Consolidated financial statement of the Eurosystem as at 5 June 2009

9 June 2009

Items not related to monetary policy operations

In the week ending 5 June 2009 the decrease of EUR 18 million in gold and gold receivables (asset item 1) reflected the sale of gold by two Eurosystem central banks (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 5.4 billion to EUR 237 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
3 June 2009 7-day Swiss franc liquidity-providing EUR/CHF foreign exchange swap CHF 36.1 billion CHF 36 billion
4 June 2009 7-day US dollar liquidity-providing reverse transaction USD 52.7 billion USD 63.4 billion
4 June 2009 28-day US dollar liquidity-providing reverse transaction USD 17.9 billion USD 1.9 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 1.6 billion to EUR 298.2 billion. Banknotes in circulation (liability item 1) increased by EUR 2.1 billion to EUR 763.5 billion. Liabilities to general government (liability item 5.1) decreased by EUR 14.5 billion to EUR 136.7 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 53.5 billion to EUR 604 billion. On Wednesday, 3 June 2009, a main refinancing operation of EUR 276.8 billion matured and a new one of EUR 227.6 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 1.7 billion (compared with EUR 0.2 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 28.8 billion (compared with EUR 23 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 41 billion to EUR 206.9 billion.

Other issues

It should be noted that some items of the consolidated weekly financial statement of the Eurosystem as at 29 May 2009 (published on 2 June 2009) were updated, due to the receipt of a revised balance sheet from one Eurosystem central bank, although the changes were immaterial.

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 240,766 −18
2 Claims on non-euro area residents denominated in foreign currency 156,586 −1,465
2.1 Receivables from the IMF 16,997 0
2.2 Balances with banks and security investments, external loans and other external assets 139,589 −1,465
3 Claims on euro area residents denominated in foreign currency 99,574 −3,438
4 Claims on non-euro area residents denominated in euro 18,757 677
4.1 Balances with banks, security investments and loans 18,757 677
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 632,881 −47,701
5.1 Main refinancing operations 227,576 −49,238
5.2 Longer-term refinancing operations 403,555 6
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 1,739 1,541
5.6 Credits related to margin calls 11 −10
6 Other claims on euro area credit institutions denominated in euro 24,081 −1,861
7 Securities of euro area residents denominated in euro 298,168 1,558
8 General government debt denominated in euro 36,788 0
9 Other assets 240,238 441
Total assets 1,747,838 −51,806
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 763,494 2,071
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 235,788 −35,190
2.1 Current accounts (covering the minimum reserve system) 206,936 −40,989
2.2 Deposit facility 28,841 5,819
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 11 −20
3 Other liabilities to euro area credit institutions denominated in euro 235 0
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 145,038 −14,254
5.1 General government 136,714 −14,483
5.2 Other liabilities 8,324 229
6 Liabilities to non-euro area residents denominated in euro 152,191 −4,261
7 Liabilities to euro area residents denominated in foreign currency 5,140 3,292
8 Liabilities to non-euro area residents denominated in foreign currency 8,461 −2,793
8.1 Deposits, balances and other liabilities 8,461 −2,793
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 156,008 −681
11 Revaluation accounts 202,952 0
12 Capital and reserves 72,981 9
Total liabilities 1,747,838 −51,806

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