Consolidated financial statement of the Eurosystem as at 26 June 2009

30 June 2009

Items not related to monetary policy operations

In the week ending 26 June 2009 the decrease of EUR 96 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 sale of gold coin by two Eurosystem central banks.

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) decreased by EUR 0.3 billion to EUR 216.6 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
24 June 2009 7-day Swiss franc liquidity-providing EUR/CHF foreign exchange swap CHF 31.5 billion CHF 30.5 billion
25 June 2009 7-day US dollar liquidity-providing reverse transaction USD 40.6 billion USD 40.6 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 0.6 billion to EUR 301.6 billion. Banknotes in circulation (liability item 1) rose by EUR 1.3 billion to EUR 762.1 billion. Liabilities to general government (liability item 5.1) increased by EUR 3.1 billion to EUR 153.4 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 54.4 billion to EUR 660.6 billion. On Wednesday, 24 June 2009, a main refinancing operation of EUR 309.6 billion matured and a new one of EUR 167.9 billion was settled. On Thursday, 25 June 2009, a longer-term refinancing operation of EUR 28.8 billion, with a maturity of three months, matured and a new one of EUR 6.4 billion was settled. On the same day, a longer-term refinancing operation of EUR 442.2 billion, with a maturity of one year, was settled. As announced in the ECB’s press release on 7 May 2009, following a decision by the Governing Council, this operation was the first in a series of three operations with a maturity of one year. It was conducted using a fixed rate tender procedure with full allotment, in addition to the regular and supplementary longer-term refinancing operations, which will be unaffected.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.3 billion (compared with EUR 0.5 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 236.2 billion (compared with EUR 12.7 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 54.7 billion to EUR 268.2 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 240,629 −96
2 Claims on non-euro area residents denominated in foreign currency 159,737 −1,952
2.1 Receivables from the IMF 17,237 225
2.2 Balances with banks and security investments, external loans and other external assets 142,500 −2,177
3 Claims on euro area residents denominated in foreign currency 75,110 611
4 Claims on non-euro area residents denominated in euro 17,801 297
4.1 Balances with banks, security investments and loans 17,801 297
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 896,839 277,952
5.1 Main refinancing operations 167,902 −141,719
5.2 Longer-term refinancing operations 728,598 419,895
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 326 −223
5.6 Credits related to margin calls 12 −1
6 Other claims on euro area credit institutions denominated in euro 24,478 447
7 Securities of euro area residents denominated in euro 301,585 636
8 General government debt denominated in euro 36,769 0
9 Other assets 244,372 −292
Total assets 1,997,319 277,602
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 762,146 1,329
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 504,516 278,248
2.1 Current accounts (covering the minimum reserve system) 268,244 54,729
2.2 Deposit facility 236,235 223,518
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 37 1
3 Other liabilities to euro area credit institutions denominated in euro 224 11
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 161,278 1,475
5.1 General government 153,378 3,057
5.2 Other liabilities 7,899 −1,582
6 Liabilities to non-euro area residents denominated in euro 117,876 −828
7 Liabilities to euro area residents denominated in foreign currency 5,350 1,859
8 Liabilities to non-euro area residents denominated in foreign currency 7,300 −2,855
8.1 Deposits, balances and other liabilities 7,300 −2,855
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 157,163 −1,634
11 Revaluation accounts 202,952 0
12 Capital and reserves 72,963 −5
Total liabilities 1,997,319 277,602

Media contacts