Consolidated financial statement of the Eurosystem as at 11 September 2009

15 September 2009

Items not related to monetary policy operations

In the week ending 11 September 2009 the decrease of EUR 56 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 net purchase of gold coin by another Eurosystem central bank.

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) decreased by EUR 3.7 billion to EUR 190.7 billion on account of customer and portfolio transactions, a Swedish krona foreign exchange swap and US dollar liquidity-providing transactions.

Extraordinary transactions

Value date Type of transaction Maturing amount New amount
9 September 2009 7-day Swiss franc liquidity-providing EUR/CHF foreign exchange swap CHF 15.3 billion CHF 14.9 billion
10 September 2009 84-day US dollar liquidity-providing reverse transaction USD 0.4 billion -
10 September 2009 7-day US dollar liquidity-providing reverse transaction USD 41.6 billion USD 41.6 billion
11 September 2009 3-month Swedish krona foreign exchange swap SEK 32.4 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 Sveriges Riksbank, 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) increased by EUR 0.3 billion to EUR 305.5 billion. Banknotes in circulation (liability item 1) decreased by EUR 0.8 billion to EUR 769.2 billion. Liabilities to general government (liability item 5.1) fell by EUR 6.9 billion to EUR 127.7 billion.

The increase in the counterpart of special drawing rights (SDRs) allocated by the IMF (liability item 9) of EUR 5.2 billion reflects the IMF’s allocation of SDRs to the Eurosystem central banks. This allocation is part of the special allocation of SDRs to all IMF member countries in line with the Fourth Amendment of the IMF’s Articles of Agreement, which entered into force on 10 August 2009 and was implemented on 9 September 2009. The special allocation, which totals SDR 21.5 billion, is designed to provide liquidity to the global economic system by supplementing the foreign exchange reserves of the IMF member countries.

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 33.9 billion to EUR 600.4 billion. On Wednesday, 9 September 2009, a main refinancing operation of EUR 72.1 billion matured and a new one of EUR 93.3 billion was settled. On the same day, a longer-term refinancing operation of EUR 30.7 billion, with a maturity of one month, matured and a new one of EUR 10.6 billion was settled. On Thursday, 10 September 2009, a longer-term refinancing operation of EUR 14.5 billion, with a maturity of three months, matured and a new one of EUR 3.2 billion was settled. On the same day, a longer-term refinancing operation of EUR 10.8 billion, with a maturity of six months, matured and a new one of EUR 3.7 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 88.8 billion (compared with EUR 140.1 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 11.1 billion in the week ending 11 September 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 43.5 billion to EUR 243 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 232,024 −56
2 Claims on non-euro area residents denominated in foreign currency 198,135 1,885
2.1 Receivables from the IMF 63,315 5,306
2.2 Balances with banks and security investments, external loans and other external assets 134,820 −3,421
3 Claims on euro area residents denominated in foreign currency 58,215 −704
4 Claims on non-euro area residents denominated in euro 16,333 −666
4.1 Balances with banks, security investments and loans 16,333 −666
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 689,256 −17,407
5.1 Main refinancing operations 93,285 21,199
5.2 Longer-term refinancing operations 595,862 −38,567
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 85 11
5.6 Credits related to margin calls 24 −49
6 Other claims on euro area credit institutions denominated in euro 24,022 686
7 Securities of euro area residents denominated in euro 316,605 1,182
7.1 Securities held for monetary policy purposes 11,140 916
7.2 Other securities 305,465 266
8 General government debt denominated in euro 36,230 0
9 Other assets 231,653 −1,935
Total assets 1,802,473 −17,014
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 769,238 −775
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 331,855 −7,830
2.1 Current accounts (covering the minimum reserve system) 243,037 43,465
2.2 Deposit facility 88,815 −51,293
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 207 43
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 138,358 −6,930
5.1 General government 127,689 −6,946
5.2 Other liabilities 10,669 16
6 Liabilities to non-euro area residents denominated in euro 89,347 −4,721
7 Liabilities to euro area residents denominated in foreign currency 2,068 299
8 Liabilities to non-euro area residents denominated in foreign currency 12,144 −570
8.1 Deposits, balances and other liabilities 12,144 −570
8.2 Liabilities arising from the credit facility under ERM II 0 0
9 Counterpart of special drawing rights allocated by the IMF 51,481 5,195
10 Other liabilities 147,020 −1,727
11 Revaluation accounts 187,797 0
12 Capital and reserves 72,958 0
Total liabilities 1,802,473 −17,014

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