Consolidated financial statement of the Eurosystem as at 1 May 2009

5 May 2009

Items not related to monetary policy operations

In the week ending 1 May 2009 the decrease of EUR 12 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 0.5 billion to EUR 264.9 billion on account of customer and portfolio transactions and US dollar liquidity-providing transactions.

Extraordinary transactions

Value date Type of transaction Maturing amount New amount
29 April 2009 7-day Swiss franc liquidity-providing EUR/CHF foreign exchange swap CHF 36.1 billion CHF 35.8 billion
30 April 2009 7-day US dollar liquidity-providing reverse transaction USD 66.7 billion USD 67.1 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 0.1 billion to EUR 294.1 billion. Banknotes in circulation (liability item 1) increased by EUR 6.5 billion to EUR 759.2 billion. Liabilities to general government (liability item 5.1) increased by EUR 12.8 billion to EUR 156.7 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 57.9 billion to EUR 587.2 billion. On Wednesday, 29 April 2009, a main refinancing operation of EUR 244.1 billion matured and a new one of EUR 233.2 billion was settled. On Thursday, 30 April 2009, a longer-term refinancing operation of EUR 43.2 billion matured and a new one of EUR 30.2 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 2.8 billion (compared with EUR 0.1 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 67.8 billion (compared with EUR 31.1 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 75.2 billion to EUR 173.9 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 240,829 −12
2 Claims on non-euro area residents denominated in foreign currency 157,136 −781
2.1 Receivables from the IMF 14,324 −26
2.2 Balances with banks and security investments, external loans and other external assets 142,811 −755
3 Claims on euro area residents denominated in foreign currency 125,335 20
4 Claims on non-euro area residents denominated in euro 20,519 122
4.1 Balances with banks, security investments and loans 20,519 122
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 655,014 −21,390
5.1 Main refinancing operations 233,157 −10,969
5.2 Longer-term refinancing operations 419,093 −13,070
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 2,753 2,645
5.6 Credits related to margin calls 12 4
6 Other claims on euro area credit institutions denominated in euro 27,907 −3,543
7 Securities of euro area residents denominated in euro 294,095 131
8 General government debt denominated in euro 36,790 −607
9 Other assets 241,596 1,315
Total assets 1,799,220 −24,743
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 759,167 6,492
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 241,738 −38,672
2.1 Current accounts (covering the minimum reserve system) 173,939 −75,210
2.2 Deposit facility 67,774 36,705
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 26 −167
3 Other liabilities to euro area credit institutions denominated in euro 432 −8
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 164,887 12,602
5.1 General government 156,725 12,791
5.2 Other liabilities 8,162 −188
6 Liabilities to non-euro area residents denominated in euro 179,879 −4,311
7 Liabilities to euro area residents denominated in foreign currency 2,929 1,263
8 Liabilities to non-euro area residents denominated in foreign currency 9,050 −1,546
8.1 Deposits, balances and other liabilities 9,050 −1,546
8.2 Liabilities arising from the credit facility under ERM II 0 0
9 Counterpart of special drawing rights allocated by the IMF 5,551 0
10 Other liabilities 159,793 −564
11 Revaluation accounts 202,952 0
12 Capital and reserves 72,843 0
Total liabilities 1,799,220 −24,743

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