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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.

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