial statement of the Eurosystem as at 13 February 2009

17 February 2009

Items not related to monetary policy operations

In the week ending 13 February 2009, the decrease of EUR 155 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) and the net purchase of gold coin by another Eurosystem central bank.

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) decreased by EUR 3.3 billion to EUR 311.7 billion on account of customer and portfolio transactions and US dollar liquidity-providing operations. On Thursday, 12 February 2009, a US dollar liquidity-providing reverse transaction of USD 21.3 billion matured, and a new transaction of USD 15.4 billion, with a maturity of 28 days, was settled. On the same day, a further US dollar liquidity-providing reverse transaction of USD 59.1 billion matured, and a new transaction of USD 70 billion, with a maturity of seven days, was settled. Also on Thursday, 12 February 2009, an EUR/USD foreign exchange swap operation of USD 0.1 billion, with a maturity of 28 days, matured. 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, 11 February 2009, an EUR/CHF foreign exchange swap operation of CHF 35.3 billion matured and a new operation of CHF 35.7 billion, with a maturity of seven days, was settled. On Friday, 13 February 2009, an EUR/CHF foreign exchange swap operation of CHF 0.7 billion, with a maturity of 84 days, matured. 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) increased by EUR 2.3 billion to EUR 283.7 billion. Banknotes in circulation (liability item 1) decreased by EUR 1.2 billion to EUR 740.7 billion. Liabilities to general government (liability item 5.1) increased by EUR 1.7 billion to EUR 82.6 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 49.3 billion to EUR 605.2 billion. On Wednesday, 11 February 2009, a main refinancing operation of EUR 207.1 billion matured and a new one of EUR 197.7 billion was settled. On the same day, a supplementary longer-term refinancing operation of EUR 113.4 billion matured and a new one of EUR 104.7 billion, with a maturity of 28 days, was settled. On Thursday, 12 February 2009, a supplementary longer-term refinancing operation of EUR 66.8 billion matured and a new one of EUR 18.5 billion, with a maturity of three months, was settled. On the same day, another supplementary longer-term refinancing operation of EUR 10.7 billion, with a maturity of six months, was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.6 billion (compared with EUR 0.8 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 75.9 billion (compared with EUR 180.7 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 52.5 billion to EUR 247.5 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 218,159 −155
2 Claims on non-euro area residents denominated in foreign currency 159,243 −454
2.1 Receivables from the IMF 13,129 −42
2.2 Balances with banks and security investments, external loans and other external assets 146,114 −411
3 Claims on euro area residents denominated in foreign currency 168,287 −2,626
4 Claims on non-euro area residents denominated in euro 21,293 −1,015
4.1 Balances with banks, security investments and loans 21,293 −1,015
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 681,286 −55,929
5.1 Main refinancing operations 198,383 −9,369
5.2 Longer-term refinancing operations 482,335 −46,286
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 562 −233
5.6 Credits related to margin calls 6 −40
6 Other claims on euro area credit institutions denominated in euro 27,737 −2,472
7 Securities of euro area residents denominated in euro 283,691 2,307
8 General government debt denominated in euro 37,389 0
9 Other assets 236,966 599
Total assets 1,834,052 −59,744
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 740,745 −1,187
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 323,588 −52,683
2.1 Current accounts (covering the minimum reserve system) 247,514 52,514
2.2 Deposit facility 75,938 −104,753
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 135 −444
3 Other liabilities to euro area credit institutions denominated in euro 332 −271
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 90,904 1,729
5.1 General government 82,578 1,654
5.2 Other liabilities 8,327 76
6 Liabilities to non-euro area residents denominated in euro 238,857 −5,651
7 Liabilities to euro area residents denominated in foreign currency −113 −940
8 Liabilities to non-euro area residents denominated in foreign currency 10,496 1,121
8.1 Deposits, balances and other liabilities 10,496 1,121
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 175,849 −2,079
11 Revaluation accounts 176,589 0
12 Capital and reserves 71,360 216
Total liabilities 1,834,052 −59,744

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