Consolidated financial statement of the Eurosystem as at 6 March 2009
Items not related to monetary policy operations
In the week ending 6 March 2009 the decrease of EUR 37 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 a purchase of gold 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) increased by EUR 2.2 billion to EUR 277.5 billion on account of customer and portfolio transactions and US dollar liquidity-providing operations. On Thursday, 5 March 2009, a US dollar liquidity-providing reverse transaction of USD 75.1 billion matured and a new transaction of USD 76.5 billion, with a maturity of seven days, was settled. This US dollar-denominated 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, 4 March 2009, an EUR/CHF foreign exchange swap operation of CHF 35.4 billion matured and a new operation of CHF 35.1 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) increased by EUR 0.9 billion to EUR 286.2 billion. Banknotes in circulation (liability item 1) increased by EUR 3.9 billion to EUR 746 billion. Liabilities to general government (liability item 5.1) decreased by EUR 6.7 billion to EUR 122.2 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 24.6 billion to EUR 560.7 billion. In addition, asset item 5 was reduced following the reclassification of EUR 10.2 billion – corresponding to the total nominal value of the Eurosystem claims on five counterparties that defaulted in 2008 – from Lending to euro area credit institutions related to monetary policy operations denominated in euro (asset item 5) to Other assets (asset item 9). For further details, please refer to the press release of 5 March 2009. On Wednesday, 4 March 2009, a main refinancing operation of EUR 237.8 billion matured and a new one of EUR 244.1 billion was settled.
Recourse to the marginal lending facility (asset item 5.5) was EUR 0.5 billion (compared with EUR 0.7 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 135.6 billion (compared with EUR 104.9 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 12.2 billion to EUR 179.4 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||217,743||−37|
|2||Claims on non-euro area residents denominated in foreign currency||156,800||1,116|
|2.1||Receivables from the IMF||13,119||0|
|2.2||Balances with banks and security investments, external loans and other external assets||143,681||1,116|
|3||Claims on euro area residents denominated in foreign currency||135,981||1,327|
|4||Claims on non-euro area residents denominated in euro||21,000||−591|
|4.1||Balances with banks, security investments and loans||21,000||−591|
|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||696,826||−4,051|
|5.1||Main refinancing operations||244,147||5,724|
|5.2||Longer-term refinancing operations||452,198||−9,597|
|5.3||Fine-tuning reverse operations||0||0|
|5.4||Structural reverse operations||0||0|
|5.5||Marginal lending facility||478||−174|
|5.6||Credits related to margin calls||3||−4|
|6||Other claims on euro area credit institutions denominated in euro||29,134||1,637|
|7||Securities of euro area residents denominated in euro||286,182||927|
|8||General government debt denominated in euro||37,425||0|
|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||746,035||3,901|
|2||Liabilities to euro area credit institutions related to monetary policy operations denominated in euro||315,618||18,450|
|2.1||Current accounts (covering the minimum reserve system)||179,448||−12,249|
|2.4||Fine-tuning reverse operations||0||0|
|2.5||Deposits related to margin calls||558||−3|
|3||Other liabilities to euro area credit institutions denominated in euro||300||24|
|4||Debt certificates issued||0||0|
|5||Liabilities to other euro area residents denominated in euro||130,426||−6,479|
|6||Liabilities to non-euro area residents denominated in euro||204,741||2,180|
|7||Liabilities to euro area residents denominated in foreign currency||−249||30|
|8||Liabilities to non-euro area residents denominated in foreign currency||10,057||246|
|8.1||Deposits, balances and other liabilities||10,057||246|
|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|
|12||Capital and reserves||71,742||4|