Consolidated financial statement of the Eurosystem as at 19 June 2009

23 June 2009

Items not related to monetary policy operations

In the week ending 19 June 2009 the decrease of EUR 20 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 16.1 billion to EUR 217 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
17 June 2009 7-day Swiss franc liquidity-providing EUR/CHF foreign exchange swap CHF 32.5 billion CHF 31.5 billion
18 June 2009 7-day US dollar liquidity-providing reverse transaction USD 51.8 billion USD 40.6 billion
18 June 2009 84-day US dollar liquidity-providing reverse transaction USD 12.2 billion USD 0.4 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 0.3 billion to EUR 300.9 billion. Banknotes in circulation (liability item 1) decreased by EUR 2 billion to EUR 760.8 billion. Liabilities to general government (liability item 5.1) increased by EUR 5.4 billion to EUR 150.3 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 6.6 billion to EUR 606.1 billion. On Wednesday, 17 June 2009, a main refinancing operation of EUR 302.1 billion matured and a new one of EUR 309.6 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.5 billion (compared with EUR 0.2 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 12.7 billion (compared with EUR 11.3 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) remained virtually unchanged at 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 240,725 −20
2 Claims on non-euro area residents denominated in foreign currency 161,689 −583
2.1 Receivables from the IMF 17,013 0
2.2 Balances with banks and security investments, external loans and other external assets 144,676 −583
3 Claims on euro area residents denominated in foreign currency 74,499 −16,352
4 Claims on non-euro area residents denominated in euro 17,504 −927
4.1 Balances with banks, security investments and loans 17,504 −927
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 618,887 7,867
5.1 Main refinancing operations 309,621 7,544
5.2 Longer-term refinancing operations 308,703 2
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 549 308
5.6 Credits related to margin calls 13 13
6 Other claims on euro area credit institutions denominated in euro 24,031 155
7 Securities of euro area residents denominated in euro 300,950 343
8 General government debt denominated in euro 36,769 −19
9 Other assets 244,664 2,629
Total assets 1,719,718 −6,906
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 760,817 −1,981
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 226,268 1,327
2.1 Current accounts (covering the minimum reserve system) 213,515 24
2.2 Deposit facility 12,717 1,383
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 36 −80
3 Other liabilities to euro area credit institutions denominated in euro 213 −8
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 159,802 6,907
5.1 General government 150,321 5,425
5.2 Other liabilities 9,481 1,482
6 Liabilities to non-euro area residents denominated in euro 118,705 −13,094
7 Liabilities to euro area residents denominated in foreign currency 3,490 287
8 Liabilities to non-euro area residents denominated in foreign currency 10,154 −1,082
8.1 Deposits, balances and other liabilities 10,154 −1,082
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 158,797 745
11 Revaluation accounts 202,952 0
12 Capital and reserves 72,968 −8
Total liabilities 1,719,718 −6,906

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