Consolidated financial statement of the Eurosystem as at 10 July 2009

14 July 2009

Items not related to monetary policy operations

In the week ending 10 July 2009 the decrease of EUR 2 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) increased by EUR 2.5 billion to EUR 208.7 billion on account of customer and portfolio transactions.

Extraordinary transactions

Value date Type of transaction Maturing amount New amount
8 July 2009 7-day Swiss franc liquidity-providing EUR/CHF foreign exchange swap CHF 29 billion CHF 31.1 billion
9 July 2009 7-day US dollar liquidity-providing reverse transaction USD 39.3 billion USD 43.1 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 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 (reported under asset item 7.2) decreased by EUR 0.5 billion to EUR 301.7 billion. Banknotes in circulation (liability item 1) increased by EUR 1.5 billion to EUR 770.3 billion. Liabilities to general government (liability item 5.1) increased by EUR 15.6 billion to EUR 124.7 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) increased by EUR 133.8 billion to EUR 652.5 billion. On Wednesday, 8 July 2009, a main refinancing operation of EUR 105.9 billion matured and a new one of EUR 106.4 billion was settled. On the same day, a longer-term refinancing operation of EUR 56.8 billion, with a maturity of one month, matured and a new one of EUR 38.3 billion was settled. On Thursday, 9 July 2009, a longer-term refinancing operation of EUR 13.2 billion, with a maturity of three months, matured and a new one of EUR 3 billion was settled. On the same day, a longer-term refinancing operation of EUR 7.6 billion, with a maturity of six months, matured and a new one of EUR 9.1 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.1 billion (approximately the same as in the preceding week), while recourse to the deposit facility (liability item 2.2) was EUR 155.5 billion (compared with EUR 316 billion in the preceding week).

In the course of the previous week, some Eurosystem central banks began to purchase euro-denominated covered bonds in the context of the purchase programme announced on 7 May 2009 following a decision taken by the Governing Council of the European Central Bank. Consequently, the holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) amounted to EUR 0.1 billion in the week ending 10 July 2009.

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 103.5 billion to EUR 271.8 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 232,126 −2
2 Claims on non-euro area residents denominated in foreign currency 160,365 1,502
2.1 Receivables from the IMF 16,792 −51
2.2 Balances with banks and security investments, external loans and other external assets 143,573 1,553
3 Claims on euro area residents denominated in foreign currency 68,964 2,463
4 Claims on non-euro area residents denominated in euro 19,511 1,248
4.1 Balances with banks, security investments and loans 19,511 1,248
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 808,008 −26,626
5.1 Main refinancing operations 106,406 501
5.2 Longer-term refinancing operations 701,453 −27,145
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 135 76
5.6 Credits related to margin calls 14 −58
6 Other claims on euro area credit institutions denominated in euro 23,017 −70
7 Securities of euro area residents denominated in euro 301,718 −473
7.1 Securities held for monetary policy purposes 66 66
7.2 Other securities 301,652 −539
8 General government debt denominated in euro 36,230 −46
9 Other assets 238,970 −714
Total assets 1,888,909 −22,719
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 770,275 1,538
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 427,353 −56,950
2.1 Current accounts (covering the minimum reserve system) 271,815 103,491
2.2 Deposit facility 155,535 −160,421
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 2 −20
3 Other liabilities to euro area credit institutions denominated in euro 279 2
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 132,581 15,755
5.1 General government 124,676 15,611
5.2 Other liabilities 7,905 144
6 Liabilities to non-euro area residents denominated in euro 123,226 15,399
7 Liabilities to euro area residents denominated in foreign currency 4,831 −434
8 Liabilities to non-euro area residents denominated in foreign currency 10,346 1,870
8.1 Deposits, balances and other liabilities 10,346 1,870
8.2 Liabilities arising from the credit facility under ERM II 0 0
9 Counterpart of special drawing rights allocated by the IMF 5,436 0
10 Other liabilities 153,826 103
11 Revaluation accounts 187,797 0
12 Capital and reserves 72,960 −3
Total liabilities 1,888,909 −22,719

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