Consolidated financial statement of the Eurosystem as at 29 May 2009

2 June 2009

Items not related to monetary policy operations

In the week ending 29 May 2009 the decrease of EUR 6 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 1.1 billion to EUR 242.4 billion on account of customer and portfolio transactions, as well as Danish krone foreign exchange swap and US dollar liquidity-providing transactions.

Extraordinary transactions

Value date Type of transaction Maturing amount New amount
25 May 2009 3-month Danish krone foreign exchange swap DKK 7.5 billion DKK 8.4 billion
27 May 2009 7-day Swiss franc liquidity-providing EUR/CHF foreign exchange swap CHF 35.9 billion CHF 36.1 billion
28 May 2009 7-day US dollar liquidity-providing reverse transaction USD 53.5 billion USD 52.7 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 Danmarks Nationalbank, 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 296.6 billion. Banknotes in circulation (liability item 1) increased by EUR 3.3 billion to EUR 761.4 billion. Liabilities to general government (liability item 5.1) increased by EUR 10 billion to EUR 151.2 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 54 billion to EUR 657.5 billion. On Wednesday, 27 May 2009, a main refinancing operation of EUR 221.3 billion matured and a new one of EUR 276.8 billion was settled. On Thursday, 28 May 2009, a longer-term refinancing operation of EUR 21.6 billion matured and a new one of EUR 27.5 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.2 billion (compared with EUR 0.1 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 23 billion (compared with EUR 15.6 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) increased by EUR 41.2 billion to EUR 247.9 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 240,784 −6
2 Claims on non-euro area residents denominated in foreign currency 158,041 −1,232
2.1 Receivables from the IMF 16,997 −1
2.2 Balances with banks and security investments, external loans and other external assets 141,044 −1,231
3 Claims on euro area residents denominated in foreign currency 103,029 −704
4 Claims on non-euro area residents denominated in euro 18,080 −1,013
4.1 Balances with banks, security investments and loans 18,080 −1,013
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 680,582 61,510
5.1 Main refinancing operations 276,814 55,490
5.2 Longer-term refinancing operations 403,549 5,902
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 198 148
5.6 Credits related to margin calls 21 −29
6 Other claims on euro area credit institutions denominated in euro 25,941 582
7 Securities of euro area residents denominated in euro 296,613 1,948
8 General government debt denominated in euro 36,788 −6
9 Other assets 239,753 1,660
Total assets 1,799,610 62,740
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 761,422 3,258
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 270,976 48,711
2.1 Current accounts (covering the minimum reserve system) 247,929 41,235
2.2 Deposit facility 23,016 7,449
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 30 27
3 Other liabilities to euro area credit institutions denominated in euro 235 18
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 159,246 9,779
5.1 General government 151,151 10,033
5.2 Other liabilities 8,095 −254
6 Liabilities to non-euro area residents denominated in euro 156,446 1,751
7 Liabilities to euro area residents denominated in foreign currency 1,846 −178
8 Liabilities to non-euro area residents denominated in foreign currency 11,254 −681
8.1 Deposits, balances and other liabilities 11,254 −681
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 156,709 −55
11 Revaluation accounts 202,952 0
12 Capital and reserves 72,972 137
Total liabilities 1,799,610 62,740

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