Consolidated financial statement of the Eurosystem as at 15 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.
|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.