Consolidated financial statement of the Eurosystem as at 3 April 2009

8 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.

Extraordinary 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
i)transactions
ii)quarter-end adjustments
Totals/sub-totals may not add up, due to rounding
i) ii)
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
9 Other assets 235,566 −1,363 −16,479
Total assets 1,836,384 10,233 23,069
Liabilities (EUR millions) Balance Difference compared with last week due to
i)transactions
ii)quarter-end adjustments
Totals/sub-totals may not add up, due to rounding
i) ii)
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
2.2 Deposit facility 78,517 33,411 0
2.3 Fixed-term deposits 0 0 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
5.1 General government 143,058 −4,293 0
5.2 Other liabilities 8,220 21 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
10 Other liabilities 159,931 510 −5,678
11 Revaluation accounts 202,952 0 26,363
12 Capital and reserves 72,610 −30 400
Total liabilities 1,836,384 10,233 23,069

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