Consolidated financial statement of the Eurosystem as at 28 August 2009

1 September 2009

Items not related to monetary policy operations

In the week ending 28 August 2009 the increase of EUR 2 million in gold and gold receivables (asset item 1) reflected the net purchases of gold coin by a Eurosystem central bank.

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) increased by EUR 0.5 billion to EUR 194.6 billion on account of customer and portfolio transactions.

Extraordinary transactions

Value date Type of transaction Maturing amount New amount
25 August 2009 3-month Danish krone foreign exchange swap DKK 8.4 billion DKK 3.3 billion
25 August 2009 74-day Danish krone foreign exchange swap DKK 7.1 billion -
26 August 2009 7-day Swiss franc liquidity-providing EUR/CHF foreign exchange swap CHF 18.4 billion CHF 15.5 billion
27 August 2009 7-day US dollar liquidity-providing reverse transaction USD 38.4 billion USD 42.1 billion
27 August 2009 28-day US dollar liquidity-providing reverse transaction 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 Danmarks Nationalbank, 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 304.3 billion. Banknotes in circulation (liability item 1) decreased by EUR 1.2 billion to EUR 767.2 billion. Liabilities to general government (liability item 5.1) increased by EUR 20.1 billion to EUR 134.6 billion.

The increase in the counterpart of special drawing rights (SDRs) allocated by the IMF (liability item 9) of EUR 40.9 billion reflects the allocation of SDRs by the IMF to the Eurosystem central banks. This allocation is part of the general SDR allocation, equivalent to USD 250 billion, to all IMF member countries which was approved by the IMF’s Board of Governors on 7 August 2009 and came into effect on 28 August 2009. The allocation is designed to provide liquidity to the global economic system by supplementing the foreign exchange reserves of the IMF member countries. The general SDR allocation was made to the IMF members participating in the SDR Department in proportion to their existing quotas.

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 0.1 billion to EUR 569.5 billion. On Wednesday, 26 August 2009, a main refinancing operation of EUR 76.1 billion matured and a new one of EUR 77.5 billion was settled. On Thursday, 27 August 2009, a longer-term refinancing operation of EUR 27.5 billion matured and a new one of EUR 8.3 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.1 billion (approximately the same as in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 142.6 billion (compared with EUR 160.2 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 0.9 billion to EUR 8.8 billion in the week ending 28 August 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 18.2 billion to EUR 202.9 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 232,111 2
2 Claims on non-euro area residents denominated in foreign currency 197,249 38,833
2.1 Receivables from the IMF 57,944 40,851
2.2 Balances with banks and security investments, external loans and other external assets 139,305 −2,017
3 Claims on euro area residents denominated in foreign currency 59,285 2,350
4 Claims on non-euro area residents denominated in euro 17,358 180
4.1 Balances with banks, security investments and loans 17,358 180
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 712,111 −17,701
5.1 Main refinancing operations 77,530 1,474
5.2 Longer-term refinancing operations 634,424 −19,222
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 108 46
5.6 Credits related to margin calls 49 1
6 Other claims on euro area credit institutions denominated in euro 22,095 −860
7 Securities of euro area residents denominated in euro 313,090 537
7.1 Securities held for monetary policy purposes 8,787 861
7.2 Other securities 304,303 −324
8 General government debt denominated in euro 36,230 0
9 Other assets 231,842 −335
Total assets 1,821,371 23,007
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 767,167 −1,154
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 345,527 −35,799
2.1 Current accounts (covering the minimum reserve system) 202,940 −18,198
2.2 Deposit facility 142,577 −17,607
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 10 6
3 Other liabilities to euro area credit institutions denominated in euro 219 −2
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 145,255 20,083
5.1 General government 134,600 20,082
5.2 Other liabilities 10,656 1
6 Liabilities to non-euro area residents denominated in euro 93,391 2,047
7 Liabilities to euro area residents denominated in foreign currency 3,422 438
8 Liabilities to non-euro area residents denominated in foreign currency 12,236 −581
8.1 Deposits, balances and other liabilities 12,236 −581
8.2 Liabilities arising from the credit facility under ERM II 0 0
9 Counterpart of special drawing rights allocated by the IMF 46,286 40,850
10 Other liabilities 147,111 −2,874
11 Revaluation accounts 187,797 0
12 Capital and reserves 72,958 −1
Total liabilities 1,821,371 23,007

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