Consolidated financial statement of the Eurosystem as at 27 February 2009

3 March 2009

Items not related to monetary policy operations

In the week ending 27 February 2009 the decrease of EUR 214 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 35.1 billion to EUR 275.4 billion on account of customer and portfolio transactions and US dollar liquidity-providing operations. On Thursday, 26 February 2009, a US dollar liquidity-providing reverse transaction of USD 67.5 billion matured and a new transaction of USD 19.2 billion, with a maturity of 84 days, was settled. On the same day, a further US dollar liquidity-providing reverse transaction of USD 65.8 billion matured and a new transaction of USD 75.1 billion, with a maturity of seven days, was settled. Also on Thursday, 26 February 2009, an EUR/USD foreign exchange swap operation of USD 1.5 billion, with a maturity of 84 days, matured. This foreign exchange swap operation had no effect on the net position of the Eurosystem in foreign currency. All of these 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, 25 February 2009, an EUR/CHF foreign exchange swap operation of CHF 33.5 billion matured and a new operation of CHF 35.4 billion, with a maturity of seven days, was settled. On Friday, 27 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. On Monday, 23 February 2009, an EUR/DKK foreign exchange swap operation of DKK 26.2 billion, with a maturity of one month, matured and a new operation of DKK 7.5 billion, with a maturity of three months, was settled. This operation was conducted by the Eurosystem in connection with the temporary reciprocal currency arrangement (swap line) between the ECB and Danmarks Nationalbank.

The holdings by the Eurosystem of marketable securities of euro area residents denominated in euro (asset item 7) increased by EUR 0.2 billion to EUR 285.3 billion. Banknotes in circulation (liability item 1) increased by EUR 2.9 billion to EUR 742.1 billion. Liabilities to general government (liability item 5.1) rose by EUR 23.2 billion to EUR 128.9 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) decreased by EUR 23.4 billion to EUR 595.4 billion. On Wednesday, 25 February 2009, a main refinancing operation of EUR 215.3 billion matured and a new one of EUR 237.8 billion was settled. On Thursday, 26 February 2009, a longer-term refinancing operation of EUR 42.2 billion matured and a new one of EUR 21.6 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.7 billion (compared with EUR 1.4 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 104.9 billion (compared with EUR 80 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 51.7 billion to EUR 191.7 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 217,779 −214
2 Claims on non-euro area residents denominated in foreign currency 155,684 −3,641
2.1 Receivables from the IMF 13,119 −10
2.2 Balances with banks and security investments, external loans and other external assets 142,565 −3,631
3 Claims on euro area residents denominated in foreign currency 134,654 −32,286
4 Claims on non-euro area residents denominated in euro 21,591 −143
4.1 Balances with banks, security investments and loans 21,591 −143
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 700,877 1,150
5.1 Main refinancing operations 238,423 22,516
5.2 Longer-term refinancing operations 461,795 −20,544
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 652 −746
5.6 Credits related to margin calls 7 −75
6 Other claims on euro area credit institutions denominated in euro 27,497 −3,244
7 Securities of euro area residents denominated in euro 285,256 150
8 General government debt denominated in euro 37,425 36
9 Other assets 239,506 84
Total assets 1,820,268 −38,107
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 742,134 2,853
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 297,168 −27,174
2.1 Current accounts (covering the minimum reserve system) 191,697 −51,735
2.2 Deposit facility 104,911 24,861
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 561 −300
3 Other liabilities to euro area credit institutions denominated in euro 276 −39
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 136,906 22,850
5.1 General government 128,912 23,234
5.2 Other liabilities 7,994 −383
6 Liabilities to non-euro area residents denominated in euro 202,561 −33,879
7 Liabilities to euro area residents denominated in foreign currency −279 26
8 Liabilities to non-euro area residents denominated in foreign currency 9,810 −900
8.1 Deposits, balances and other liabilities 9,810 −900
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 177,921 −1,900
11 Revaluation accounts 176,589 0
12 Capital and reserves 71,738 56
Total liabilities 1,820,268 −38,107

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