Consolidated financial statement of the Eurosystem as at 15 May 2009

19 May 2009

Items not related to monetary policy operations

In the week ending 15 May 2009 the decrease of EUR 14 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).

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) decreased by EUR 2.4 billion to EUR 261.5 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
13 May 2009 7-day Swiss franc liquidity-providing EUR/CHF foreign exchange swap CHF 35.9 billion CHF 35.8 billion
14 May 2009 7-day US dollar liquidity-providing reverse transaction USD 65.3 billion USD 63.0 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 0.4 billion to EUR 292.8 billion. Banknotes in circulation (liability item 1) decreased by EUR 1.5 billion to EUR 758 billion. Liabilities to general government (liability item 5.1) increased by EUR 4 billion to EUR 134.7 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) increased by EUR 27.7 billion to EUR 605.7 billion. On Wednesday, 13 May 2009, a main refinancing operation of EUR 234.2 billion matured and a new one of EUR 229.6 billion was settled. On the same day, a longer-term refinancing operation of EUR 131.8 billion, with a maturity of one month, matured and a new one of EUR 116.1 billion was settled. On Thursday, 14 May 2009, a longer-term refinancing operation of EUR 18.5 billion, with a maturity of three months, matured and a new one of EUR 33.7 billion was settled. On the same day, another supplementary longer-term refinancing operation of EUR 41.6 billion, with a maturity of six months, matured and a new one of EUR 20.7 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.1 billion (compared with virtually nil in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 21.6 billion (compared with EUR 75.3 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) increased by EUR 29 billion to EUR 217.8 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 240,803 −14
2 Claims on non-euro area residents denominated in foreign currency 159,036 −263
2.1 Receivables from the IMF 16,774 554
2.2 Balances with banks and security investments, external loans and other external assets 142,262 −817
3 Claims on euro area residents denominated in foreign currency 121,357 −1,744
4 Claims on non-euro area residents denominated in euro 20,561 −798
4.1 Balances with banks, security investments and loans 20,561 −798
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 627,347 −26,005
5.1 Main refinancing operations 229,565 −4,631
5.2 Longer-term refinancing operations 397,647 −21,450
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 64 40
5.6 Credits related to margin calls 70 36
6 Other claims on euro area credit institutions denominated in euro 24,918 −1,535
7 Securities of euro area residents denominated in euro 292,813 408
8 General government debt denominated in euro 36,793 3
9 Other assets 240,529 −994
Total assets 1,764,158 −30,941
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 758,033 −1,469
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 239,404 −24,733
2.1 Current accounts (covering the minimum reserve system) 217,795 29,008
2.2 Deposit facility 21,608 −53,710
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 2 −31
3 Other liabilities to euro area credit institutions denominated in euro 286 −150
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 142,931 3,841
5.1 General government 134,688 3,971
5.2 Other liabilities 8,243 −130
6 Liabilities to non-euro area residents denominated in euro 170,954 −7,039
7 Liabilities to euro area residents denominated in foreign currency 2,687 1,138
8 Liabilities to non-euro area residents denominated in foreign currency 10,689 −718
8.1 Deposits, balances and other liabilities 10,689 −718
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 157,834 −1,809
11 Revaluation accounts 202,952 0
12 Capital and reserves 72,838 −2
Total liabilities 1,764,158 −30,941

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