Consolidated financial statement of the Eurosystem as at 3 April 2009
Items not related to monetary policy operations
In the week ending 3 April 2009, the net increase of EUR 24.1 billion in gold and gold receivables (asset item 1) mainly reflected quarterly revaluation adjustments. Transactions during the week resulted in a decrease of EUR 14 million. This 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).
The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) increased by EUR 14.2 billion to EUR 290.8 billion. The change was due to the effect of the quarterly revaluation adjustments, customer and portfolio transactions and the US dollar liquidity-providing transactions.
|Value date||Type of transaction||Maturing amount||New amount|
|1 April 2009||7-day Swiss franc liquidity-providing EUR/CHF foreign exchange swap||CHF 36.5 billion||CHF 36 billion|
|2 April 2009||7-day US dollar liquidity-providing reverse transaction||USD 94.4 billion||USD 93.1 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 foreign exchange swap 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 1.4 billion to EUR 291.9 billion. EUR 0.7 billion of this increase was due to revaluations. Banknotes in circulation (liability item 1) increased by EUR 7 billion to EUR 752.8 billion. Liabilities to general government (liability item 5.1) decreased by EUR 4.3 billion to EUR 143.1 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 25.7 billion to EUR 590.9 billion. On Wednesday, 1 April 2009, a main refinancing operation of EUR 230 billion matured and a new one of EUR 238.1 billion was settled.
Recourse to the marginal lending facility (asset item 5.5) was EUR 0.8 billion (compared with EUR 1.1 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 78.5 billion (compared with EUR 45.1 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 28.9 billion to EUR 189.6 billion.
Quarter-end revaluation of the Eurosystem’s assets and liabilities
In line with the Eurosystem’s harmonised accounting rules, gold, foreign exchange, securities holdings and financial instruments of the Eurosystem are revalued at market rates and prices as at the end of each quarter. The net impact of the revaluation on each balance sheet item as at 31 March 2009 is shown in the additional column “ Difference compared with last week due to quarter-end adjustments”. The gold price and the principal exchange rates used for the revaluation of balances were as follows:
Gold: EUR 690.186 per fine oz.
USD: 1.3308 per EUR
JPY: 131.17 per EUR
Special drawing rights: EUR 1.1222 per SDR
|Assets (EUR millions)||Balance||Difference compared with last week due to
|Totals/sub-totals may not add up, due to rounding|
|1||Gold and gold receivables||241,672||−14||24,142|
|2||Claims on non-euro area residents denominated in foreign currency||158,563||2,854||3,351|
|2.1||Receivables from the IMF||14,396||936||243|
|2.2||Balances with banks and security investments, external loans and other external assets||144,167||1,918||3,108|
|3||Claims on euro area residents denominated in foreign currency||151,297||−972||11,425|
|4||Claims on non-euro area residents denominated in euro||17,217||243||−13|
|4.1||Balances with banks, security investments and loans||17,217||243||−13|
|4.2||Claims arising from the credit facility under ERM II||0||0||0|
|5||Lending to euro area credit institutions related to monetary policy operations denominated in euro||669,608||7,700||0|
|5.1||Main refinancing operations||238,071||8,092||0|
|5.2||Longer-term refinancing operations||430,746||1||0|
|5.3||Fine-tuning reverse operations||0||0||0|
|5.4||Structural reverse operations||0||0||0|
|5.5||Marginal lending facility||784||−350||0|
|5.6||Credits related to margin calls||7||−42||0|
|6||Other claims on euro area credit institutions denominated in euro||33,132||1,090||0|
|7||Securities of euro area residents denominated in euro||291,932||693||668|
|8||General government debt denominated in euro||37,397||0||−26|
|Liabilities (EUR millions)||Balance||Difference compared with last week due to
|Totals/sub-totals may not add up, due to rounding|
|1||Banknotes in circulation||752,782||7,026||0|
|2||Liabilities to euro area credit institutions related to monetary policy operations denominated in euro||268,356||4,526||0|
|2.1||Current accounts (covering the minimum reserve system)||189,639||−28,904||0|
|2.4||Fine-tuning reverse operations||0||0||0|
|2.5||Deposits related to margin calls||199||20||0|
|3||Other liabilities to euro area credit institutions denominated in euro||248||17||0|
|4||Debt certificates issued||0||0||0|
|5||Liabilities to other euro area residents denominated in euro||151,279||−4,272||0|
|6||Liabilities to non-euro area residents denominated in euro||209,179||1,982||0|
|7||Liabilities to euro area residents denominated in foreign currency||3,068||−828||1,280|
|8||Liabilities to non-euro area residents denominated in foreign currency||10,429||1,302||597|
|8.1||Deposits, balances and other liabilities||10,429||1,302||597|
|8.2||Liabilities arising from the credit facility under ERM II||0||0||0|
|9||Counterpart of special drawing rights allocated by the IMF||5,551||0||105|
|12||Capital and reserves||72,610||−30||400|