Consolidated financial statement of the Eurosystem as at 13 March 2009

17 March 2009

Items not related to monetary policy operations

In the week ending 13 March 2009 the decrease of EUR 105 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 5.9 billion to EUR 283.4 billion on account of customer and portfolio transactions and US dollar liquidity-providing operations (see the section entitled “Extraordinary transactions not related to monetary policy operations”).

The holdings by the Eurosystem of marketable securities of euro area residents denominated in euro (asset item 7) increased by EUR 2.1 billion to EUR 288.2 billion. Banknotes in circulation (liability item 1) increased by EUR 0.3 billion to EUR 746.3 billion. Liabilities to general government (liability item 5.1) increased by EUR 2.1 billion to EUR 124.4 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 57.7 billion to EUR 618.4 billion. On Wednesday, 11 March 2009, a main refinancing operation of EUR 244.1 billion matured and a new one of EUR 227.7 billion was settled. Also on Wednesday, 11 March 2009, a supplementary longer-term refinancing operation of EUR 104.7 billion matured and a new one of EUR 120.2 billion, with a maturity of 28 days, was settled. On Thursday, 12 March 2009, a longer-term refinancing operation of EUR 55.9 billion, with a maturity of three months, matured and a new one of EUR 30.2 billion was settled. On the same day, another supplementary longer-term refinancing operation of EUR 10.8 billion, with a maturity of six months, was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.3 billion (compared with EUR 0.5 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 61.8 billion (compared with EUR 135.6 billion in the preceding week).

Extraordinary transactions not related to monetary policy operations

Value date Type of transaction Maturing amount New amount
11 March 2009 7-day Swiss franc liquidity-providing EUR/CHF foreign exchange swap CHF 35.1 billion CHF 34.8 billion
12 March 2009 3-month euro liquidity-providing EUR/DKK foreign exchange swap DKK 17.6 billion DKK 6.0 billion
12 March 2009 28-day US dollar liquidity-providing reverse transaction USD 15.4 billion USD 16.0 billion
12 March 2009 7-day US dollar liquidity-providing reverse transaction USD 76.5 billion USD 81.9 billion
13 March 2009 84-day Swiss franc liquidity-providing EUR/CHF foreign exchange swap CHF 0.9 billion -

The liquidity-providing transactions were conducted by the Eurosystem in connection with the temporary reciprocal currency arrangements (swap lines) between the European Central Bank and the Federal Reserve System, the Swiss National Bank and Danmarks Nationalbank. EUR/CHF and EUR/DKK foreign exchange swap operations had no effect on the net position of the Eurosystem in foreign currency.

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) increased by EUR 64.8 billion to EUR 244.2 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 217,638 −105
2 Claims on non-euro area residents denominated in foreign currency 155,272 −1,527
2.1 Receivables from the IMF 13,237 118
2.2 Balances with banks and security investments, external loans and other external assets 142,035 −1,646
3 Claims on euro area residents denominated in foreign currency 144,063 8,082
4 Claims on non-euro area residents denominated in euro 20,336 −663
4.1 Balances with banks, security investments and loans 20,336 −663
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 680,795 −16,031
5.1 Main refinancing operations 227,701 −16,446
5.2 Longer-term refinancing operations 452,765 567
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 322 −156
5.6 Credits related to margin calls 7 4
6 Other claims on euro area credit institutions denominated in euro 28,796 −338
7 Securities of euro area residents denominated in euro 288,238 2,055
8 General government debt denominated in euro 37,425 0
9 Other assets 256,870 −2,858
Total assets 1,829,433 −11,385
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 746,337 302
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 306,641 −8,977
2.1 Current accounts (covering the minimum reserve system) 244,244 64,796
2.2 Deposit facility 61,841 −73,771
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 556 −2
3 Other liabilities to euro area credit institutions denominated in euro 300 1
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 132,708 2,281
5.1 General government 124,361 2,125
5.2 Other liabilities 8,347 157
6 Liabilities to non-euro area residents denominated in euro 211,501 6,760
7 Liabilities to euro area residents denominated in foreign currency 176 425
8 Liabilities to non-euro area residents denominated in foreign currency 10,312 255
8.1 Deposits, balances and other liabilities 10,312 255
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 167,457 −12,658
11 Revaluation accounts 176,589 0
12 Capital and reserves 71,967 225
Total liabilities 1,829,433 −11,385

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