Consolidated financial statement of the Eurosystem as at 18 September 2009

22 September 2009

Items not related to monetary policy operations

In the week ending 18 September 2009 the decrease of EUR 53 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 purchase of gold 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 0.5 billion to EUR 190.2 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
16 September 2009 7-day Swiss franc liquidity-providing EUR/CHF foreign exchange swap CHF 14.9 billion CHF 11.3 billion
17 September 2009 7-day US dollar liquidity-providing reverse transaction USD 41.6 billion USD 41.3 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 0.8 billion to EUR 304.7 billion. Banknotes in circulation (liability item 1) decreased by EUR 1.7 billion to EUR 767.5 billion. Liabilities to general government (liability item 5.1) increased by EUR 6.7 billion to EUR 134.4 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) decreased by EUR 5.6 billion to EUR 594.8 billion. On Wednesday, 16 September 2009, a main refinancing operation of EUR 93.3 billion matured and a new one of EUR 87.8 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 89 billion (approximately the same as in the previous week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 1.6 billion to EUR 12.8 billion in the week ending 18 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) decreased by EUR 6.8 billion to EUR 236.2 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 231,971 −53
2 Claims on non-euro area residents denominated in foreign currency 196,666 −1,469
2.1 Receivables from the IMF 63,313 −2
2.2 Balances with banks and security investments, external loans and other external assets 133,353 −1,467
3 Claims on euro area residents denominated in foreign currency 59,131 916
4 Claims on non-euro area residents denominated in euro 15,612 −721
4.1 Balances with banks, security investments and loans 15,612 −721
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 683,837 −5,419
5.1 Main refinancing operations 87,800 −5,485
5.2 Longer-term refinancing operations 595,862 0
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 149 64
5.6 Credits related to margin calls 25 1
6 Other claims on euro area credit institutions denominated in euro 24,686 664
7 Securities of euro area residents denominated in euro 317,451 847
7.1 Securities held for monetary policy purposes 12,779 1,639
7.2 Other securities 304,672 −793
8 General government debt denominated in euro 36,230 0
9 Other assets 227,388 −4,265
Total assets 1,792,972 −9,501
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 767,516 −1,722
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 325,234 −6,621
2.1 Current accounts (covering the minimum reserve system) 236,238 −6,799
2.2 Deposit facility 88,995 180
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 1 −1
3 Other liabilities to euro area credit institutions denominated in euro 169 −38
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 145,745 7,388
5.1 General government 134,357 6,668
5.2 Other liabilities 11,388 719
6 Liabilities to non-euro area residents denominated in euro 83,366 −5,982
7 Liabilities to euro area residents denominated in foreign currency 3,150 1,082
8 Liabilities to non-euro area residents denominated in foreign currency 10,999 −1,145
8.1 Deposits, balances and other liabilities 10,999 −1,145
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 0
10 Other liabilities 144,557 −2,463
11 Revaluation accounts 187,797 0
12 Capital and reserves 72,959 0
Total liabilities 1,792,972 −9,501

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