Consolidated financial statement of the Eurosystem as at 27 February 2009

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.

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).

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.