Consolidated financial statement of the Eurosystem as at 6 March 2009

10 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
9 Other assets 259,729 20,223
Total assets 1,840,819 20,550
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
2.2 Deposit facility 135,612 30,701
2.3 Fixed-term deposits 0 0
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
5.1 General government 122,236 −6,675
5.2 Other liabilities 8,190 196
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
10 Other liabilities 180,115 2,194
11 Revaluation accounts 176,589 0
12 Capital and reserves 71,742 4
Total liabilities 1,840,819 20,550

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