Consolidated financial statement of the Eurosystem as at 20 February 2009

24 February 2009

Items not related to monetary policy operations

In the week ending 20 February 2009 the decrease of EUR 166 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 1.3 billion to EUR 310.4 billion on account of customer and portfolio transactions and US dollar liquidity-providing operations. On Thursday, 19 February 2009, a US dollar liquidity-providing reverse transaction of USD 70 billion matured, and a new transaction of USD 65.8 billion, with a maturity of seven days, was settled. This transaction was 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, 18 February 2009, an EUR/CHF foreign exchange swap operation of CHF 35.7 billion matured and a new operation of CHF 33.5 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.

On Friday, 20 February 2009, an overnight liquidity-providing repurchase transaction of EUR 0.2 billion was settled, affecting claims on non-euro area residents denominated in euro (asset item 4). This transaction was conducted by the Eurosystem in connection with the agreement with the Magyar Nemzeti Bank to provide a facility to support the latter’s operations.

The holdings by the Eurosystem of marketable securities of euro area residents denominated in euro (asset item 7) increased by EUR 1.4 billion to EUR 285.1 billion. Banknotes in circulation (liability item 1) decreased by EUR 1.5 billion to EUR 739.3 billion. Liabilities to general government (liability item 5.1) rose by EUR 23.1 billion to EUR 105.7 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 13.6 billion to EUR 618.8 billion. On Wednesday, 18 February 2009, a main refinancing operation of EUR 197.7 billion matured and a new one of EUR 215.3 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 1.4 billion (compared with EUR 0.6 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 80 billion (compared with EUR 75.9 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 4.1 billion to EUR 243.4 billion.

Other issues

It should be noted with respect to the consolidated weekly financial statement of the Eurosystem as at 13 February 2009 (published on 17 February 2009) that balances with banks and security investments, external loans and other external assets (asset item 2.2) and claims on euro area residents denominated in foreign currency (asset item 3) should have shown a balance of EUR 145,666 million and EUR 168,736 million respectively, instead of EUR 146,114 million and EUR 168,287 million. In addition, other liabilities (liability item 10) should have read EUR 175,848 million instead of EUR 175,849 million.

The actual week-on-week changes shown in this week’s financial statement already include the aforementioned changes.

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 217,993 −166
2 Claims on non-euro area residents denominated in foreign currency 159,324 530
2.1 Receivables from the IMF 13,128 0
2.2 Balances with banks and security investments, external loans and other external assets 146,196 530
3 Claims on euro area residents denominated in foreign currency 166,940 −1,796
4 Claims on non-euro area residents denominated in euro 21,735 442
4.1 Balances with banks, security investments and loans 21,735 442
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 699,726 18,440
5.1 Main refinancing operations 215,908 17,525
5.2 Longer-term refinancing operations 482,339 4
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 1,398 836
5.6 Credits related to margin calls 82 75
6 Other claims on euro area credit institutions denominated in euro 30,741 3,004
7 Securities of euro area residents denominated in euro 285,105 1,414
8 General government debt denominated in euro 37,389 0
9 Other assets 239,422 2,456
Total assets 1,858,375 24,324
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 739,282 −1,463
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 324,342 754
2.1 Current accounts (covering the minimum reserve system) 243,432 −4,083
2.2 Deposit facility 80,049 4,111
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 861 725
3 Other liabilities to euro area credit institutions denominated in euro 315 −18
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 114,055 23,151
5.1 General government 105,678 23,100
5.2 Other liabilities 8,377 51
6 Liabilities to non-euro area residents denominated in euro 236,439 −2,417
7 Liabilities to euro area residents denominated in foreign currency −305 −192
8 Liabilities to non-euro area residents denominated in foreign currency 10,710 214
8.1 Deposits, balances and other liabilities 10,710 214
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 179,821 3,973
11 Revaluation accounts 176,589 0
12 Capital and reserves 71,682 322
Total liabilities 1,858,375 24,324

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