Consolidated financial statement of the Eurosystem as at 20 March 2009

24 March 2009

Items not related to monetary policy operations

In the week ending 20 March 2009 the decrease of EUR 13 million in gold and gold receivables (asset item 1) reflected the sale of gold by two Eurosystem central banks (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 2.4 billion to EUR 281 billion on account of customer and portfolio transactions and US dollar liquidity-providing operations.

Extraordinary transactions not related to monetary policy operations

Value date Type of transaction Maturing amount New amount
18 March 2009 7-day Swiss franc liquidity-providing EUR/CHF foreign exchange swap CHF 34.8 billion CHF 36.4 billion
19 March 2009 7-day US dollar liquidity-providing reverse transaction USD 81.9 billion USD 79.8 billion

The liquidity-providing transactions were conducted by the Eurosystem in connection with the temporary reciprocal currency arrangements (swap lines) that the European Central Bank has with the Swiss National Bank and with the Federal Reserve System. The EUR/CHF foreign exchange swap operation 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 1.3 billion to EUR 289.5 billion. Banknotes in circulation (liability item 1) decreased by EUR 0.5 billion to EUR 745.8 billion. Liabilities to general government (liability item 5.1) increased by EUR 12.5 billion to EUR 136.9 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 2.8 billion to EUR 615.6 billion. On Wednesday, 18 March 2009, a main refinancing operation of EUR 227.7 billion matured and a new one of EUR 226.1 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 1.2 billion (compared with EUR 0.3 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 63.9 billion (compared with EUR 61.8 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 15.7 billion to EUR 228.6 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 217,625 −13
2 Claims on non-euro area residents denominated in foreign currency 154,347 −925
2.1 Receivables from the IMF 13,217 −20
2.2 Balances with banks and security investments, external loans and other external assets 141,130 −905
3 Claims on euro area residents denominated in foreign currency 143,600 −464
4 Claims on non-euro area residents denominated in euro 17,427 −2,909
4.1 Balances with banks, security investments and loans 17,427 −2,909
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 680,099 −696
5.1 Main refinancing operations 226,066 −1,635
5.2 Longer-term refinancing operations 452,766 0
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 1,193 871
5.6 Credits related to margin calls 75 67
6 Other claims on euro area credit institutions denominated in euro 29,508 712
7 Securities of euro area residents denominated in euro 289,545 1,307
8 General government debt denominated in euro 37,425 0
9 Other assets 252,972 −3,898
Total assets 1,822,548 −6,886
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 745,802 −535
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 293,029 −13,611
2.1 Current accounts (covering the minimum reserve system) 228,572 −15,671
2.2 Deposit facility 63,915 2,073
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 542 −13
3 Other liabilities to euro area credit institutions denominated in euro 349 49
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 145,248 12,540
5.1 General government 136,888 12,527
5.2 Other liabilities 8,360 13
6 Liabilities to non-euro area residents denominated in euro 208,006 −3,495
7 Liabilities to euro area residents denominated in foreign currency 2,613 2,437
8 Liabilities to non-euro area residents denominated in foreign currency 8,917 −1,395
8.1 Deposits, balances and other liabilities 8,917 −1,395
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 164,581 −2,876
11 Revaluation accounts 176,589 0
12 Capital and reserves 71,967 0
Total liabilities 1,822,548 −6,886

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