Consolidated financial statement of the Eurosystem as at 12 June 2009

16 June 2009

Items not related to monetary policy operations

In the week ending 12 June 2009 the decrease of EUR 21 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 3.9 billion to EUR 233.1 billion on account of customer and portfolio transactions, Danish krone and Swedish krona foreign exchange swaps and US dollar liquidity-providing transactions.

Extraordinary transactions

Value date Type of transaction Maturing amount New amount
10 June 2009 7-day Swiss franc liquidity-providing EUR/CHF foreign exchange swap CHF 36 billion CHF 32.5 billion
11 June 2009 7-day US dollar liquidity-providing reverse transaction USD 63.4 billion USD 51.8 billion
11 June 2009 3-month Swedish krona foreign exchange swap - SEK 32.4 billion
12 June 2009 3-month Danish krone foreign exchange swap DKK 6 billion -
12 June 2009 74-day Danish krone foreign exchange swap - DKK 7.1 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, Sveriges Riksbank, 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 2.4 billion to EUR 300.6 billion. Banknotes in circulation (liability item 1) decreased by EUR 0.7 billion to EUR 762.8 billion. Liabilities to general government (liability item 5.1) increased by EUR 8.2 billion to EUR 144.9 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 4.5 billion to EUR 599.6 billion. On Wednesday, 10 June 2009, a main refinancing operation of EUR 227.6 billion matured and a new one of EUR 302.1 billion was settled. On the same day, a longer-term refinancing operation of EUR 116.1 billion, with a maturity of one month, matured and a new one of EUR 56.8 billion was settled. On Thursday, 11 June 2009, a longer-term refinancing operation of EUR 30.2 billion, with a maturity of three months, matured and a new one of EUR 14.5 billion was settled. On the same day, a supplementary longer-term refinancing operation of EUR 38.1 billion, with a maturity of six months, matured and a new one of EUR 18.2 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.2 billion (compared with EUR 1.7 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 11.3 billion (compared with EUR 28.8 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 6.6 billion to EUR 213.5 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 240,746 −21
2 Claims on non-euro area residents denominated in foreign currency 162,272 5,686
2.1 Receivables from the IMF 17,013 15
2.2 Balances with banks and security investments, external loans and other external assets 145,259 5,670
3 Claims on euro area residents denominated in foreign currency 90,851 −8,723
4 Claims on non-euro area residents denominated in euro 18,431 −326
4.1 Balances with banks, security investments and loans 18,431 −326
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 611,020 −21,862
5.1 Main refinancing operations 302,077 74,501
5.2 Longer-term refinancing operations 308,701 −94,855
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 241 −1,498
5.6 Credits related to margin calls 0 −11
6 Other claims on euro area credit institutions denominated in euro 23,876 −205
7 Securities of euro area residents denominated in euro 300,606 2,439
8 General government debt denominated in euro 36,788 0
9 Other assets 242,035 1,798
Total assets 1,726,624 −21,214
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 762,798 −696
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 224,940 −10,848
2.1 Current accounts (covering the minimum reserve system) 213,491 6,555
2.2 Deposit facility 11,334 −17,508
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 116 105
3 Other liabilities to euro area credit institutions denominated in euro 221 −15
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 152,896 7,857
5.1 General government 144,896 8,182
5.2 Other liabilities 8,000 −325
6 Liabilities to non-euro area residents denominated in euro 131,799 −20,392
7 Liabilities to euro area residents denominated in foreign currency 3,204 −1,936
8 Liabilities to non-euro area residents denominated in foreign currency 11,237 2,776
8.1 Deposits, balances and other liabilities 11,237 2,776
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 158,052 2,044
11 Revaluation accounts 202,952 0
12 Capital and reserves 72,976 −5
Total liabilities 1,726,624 −21,214

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