Consolidated financial statement of the Eurosystem as at 27 March 2009

31 March 2009

Items not related to monetary policy operations

In the week ending 27 March 2009 the decrease of EUR 82 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 the 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) decreased by EUR 4.4 billion to EUR 276.6 billion on account of customer and portfolio transactions and US dollar liquidity-providing operations.

Extraordinary transactions

Value date Type of transaction Maturing amount New amount
25 March 2009 7-day Swiss franc liquidity-providing EUR/CHF foreign exchange swap CHF 36.4 billion CHF 36.5 billion
26 March 2009 84-day US dollar liquidity-providing reverse transaction USD 10.8 billion USD 12.2 billion
26 March 2009 7-day US dollar liquidity-providing reverse transaction USD 79.8 billion USD 94.4 billion
26 March 2009 84-day US dollar liquidity-providing EUR/USD foreign exchange swap USD 0.1 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 the Federal Reserve System. The EUR/CHF and EUR/USD foreign exchange swap operations 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 billion to EUR 290.6 billion. Banknotes in circulation (liability item 1) remained virtually unchanged at EUR 745.8 billion. Liabilities to general government (liability item 5.1) increased by EUR 10.5 billion to EUR 147.4 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 1 billion to EUR 616.6 billion. On Wednesday, 25 March 2009, a main refinancing operation of EUR 226.1 billion matured and a new one of EUR 230 billion was settled. On Thursday, 26 March 2009, a longer-term refinancing operation of EUR 50.8 billion matured and a new one of EUR 28.8 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 1.1 billion (compared with EUR 1.2 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 45.1 billion (compared with EUR 63.9 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 10 billion to EUR 218.5 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 217,543 −82
2 Claims on non-euro area residents denominated in foreign currency 152,358 −1,989
2.1 Receivables from the IMF 13,217 0
2.2 Balances with banks and security investments, external loans and other external assets 139,141 −1,989
3 Claims on euro area residents denominated in foreign currency 140,844 −2,755
4 Claims on non-euro area residents denominated in euro 16,987 −440
4.1 Balances with banks, security investments and loans 16,987 −440
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 661,908 −18,191
5.1 Main refinancing operations 229,980 3,913
5.2 Longer-term refinancing operations 430,745 −22,020
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 1,134 −59
5.6 Credits related to margin calls 49 −26
6 Other claims on euro area credit institutions denominated in euro 32,042 2,534
7 Securities of euro area residents denominated in euro 290,571 1,026
8 General government debt denominated in euro 37,423 −2
9 Other assets 253,407 435
Total assets 1,803,083 −19,465
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 745,756 −46
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 263,829 −29,200
2.1 Current accounts (covering the minimum reserve system) 218,543 −10,029
2.2 Deposit facility 45,106 −18,809
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 180 −363
3 Other liabilities to euro area credit institutions denominated in euro 231 −119
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 155,551 10,303
5.1 General government 147,351 10,463
5.2 Other liabilities 8,199 −160
6 Liabilities to non-euro area residents denominated in euro 207,197 −809
7 Liabilities to euro area residents denominated in foreign currency 2,616 2
8 Liabilities to non-euro area residents denominated in foreign currency 8,530 −387
8.1 Deposits, balances and other liabilities 8,530 −387
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 165,099 518
11 Revaluation accounts 176,589 0
12 Capital and reserves 72,240 273
Total liabilities 1,803,083 −19,465

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