Consolidated financial statement of the Eurosystem as at 22 May 2009

26 May 2009

Items not related to monetary policy operations

In the week ending 22 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 18 billion to EUR 243.5 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
20 May 2009 7-day Swiss franc liquidity-providing EUR/CHF foreign exchange swap CHF 35.8 billion CHF 35.9 billion
21 May 2009 7-day US dollar liquidity-providing reverse transaction USD 63.0 billion USD 53.5 billion
21 May 2009 84-day US dollar liquidity-providing reverse transaction USD 19.2 billion USD 4.8 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 1.9 billion to EUR 294.7 billion. Banknotes in circulation (liability item 1) increased by EUR 0.1 billion to EUR 758.2 billion. Liabilities to general government (liability item 5.1) increased by EUR 6.4 billion to EUR 141.1 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 2.2 billion to EUR 603.5 billion. On Wednesday, 20 May 2009, a main refinancing operation of EUR 229.6 billion matured and a new one of EUR 221.3 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.1 billion (approximately the same as in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 15.6 billion (compared with EUR 21.6 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 11.1 billion to EUR 206.7 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 240,790 −14
2 Claims on non-euro area residents denominated in foreign currency 159,273 237
2.1 Receivables from the IMF 16,999 225
2.2 Balances with banks and security investments, external loans and other external assets 142,274 13
3 Claims on euro area residents denominated in foreign currency 103,733 −17,625
4 Claims on non-euro area residents denominated in euro 19,093 −1,468
4.1 Balances with banks, security investments and loans 19,093 −1,468
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 619,072 −8,275
5.1 Main refinancing operations 221,324 −8,241
5.2 Longer-term refinancing operations 397,648 0
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 50 −14
5.6 Credits related to margin calls 50 −20
6 Other claims on euro area credit institutions denominated in euro 25,359 441
7 Securities of euro area residents denominated in euro 294,664 1,851
8 General government debt denominated in euro 36,793 0
9 Other assets 238,093 −2,436
Total assets 1,736,870 −27,288
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 758,164 132
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 222,265 −17,139
2.1 Current accounts (covering the minimum reserve system) 206,694 −11,100
2.2 Deposit facility 15,568 −6,040
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 3 1
3 Other liabilities to euro area credit institutions denominated in euro 217 −69
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 149,467 6,536
5.1 General government 141,119 6,431
5.2 Other liabilities 8,349 106
6 Liabilities to non-euro area residents denominated in euro 154,696 −16,258
7 Liabilities to euro area residents denominated in foreign currency 2,024 −663
8 Liabilities to non-euro area residents denominated in foreign currency 11,935 1,246
8.1 Deposits, balances and other liabilities 11,935 1,246
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 156,765 −1,070
11 Revaluation accounts 202,952 0
12 Capital and reserves 72,835 −3
Total liabilities 1,736,870 −27,288

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