Consolidated financial statement of the Eurosystem as at 31 July 2009

4 August 2009

Items not related to monetary policy operations

In the week ending 31 July 2009 the decrease of EUR 6 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 1.8 billion to EUR 198.2 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
29 July 2009 7-day Swiss franc liquidity-providing EUR/CHF foreign exchange swap CHF 20.5 billion CHF 18.9 billion
30 July 2009 7-day US dollar liquidity-providing reverse transaction USD 42.4 billion USD 39.8 billion
30 July 2009 28-day US dollar liquidity-providing reverse transaction USD 0.2 billion USD 0.1 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 securities other than those held for monetary policy purposes (asset item 7.2) decreased by EUR 0.3 billion to EUR 302.4 billion. Banknotes in circulation (liability item 1) increased by EUR 4.3 billion to EUR 772.8 billion. Liabilities to general government (liability item 5.1) decreased by EUR 15.5 billion to EUR 141.6 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 27.5 billion to EUR 567 billion. On Wednesday, 29 July 2009, a main refinancing operation of EUR 88.3 billion matured and a new one of EUR 94.8 billion was settled. On Thursday, 30 July 2009, a longer-term refinancing operation of EUR 30.2 billion matured and a new one of EUR 9.5 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.2 billion (compared with EUR 0.1 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 208.7 billion (compared with EUR 195.3 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 1.3 billion to EUR 4.2 billion in the week ending 31 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) decreased by EUR 8.4 billion to EUR 186.1 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 232,120 −6
2 Claims on non-euro area residents denominated in foreign currency 159,614 −12
2.1 Receivables from the IMF 17,108 268
2.2 Balances with banks and security investments, external loans and other external assets 142,506 −280
3 Claims on euro area residents denominated in foreign currency 61,226 −1,413
4 Claims on non-euro area residents denominated in euro 18,712 −1,235
4.1 Balances with banks, security investments and loans 18,712 −1,235
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 775,730 −14,117
5.1 Main refinancing operations 94,780 6,507
5.2 Longer-term refinancing operations 680,780 −20,676
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 151 55
5.6 Credits related to margin calls 19 −3
6 Other claims on euro area credit institutions denominated in euro 24,301 312
7 Securities of euro area residents denominated in euro 306,611 992
7.1 Securities held for monetary policy purposes 4,232 1,332
7.2 Other securities 302,379 −340
8 General government debt denominated in euro 36,230 0
9 Other assets 239,548 1,723
Total assets 1,854,093 −13,756
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 772,801 4,356
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 394,844 5,033
2.1 Current accounts (covering the minimum reserve system) 186,105 −8,388
2.2 Deposit facility 208,737 13,422
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 3 −1
3 Other liabilities to euro area credit institutions denominated in euro 298 38
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 151,699 −15,545
5.1 General government 141,649 −15,525
5.2 Other liabilities 10,050 −20
6 Liabilities to non-euro area residents denominated in euro 98,261 −8,767
7 Liabilities to euro area residents denominated in foreign currency 3,207 −1,218
8 Liabilities to non-euro area residents denominated in foreign currency 13,993 1,606
8.1 Deposits, balances and other liabilities 13,993 1,606
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 152,799 742
11 Revaluation accounts 187,797 0
12 Capital and reserves 72,958 −1
Total liabilities 1,854,093 −13,756

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